Churchill Downs Incorporated Reports 2013 Q3 Results

Churchill Downs Incorporated Reports 2013 Q3 Results

  *Record net revenues of $185.6 million, a 13% increase over 2012's Q3
  *Record adjusted EBITDA of $31.8 million, 31% above 2012's Q3
  *Gaming net revenues increase 61% above 2012's Q3 driven by the
    acquisitions of Riverwalk Casino Hotel, Oxford Casino
  *Online handle increased 7.3% compared to total industry handle increase of
    1.3%

LOUISVILLE, Ky., Oct. 30, 2013 (GLOBE NEWSWIRE) -- Churchill Downs
Incorporated (Nasdaq:CHDN) (CDI or Company) today reported results for the
third-quarter and nine months ended Sept. 30, 2013.

MANAGEMENT COMMENTARY

Robert L. Evans, Chairman and CEO: "We are pleased with our record net
revenues, up 13% over 2012's third-quarter, and record adjusted EBITDA, up 31%
in the quarter.

"In our Gaming segment, we closed on the acquisition of the Oxford Casino in
Maine in July, and a $3.2 million gaming floor expansion project is now
underway. Our joint venture project in Ohio, Miami Valley Racing & Gaming, is
now scheduled to open on Dec. 12, in time for the holidays and about 3 months
sooner than originally planned. In Kentucky, we announced our support for
Kentucky Wins!, a coalition of over 60 business and civic leaders from across
the Commonwealth who believe it's time for expanded gaming.

"In our Online group, TwinSpires.com's handle grew 7.3% versus total U.S.
thoroughbred industry handle growth of 1.3%, contributing to a 31% increase in
our Online segment's adjusted EBITDA.

"In our Racing business, we had a successful, first-ever Homecoming Meet at
Churchill Downs Racetrack in September and will again race those 12 additional
days in 2014. Our $14.5 million Grandstand Terrace expansion project at
Churchill Downs Racetrack is on budget and on schedule to add 2,400 new seats
in time for the 140^th Kentucky Oaks and Kentucky Derby in 2014. On Oct. 7, we
announced the addition of a 15,224 square-foot video board at Churchill Downs
Racetrack, a $12 million project that will also be completed in time for the
2014 Kentucky Oaks and Kentucky Derby.

"Finally, this week our Board of Directors approved a 21% increase in our
annual dividend, from $0.72 to $0.87 per outstanding share that will be paid
on Jan. 6, 2014, to stockholders of the Company on record as of Dec. 6, 2013.
This marks our third consecutive year of dividend increases of at least 20%."

2013 THIRD-QUARTER BUSINESS RESULTS

Net revenues for the third-quarter of 2013 increased 13%, or $20.8 million, to
$185.6 million from $164.9 million, during the same period of the prior year
due primarily to the expansion of CDI's Gaming segment with the additions of
Riverwalk Casino Hotel's (Riverwalk) and Oxford Casino's (Oxford) revenues.

Gaming net revenues increased 61%, or $30.3 million, reflecting $12.6 million
in net revenues generated by Riverwalk and $17.7 million in net revenues
generated by Oxford, which was acquired on July 17, 2013.

Online Business revenues for the quarter increased $2.9 million, reflecting a
7.3% increase in handle compared to an industry handle increase of
1.3%,according to Equibase. Racing revenues decreased $12.2 million, from
$62.9 million to $50.7 million, compared to the same period last year. The
favorable impact of the new, 12-day September live race meet at Churchill
Downs Racetrack was more than offset by declines at Calder Race Course from
the loss of hosting revenues and lower revenues from 17 fewer live racing days
during the period.

Our Gaming segment Adjusted EBITDA (earnings from continuing operations before
interest, taxes, depreciation, amortization, insurance recoveries of net
losses, Illinois Horse Racing Equity Trust Fund proceeds, share based
compensation expenses, pre-opening expenses, including those of our equity
investments, the impairment of assets and other charges and recoveries)
increased $7.9 million from the same period of the prior year due to the
addition of Riverwalk's and Oxford's combined Adjusted EBITDA of $8.6 million.
Also, Calder Casino's Adjusted EBITDA increased $0.6 million as a result of
successful focused marketing efforts and the closure of internet cafes in
Florida in early April, despite the opening of a new, competing casino in the
South Florida market. Partially offsetting these increases was a decrease in
Adjusted EBITDA at Harlow's Casino of $0.8 million and at Fair Grounds Slots
and VSI of $0.5 million over the same period of the prior year.

