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Churchill Downs Inc (CHDN) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

Churchill Downs Inc

CIK: 20212 Ticker: CHDN

Exhibit 99.1

 

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FOR IMMEDIATE RELEASE

   Contact: John Asher
   (502) 636-4586 (office)
   (502) 494-3626 (mobile)
   John.Asher@KyDerby.com

CHURCHILL DOWNS INCORPORATED REPORTS

2011 FOURTH-QUARTER AND YEAR-END RESULTS

 

   

Fourth Quarter 2011

  o Record revenue of $149.3 million up 9% over fourth quarter 2010
  o Record EBITDA of $19.6 million up 144% over fourth quarter 2010
  o Record earnings from continuing operations per diluted common share of $0.25 versus a loss of $0.26 in fourth quarter 2010
   

Full-Year 2011

  o Record revenue of $696.9 million up 19% over 2010
  o Record EBITDA of $158.7 million up 97% over 2010
  o Record earnings from continuing operations per diluted common share of $3.55 up 182% over 2010

LOUISVILLE, Ky. (Monday, March 12, 2012) –

Churchill Downs Incorporated (“CDI” or “the Company”) (NASDAQ: CHDN) today reported business results for the fourth quarter and year ended Dec. 31, 2011.

2011 Fourth-Quarter Results of Operations:

During the fourth quarter of 2011, CDI grew net revenues from continuing operations to $149.3 million, an increase of nine percent from net revenues of $137.2 million recorded during the prior year’s period. CDI’s fourth-quarter EBITDA (earnings before interest, taxes, depreciation and amortization) more than doubled to $19.6 million. The year-over-year growth in EBITDA during the quarter was driven by the performance of the Company’s Gaming and Online Business segments. Revenues of the Gaming Business segment increased 37% while EBITDA increased 52%. Revenues of the Online Business segment increased 18% while EBITDA more than tripled to $9.1 million from $2.8 million in the prior year’s fourth quarter. EBITDA of the Company’s Racing Business showed a loss of $3.3 million compared to a loss of $2.7 million in the fourth quarter of 2010.


The following information was filed by Churchill Downs Inc (CHDN) on Monday, March 12, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: CHDN
CIK: 20212
Form Type: 10-K Annual Report
Accession Number: 0001193125-12-109920
Submitted to the SEC: Mon Mar 12 2012 5:01:00 PM EST
Accepted by the SEC: Mon Mar 12 2012
Period: Saturday, December 31, 2011
Industry: Racing Including Track Operation

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