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TheStreet Open House

Churchill Downs Incorporated Reports 2013 Q1 Results

Stocks in this article: CHDN

  • Record revenue of $148.1 million, up 7% vs. prior-year period; record EBITDA of $17.9 million, up 3%
  • Amended credit facility increases borrowing capacity
  • Up to $100 million stock repurchase program announced

LOUISVILLE, Ky., April 24, 2013 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq:CHDN) (CDI or the Company) today reported results for the first-quarter ended March 31, 2013.

MANAGEMENT COMMENTARY

Robert L. Evans, Chairman and CEO: "While we set revenue and EBITDA records for the first quarter, our Gaming revenues were below our expectations, primarily due to the higher payroll taxes that became effective January 1, and delays in issuing federal and state income tax refunds. In addition, our Online Business revenues underperformed due to our decision to stop taking TwinSpires.com wagers in Illinois effective January 18, as the bill authorizing such wagering was allowed to expire by the state legislature.

"Looking forward, the pre-event metrics for Kentucky Oaks and Derby Week look strong. Our joint venture with Delaware North Companies Gaming & Entertainment to build a racing and gaming property north of Cincinnati is progressing ahead of schedule and below budget. And, we are working our way through the licensing process in Maine that we hope will enable us to close on our announced Oxford Casino acquisition in Oxford, Maine, later this year.

"Finally, the Board of Directors approved two important matters this week. First, a five-year amendment to our bank revolver that increases the loan commitment from $375 million to $500 million and provides for additional capacity, the 'accordion feature,' of up to an additional $225 million. This amendment, which is subject to state regulatory approval, provides additional financing capacity, reduces the costs of that funding and provides greater flexibility in our future capital structure.

"The Board also approved a stock repurchase plan that authorizes the repurchase of up to $100 million in Churchill Downs Incorporated common stock through the end of 2015. This provides a tax-effective way to return capital to shareholders and to offset some of the dilutive effect of equity used in the Company's compensation plans."

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