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Churchill Downs Incorporated Reports 2012 Fourth-Quarter and Year-End Results

Churchill Downs Incorporated Reports 2012 Fourth-Quarter and Year-End Results

FOURTH-QUARTER 2012

  *Record net revenues of $158.5 million, a 6 percent increase over
    fourth-quarter 2011, due to growth in Gaming, Online Business
  *EBITDA of $17.6 million, second highest all-time fourth-quarter EBITDA
  *Riverwalk acquisition helps drive 18 percent increase in Gaming EBITDA

FULL-YEAR 2012

  *Record net revenues of $732.4 million, up 5 percent over 2011
  *EBITDA of $151.5 million, driven by Online Business and Gaming growth
  *Online Business handle increases nearly 11 percent, continues to outpace
    industry

LOUISVILLE, Ky., Feb. 27, 2013 (GLOBE NEWSWIRE) -- Churchill Downs
Incorporated (Nasdaq:CHDN) (CDI or Company) today, Wednesday, Feb. 27, 2013,
reported business results for the fourth-quarter and year ended Dec. 31, 2012.

MANAGEMENT COMMENTARY

"CDI's strong performance in 2012 was reflected in the 27.5 percent increase
in the market price of Churchill Downs common stock from $52.13 at the end of
2011 to $66.45 at the end of 2012, and our second, consecutive 20 percent
dividend increase, from $0.60 to $0.72 per share," said CDI Chairman and Chief
Executive Officer Robert L. Evans. "I want to thank our customers for their
continued loyalty and our employees for their exceptional contributions to
CDI's success in 2012."

2012 FOURTH-QUARTER BUSINESS RESULTS

During the fourth-quarter of 2012, CDI grew net revenues from continuing
operations to $158.5 million, an increase of 6 percent from net revenues of
$149.3 million recorded during the prior year.

Gaming net revenues increased 21 percent to $62.9 million, from $52.2 million,
during the same period in 2011, reflecting the contribution of Riverwalk
Casino Hotel (Riverwalk) which was acquired on October 23, 2012. Racing
Operations net revenues declined 7 percent to $48.5 million, from $52.1
million in 2011, primarily due to Churchill Downs Racetrack not hosting the
Breeders' Cup World Championships (Breeders' Cup) in 2012, as it did in 2011.
Online Business net revenues increased 2 percent to $40.9 million, driven by a
4.3 percent increase in pari-mutuel handle and continuing growth in customers
at TwinSpires.com. By comparison, according to amounts reported by Equibase,
total U.S. thoroughbred industry handle declined 3.6 percent during the
fourth-quarter of 2012.

Net earnings from continuing operations for the fourth-quarter of 2012 were
$2.4 million, or $0.14 per diluted common share, versus $4.3 million, or $0.25
per diluted common share, during the final quarter of 2011.

CDI's fourth-quarter EBITDA (earnings before interest, taxes, depreciation and
amortization) decreased to $17.6 million from the record $19.6 million
reported during the same period last year.

Gaming EBITDA improved $2.4 million due to the acquisition of Riverwalk.
Racing EBITDA declined $1.5 million primarily due to Churchill Downs Racetrack
not hosting the Breeders' Cup in 2012, as they did in 2011. In addition,
Corporate EBITDA decreased $2.1 million during the fourth-quarter of 2012 due
to increases in equity compensation expenses related to the successful
performance of the Company during 2012. Finally, Online Business EBITDA
declined $0.7 million as expenditures related to the Company's new real money
gaming site, Luckity.com, offset incremental EBITDA generated by growth in the
segment's core operations.

2012 YEAR-END BUSINESS RESULTS

Net revenues from continuing operations for 2012 climbed to an all-time record
$732.4 million, up from $696.9 million in 2011, a 5 percent increase. The
growth in net revenues was due largely to the continued expansion of the
Company's Online Business, a record Kentucky Oaks and Derby week performance
and incremental net revenues from the October 2012 acquisition of Riverwalk.

Net revenues from the Company's Gaming segment increased $10.5 million,
primarily due to $10.3 million of net revenues generated by Riverwalk. In
addition, Gaming revenues increased $3.4 million at Harlow's Casino Resort &
Spa (Harlow's) during the year ended December 31, 2012, which was closed for
25 days during the same period of 2011, as a result of damage sustained from
the Mississippi River flooding.These increases were partially offset by a
$5.0 million decline in net revenues at Calder Casino during the year ended
December 31, 2012, due to increased regional competitive pressure from the
opening of a new casino in Miami during January 2012, along with what we
believe to be a weak South Florida economy.