Online Business Adjusted EBITDA increased $3.1 million compared to the same
period of the previous year due to 7.3% increase in pari-mutuel handle from
continued growth in average customer wagering. In addition, Velocity's
Adjusted EBITDA also increased due to higher wagering from existing customers
and the addition of a new high-volume customer. This segment also benefited
from a reduction in spending related to the prior year development of
Luckity.com.

Racing Operations Adjusted EBITDA decreased $3.0 million for the quarter
primarily due to a $4.2 million decline in Adjusted EBITDA at Calder Race
Course, of which $2.7 million was associated with the loss of hosting revenues
and $1.3 million was associated with the 17 fewer live race days in the
quarter. Also, Arlington International Racecourse Adjusted EBITDA declined
$1.0 million due to 2 fewer live race days, inclement weather and smaller race
fields. These decreases were partially offset by the new 12-day September live
race meet at Churchill Downs Racetrack, which generated an increase in
Adjusted EBITDA of $2.3 million compared to the same period last year.

Net earnings from continuing operations for the three months ended Sept. 30,
2013, were $9.2 million, or $0.51 per diluted common share, an increase in net
earnings of 53%, as compared to net earnings of $6.0 million or $0.34 per
diluted common share.

A conference call regarding this news release is scheduled for Thursday, Oct.
31, 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 http://ir.churchilldownsincorporated.com/events.cfm or by dialing
(877) 372-0878 and entering the conference ID number 90335059 at least 10
minutes before the appointed time. International callers should dial (253)
237-1169. An online replay of the call will be available at
http://ir.churchilldownsincorporated.com/events.cfm by noon ET on Thursday,
Oct. 31, 2013.

In addition to the results provided in accordance with U.S. Generally Accepted
Accounting Principles ("GAAP"), the Company has provided Adjusted EBITDA, a
non-GAAP measure, which the Company defines as earnings from continuing
operations before interest, taxes, depreciation, amortization, insurance
recoveries of net losses, Illinois Horse Racing Equity Trust Fund proceeds,
share based compensation expenses, pre-opening expenses, including those of
our equity investments, the impairment of assets and other charges and
recoveries.

Churchill Downs Incorporated uses Adjusted EBITDA, which the Company
implemented during the nine months ended September 30, 2013, 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.; a casino hotel in
Vicksburg, Miss.; and a casino in Oxford, Maine; CDI also owns the country's
premier online wagering company, TwinSpires.com; the totalisator company,
United Tote; Luckity.com, offering real-money Bingo 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. In
addition, CDI's 50 percent owned joint venture, Miami Valley Gaming and Racing
LLC, is currently constructing a video lottery terminal and harness racing
facility in southwest Ohio. Additional 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 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," "hope," "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
effect of any change in our accounting policies or practices; 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, keep its technology current
or maintain its significant customers; our accountability for environmental
contamination; the ability 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.

CHURCHILL DOWNS INCORPORATED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(in thousands, except per common share data)
                                                                 
                                               Three Months Ended          
                                                September 30,
                                               2013      2012      % Change
Net revenues:                                                     
Racing                                          $50,687 $62,919 (19)
Gaming                                          79,832    49,493    61
Online                                          48,522    45,593    6
Other                                           6,605     6,872     (4)
                                               185,646   164,877   13
Operating expenses:                                               
Racing                                          54,375    61,953    (12)
Gaming                                          61,086    37,891    61
Online                                          32,227    32,190    —
Other                                           6,597     6,793     (3)
Selling, general and administrative expenses    21,188    18,237    16
Operating income                                10,173    7,813     30
Other income (expense):                                           
Interest income                                 6         31        (81)
Interest expense                                (1,407)   (873)     (61)
Equity in losses of unconsolidated investments  (887)     (471)     (88)
Miscellaneous, net                              4,438     569       F
                                               2,150     (744)     F
Earnings from continuing operations before      12,323    7,069     74
provision for income taxes
Income tax provision                            (3,165)   (1,096)   U
Earnings from continuing operations             9,158     5,973     53
Discontinued operations, net of income taxes:                     
Earnings from operations                        91        —         F
Net earnings and comprehensive income           $9,249  $5,973  55
                                                                 
