Business
Churchill Downs Incorporated Reports 2020 First Quarter Results
LOUISVILLE, Ky., April 29, 2020 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) ("CDI" or the "Company") today reported business results for
About this update from Churchill Downs, Incorporated
[{"type":"text","content":"LOUISVILLE, Ky., April 29, 2020 (GLOBE NEWSWIRE) -- Churchill Downs Incorporated (Nasdaq: CHDN) (\"CDI\" or the \"Company\") today reported business results for the first quarter ended March 31, 2020.\n First Quarter 2020 Highlights Net revenue of $252.9 million, down 5% over the prior year quarterNet loss attributable to CDI of $23.4 million compared to net income attributable to CDI of $11.6 million in the prior year quarter Adjusted net income of $2.0 million, compared to $25.5 million in the prior year quarter Adjusted EBITDA of $55.3 million, down 26% compared to $74.6 million in the prior year quarterStrong performance from TwinSpires with handle growth of 8.3% over the prior year quarterThe Company has taken steps to address the ongoing adverse impact of the coronavirus (COVID-19) pandemic on our business, employees, customers, shareholders and the local communities in which we operate CONSOLIDATED RESULTSFirst Quarter(in millions, except per share data)2020 2019 Net revenue$252.9 $265.4 Net (loss) income attributable to CDI$(23.4) $11.6 Diluted EPS attributable to CDI$(0.59) $0.29 Adjusted net income(a)(b)$2.0 $25.5 Adjusted diluted EPS(a)(b)$0.05 $0.63 Adjusted EBITDA(b)$55.3 $74.6 (a) Reflects amounts attributable to CDI.(b) These are non-GAAP measures. See explanation of non-GAAP measures below. “During this unprecedented pandemic, we remain focused on the health and safety of our team members, customers and communities,” said Bill Carstanjen, Chief Executive Officer. “We appreciate the support we are receiving from our state and local government and regulatory officials as well as our community leaders who are reviewing our proposed safety protocols and working with us to determine the appropriate timing for re-opening our properties.” “Our strong balance sheet and the deep experience and resilience of our team will enable us to emerge from these challenging times as a stronger company ready to execute on all of the growth opportunities we have shared with our investors,” said Carstanjen. “We look forward to the 146th Kentucky Derby on September 5th which will be a special day for all of us as we celebrate together once again this magical and iconic event after such a difficult period for our country.” First Quarter 2020 Net Loss Attributable to CDI The Company's first quarter of 2020 net loss attributable to CDI was...