Limping To The Finish: CDI Records Losses Of $6.2M In Q4 '07
Churchill Downs Inc. (CDI) Thursday reported losses of $6.2M for Q4 '07, reflecting the "absence of hurricane-related insurance payments" received in '06, according to Gregory Hall of the Louisville COURIER-JOURNAL. CDI lost $2M for the same period in '06 after receiving $19.2M in insurance payments to "cover damage at its racetracks" in New Orleans and Miami from Hurricanes Katrina and Wilma, respectively. CDI's Q4 revenues increased to $89M from $80.3M in '06, while revenues for all of '07 grew to $410.7M from $376.7M in '06. The net loss amounted to $0.46 per share, up from $0.15 in '06. Excluding businesses CDI has exited since '06 and "gains and losses from selling operations," its loss would have been $5.13M, or $0.38 per share, compared to an '06 profit of $2.46M, or $0.18 per share. CDI's results also were affected by "losses related to companies it shares" with Magna Entertainment Corp., including Horse RacingTV and TrackNet Media Group. CDI also "faced larger expenses related" to a referendum in Miami-Dade County (FL) to allow slots at Calder Race Course (Louisville COURIER JOURNAL, 3/14). At presstime, shares of CDI were trading at $42.18, down 11.07% from Thursday's close of $47.43 (THE DAILY).
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