churchill downs inc (CHDN) Key Developments
Churchill Downs Inc. Presents at Morgan Stanley's 2015 U.S. Online Gambling Forum, Mar-24-2015
Mar 20 15
Churchill Downs Inc. Presents at Morgan Stanley's 2015 U.S. Online Gambling Forum, Mar-24-2015 . Venue: New York, New York, United States. Speakers: Michael W. Anderson, Vice President of Corporate Finance and Treasurer, William C. Carstanjen, Chief Executive Officer, William E. Mudd, President, Chief Financial Officer and Principal Accounting Officer.
Churchill Downs Inc. Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended December 31, 2014
Feb 25 15
Churchill Downs Inc. announced unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2014. For the quarter, net revenue was $168.3 million against $162.4 million a year ago. Operating loss was $13,703,000 against $5,312,000 a year ago. Loss from continuing operations before provision for income taxes was $18,821,000 against $9,658,000 a year ago. Loss from continuing operations was $13.8 million or $0.81 per diluted share against $5.6 million or $0.32 per diluted share a year ago. Net loss was $13,807,000 or $0.81 per basic and diluted share against $5,705,000 or $0.33 per diluted share a year ago. Net cash provided by operating activities was $27.4 million against $30.5 million a year ago. Adjusted EBITDA was $28.5 million against $19.3 million a year ago.
For the year, net revenue was $812.9 million against $779.3 million a year ago. Operating income was $90,393,000 against $90,100,000 a year ago. Earnings from continuing operations before provision for income taxes were $76,518,000 against $85,506,000 a year ago. Earnings from continuing operations were $46.4 million or $2.64 per diluted share against $55.0 million or $3.07 per diluted share a year ago. Net earnings were $46,357,000 or $2.64 per diluted share against $54,900,000 or $3.06 per diluted share a year ago. Net cash provided by operating activities was $141.6 million against $144.9 million a year ago. Additions to property and equipment were $54,486,000 against $48,771,000 a year ago. Adjusted EBITDA was $202.5 million against $176.2 million a year ago.
The Union for Pari-Mutuel Betting Clerks Enters Three-Year Contract with Churchill Downs
Feb 5 15
The union for pari-mutuel betting clerks at Churchill Downs has a new three-year contract with the track. The agreement was approved by union membership after weeks of talks. The deal includes a 2% raise this year and 1% raises the next two years. Tellers are guaranteed one less hour per shift, from six to five, but the union won a concession regarding contributions to pension funds.
Churchill Downs Incorporated Appoints Aditi Javeri Gokhale as New Board Member
Jan 26 15
Churchill Downs Incorporated announced that Aditi Javeri Gokhale, Senior Vice President – Digital for Nutrisystem Inc., was appointed as a Class III director to the company's board of directors. Gokhale will serve on the 10-member board until the 2015 annual meeting of shareholders where she will be nominated for election by the shareholders.
Churchill Downs Incorporated Names Mike Ziegler as Executive Director of Racing
Jan 16 15
Churchill Downs Incorporated announced that Mike Ziegler has been named to its new post of Executive Director of Racing. Ziegler will assume his position on Jan. 26, 2015, and will report directly to Bill Mudd, CDI's President and Chief Financial Officer. As CDI's Executive Director of Racing, Ziegler will focus on and support the company's commitment to the U.S. Thoroughbred racing and breeding industry. Ziegler will be responsible for championing CDI initiatives to enhance the racing and breeding industry and will serve as a representative and the liaison between CDI and the industry. Ziegler comes to CDI with nearly 20 years of industry experience. He has served since 2009 as the Executive Director - Safety & Integrity Alliance for the National Thoroughbred Racing Association (NTRA) where he has overseen self-regulatory efforts to enact substantive improvements in safety and integrity in the racing industry. He was also the Executive Director for the Thoroughbred Aftercare Alliance from 2012-13.