- Record revenue of $149.3 million up 9% over fourth quarter
2010
- Record EBITDA of $19.6 million up 144% over fourth quarter
2010
- Record earnings from continuing operations per diluted common
share of $0.25 versus a loss of $0.26 in fourth quarter 2010
- Record revenue of $696.9 million up 19% over 2010
- Record EBITDA of $158.7 million up 97% over 2010
- Record earnings from continuing operations per diluted common
share of $3.55 up 182% over 2010
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.
Net earnings from continuing operations set a fourth-quarter
record of $4.3 million, or $0.25 per diluted common share, versus a
net loss from continuing operations of $4.3 million, or a net loss
of $0.26 per diluted common share, during the final quarter of
2010.
2011 Year-End Results of Operations:
Net revenues from continuing operations for 2011 climbed to
$696.9 million, a 19-percent increase from prior-year. The growth
in net revenues was due principally to the continued expansion of
the Company's Gaming and Online Businesses, including the effects
of the 2010 acquisitions of Youbet.com LLC ("Youbet") and Harlow's
Casino Resort & Hotel ("Harlow's").
Calder Casino, which opened on Jan. 20, 2010, increased total
revenues by $17.6 million compared to its 2010 results. Calder
Casino's improved performance was due, in part, to a new marketing
strategy executed during 2011 along with the effect of having a
full year of operations in 2011.
Revenues generated by CDI's Online Business increased $44.0
million in 2011 compared to the previous year, primarily reflecting
the acquisition of Youbet during the second quarter of 2010, and
the five additional months of Youbet operations that were included
in CDI's 2011 results.
Revenues from the Company's Racing Business segment declined
three percent in 2011.
EBITDA for the year nearly doubled to $158.7 million from the
$80.4 million recorded in 2010. Gaming EBITDA increased $28.5
million as CDI benefitted from the acquisition of Harlow's during
December 2010. Harlow's generated $17.5 million of EBITDA
during 2011, despite closing for twenty-five days in May due to the
Mississippi River flooding, compared to $1.2 million in the prior
year. Additionally, Calder Casino generated EBITDA of $13.7
million, versus $3.7 million of EBITDA in the prior year. Fair
Grounds Slots and VSI EBITDA increased $2.2 million to $25.8
million during 2011 primarily reflecting operating efficiencies at
our video poker locations compared to the same period of 2010.
Online Business EBITDA increased $20.5 million primarily due to
merger-related cost synergies realized by the Company during 2011
as well as an additional five months of Youbet operations during
2011.
Racing Operations EBITDA increased $27.8 million over the
previous year, primarily reflecting the release of Illinois Horse
Racing Equity Trust Fund proceeds with a net favorable impact of
$19.3 million on EBITDA during 2011. In addition, Racing Operations
benefitted from the increased profitability of Kentucky Oaks and
Derby week, which contributed an additional $6.4 million in EBITDA
during 2011.
Net earnings from continuing operations for 2011 were $60.8
million, or $3.55 per diluted common share, compared to net
earnings from continuing operations of $19.6 million, or $1.26 per
diluted common share, in 2010.
Finally, the Company benefitted from favorable comparisons to
the prior year, which included legal and development expenses of
$4.2 million and reorganization charges of $3.4 million during 2010
related to our acquisitions of Harlow's and Youbet.
CDI Chairman and Chief Executive Officer Robert L. Evans
said: "All of us at CDI are proud of the Company's performance
in 2011. The record financial results in the fourth quarter
and for the entire year; our strong cash flows that enabled us to
reduce long-term debt by $137.5 million, from $265.1 million at
year-end 2010 to $127.6 million at year-end 2011; the 20% increase
in our annual dividend to shareholders, from $0.50 per share to
$0.60 per share; and the 20.1% increase in our stock price, from
$43.40 at year-end 2010 to $52.13 at year-end 2011, all reflect the
strategy we have developed and executed over the last several
years. As we look toward 2012, we hope to put in place the
growth drivers that will enable the Company to continue its success
in the future."
