02/11/2002 12:00AM

Churchill has record revenue


Churchill Downs Inc., the owner of six racetracks in the United States, had net income of $22.1 million in 2001 on record revenues of $427 million, the company announced Monday.

While net income was up 15.2 percent compared with 2000, net income per share was down from $1.75 to $1.67. In 2001, Churchill issued 3.15 million shares of additional stock as part of its merger with Arlington Park. Revenues were up 17.6 percent, from $363 million in 2000.

Churchill owns Churchill Downs, Hollywood Park, Arlington, Ellis Park, and Calder Race Course. It also owns a majority stake in Hoosier Park in Indiana.

According to the company, Ellis Park showed an operating loss of $638,000 in 2001. All of Churchill's other racetracks were profitable, the company said, although the company's overall interest expenses and taxes are not included in the individual racetrack's operating statements.

Churchill Downs, the track, had operating income of $19.3 million, on revenues of $92 million,. Operating income at Calder Race Course was $13.7 million, on revenues of $79.8 million. Hollywood had operating income of $11.8 million on revenues of $98.7 million; Arlington had income of $8.7 million on revenues of $82.9 million; and Hoosier had income of $4.6 million on revenues of $55.0 million.