Net earnings per common share data:                               
Basic                                                             
Earnings from continuing operations             $0.52   $0.34   53
Discontinued operations                         —         —         —
Net earnings                                    $0.52   $0.34   53
Diluted                                                           
Earnings from continuing operations             $0.51   $0.34   50
Discontinued operations                         $0.01   —       F
Net earnings                                    $0.52   $0.34   53
                                                                 
Weighted average shares outstanding:                              
Basic                                           17,328    17,130    
Diluted                                         17,955    17,575    


CHURCHILL DOWNS INCORPORATED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(in thousands, except per common share data)
                                                                   
                                               Nine Months Ended     
                                                September 30,
                                               2013       2012       % Change
Net revenues:                                                       
Racing                                          $235,887 $253,541 (7)
Gaming                                          218,808    160,200    37
Online                                          143,969    142,330    1
Other                                           18,828     17,818     6
                                               617,492    573,889    8
Operating expenses:                                                 
Racing                                          185,655    200,425    (7)
Gaming                                          161,698    117,122    38
Online                                          95,807     95,266     1
Other                                           18,597     19,368     (4)
Selling, general and administrative expenses    60,842     54,506     12
Insurance recoveries, net of losses             (375)      (6,514)    (94)
Operating income                                95,268     93,716     2
Other income (expense):                                             
Interest income                                 105        84         25
Interest expense                                (4,139)    (3,078)    (34)
Equity in losses of unconsolidated investments  (1,682)    (1,255)    (34)
Miscellaneous, net                              5,468      639        F
                                               (248)      (3,610)    93
Earnings from continuing operations before      95,020     90,106     5
provision for income taxes
Income tax provision                            (34,505)   (34,203)   (1)
Earnings from continuing operations             60,515     55,903     8
Discontinued operations, net of income taxes:                       
Earnings from operations                        90         (1)        F
Net earnings and comprehensive income           $60,605  $55,902  8
                                                                   
Net earnings per common share data:                                 
Basic                                                               
Earnings from continuing operations             $3.43    $3.24    6
Discontinued operations                         $0.01    —        F
Net earnings                                    $3.44    $3.24    6
Diluted                                                             
Earnings from continuing operations             $3.38    $3.20    6
Discontinued operations                         $0.01    —        F
Net earnings                                    $3.39    $3.20    6
                                                                   
Weighted average shares outstanding:                                
Basic                                           17,269     17,004     
Diluted                                         17,881     17,465     


CHURCHILL DOWNS INCORPORATED
SUPPLEMENTAL INFORMATION BY OPERATING UNIT
for the three months ended September 30,
(Unaudited) (in thousands, except per common share data)
                                                                   
                                               2013       2012       % Change
                                                                   
Net revenues from external customers:                               
Churchill Downs                                 $7,956   $3,873   F
Arlington Park                                  28,473     30,578     (7)
Calder                                          8,597      22,633     (62)
Fair Grounds                                    5,661      5,835      (3)
Total Racing Operations                         50,687     62,919     (19)
Calder Casino                                   19,157     17,841     7
Fair Grounds Slots                              9,781      10,109     (3)
VSI                                             8,443      8,089      4
Harlow's Casino                                 12,082     13,454     (10)
Oxford Casino                                   17,730     —          F
Riverwalk Casino                                12,639     —          F
Total Gaming                                    79,832     49,493     61
Online Business                                 48,522     45,593     6
Other Investments                               6,285      6,543      (4)
Corporate                                       320        329        (3)
Net revenues from external customers            $185,646 $164,877 13
                                                                   
Intercompany net revenues:                                          
Churchill Downs                                 $689     $151     F
Arlington Park                                  2,070      1,758      18
Calder                                          412        554        (26)
Fair Grounds                                    22         11         F
Total Racing Operations                         3,193      2,474      29
Online Business                                 211        233        (9)
Other Investments                               938        824        14
Eliminations                                    (4,342)    (3,531)    23
Net revenues                                    $ —        $ —        —
                                                                   