A conference call regarding this news release is scheduled for
Tuesday, March 13, 2012, at 9 a.m. EDT. Investors
and other interested parties may listen to the teleconference by
accessing the online, real-time webcast of the call at
http://ir.churchilldownsincorporated.com/events.cfm or by
dialing (877) 372-0878 and entering the conference
ID number44275812 at least 10 minutes before the
appointed time. International callers should dial (253)
237-1169. An online replay of the webcast will be available by
noon EDT in the "Investors" section the Company's website at
http://ir.churchilldownsincorporated.com/events.cfm. A copy of the
CDI news release announcing quarterly results and relevant
financial and statistical information abut the period will be
accessible at www.churchilldownsincorporated.com.
In addition to the results provided in accordance with U.S.
Generally Accepted Accounting Principles ("GAAP"), CDI has provided
a non-GAAP measurement, which presents a financial measure of
earnings before interest, taxes, depreciation and amortization
("EBITDA"). CDI uses EBITDA as a key performance measure of
results of operations for purposes of evaluating performance
internally. CDI believes the use of this measure enables
management and investors to evaluate and compare, from period to
period, CDI's operating performance in a meaningful and consistent
manner. This non-GAAP measurement is not intended to replace
the presentation of CDI's financial results in accordance with
GAAP. A reconciliation of EBITDA to net earnings is included
in the Supplemental Information by Operating Unit table within this
news release.
Information set forth in this news release contains various
"forward-looking statements" within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. The Private Securities
Litigation Reform Act of 1995 (the "Reform Act") provides certain
"safe harbor" provisions for forward-looking statements. All
forward-looking statements made in this news release are made
pursuant to the Reform Act. The reader is cautioned that such
forward-looking statements are based on information available at
the time and/or management's good faith belief with respect to
future events, and are subject to risks and uncertainties that
could cause actual performance or results to differ materially from
those expressed in the statements. Forward-looking statements
speak only as of the date the statement was made. The Company
assumes no obligation to update forward-looking information to
reflect actual results, changes in assumptions or changes in other
factors affecting forward-looking information. Forward-looking
statements are typically identified by the use of terms such as
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "might," "plan," "predict," "project," "should," "will," and
similar words, although some forward-looking statements are
expressed differently. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, management can give no assurance that such expectations
will prove to be correct. Important factors that could cause
actual results to differ materially from expectations include those
factors described in Item 1, "Risk Factors," within the
Company's Annual Report on Form 10-K.
Readers should review this news release with the financial
statements in conjunction with other financial information included
