Churchill Downs Inc. Reports Earnings Increase For 2008
Churchill Downs Inc. (CDI) yesterday reported gains in '08 because of "account wagering company and slot machines" at Fair Grounds Race Course & Slots in New Orleans, according to Gregory Hall of the Louisville COURIER-JOURNAL. CDI's net earnings from continuing operations increased to $29.1M, or $2.09 per share, from $17M, or $1.23 per share, in '07. The company's net loss for the last three months of '08 from continuing operations improved to $3.5M, or $0.26 per share, from a net loss of $5.1M, or $0.38 per share, in the same period in '07. CDI's pre-tax earnings increased 45% to $80.2M, "due primarily to $17.2[M] in hurricane-related insurance recoveries" last year at Fair Grounds Race Course & Slots. CDI said that its pre-tax earnings from racing declined $6.9M "primarily because of lost wagering at Calder Race Course near Miami related to disputes with horsemen." CDI President & CEO Robert Evans said that CDI "plans to spend $85[M] to build a 100,000-square-foot parlor for up to 2,000 slot machines at Calder." The parlor "would be planned to open prior to the December holiday season" (Louisville COURIER-JOURNAL, 3/5). BLOODHORSE.com's Ryan Conley reported profits from continuing operations at CDI grew 71% in '08 "despite handle drops at all of its racetracks." Annual net revenues from continuing operations grew to $430.6M, a 5% increase from the prior-year total of $410.7M. CDI reported it paid down $24.8M in net bank debt and spent $40M in new investments "such as the permanent slots facility at Fair Grounds" (BLOODHORSE.com, 3/4). At presstime, shares of CDI were trading at $26.64, down 1.04% from yesterday's close of $26.92 (THE DAILY).
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