Churchill Downs Incorporated (CHDN) has reported a 257.33 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $26.80 million, or $1.60 a share in the quarter, compared with $7.50 million, or $0.43 a share for the same period last year.
Revenue during the quarter went up marginally by 2.17 percent to $278.30 million from $272.40 million in the previous year period. Gross margin for the quarter expanded 113 basis points over the previous year period to 19.12 percent. Total expenses were 84.30 percent of quarterly revenues, down from 95.45 percent for the same period last year. This has led to an improvement of 1115 basis points in operating margin to 15.70 percent.
Operating income for the quarter was $43.70 million, compared with $12.40 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $56.50 million compared with $53.60 million in the prior year period. At the same time, adjusted EBITDA margin improved 62 basis points in the quarter to 20.30 percent from 19.68 percent in the last year period.
Operating cash flow declines
Churchill Downs Incorporated has generated cash of $226.80 million from operating activities during the year, down 14.25 percent or $37.70 million, when compared with the last year.
The company has spent $50.70 million cash to meet investing activities during the year as against cash outgo of $65.50 million in the last year.
The company has spent $201.90 million cash to carry out financing activities during the year as against cash outgo of $190.60 million in the last year period.
Cash and cash equivalents stood at $48.70 million as on Dec. 31, 2016, down 34.63 percent or $25.80 million from $74.50 million on Dec. 31, 2015.
Debt moves up
Churchill Downs Incorporated has witnessed an increase in total debt over the last one year. It stood at $921.70 million as on Dec. 31, 2016, up 17.89 percent or $139.90 million from $781.80 million on Dec. 31, 2015. Total debt was 40.88 percent of total assets as on Dec. 31, 2016, compared with 34.33 percent on Dec. 31, 2015. Debt to equity ratio was at 1.35 as on Dec. 31, 2016, up from 1.27 as on Dec. 31, 2015. Interest coverage ratio improved to 4.01 for the quarter from 1.65 for the same period last year.
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