Reconciliation of Segment Adjusted EBITDA to                        
net earnings:
Racing Operations                               $(907)   $2,049   U
Gaming                                          20,569     12,672     62
Online Business                                 12,998     9,917      31
Other Investments                               316        516        (39)
Corporate                                       (1,215)    (905)      (34)
Total Adjusted EBITDA                           31,761     24,249     31
HRE Trust Fund proceeds                         4,249      —          F
Share-based compensation expense                (5,990)    (2,968)    U
Pre-opening costs                               (500)      —          U
Depreciation and amortization                   (15,796)   (13,370)   (18)
Interest income (expense), net                  (1,401)    (842)      (66)
Income tax provision                            (3,165)    (1,096)    U
Earnings from continuing operations             9,158      5,973      53
Discontinued operations, net of income taxes    91         —          F
Net earnings                                    $9,249   $5,973   55


CHURCHILL DOWNS INCORPORATED
SUPPLEMENTAL INFORMATION BY OPERATING UNIT
for the nine months ended September 30,
(Unaudited) (in thousands, except per common share data)
                                                                   
                                               2013       2012       % Change
                                                                   
Net revenues from external customers:                               
Churchill Downs                                 $118,534 $109,297 8
Arlington Park                                  57,720     62,802     (8)
Calder                                          27,908     47,374     (41)
Fair Grounds                                    31,725     34,068     (7)
Total Racing Operations                         235,887    253,541    (7)
Calder Casino                                   60,109     58,908     2
Fair Grounds Slots                              32,123     31,726     1
VSI                                             27,449     26,466     4
Harlow's Casino                                 40,533     43,100     (6)
Oxford Casino                                   17,730     —          F
Riverwalk Casino                                40,864     —          F
Total Gaming                                    218,808    160,200    37
Online Business                                 143,969    142,330    1
Other Investments                               17,934     17,012     5
Corporate                                       894        806        11
Net revenues from external customers            $617,492 $573,889 8
                                                                   
Intercompany net revenues:                                          
Churchill Downs                                 $5,485   $4,419   24
Arlington Park                                  3,110      3,810      (18)
Calder                                          917        1,150      (20)
Fair Grounds                                    855        833        3
Total Racing Operations                         10,367     10,212     2
Online Business                                 657        669        (2)
Other Investments                               3,188      2,646      20
Eliminations                                    (14,212)   (13,527)   5
Net revenues                                    $ —        $ —        —
                                                                   
Reconciliation of Segment Adjusted EBITDA to                        
net earnings:
Racing Operations                               $58,353  $58,419  —
Gaming                                          61,942     47,437     31
Online Business                                 38,424     35,351     9
Other Investments                               1,399      243        F
Corporate                                       (3,380)    (3,182)    (6)
Total Adjusted EBITDA                           156,738    138,268    13
Insurance recoveries, net of losses             375        6,514      (94)
HRE Trust Fund proceeds                         4,541      —          F
Share-based compensation expense                (15,567)   (10,867)   (43)
Pre-opening costs                               (1,211)    —          U
Depreciation and amortization                   (45,822)   (40,815)   (12)
Interest income (expense), net                  (4,034)    (2,994)    (35)
Income tax provision                            (34,505)   (34,203)   (1)
Earnings from continuing operations             60,515     55,903     8
Discontinued operations, net of income taxes    90         (1)        F
Net earnings                                    $60,605  $55,902  8


CHURCHILL DOWNS INCORPORATED
SUPPLEMENTAL INFORMATION BY OPERATING UNIT
for the three and nine months ended September 30,
(in thousands)
                                                                      
                                           Three Months Ended
                                            September 30,         Change
Intercompany management fee (expense)       2013       2012       $       %
income:
Racing Operations                           $(1,441) $(2,166) $725  33
Gaming                                      (1,978)    (1,525)    (453)   (30)
Online Business                             (1,198)    (1,385)    187     14
Other Investments                           (168)      (198)      30      15
Corporate Income                            4,785      5,274      (489)   (9)
Total management fees                       $ —        $ —        $ —     
                                                                      
                                           Nine Months Ended
                                            September 30,         Change
Intercompany management fee (expense)       2013       2012       $       %
income:
Racing Operations                           $(5,500) $(6,318) $818  13
Gaming                                      (4,888)    (3,842)    (1,046) (27)
Online Business                             (3,174)    (3,415)    241     7
Other Investments                           (443)      (435)      (8)     (2)
Corporate Income                            14,005     14,010     (5)     —
Total management fees                       $ —        $ —        $ —     