Net revenues generated by CDI's Online Business increased 11 percent, or $17.9
million, to $183.3 million in 2012, compared to the previous year, reflecting
an increase in Online Business handle of 10.9 percent, which continues to
outpace national industry trends.

Net revenues from CDI's Racing Operations segment increased $3.2 million
during 2012, reflecting an increase in revenues at Churchill Downs Racetrack
due to a strong performance from Kentucky Oaks and Derby week and a 4 percent
increase in live race days during the year ended December 31, 2012, as
compared to the prior year.

Net earnings from continuing operations for 2012 were $58.3 million, or $3.34
per diluted common share, compared to net earnings from continuing operations
of $60.8 million, or $3.55 per diluted common share, in 2011.

EBITDA for 2012 declined 5 percent compared to EBITDA recorded during 2011
primarily due to the recognition of $19.3 million in net proceeds from the
Illinois Horse Racing Equity Trust Fund (HRE Trust Fund). EBITDA for 2012
represents the second highest full year EBITDA.

Racing Operations EBITDA decreased $13.5 million over the previous year,
primarily from the HRE Trust Fund. Partially offsetting these declines was
increased profitability of $5.4 million from the Kentucky Oaks and Derby week
related to improvements in admissions, sponsorships and pari-mutuel revenues
during the year ended December 31, 2012. 

Gaming EBITDA increased $10.8 million, primarily due to a full year of
operations at Harlow's and the acquisition of Riverwalk. Harlow's generated
EBITDA of $26.5 million during the year ended December 31, 2012, compared to
EBITDA of $17.5 million during the prior year.Harlow's results included
insurance recoveries, net of losses, of $6.5 million during 2012 compared to
$0.4 million during the prior year. The Company's acquisition of Riverwalk
generated EBITDA of $2.8 million during the year ended December 31, 2012.
Partially offsetting these increases was a decline in EBITDA of $1.1 million
at Calder Casino due to competitive pressures and local economy challenges.

Online Business EBITDA increased 7 percent, or $2.5 million, to $40.3 million
over the previous year reflecting a 10.9 percent increase in our pari-mutuel
handle driven by organic growth in customers and average daily wagering.
Partially offsetting this increase were expenditures related to the launch of
Luckity.com, in addition to certain non-recurring employee costs.

Corporate EBITDA decreased by $5.8 million due to higher long-term
compensation expenses related to the 2012 financial performance of the
Company, in addition to the impact of a non-recurring gain of $2.7 million
related to a financial note conversion during 2011.

BUSINESS RESULTS CONFERENCE CALL

A conference call regarding this news release is scheduled for Thursday, Feb.
28, 2013, at 9 a.m. ET. Investors and other interested parties may listen to
the teleconference by accessing the online, real-time webcast and broadcast of
the call at www.churchilldownsincorporated.com or www.earnings.com, or by
dialing (877) 372-0878 and entering the pass code 75239964 at least 10 minutes
before the appointed time. International callers should dial (253) 237-1169.
The online replay will be available at approximately noon EDT and continue for
two weeks. A copy of the Company's news release announcing quarterly results
and relevant financial and statistical information about the period will be
accessible at www.churchilldownsincorporated.com.

In addition to the results provided in accordance with U.S. Generally Accepted
Accounting Principles ("GAAP"), the Company has provided a non-GAAP
measurement, which presents a financial measure of earnings before interest,
taxes, depreciation and amortization ("EBITDA"). Churchill Downs Incorporated
uses EBITDA as a key performance measure of results of operations for purposes
of evaluating performance internally. The Company believes the use of this
measure enables management and investors to evaluate and compare, from period
to period, the Company's operating performance in a meaningful and consistent
manner. This non-GAAP measurement is not intended to replace the presentation
of the Company's financial results in accordance with GAAP.

ABOUT CHURCHILL DOWNS INCORPORATED

Churchill Downs Incorporated (CDI) (Nasdaq:CHDN), headquartered in Louisville,
Ky., owns and operates the world-renowned Churchill Downs Racetrack, home of
the Kentucky Derby and Kentucky Oaks, as well as racetrack and casino
operations and a poker room in Miami Gardens, Fla.; racetrack, casino and
video poker operations in New Orleans, La.; racetrack operations in Arlington
Heights, Ill.; a casino resort in Greenville, Miss.; as well as a casino hotel
in Vicksburg, Miss.; CDI also owns the country's premier online wagering
company, TwinSpires.com; the totalisator company, United Tote; Luckity.com,
offering fun games online for a chance to win cash prizes; Bluff Media, an
Atlanta-based multimedia poker company; and a collection of racing-related
telecommunications and data companies. Information about CDI can be found
online at www.churchilldownsincorporated.com.

