SBC News Poor Q4 impacts Churchill Downs 2014 net income

Poor Q4 impacts Churchill Downs 2014 net income

churchilldowns

Reporting on its full year 2014 results, US racetrack operator Churchill Downs (CDI) recorded higher company revenues but lower net income.

CDI posted full year revenues of $812 million up 4% on 2013 $779 million, however CDI 2014 net earnings were down 16% to $46.4 million (FY 2013:$55 million).

The racetrack operator had been impacted by a poor final quarter for 2014, which saw operating losses of $13.8 million.

CDI reported that racing 2014 EBITDA increased by 22% to $61.2 million (FY 2013: $50.3 million), as the operator saw a highly successful Kentucky Derby week take place.

CDI reported on the performance of recently acquired social casino operator Big Fish Games, which generated a Q4 2014 94% increase booking (sales) revenue on its social casino product to $46.9 million (Q4 2013 – $24.2 million). CDI announced that Big Fish Games had doubled product booking to $157 million in 2014.

Company governance expects Big Fish Games to place CDI at the forefront of social and mobile gaming.

CDI CEO Bill Carstanjen commented on company performance

“The Company produced record net revenues and Adjusted EBITDA results for both the fourth-quarter and the full year of 2014,”

“While we closed our acquisition of Big Fish Games in December, our record performance over the course of 2014 was largely driven by our racing, casino and TwinSpires.com businesses. We look forward in 2015 to continuing the momentum in our traditional businesses as well as the new contributions of Big Fish Games and its exceptional team.”

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