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Churchill Downs Incorporated Reports 2012 Fourth-Quarter And Year-End Results

FOURTH-QUARTER 2012

  • Record net revenues of $158.5 million, a 6 percent increase over fourth-quarter 2011, due to growth in Gaming, Online Business
  • EBITDA of $17.6 million, second highest all-time fourth-quarter EBITDA
  • Riverwalk acquisition helps drive 18 percent increase in Gaming EBITDA

FULL-YEAR 2012

  • Record net revenues of $732.4 million, up 5 percent over 2011
  • EBITDA of $151.5 million, driven by Online Business and Gaming growth
  • Online Business handle increases nearly 11 percent, continues to outpace industry

LOUISVILLE, Ky., Feb. 27, 2013 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq:CHDN) (CDI or Company) today, Wednesday, Feb. 27, 2013, reported business results for the fourth-quarter and year ended Dec. 31, 2012.

MANAGEMENT COMMENTARY

"CDI's strong performance in 2012 was reflected in the 27.5 percent increase in the market price of Churchill Downs common stock from $52.13 at the end of 2011 to $66.45 at the end of 2012, and our second, consecutive 20 percent dividend increase, from $0.60 to $0.72 per share," said CDI Chairman and Chief Executive Officer Robert L. Evans. "I want to thank our customers for their continued loyalty and our employees for their exceptional contributions to CDI's success in 2012."

2012 FOURTH-QUARTER BUSINESS RESULTS

During the fourth-quarter of 2012, CDI grew net revenues from continuing operations to $158.5 million, an increase of 6 percent from net revenues of $149.3 million recorded during the prior year.

Gaming net revenues increased 21 percent to $62.9 million, from $52.2 million, during the same period in 2011, reflecting the contribution of Riverwalk Casino Hotel (Riverwalk) which was acquired on October 23, 2012. Racing Operations net revenues declined 7 percent to $48.5 million, from $52.1 million in 2011, primarily due to Churchill Downs Racetrack not hosting the Breeders' Cup World Championships (Breeders' Cup) in 2012, as it did in 2011. Online Business net revenues increased 2 percent to $40.9 million, driven by a 4.3 percent increase in pari-mutuel handle and continuing growth in customers at TwinSpires.com. By comparison, according to amounts reported by Equibase, total U.S. thoroughbred industry handle declined 3.6 percent during the fourth-quarter of 2012.

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