Churchill earnings a record

Churchill Downs Inc., which owns six racetracks in the United States, had record net income of $23.1 million, or $1.73 a share, in the second quarter of 2002, company officials said Wednesday.

Revenues in the quarter, which included the Kentucky Derby, Churchill's most lucrative event, were $172.6 million, also a record and an increase of 6 percent over revenues in the second quarter of 2001. Net income was 6 percent better than the second quarter of 2001.

Because of the Derby, which generates millions in admissions and wagering revenues, the second quarter is always Churchill's strongest, allowing Churchill to make up for a traditionally slow first quarter, when most of its tracks are closed.

In addition to its flagship track in Louisville, Ky., where the Derby is held, Churchill also owns Calder Race Course in south Florida and Hollywood Park in Southern California, both of which conducted meets during the second quarter. Another Churchill track, Arlington Park in Illinois, opened its summer-fall meet just before the quarter ended.