02/11/2004 12:00AM

Churchill income rises


Churchill Downs Inc. had net income in 2003 of $24.1 million, compared with net income of $21 million in 2002, although revenue at its tracks in Indiana and Southern California dropped markedly.

Earnings for 2003 were $1.80 a share, compared with $1.57 a share last year, according to the company's financial statements, which were released late Tuesday.

Revenue for 2003 was $424.2 million, down 3.3 percent from 2002. With the exception of the company's simulcasting unit, revenue at Churchill's tracks was down across the board. Hollywood Park in Southern California and Hoosier Park in Indiana were hardest hit. Revenue at Hollywood was down $6 million to $75.2 million. Revenue at Hoosier Park fell $12.3 million to $42.8 million, largely because of legislation requiring Hoosier to split a subsidy with a new track in the state.

The declines were offset, however, by a $7 million gain from simulcasting operations, a $10 million decline in operating expenses, and a $2.8 million decline in interest expense.