SBD/August 7, 2012/Finance

Churchill Downs Inc. Sets Record Profits, Revenues In Q2 Behind Strong Derby Week

Churchill Downs Inc. yesterday said that Kentucky Derby week helped push the company “to record revenues and profits in its second-quarter,” according to Gregory Hall of the Louisville COURIER-JOURNAL. Net earnings for the April-to-June period “reached a record $48.6 million, or $2.77 per share and a 21 percent jump from a year earlier." Revenues totaled $270.8M, "up 8 percent from a year earlier.” CDI Exec VP & CFO Bill Mudd said, “Our debt is down to $63 million, which leaves us well positioned to keep growing our business through investments and other acquisitions and overall, (we’re) very happy with the results.” Hall notes the company previously announced Derby Week profits were “a record, and, on Monday, disclosed the profits were $5.4 million more than 2011.” But CDI “doesn’t disclose total profits from Derby Week.” This year’s quarter for racing “also benefited from scheduling changes -- the biggest day of racing at Churchill’s Fair Grounds Race Course & Slots in New Orleans was April 1 this year instead of March and its Miami-area track, Calder Casino & Race Course, raced 11 additional days in the period” (Louisville COURIER-JOURNAL, 8/7). At presstime, shares of CDI were trading at $57.62, up from yesterday's close of $56.77 (THE DAILY).
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