The figures, for the fourth quarter and year ended December 31, 2003, saw net revenues for the year total $424.2m - down from $438.8m in 2002.
For the fourth quarter of 2003, the company reported net revenues of $92.7m, down 15.5 percent from the $109.7m reported during the same period in 2002.
Net loss was $274,000, versus earnings of $2m in the fourth quarter of 2002.
The company said racing calendar changes and the riverboat subsidy reduction at Hoosier Park principally accounted for the disparity year-over-year.
Said Thomas H. Meeker, CDI's president and chief executive officer: "I'm pleased with our
results for the year, particularly when considering such challenges as the loss of the
subsidy in Indiana, the smoking ban in Florida and the workers' compensation issue in
California. We were able to successfully counter these factors through the strength of the
Kentucky Derby, the continued growth of the Churchill Downs Simulcast Network (CDSN), the
benefits of our new credit facility and our continued emphasis on efficiency.
"In 2004, we will make substantial investments in people and technology that will create a customer-driven organisation and an innovative growth platform through our customer relationship management effort. These strategic investments will reposition the company for future growth."
Churchill Downs owns and operates horse racing venues throughout the US. The company's racetracks in California, Florida, Illinois, Indiana and Kentucky host 114 graded-stakes events including the Kentucky Derby and Kentucky Oaks, Hollywood Gold Cup and Arlington Million.