Information set forth in this news release contains various "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. The Private Securities
Litigation Reform Act of 1995 (the "Act") provides certain "safe harbor"
provisions for forward-looking statements. All forward-looking statements made
in this news release are made pursuant to the Act.

The reader is cautioned that such forward-looking statements are based on
information available at the time and/or management's good faith belief with
respect to future events, and are subject to risks and uncertainties that
could cause actual performance or results to differ materially from those
expressed in the statements. Forward-looking statements speak only as of the
date the statement was made.We assume no obligation to update forward-looking
information to reflect actual results, changes in assumptions or changes in
other factors affecting forward-looking information. Forward-looking
statements are typically identified by the use of terms such as "anticipate,"
"believe," "could," "estimate," "expect," "intend," "may," "might," "plan,"
"predict," "project," "should," "will," and similar words, although some
forward-looking statements are expressed differently.Although we believe that
the expectations reflected in such forward-looking statements are reasonable,
we can give no assurance that such expectations will prove to be correct.
Important factors that could cause actual results to differ materially from
expectations include: the effect of global economic conditions, including any
disruptions in the credit markets; a decrease in consumers' discretionary
income; the effect (including possible increases in the cost of doing
business) resulting from future war and terrorist activities or political
uncertainties; the overall economic environment; the impact of increasing
insurance costs; the impact of interest rate fluctuations; the financial
performance of our racing operations; the impact of gaming competition
(including lotteries, online gaming and riverboat, cruise ship and land-based
casinos) and other sports and entertainment options in the markets in which we
operate; our ability to maintain racing and gaming licenses to conduct our
businesses; the impact of live racing day competition with other Florida,
Illinois and Louisiana racetracks within those respective markets; the impact
of higher purses and other incentives in states that compete with our
racetracks; costs associated with our efforts in support of alternative gaming
initiatives; costs associated with customer relationship management
initiatives; a substantial change in law or regulations affecting pari-mutuel
and gaming activities; a substantial change in allocation of live racing days;
changes in Kentucky, Florida, Illinois or Louisiana law or regulations that
impact revenues or costs of racing operations in those states; the presence of
wagering and gaming operations at other states' racetracks and casinos near
our operations; our continued ability to effectively compete for the country's
horses and trainers necessary to achieve full field horse races; our continued
ability to grow our share of the interstate simulcast market and obtain the
consents of horsemen's groups to interstate simulcasting; our ability to enter
into agreements with other industry constituents for the purchase and sale of
racing content for wagering purposes; our ability to execute our acquisition
strategy and to complete or successfully operate planned expansion projects;
our ability to successfully complete any divestiture transaction; market
reaction to our expansion projects; the inability of our totalisator company,
United Tote, to maintain its processes accurately or keep its technology
current; our accountability for environmental contamination; the inability of
our Online Business to prevent security breaches within its online
technologies; the loss of key personnel; the impact of natural and other
disasters on our operations and our ability to obtain insurance recoveries in
respect of such losses (including losses related to business interruption);
our ability to integrate any businesses we acquire into our existing
operations, including our ability to maintain revenues at historic levels and
achieve anticipated cost savings; the impact of wagering laws, including
changes in laws or enforcement of those laws by regulatory agencies; the
outcome of pending or threatened litigation; changes in our relationships with
horsemen's groups and their memberships; our ability to reach agreement with
horsemen's groups on future purse and other agreements (including, without
limiting, agreements on sharing of revenues from gaming and advance deposit
wagering); the effect of claims of third parties to intellectual property
rights; and the volatility of our stock price.

You should read this discussion in conjunction with the consolidated financial
statements included in the Company's Annual Report on Form 10-K for the year
ended December 31, 2012.

