Last $87.16 USD
Change Today +1.00 / 1.16%
Volume 109.7K
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As of 8:10 PM 04/17/14 All times are local (Market data is delayed by at least 15 minutes).

churchill downs inc (CHDN) Key Developments

Churchill Downs Mulls Acquisitions

Churchill Downs Inc. (NasdaqGS:CHDN) is seeking acquisitions. Bob Evans, Chairman and Chief Executive Officer, said, "We are still looking for attractive regional gaming properties. Our selection criteria hasn't changed. If we could do the same deals that we have previously done again over the next year or so, we'd be happy to do them. Assuming the valuations were the same. So we are still looking at everything. We see the entire deal flow and if we find an attractive property at the right valuation, we have the financial resources to act."

Churchill Downs Inc. Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2013

Churchill Downs Inc. announced unaudited consolidated financial results for the fourth quarter and year ended December 31, 2013. For the year, the company reported net revenues of $779.325 million against $731.296 million a year ago. During the year-ended December 31, 2013, CDI net revenues increased $48.0 million, or 7%, as incremental revenues of $77.7 million from the acquisitions of Oxford and Riverwalk and a strong Kentucky Derby and Kentucky Oaks week were partially offset by Florida racing declines. Operating income was $90.100 million against $96.550 million a year ago. Earnings from continuing operations before provision for income taxes were $85.506 million against $91.227 million a year ago. Earnings from continuing operations were $55.033 million or $3.07 per diluted share against $58.152 million or $3.33 per diluted share a year ago. Net earnings and comprehensive income was $54.900 million or $3.06 per diluted share against $58.276 million or $3.34 per diluted share a year ago. Net cash provided by operating activities was $144.915 million against $144.407 million a year ago. Additions to property and equipment was $48.771 million against $41.298 million a year ago. Adjusted EBITDA was $176.2 million against $158.3 million a year ago. Total adjusted EBITDA increased $17.9 million, or 11%, driven by a $16.2 million improvement in its Gaming Operations driven by acquisitions, a $5.8 million increase in Kentucky Oaks and Kentucky Derby week profitability, and an Online Business improvement of $4.5 million driven by handle growth. Partially offsetting these gains was a decline of $9.0 million in Florida racing profitability on lost hosting revenues and fewer race days. For the quarter, the company reported net revenues of $162.360 million against $158.250 million a year ago. During the fourth-quarter of 2013, CDI net revenues increased $4.1 million, or 3%, from the prior year, primarily due to the results of Oxford Casino (Oxford), which was acquired on July 17, 2013. Operating loss was $5.312 million against operating income of $3.044 million a year ago. Loss from continuing operations before provision for income taxes were $9.658 million against earnings from continuing operations before provision for income taxes of $1.331 million a year ago. Loss from continuing operations were $5.573 million or $0.32 per diluted share against $2.378 million or $0.14 per diluted share a year ago. Net loss and comprehensive loss was $5.705 million or $0.33 per diluted share against net earnings and comprehensive income of $2.374 million or $0.14 per diluted share a year ago. Adjusted EBITDA was $19.3 million against $20.2 million a year ago. Total adjusted EBITDA declined $0.9 million from lower Calder Race Course adjusted EBITDA of $3.0 million driven by lost hosting revenues and a 22% decline in the number of live races conducted, $1.0 million in spending related to the development of a new online gaming platform and declines in its Louisiana and Harlow's gaming properties. Partially offsetting these declines was the effect of $3.8 million in adjusted EBITDA from the Oxford acquisition.

Churchill Downs Inc., Q4 2013 Earnings Call, Feb 27, 2014

Churchill Downs Inc., Q4 2013 Earnings Call, Feb 27, 2014

Churchill Downs Inc. to Report Q4, 2013 Results on Feb 26, 2014

Churchill Downs Inc. announced that they will report Q4, 2013 results at 4:30 PM, US Eastern Standard Time on Feb 26, 2014

Churchill Downs Inc. Presents at J.P. Morgan Global High Yield & Leveraged Finance Conference, Feb-24-2014 04:00 PM

Churchill Downs Inc. Presents at J.P. Morgan Global High Yield & Leveraged Finance Conference, Feb-24-2014 04:00 PM. Venue: Loews Miami Beach, Miami, Florida, United States. Speakers: Michael W. Anderson, Vice President of Corporate Finance and Treasurer.

 

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