in the Company's Annual Report on Form 10-K. The Company's
significant accounting polices are described in Note 1 to the
Consolidated Financial Statements included in Item 8 of this Annual
Report on Form 10-K.
CHURCHILL DOWNS
INCORPORATED |
CONSOLIDATED STATEMENTS
OF NET EARNINGS |
For the three months
ended Dec. 31, 2011, and 2010 |
(in thousands, except per
common share data) |
|
|
|
|
|
Three Months
Ended December 31, |
|
2011 |
2010 |
% Change |
Net revenues |
|
|
|
Racing |
$ 51,898 |
$ 59,743 |
(13) |
Gaming |
52,161 |
38,010 |
37 |
Online |
40,072 |
34,033 |
18 |
Other |
5,134 |
5,455 |
(6) |
|
149,265 |
137,241 |
9 |
Operating expenses |
|
|
|
Racing |
56,103 |
61,612 |
(9) |
Gaming |
39,185 |
29,444 |
33 |
Online |
27,443 |
26,256 |
5 |
Other |
6,147 |
5,701 |
8 |
Selling, general and
administrative expenses |
14,086 |
18,496 |
(24) |
|
|
|
|
Operating income (loss) |
6,301 |
(4,268) |
F |
|
|
|
|
Other income (expense): |
|
|
|
Interest income |
228 |
27 |
F |
Interest expense |
(1,427) |
(1,875) |
(24) |
Equity in loss of
unconsolidated investments |
(690) |
(255) |
U |
Miscellaneous, net |
94 |
411 |
(77) |
|
(1,795) |
(1,692) |
(6) |
Earnings (loss) from continuing operations
before benefit for income taxes |
4,506 |
(5,960) |
F |
Income tax (provision) benefit |
(235) |
1,692 |
U |
Net earnings (loss) from continuing
operations |
4,271 |
(4,268) |
F |
Discontinued operations, net of income
taxes: |
|
|
|
Loss from operations |
(62) |
(101) |
(39) |
Gain on sale of assets |
3,404 |
2,475 |
38 |
Net earnings (loss) |
$ 7,613 |
$ (1,894) |
F |
|
|
|
|
Net earnings (loss) per common share
data: |
|
|
|
Basic |
|
|
|
Net earnings (loss) from
continuing operations |
$ 0.25 |
$ (0.26) |
F |
Discontinued operations |
0.20 |
0.14 |
43 |
Net earnings (loss) |
$ 0.45 |
$ (0.12) |
F |
Diluted |
|
|
|
Net earnings (loss) from
continuing operations |
$ 0.25 |
$ (0.26) |
F |
Discontinued operations |
0.19 |
0.14 |
36 |
Net earnings (loss) |
$ 0.44 |
$ (0.12) |
F |
|
|
|
|
Weighted average shares outstanding: |
|
|
|
Basic |
17,042 |
16,341 |
|
Diluted |
17,200 |
16,341 |
|
|
|
|
|
NM: Not
meaningful U: > 100% unfavorable F: >
100% favorable |
|
|
|
|
CHURCHILL DOWNS
INCORPORATED |
CONSOLIDATED STATEMENTS
OF NET EARNINGS |
For the years ended
Dec. 31, 2011, and 2010 |
(in thousands, except per
common share data) |
|
|
|
|
|
Year Ended
December 31, |
|
2011 |
2010 |
% Change |
Net revenues |
|
|
|
Racing |
$ 298,270 |
$ 307,544 |
(3) |
Gaming |
212,629 |
142,273 |
49 |
Online |
165,416 |
121,407 |
36 |
Other |
20,539 |
14,121 |
45 |
|
696,854 |
585,345 |
19 |
Operating expenses |
|
|
|
Racing |
257,459 |
271,530 |
(5) |
Gaming |
157,875 |
117,946 |
34 |
Online |
113,243 |
88,206 |
28 |
Other |
22,738 |
13,663 |
66 |
Selling, general and
administrative expenses |
64,529 |
62,434 |
3 |
|
|
|
|
Operating income |
81,010 |
31,566 |
F |
|
|
|
|
Other income (expense): |
|
|
|
Interest income |
468 |
185 |
F |
Interest expense |
(8,924) |
(6,179) |
44 |
Equity in loss of
unconsolidated investments |
(1,113) |
(571) |
95 |
Miscellaneous, net |
23,643 |
2,897 |
F |
|
14,074 |
(3,668) |
F |
Earnings from continuing operations before
benefit for income taxes |
95,084 |
27,898 |
F |
Income tax provision |
(34,289) |
(8,341) |
U |
Net earnings from continuing operations |
60,795 |
19,557 |
F |
Discontinued operations, net of income
taxes: |
