Churchill Downs Inc. Increases Dividend

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Churchill Downs, Inc. announced Dec. 5 that its board of directors has approved an annual dividend of 60 cents per share, up 20% over the 50 cents per share dividend that had been awarded in recent years. The dividend wil be payable Jan. 23, 2012, for shareholders of record on Dec. 30, 2011.

“The board of directors elected to increase this year’s annual dividend payment to 60 cents per share of common stock, from the 50 cents per share in recent years based on the company’s year-to-date performance,” said CDI chairman and CEO Robert Evans in a statement.

For the most recent quarter, ending Sept. 30, Churchill Downs Inc. reported net earnings from continuing operations of $19.7 million for the third quarter of 2011, up significantly from $3.7 million for the third quarter of 2010. Net revenue from continuing operations was $166.3 million, up 13% from $147.5 million for the comparable quarter last year and a new third-quarter record.

Earnings before interest, taxes, depreciation, and amortization doubled to $43 million in the third quarter. Gaming revenue increased $5.3 million and pari-mutuel revenue increased $2.2 million, CDI reported.

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