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Churchill Downs Incorporated Reports Record Quarterly Results

Net revenues for the second quarter were a record $131.9 million, 57 percent more than the $84.1 million generated in the same period in 1999. Net earnings for the quarter were a record $18.3 million, a 34 percent increase over $13.7 million in 1999.

Diluted earnings per share were a record $1.85, compared with $1.79 for the second quarter of 1999. Half-year results are outlined in the accompanying tables.

The increases of 30 percent and 29 percent in the number of diluted weighted average shares outstanding for the second quarter and six months, respectively, were due principally to the public offering of 2.3 million common shares in July 1999.

At the end of the second quarter of 2000, diluted weighted average shares outstanding were 9.9 million, compared with 7.6 million in 1999. vThomas H. Meeker, CDI's president and chief executive officer, said the Company's strong financial performance for the quarter was highlighted by the addition of Hollywood Park, which CDI acquired in September 1999, and a record Spring Meet at Churchill Downs.

Total wagering on the Kentucky Derby race card reached a North American record of $101.4 million with Churchill Downs' second largest on-track attendance of 153,000.

The Kentucky Oaks race card, which is run the day before the Derby, brought in a record $24.7 million in total wagering and a record on-track attendance of 106,000.

Meeker noted that CDI's results for the first half of 2000 were affected by the timing of the Calder Race Course and Hollywood Park acquisitions in 1999. As expected, the inclusion of those tracks in the first quarter of 2000, when only two racing days were scheduled, had a predictable impact on the year-to-year comparisons that was not indicative of any change in their operating progress.

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