CHURCHILL DOWNS INCORPORATED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
for three months ended December31,
(in thousands, except per common share data)
                                                                   
                                                 2012      2011      % Change
Net revenues:                                                       
Racing                                            $48,547 $52,062 (7)
Gaming                                            62,912    52,161    21
Online                                            40,949    40,072    2
Other                                             6,086     4,970     22
                                                 158,494   149,265   6
Operating expenses:                                                 
Racing                                            54,980    56,614    (3)
Gaming                                            46,564    39,185    19
Online                                            28,210    27,443    3
Other                                             6,873     5,636     22
Selling, general and administrative expenses      19,323    14,048    38
Insurance (recoveries) losses, net                (492)     38        F
Operating income                                  3,036     6,301     (52)
Other income (expense):                                             
Interest income                                   6         228       (97)
Interest expense                                  (1,453)   (1,427)   (2)
Equity in losses of unconsolidated investments    (446)     (690)     35
Miscellaneous, net                                180       94        91
                                                 (1,713)   (1,795)   5
Earnings from continuing operations before        1,323     4,506     (71)
provision for income taxes
Income tax benefit (provision)                    1,051     (235)     F
Earnings from continuing operations               2,374     4,271     (44)
Discontinued operations, net of income taxes:                       
Loss from operations                              —         (62)      (100)
Gain on sale of assets                            —         3,404     (100)
Net earnings and comprehensive income             $2,374  $7,613  (69)
Net earnings per common share data:                                 
Basic                                                               
Earnings from continuing operations               $0.14   $0.25   (44)
Discontinued operations                           —         0.20      (100)
Net earnings                                      $0.14   $0.45   (69)
Diluted                                                             
Earnings from continuing operations               $ 0.14    $0.25   (44)
Discontinued operations                           —         0.19      (100)
Net earnings                                      $0.14   $0.44   (68)
Weighted average shares outstanding:                                
Basic                                             17,172    17,042    
Diluted                                           17,590    17,200    

                                                                   
CHURCHILL DOWNS INCORPORATED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
for the years ended December31,
(in thousands, except per common share data)
                                                                   
                                               2012       2011       % Change
Net revenues:                                                       
Racing                                          $302,088 $298,920 1
Gaming                                          223,112    212,629    5
Online                                          183,279    165,416    11
Other                                           23,904     19,889     20
                                               732,383    696,854    5
Operating expenses:                                                 
Racing                                          255,405    259,369    (2)
Gaming                                          163,686    157,875    4
Online                                          123,476    113,243    9
Other                                           26,241     20,828     26
Selling, general and administrative expenses    73,829     65,501     13
Insurance recoveries, net of losses             (7,006)    (972)      F
Operating income                                96,752     81,010     19
Other income (expense):                                             
Interest income                                 90         468        (81)
Interest expense                                (4,531)    (8,924)    (49)
Equity in losses of unconsolidated investments  (1,701)    (1,113)    53
Miscellaneous, net                              819        23,643     (97)
                                               (5,323)    14,074     U
Earnings from continuing operations before      91,429     95,084     (4)
provision for income taxes
Income tax provision                            (33,152)   (34,289)   (3)
Earnings from continuing operations             58,277     60,795     (4)
Discontinued operations, net of income taxes:                       
Loss from operations                            (1)        (1)        —
Gain on sale of assets                          —          3,561      (100)
Net earnings and comprehensive income           $58,276  $64,355  (9)
Net earnings per common share data:                                 
Basic                                                               
Earnings from continuing operations             $3.39    $3.59    (6)
Discontinued operations                         —          0.21       (100)
Net earnings                                    $3.39    $3.80    (11)
Diluted                                                             
Earnings from continuing operations             $3.34    $3.55    (6)
Discontinued operations                         —          0.21       (100)
Net earnings                                    $3.34    $3.76    (11)
Weighted average shares outstanding:                                
Basic                                           17,047     16,638     
Diluted                                         17,475     17,125     

                                                                   
CHURCHILL DOWNS INCORPORATED
SUPPLEMENTAL INFORMATION BY OPERATING UNIT
for the three months ended December 31,
(in thousands, except per common share data)
                                                                   
                                               2012       2011       % Change
                                                                   
Net revenues from external customers:                               
Churchill Downs                                 $14,958  $17,328  (14)
Arlington Park                                  6,275      7,421      (15)
Calder                                          17,192     16,962     1
Fair Grounds                                    10,122     10,351     (2)
Total Racing Operations                         48,547     52,062     (7)
Calder Casino                                   18,956     20,245     (6)
Fair Grounds Slots                              11,155     10,043     11
VSI                                             8,967      8,486      6
Harlow's Casino                                 13,504     13,387     1
Riverwalk Casino                                10,330     —          100
Total Gaming                                    62,912     52,161     21
Online Business                                 40,949     40,072     2
Other Investments                               5,860      4,906      19
Corporate                                       226        64         F
Net revenues from external customers            $158,494 $149,265 6
                                                                   
