07/22/2003 11:00PM

Churchill has best second quarter


Churchill Downs Inc., the owner of six racetracks, had net income of $28 million in the second quarter of 2003, or $2.09 per share, the company's best second-quarter posting in its history.

During the second quarter, Churchill holds the Kentucky Derby, its most profitable event. Last year, net income during the second quarter was $23.1 million, and earnings per share was $1.73.

Revenue in the second quarter this year was also a record, at $180.5 million, up 4.6 percent compared with last year's second-quarter revenue of $172.6 million.

Tom Meeker, Churchill's president and chief executive officer, said that record wagering on the Kentucky Derby and Kentucky Oaks, strong wagering on Churchill's simulcast signals, and an increase of live racing days over last year all contributed to the strong second-quarter results.

In the quarter, Churchill's tracks held a total of 37 more live racing days than last year. Churchill also said that wagering on simulcast signals was up

23.6 percent compared with the same period last year.

Churchill owns Churchill Downs in Louisville, Arlington Park in Illinois, Ellis Park in western Kentucky, Hollywood Park in Southern California, Calder Race Course in south Florida, and a majority interest in Hoosier Park in Indiana.