|
|
|
Loss from operations |
(1) |
(5,827) |
F |
Gain on sale of assets |
3,561 |
2,623 |
36 |
Net earnings |
$ 64,355 |
$ 16,353 |
F |
|
|
|
|
Net earnings per common share data: |
|
|
|
Basic |
|
|
|
Net earnings from
continuing operations |
$ 3.59 |
$ 1.27 |
F |
Discontinued operations |
0.21 |
(0.21) |
F |
Net earnings |
$ 3.80 |
$ 1.06 |
F |
Diluted |
|
|
|
Net earnings from
continuing operations |
$ 3.55 |
$ 1.26 |
F |
Discontinued operations |
0.21 |
(0.21) |
F |
Net earnings |
$ 3.76 |
$ 1.05 |
F |
|
|
|
|
Weighted average shares outstanding: |
|
|
|
Basic |
16,638 |
15,186 |
|
Diluted |
17,125 |
15,666 |
|
|
|
|
|
NM: Not meaningful U: >
100% unfavorable F: > 100% favorable |
|
|
|
|
CHURCHILL DOWNS
INCORPORATED |
SUPPLEMENTAL
INFORMATION BY OPERATING UNIT |
For the three months
ended Dec. 31, 2011, and 2010 |
(in thousands, except per
common share data) |
|
|
|
|
|
Three Months
Ended December 31, |
|
2011 |
2010 |
% Change |
|
|
|
|
Net revenues from external
customers: |
|
|
|
Churchill Downs |
$ 17,164 |
$ 17,757 |
(3) |
Arlington Park |
7,421 |
7,856 |
(6) |
Calder |
16,962 |
23,287 |
(27) |
Fair Grounds |
10,351 |
10,842 |
(5) |
Total Racing Operations |
51,898 |
59,742 |
(13) |
Calder Casino |
20,245 |
16,363 |
24 |
Fair Grounds Slots |
10,043 |
10,453 |
(4) |
VSI |
8,486 |
8,535 |
(1) |
Harlow's Casino |
13,387 |
2,659 |
F |
Total Gaming |
52,161 |
38,010 |
37 |
Online Business |
40,072 |
34,032 |
18 |
Other Investments |
5,070 |
5,382 |
(6) |
Corporate |
64 |
75 |
(15) |
Net revenues from external
customers |
$ 149,265 |
$ 137,241 |
9 |
|
|
|
|
Intercompany net
revenues: |
|
|
|
Churchill Downs |
$ 1,095 |
$ 977 |
12 |
Arlington Park |
565 |
467 |
21 |
Calder |
1,178 |
944 |
25 |
Fair Grounds |
365 |
382 |
(4) |
Total Racing Operations |
3,203 |
2,770 |
16 |
Online Business |
185 |
143 |
29 |
Other Investments |
1,282 |
1,018 |
26 |
Eliminations |
(4,670) |
(3,931) |
19 |
Intercompany net revenues |
$ -- |
$ -- |
|
|
|
|
|
Segment EBITDA and net earnings
(loss): |
|
|
|
Racing Operations |
$ (3,266) |
$ (2,689) |
(21) |
Online Business |
9,069 |
2,759 |
F |
Gaming |
13,529 |
8,926 |
52 |
Other Investments |
260 |
1,001 |
(74) |
Corporate |
(36) |
(1,995) |
98 |
Total EBITDA |
19,556 |
8,002 |
F |
Depreciation and
amortization |
(13,851) |
(12,114) |
14 |
Interest (expense) income,
net |
(1,199) |
(1,848) |
35 |
Income tax (provision)
benefit |
(235) |
1,692 |
U |
Net earnings (loss) from
continuing operations |
4,271 |
(4,268) |
F |
Discontinued operations, net of
income taxes |
3,342 |
2,374 |
41 |
Net earnings (loss) |
$ 7,613 |
$ (1,894) |
F |
|
|
|
|
NM: Not
meaningful U: > 100% unfavorable F: >
100% favorable |
|
|
CHURCHILL DOWNS
INCORPORATED |
SUPPLEMENTAL
INFORMATION BY OPERATING UNIT |
For the years ended
Dec. 31, 2011, and 2010 |
(in thousands, except per
common share data) |
|
|
|
|
|
Year Ended
December 31, |
|
2011 |
2010 |
% Change |
|
|
|
|
Net revenues from external
customers: |
|
|
|
Churchill Downs |
$ 121,236 |
$ 118,366 |
2 |
Arlington Park |
69,694 |
71,851 |
(3) |
Calder |
62,715 |
71,302 |
(12) |
Fair Grounds |
44,625 |
46,025 |
(3) |
Total Racing Operations |
298,270 |
307,544 |
(3) |
Calder Casino |
82,819 |
65,211 |
27 |
Fair Grounds Slots |
41,553 |
40,432 |
3 |
VSI |
35,052 |
33,971 |
3 |
Harlow's Casino |
53,205 |
2,659 |
F |
Total Gaming |
212,629 |
142,273 |
49 |