Intercompany net revenues:                                          
Churchill Downs                                 $1,173   $1,095   7
Arlington Park                                  902        565        60
Calder                                          433        1,178      (63)
Fair Grounds                                    437        365        20
Total Racing Operations                         2,945      3,203      (8)
Online Business                                 167        185        (10)
Other Investments                               820        618        33
Eliminations                                    (3,932)    (4,006)    (2)
Net revenues                                    $ —        $ —        —
                                                                   
Reconciliation of Segment EBITDA to net                             
earnings:
Racing Operations                               $ (4,301)  $ (2,831)  (52)
Gaming                                          15,951     13,529     18
Online Business                                 8,334      9,069      (8)
Other Investments                               (252)      (175)      (44)
Corporate                                       (2,177)    (36)       U
Total EBITDA                                    17,555     19,556     (10)
Depreciation and amortization                   (14,785)   (13,851)   7
Interest income (expense), net                  (1,447)    (1,199)    (21)
Income tax benefit (provision)                  1,051      (235)      F
Earnings from continuing operations             2,374      4,271      (44)
Discontinued operations, net of income taxes    —          3,342      (100)
Net earnings and comprehensive income           $2,374   $7,613   (69)

                                                                   
CHURCHILL DOWNS INCORPORATED
SUPPLEMENTAL INFORMATION BY OPERATING UNIT
for the years ended December 31,
(in thousands, except per common share data)
                                                                   
                                               2012       2011       % Change
                                                                   
Net revenues from external customers:                               
Churchill Downs                                 $124,255 $121,886 2
Arlington Park                                  69,077     69,694     (1)
Calder                                          64,566     62,715     3
Fair Grounds                                    44,190     44,625     (1)
Total Racing Operations                         302,088    298,920    1
Calder Casino                                   77,864     82,819     (6)
Fair Grounds Slots                              42,881     41,553     3
VSI                                             35,433     35,052     1
Harlow's Casino                                 56,604     53,205     6
Riverwalk Casino                                10,330     —          100
Total Gaming                                    223,112    212,629    5
Online Business                                 183,279    165,416    11
Other Investments                               22,872     19,563     17
Corporate                                       1,032      326        F
Net revenues from external customers            $732,383 $696,854 5
                                                                   
Intercompany net revenues:                                          
Churchill Downs                                 $5,592   $5,088   10
Arlington Park                                  4,712      3,725      26
Calder                                          1,583      2,307      (31)
Fair Grounds                                    1,270      1,164      9
Total Racing Operations                         13,157     12,284     7
Online Business                                 836        786        6
Other Investments                               3,466      2,015      72
Eliminations                                    (17,459)   (15,085)   16
Net revenues                                    $ —        $ —        —
                                                                   
Reconciliation of Segment EBITDA to net                             
earnings:
Racing Operations                               $50,793  $64,285  (21)
Gaming                                          67,807     57,008     19
Online Business                                 40,280     37,740     7
Other Investments                               (265)      1,042      U
Corporate                                       (7,145)    (1,365)    U
Total EBITDA                                    151,470    158,710    (5)
Depreciation and amortization                   (55,600)   (55,170)   1
Interest income (expense), net                  (4,441)    (8,456)    (47)
Income tax benefit (provision)                  (33,152)   (34,289)   (3)
Earnings from continuing operations             58,277     60,795     (4)
Discontinued operations, net of income taxes    (1)        3,560      (100)
Net earnings and comprehensive income           $58,276  $64,355  (9)

                                                          
CHURCHILL DOWNS INCORPORATED
SUPPLEMENTAL INFORMATION BY OPERATING UNIT
for the three months and years ended December 31,
(in thousands)
                                                          
                     Three Months Ended December 31, Change
                     2012            2011            $       %
Racing Operations     $ (2,426)       $ (2,377)       $ (49)  2
Gaming                (2,667)         (2,137)         (530)   25
Online Business       (1,787)         (1,652)         (135)   8
Other Investments     (274)           91              (365)   U
Corporate Income      7,154           6,075           1,079   18
Total management fees $ —             $ —             $ —     
                                                          
                     Year Ended December 31,         Change
                     2012            2011            $       %
Racing Operations     $ (11,969)      $ (11,197)      $ (772) 7
Gaming                (8,471)         (7,677)         (794)   10
Online Business       (6,946)         (6,001)         (945)   16
Other Investments     (932)           (860)           (72)    8
Corporate Income      28,318          25,735          2,583   10
Total management fees $ —             $ —             $ —     

