08/04/2008 11:00PM

Churchill income level for quarter


Churchill Downs Inc. had net income of $29.4 million in the second quarter of 2008, even with its results of last year during the second quarter, according to financial documents released Tuesday.

Revenue during the quarter was $179.3 million, according to the statements, an increase of 6 percent over second-quarter revenue of $169.9 million in 2007.

Revenue at Churchill's Calder Race Course in Florida was down $6 million in the quarter from last year, largely because of the unavailability of the track's signal in out-of-state locations because of a dispute with horsemen.

Revenue for Churchill's account-wagering operation was $15.6 million, a sharp increase compared with $3.3 million in the second quarter of last year. In addition, revenue from the company's slot-machine operations in Louisiana was $11.8 million, compared with $6.3 million last year.

In a release, Churchill's chief executive, Robert Evans, said that the company has generated $85 million in cash from operations this year, and has used much of the proceeds to pay down long-term debt. According to its balance sheet, the company had $10 million of debt at the end of the second quarter, compared with $70 million in debt at the end of 2007.