08/07/2006 11:00PM

Churchill's income rises

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Churchill Downs Inc. had net income of $33.4 million in the second quarter of 2006, a 47.5 percent increase over net income of $22.7 million in the second quarter of last year, according to financial statements released late on Tuesday.

Earnings per share in the quarter was $2.45, well above the consensus estimate of analysts of $1.97 a share. Earnings were boosted in the quarter by $9.6 million that Churchill realized from insurance claims on weather-related damage last year to two of its tracks, Fair Grounds in New Orleans and Ellis Park in Kentucky.

Revenue in the quarter, not including the insurance payments, was $175 million, compared with $163.2 million in the second quarter of last year. Churchill's Kentucky operations had $69.7 million in revenue during the quarter, compared with $66 million in the second quarter last year, and its Louisiana operations were up $4 million in revenue.

Expenses in the quarter went from $110.6 million last year to $115.9 million this year.

The second quarter is typically the company's most profitable quarter. During the period, Churchill holds the Kentucky Derby and Kentucky Oaks.