Online Business |
165,416 |
121,407 |
36 |
Other Investments |
20,213 |
13,980 |
45 |
Corporate |
326 |
141 |
F |
Net revenues from external
customers |
$ 696,854 |
$ 585,345 |
19 |
|
|
|
|
Intercompany net
revenues: |
|
|
|
Churchill Downs |
$ 5,088 |
$ 3,850 |
32 |
Arlington Park |
3,725 |
3,009 |
24 |
Calder |
2,307 |
1,875 |
23 |
Fair Grounds |
1,164 |
968 |
20 |
Total Racing Operations |
12,284 |
9,702 |
27 |
Online Business |
786 |
676 |
16 |
Other Investments |
4,182 |
2,622 |
59 |
Eliminations |
(17,252) |
(13,000) |
(33) |
Intercompany net revenues |
$ -- |
$ -- |
-- |
|
|
|
|
Segment EBITDA and net
earnings: |
|
|
|
Racing Operations |
$ 62,957 |
$ 35,131 |
79 |
Online Business |
37,740 |
17,226 |
F |
Gaming |
57,008 |
28,462 |
F |
Other Investments |
2,370 |
3,920 |
(40) |
Corporate |
(1,365) |
(4,323) |
68 |
Total EBITDA |
158,710 |
80,416 |
97 |
Depreciation and
amortization |
(55,170) |
(46,524) |
19 |
Interest (expense) income,
net |
(8,456) |
(5,994) |
41 |
Income tax provision |
(34,289) |
(8,341) |
U |
Net earnings from
continuing operations |
60,795 |
19,557 |
F |
Discontinued operations, net of
income taxes |
3,560 |
(3,204) |
F |
Net earnings |
$ 64,355 |
$ 16,353 |
F |
|
|
|
|
NM: Not
meaningful U: > 100% unfavorable F: >
100% favorable |
|
|
CHURCHILL DOWNS
INCORPORATED |
SUPPLEMENTAL
INFORMATION BY OPERATING UNIT |
For the three months
and years ended Dec. 31, 2011, and 2010 |
(in thousands) |
|
|
|
|
|
|
Three Months
Ended December 31, |
Change |
Management fee expense
(income): |
2011 |
2010 |
$ |
% |
Racing Operations |
$ 2,377 |
$ 3,343 |
$ (966) |
(29) |
Gaming |
2,137 |
1,645 |
492 |
30 |
Online Business |
1,652 |
1,699 |
(47) |
(3) |
Other Investments |
(91) |
299 |
(390) |
F |
Corporate Income |
(6,075) |
(6,986) |
911 |
(13) |
Total management fees |
$ -- |
$ -- |
$ -- |
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, |
Change |
Management fee expense
(income): |
2011 |
2010 |
$ |
% |
Racing Operations |
$ 11,197 |
$ 12,490 |
$ (1,293) |
(10) |
Gaming |
7,677 |
4,767 |
2,910 |
61 |
Online Business |
6,001 |
4,984 |
1,017 |
20 |
Other Investments |
860 |
686 |
174 |
25 |
Corporate Income |
(25,735) |
(22,927) |
(2,808) |
12 |
Total management fees |
$ -- |
$ -- |
$ -- |
|
|
CHURCHILL DOWNS
INCORPORATED |
CONDENSED, CONSOLIDATED
STATEMENT OF CASH FLOWS |
For the years ended
Dec. 31, 2011, and 2010 |
(unaudited) |
(in thousands) |
|
|
|
|
2011 |
2010 |
Cash flows from operating
activities: |
|
|
Net earnings |
$ 64,355 |
$ 16,353 |
Adjustments to reconcile net
earnings to net cash provided by operating activities: |
|
|
Depreciation and
amortization |
55,170 |
46,524 |
Asset impairment loss |
694 |
1,598 |
Gain on sale of business |
(271) |
(4,175) |
Equity in loss of
unconsolidated investments |
1,113 |
571 |
Loss on sale of assets |
52 |
371 |
Unrealized gain on derivative
instruments |
(3,096) |
(817) |
Share-based compensation |
5,531 |
4,802 |
Deferred tax provision
(benefit) |
14,097 |
8,634 |
Other |
2,489 |
1,473 |
Increase (decrease) in cash
resulting from changes in operating assets and liabilities, net of
business acquisitions and dispositions: |
|
|
Restricted cash |
18,342 |
(20,338) |
Accounts receivable |
(407) |
290 |
Other current assets |
3,235 |
112 |
Income taxes |
7,995 |
(12,729) |
Accounts payable |
14,447 |
1,834 |
Purses payable |
7,301 |
(92) |
