Churchill Downs Q3 Profit Decreases - Quick Facts

(RTTNews) - Churchill Downs Incorporated (CHDN) reported that its third-quarter earnings from continuing operations decreased to $3.5 million from $9.2 million, last year. Earnings from continuing operations per share was $0.20, compared to $0.51. The company said its earnings from continuing operations dropped 62%, primarily as the result of one-time effects of leasing the pari-mutuel operations at Calder and the non-recurrence of $4.2 million in Illinois Horse Racing Equity Trust Fund income that occurred in the third-quarter of 2013.

On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.42 for the quarter. Analysts' estimates typically exclude special items.

Adjusted EBITDA was $32.2 million, 1% above 2013's third-quarter, driven by a $4.4 million increase in Gaming adjusted EBITDA, which benefited from the addition of two newest gaming properties, MVG and Oxford, as well as improved profitability from two Mississippi properties - Harlow's Casino and Riverwalk Casino, the company said.

Net revenues were $173.7 million, compared to $185.5 million, a year ago. Analysts expected revenue of $186.13 million for the quarter. The company said its net revenues declined 6% compared to prior year, driven by the closure of racing operations at Calder and loss of Texas online wagering.