                                                                   
CHURCHILL DOWNS INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December31,
(in thousands)
                                                          2012      2011
Cash flows from operating activities:                               
Net earnings and comprehensive income                      $58,276 $64,355
Adjustments to reconcile net earnings to net cash provided          
by operating activities:
Depreciation and amortization                              55,600    55,170
Asset impairment loss                                      25        511
Gain on sale of business                                   —         (271)
(Gain) loss on asset disposition                           (128)     52
Equity in losses of unconsolidated investments             1,701     1,113
Unrealized gain on derivative instruments                  —         (3,096)
Share-based compensation                                   7,613     5,531
Deferred tax provision                                     9,659     14,097
Other                                                      910       2,489
Increase (decrease) in cash resulting from changes in
operating assets and liabilities, net of business                   
acquisitions and dispositions:
Restricted cash                                            9,178     18,342
Accounts receivable                                        (5,396)   (407)
Other current assets                                       (3,075)   3,235
Income taxes                                               764       7,995
Accounts payable                                           3,459     14,447
Purses payable                                             (10,148)  7,301
Accrued expenses                                           9,923     2,441
Deferred revenue                                           8,804     3,633
Deferred riverboat subsidy                                 —         (40,492)
Other assets and liabilities                               (2,758)   16,549
Net cash provided by operating activities                  144,407   172,995
Cash flows from investing activities:                               
Additions to property and equipment                        (41,298)  (22,667)
Acquisition of businesses, net of cash acquired            (142,915) —
Acquisition of gaming license                              (2,250)   (2,250)
Investment in joint venture                                (19,850)  —
Purchases of minority investments                          (2,153)   (1,189)
Proceeds on sale of property and equipment                 833       55
Proceeds from insurance recoveries                         10,505    183
Change in deposit wagering asset                           (2,860)   (1,010)
Net cash used in investing activities                      (199,988) (26,878)
Cash flows from financing activities:                               
Borrowings on bank line of credit                          554,248   320,181
Repayments of bank line of credit                          (472,083) (457,736)
Change in bank overdraft                                   555       (188)
Payments of dividends                                      (22,461)  (8,165)
Repurchase of common stock                                 (5,094)   (1,308)
Common stock issued                                        6,377     725
Windfall (shortfall) tax benefit from share-based          1,407     151
compensation
Loan origination fees                                      (67)      (155)
Change in deposit wagering liability                       2,551     802
Net cash provided by (used in) financing activities        65,433    (145,693)
Net increase in cash and cash equivalents                  9,852     424
Cash and cash equivalents, beginning of year               27,325    26,901
Cash and cash equivalents, end of year                     $37,177 $27,325

                                                                  
CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
December31,
(in thousands)
                                                                  
                                                       2012        2011
ASSETS                                                             
Current assets:                                                    
Cash and cash equivalents                               $37,177   $27,325
Restricted cash                                         38,241      44,559
Accounts receivable, net                                47,152      49,773
Deferred income taxes                                   8,227       8,727
Income taxes receivable                                 2,915       3,679
Other current assets                                    13,352      10,399
Total current assets                                    147,064     144,462
Property and equipment, net                             542,882     477,356
Goodwill                                                250,414     213,712
Other intangible assets, net                            143,141     103,827
Other assets                                            30,836      8,665
Total assets                                            $1,114,337 $948,022
LIABILITIES AND SHAREHOLDERS' EQUITY                               
Current liabilities:                                               
Accounts payable                                        $62,278   $56,514
Bank overdraft                                          6,027       5,473
Purses payable                                          19,084      20,066
Accrued expenses                                        65,537      47,816
Dividends payable                                       —           10,110
Current maturities of long-term debt                    209,728     —
Deferred revenue                                        43,916      33,472
Total current liabilities                               406,570     173,451
Long-term debt, net of current maturities               —           127,563
Other liabilities                                       21,030      29,542
Deferred revenue                                        17,794      17,884
Deferred income taxes                                   24,648      15,552
Total liabilities                                       470,042     363,992
Commitments and contingencies                                      
Shareholders' equity:                                              
Preferred stock, no par value; 250 shares authorized;   —           —
no shares issued
Common stock, no par value; 50,000 shares authorized;
17,448 shares issued at December 31, 2012 and 17,178    274,709     260,199
shares issued at December 31, 2011
Retained earnings                                       369,586     323,831
Total shareholders' equity                              644,295     584,030
Total liabilities and shareholders' equity              $1,114,337 $948,022

CONTACT: Courtney Yopp Norris
         (502) 636-4564
         Courtney.Norris@kyderby.com
 
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