Bay Meadows/California Jockey Club Report First Quarter Results.SAN MATEO San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. , Calif.--(BUSINESS WIRE)--May 16, 1996--Bay Meadows Operating Co. and California Jockey Club (AMEX AMEX See: American Stock Exchange Symbol:CJ) today reported results for the quarter ended March 31, 1996. For the first quarter of 1996, the companies reported combined net income of $3,808,000, or $.66 per share, compared to $647,000, or $.11 per share, in the same period in 1995. Combined revenues for the first quarter were $26,814,000 compared to $9,687,000 in 1995. First quarter results were favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted by Bay Meadows being open for 43 more days of live racing than in 1995. "We are pleased by the performance of the Bay Meadows Companies in the first quarter, a period in which Bay Meadows conducted live racing more than has been historically the case," said F. Jack Liebau, president and chief executive officer of Bay Meadows Operating Co. "Because of the significant changes in Bay Meadows' racing calendar, it is very difficult to make quarter-to-quarter comparisons. Although there were 10 days of live racing last year in the second quarter, there will be no live racing this year. In the second half of 1996, Bay Meadows will be open for 55 days of live racing compared to 78 days in 1995." California Jockey Club is one of the nation's two publicly traded real estate investment trusts whose primary asset is a horse racing horse racing, trials of speed involving two or more horses. It includes races among harnessed horses with one of two particular gaits, among saddled Thoroughbreds (or, less frequently, quarterhorses) on a flat track, or among saddled horses over a turf course with track. Bay Meadows Operating Co. operates Bay Meadows Racetrack Bay Meadows is a horse racing track in San Mateo, California, in the San Francisco Bay Area in the United States. History Bay Meadows Racecourse is the longest continually operating thoroughbred racetrack in California, having been founded in 1934. on the San Francisco Peninsula The San Francisco Peninsula in California separates the San Francisco Bay from the Pacific Ocean. On its northern tip is the city of San Francisco. On its southern end is part of Santa Clara County, including the cities of Palo Alto, Los Altos, and Mountain View. . The company's shares are traded as a single unit under a pairing agreement on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. . -0-
COMBINED OPERATING RESULTS
Bay Meadows Operating Co./California Jockey Club
For the Three Months March 31
1996 1995
Revenue $26,814,000 $9,687,000 Net income $3,808,000 $647,000 Net income per paired share $.66 $.11 CONTACT: Bay Meadows Operating Co./California Jockey Club F. Jack Liebau, 415/573-4505 |
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