Accrued expenses |
2,441 |
4,963 |
Deferred revenue |
(36,859) |
11,379 |
Other assets and
liabilities |
16,549 |
(896) |
Net cash provided by operating
activities |
173,178 |
59,857 |
|
|
|
Cash flows from investing
activities: |
|
|
Acquisition of businesses, net
of cash acquired |
-- |
(169,665) |
Additions to property and
equipment |
(22,667) |
(61,952) |
Purchases of minority
investments |
(1,189) |
(450) |
Acquisition of gaming
license |
(2,250) |
(2,750) |
Proceeds on sale of property
and equipment |
55 |
57 |
Change in deposit wagering
asset |
(1,010) |
(181) |
Net cash used in investing
activities |
(27,061) |
(234,941) |
|
|
|
Cash flows from financing
activities: |
|
|
Borrowings on bank line of
credit |
320,181 |
442,758 |
Repayments of bank line of
credit |
(457,736) |
(248,773) |
Change in deposit wagering
liability |
802 |
139 |
Change in book overdraft |
(188) |
1,922 |
Payments of dividends |
(8,165) |
(6,777) |
Windfall (shortfall) tax
provision from share-based compensation |
151 |
(126) |
Loan origination fees |
(155) |
(421) |
Repurchase of common stock |
(1,308) |
(944) |
Common stock issued |
725 |
564 |
Net cash (used in) provided by
financing activities |
(145,693) |
188,342 |
|
|
|
Net increase in cash and cash
equivalents |
424 |
13,258 |
Cash and cash equivalents, beginning of
year |
26,901 |
13,643 |
Cash and cash equivalents, end of year |
$ 27,325 |
$ 26,901 |
|
CHURCHILL DOWNS
INCORPORATED |
CONSOLIDATED BALANCE
SHEETS |
As of Dec. 31, 2011,
and 2010 |
(in
thousands) |
|
|
|
|
December 31,
2011 |
December 31,
2010 |
ASSETS |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 27,325 |
$ 26,901 |
Restricted cash |
44,559 |
61,891 |
Accounts receivable, net |
49,773 |
33,307 |
Deferred income taxes |
8,727 |
16,136 |
Income taxes receivable |
3,679 |
11,674 |
Other current assets |
10,399 |
20,086 |
Total current assets |
144,462 |
169,995 |
|
|
|
Property and equipment, net |
477,356 |
507,476 |
Goodwill |
213,712 |
214,528 |
Other intangible assets, net |
103,827 |
113,436 |
Other assets |
8,665 |
12,284 |
Total assets |
$ 948,022 |
$ 1,017,719 |
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
Current liabilities: |
|
|
Accounts payable |
$ 56,514 |
$ 45,768 |
Bank overdraft |
5,473 |
5,660 |
Purses payable |
20,066 |
12,265 |
Accrued expenses |
47,816 |
51,689 |
Dividends payable |
10,110 |
8,165 |
Deferred revenue |
33,472 |
24,512 |
Deferred riverboat subsidy |
-- |
40,492 |
Total current liabilities |
173,451 |
188,551 |
|
|
|
Long-term debt |
127,563 |
265,117 |
Convertible note payable, related party |
-- |
15,075 |
Other liabilities |
29,542 |
17,775 |
Deferred revenue |
17,884 |
15,556 |
Deferred income taxes |
15,552 |
9,431 |
Total liabilities |
363,992 |
511,505 |
|
|
|
Commitments and contingencies |
|
|
Shareholders' equity: |
|
|
Preferred stock, no par value;
250 shares authorized; no shares issued |
-- |
-- |
Common stock, no par value;
50,000 shares authorized; 17,178 shares and 16,571 shares issued at
December 31, 2011 and 2010, respectively |
260,199 |
236,503 |
Retained earnings |
323,831 |
269,711 |
Total shareholders' equity |
584,030 |
506,214 |
Total liabilities and
shareholders' equity |
$ 948,022 |
$ 1,017,719 |
CONTACT: John Asher
(502) 636-4586 (office)
(502) 494-3626 (mobile)
John.Asher@KyDerby.com
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