CHURCHILL DOWNS INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 30,
(in thousands)
                                                                   
                                                          2013      2012
Cash flows from operating activities:                               
Net earnings and comprehensive income                      $60,605 $55,902
Adjustments to reconcile net earnings and comprehensive             
income to net cash provided by operating activities:
Depreciation and amortization                              45,822    40,815
Gain on asset disposition                                  (495)     (15)
Equity in losses of unconsolidated investments             1,682     1,255
Share-based compensation                                   15,567    6,083
Other                                                      555       708
Increase (decrease) in cash resulting from changes in
operating assets and liabilities, net of business                   
acquisitions and dispositions:
Restricted cash                                            2,056     2,938
Accounts receivable                                        (8,482)   (12,500)
Other current assets                                       (793)     (1,895)
Accounts payable                                           5,812     395
Purses payable                                             (3,284)   (3,497)
Accrued expenses                                           2,202     5,732
Deferred revenue                                           (17,100)  (7,689)
Income taxes receivable and payable                        9,305     12,149
Other assets and liabilities                               921       1,728
Net cash provided by operating activities                  114,373   102,109
Cash flows from investing activities:                               
Additions to property and equipment                        (29,858)  (25,456)
Acquisition of businesses, net of cash                     (154,872) (6,728)
Acquisition of gaming license                              (2,250)   (2,250)
Acquisition of intangible asset                            (2,500)   —
Investment in joint venture                                (27,000)  (6,525)
Purchases of minority investments                          (625)     (2,092)
Proceeds on sale of property and equipment                 4         88
Proceeds from insurance recoveries                         —         10,413
Change in deposit wagering asset                           (3,841)   (3,364)
Net cash used in investing activities                      (220,942) (35,914)
Cash flows from financing activities:                               
Borrowings on bank line of credit                          641,665   291,574
Repayments of bank line of credit                          (526,611) (349,139)
Change in bank overdraft                                   (1,103)   (3,034)
Payments of dividends                                      —         (10,110)
Repurchase of common stock                                 (5,940)   (2,846)
Common stock issued                                        1,135     6,160
Windfall tax benefit from share-based compensation         2,194     819
Loan origination fees                                      (2,038)   —
Change in deposit wagering liability                       3,841     3,055
Net cash provided by (used in) financing activities        113,143   (63,521)
Net increase in cash and cash equivalents                  6,574     2,674
Cash and cash equivalents, beginning of year               37,177    27,325
Cash and cash equivalents, end of year                     $43,751 $29,999


CHURCHILL DOWNS INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
                                                                
                                                   September30, December 31,
                                                    2013          2012
ASSETS                                                           
Current assets:                                                  
Cash and cash equivalents                           $43,751     $37,177
Restricted cash                                     40,026        38,241
Accounts receivable, net                            40,278        47,152
Deferred income taxes                               9,011         8,227
Income taxes receivable                             —             2,915
Other current assets                                14,497        13,352
Total current assets                                147,563       147,064
Property and equipment, net                         576,142       542,882
Goodwill                                            298,225       250,414
Other intangible assets, net                        205,864       143,141
Other assets                                        60,019        30,836
Total assets                                        $ 1,287,813  $1,114,337
LIABILITIES AND SHAREHOLDERS' EQUITY                             
Current liabilities:                                             
Accounts payable                                    $71,685     $62,278
Bank overdraft                                      4,924         6,027
Purses payable                                      22,148        19,084
Accrued expenses                                    61,557        65,537
Current maturities of long-term debt                —             209,728
Income taxes payable                                7,173         —
Deferred revenue                                    12,119        43,916
Total current liabilities                           179,606       406,570
Long-term debt, net of current maturities           324,782       —
Other liabilities                                   18,220        21,030
Deferred revenue                                    16,329        17,794
Deferred income taxes                               24,648        24,648
Total liabilities                                   563,585       470,042
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; 17,977 shares issued at September 30,   294,037       274,709
2013 and 17,448 shares issued at December 31, 2012
Retained earnings                                   430,191       369,586
Total shareholders' equity                          724,228       644,295
Total liabilities and shareholders' equity          $ 1,287,813  $1,114,337

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