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  • Jazil sire of Love Me Good 1st Mdn (May 23, 2nd PID). Owner, Sheltowee Farm and Blazing Meadow Farm; Breeder, Sheltowee Farm...
  • Philanthropist sire of Rob the Cradle 1st Alw (May 23, 2nd WO). Owner, Andrews, Denny and Paradox Farms Inc.; Breeder, Gardiner Farms Limited...
  • Yankee Gentleman sire of Little Dale 1st Alw (May 23, 7th BEL). Owner, Vaccarezza, Priscilla, Amante, Anthony and Garrity, Christine; Breeder, Philip Birsh...
  • City Weekend sire of City Sweets 1st Mdn (May 23, 3rd IND). Owner, Mast Thoroughbreds LLC; Breeder, Robert Gorham & Mast Thoroughbreds LLC...
  • Bustin Stones sire of Bustinattheseams 1st Mdn (May 23, 2nd BEL). Owner, Bourque Goldstein Thoroughbreds LLC; Breeder, Eaton & Thorne, Inc....
  • Include sire of Window Boy 1st Grover (Buddy) Delp Memorial S. (May 23, 8th DEL). Owner, Luis Arenas; Breeder, Shelby Lane Farm Inc. & IncludeSyndicate...
  • Posse sire of Parody 1st Alw (May 23, 4th PEN). Owner, Midwest Thoroughbreds, Inc.; Breeder, Don Mattox & Pam Mattox...
  • Hard Spun sire of Ribbon Taffy 1st Mdn (May 23, 5th IND). Owner, Pucek, John Paul and Marcinek, Paige; Breeder, Matthew R. Herbener...
  • Petionville sire of Wups 1st Thoroughbred Maiden Derby (May 23, 9th BOI). Owner, Paul Treasure; Breeder, Michael Iavarone...
  • Proud Citizen sire of Citizen Kat 1st Alw (May 23, 7th PEN). Owner, Midwest Thoroughbreds, Inc.; Breeder, Mark Reid & Charles Zacney...
  • Hard Spun sire of Gleaning 1st Mdn (May 23, 4th PID). Owner, Robert T. Manfuso; Breeder, Nursery Place & Robert T. Manfuso...
  • Luftikus sire of Joyful Kiss 1st Alw (May 23, 7th CT). Owner, Winfred L. Hess, Jr.; Breeder, Ann M. Casey...
  • Strut the Stage sire of Head Honcho 1st Alw (May 23, 7th WO). Owner, Annecchini and D'Alimonte Holdings Inc. and Kingfield Farm; Breeder, William D. Graham...
  • Indian Charlie sire of Nechez Dawn 1st Alw (May 23, 7th AP). Owner, Tresner, Coby and Matsas, Alex; Breeder, B. P. Walden Jr., Hargus Sexton & SandraSexton...
  • Mancini sire of Ride Around Sally 1st Alw (May 23, 6th IND). Owner, Joe Uliano; Breeder, Spade Stable...
  • Medaglia d'Oro sire of Dealer 1st Alw (May 23, 8th CT). Owner, Coleswood Farm, Inc.; Breeder, Family Broodmare, LLC...

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Churchill turns profit in normally slow first quarter

Posted: Tuesday, May 06, 2008 6:23 PM

Churchill Downs Inc. recorded an $800,000 profit in the first three months of 2008 after losing $8.4-million in the same period last year.

The company historically has lost money in the first quarter, since Fair Grounds is its only racetrack with live racing in January, February, and March.

A pre-tax gain of $17.2-million in insurance recovery related to Hurricane Katrina helped put Churchill in the black. The company also cited growth in its advance-deposit-wagering platforms, although corporate expenses rose as a result of higher marketing and compensation costs.

Revenue increased 37.3%, from $47.84-million in last year’s first quarter to $65.72-million this year. Operating expenses rose 43.6%, from $52.93-million to $68.18-million.

“During the first quarter of 2008, we saw our strategic investments in gaming and [advance-deposit-wagering] operations produce a positive return, while also managing our expenses and growing our margins,” Churchill Chief Executive Officer Robert Evans said. “During the period, TwinSpires.com handled $61.7-million, and our combined [advance-deposit-wagering] and data services businesses generated $14.1-million in net revenue. While the insurance recoveries recorded by our Louisiana operations were the primary driver for our 2008 first-quarter earnings, our slot-machine gaming operations in Louisiana continue to exceed our expectations, with our average net win per unit climbing to $250 for the quarter. During the quarter, we also used cash generated from operations to pay down long-term debt.”

Churchill originally planned to detail plans for a slot-machine facility at Calder Race Course after the first quarter, but Evans said plans would remain on hold while the company is mired in a dispute with Florida horsemen regarding a purse contract.

 

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