- Revenues of $164.9 million declined 1% compared to
2011's third-quarter record high due to fewer live race days at
Churchill Downs Racetrack
- EBITDA was $21.3 million, the second highest all-time
third-quarter EBITDA
Churchill Downs Incorporated ("CDI" or the "Company") (
Nasdaq:CHDN) today, Nov. 5, 2012, reported results for the third
quarter and nine months ended Sept. 30, 2012.
Net revenues from continuing operations for the
third quarter of 2012 declined 1%, or $1.5 million, to $164.9
million compared to the same period of the prior year. Third
quarter EBITDA (earnings before interest, taxes, depreciation and
amortization) declined to $21.3 million, from $43.0 million, during
the third quarter of 2011. Net earnings from continued operations
for the period were $6.0 million, or $0.34 per diluted common
share, a decrease of 70% from net earnings from continued
operations of $19.7 million, or $1.16 per diluted common share,
during the third quarter of 2011. The decline in EBITDA and
net earnings was predominately the result of the $19.3 million in
Illinois Horse Racing Equity Trust Fund payments that were received
in the third quarter of 2011.
Online Business (consisting of Twinspires.com,
Luckity.com, Velocity and the Company's equity investment in HRTV)
net revenues for the third quarter increased 9% over the same
period of the prior year to $45.6 million. CDI's online wagering
company, TwinSpires.com, reported a handle increase of 10.6%, or
$20.5 million, compared to 2.2% growth of total U.S. thoroughbred
industry wagering for the same period, according to
Equibase.com.
Despite growth in TwinSpires.com revenue and
handle, third-quarter Online Business EBITDA declined $0.8 million,
or 8%, primarily due to $1.0 million of expenditures related to the
launch of the Company's new real money gaming site, Luckity.com,
and the continuation of spending on the development of an exchange
wagering platform; increased losses of $0.4 million from our equity
investment in horseracing television network HRTV; and severance
and other non-recurring costs of $0.6 million.
Racing Operations revenues decreased 6%, or $3.9
million, due to three fewer racing days at Churchill Downs
Racetrack and weather-related cancellations at Calder Race Course.
Racing Operations EBITDA decreased $19.5 million, due to the impact
of recognizing $19.3 million from the Illinois Horse Racing Equity
Trust Fund along with recognition of insurance proceeds net of
losses of $0.6 million during 2011's third quarter. Partially
offsetting these prior year items were EBITDA improvements as
operating efficiencies from cost control measures more than offset
the fewer live race days and weather-related cancellations.
Gaming revenues decreased $2.4 million, or 5%,
during the quarter largely due to continued competition in the
South Florida market and the closure of the Company's casino and
video poker operations in New Orleans for five days in September as
the result of Hurricane Isaac. Gaming EBITDA decreased $1.1 million
driven primarily by revenue losses at Calder Casino.
CDI Chairman and Chief Executive Officer Robert L. Evans said
the Company made a lot of progress building its portfolio of growth
opportunities in the third quarter and in the few weeks since.
"We hope to see the revenue and EBITDA growth impact of these
new opportunities starting in the fourth quarter of this year, and
into 2013 and 2014, including our decision to proceed with
construction of our joint venture casino project near Lebanon,
Ohio; the completion of the acquisition of Riverwalk Casino Hotel;
the launch of the real-money gaming site, Luckity.com; and
significant progress on the $15 million renovation and rebuilding
of Harlow's following the 2011 Mississippi River flood which we
expect to complete by year-end."
"We are also pleased with the construction progress at Churchill
Downs Racetrack including the new ultra-luxury area known as The
Mansion, which is 93% sold or committed under 3 to 7 year
contracts, and the new Paddock Plaza area that will add over 200
upper-price-range seats to our inventory for various big events
next year including the Kentucky Derby, the Kentucky Oaks and our
night racing and other events," Evans said.
A conference call regarding this news release is scheduled for
Tuesday, Nov. 6, 2012, 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 59454442 at least
10 minutes before the appointed time. International callers should
dial (253) 237-1169. 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
advance-deposit wagering company, TwinSpires.com; the totalisator
company, United Tote; Luckity.com, where people can legally play
fun games online for a chance to win cash prizes; Bluff Media, an
Atlanta-based multimedia poker content, brand and publishing
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 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
Condensed Consolidated Financial Statements included in this
Quarterly Report on Form 10-Q and the Company's Annual Report on
Form 10-K for the year ended December 31, 2011 for further
information, including Part I – Item 1A, "Risk Factors" for a
discussion regarding some of the reasons that actual results may be
materially different from those we anticipate, as modified by Part
II – Item 1A, "Risk Factors" of this Quarterly Report on Form
10-Q.
CHURCHILL DOWNS
INCORPORATED |
CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME |
for the three months
ended Sept. 30, 2012 and 2011 |
(Unaudited) (In
thousands, except per share data) |
|
|
|
|
|
Three Months
Ended |
|
Sept.
30, |
|
2012 |
2011 |
% Change |
Net revenues |
|
|
|
Racing |
$ 62,919 |
$ 66,776 |
(6) |
Gaming |
49,493 |
51,922 |
(5) |
Online |
45,593 |
42,015 |
9 |
Other |
6,872 |
5,636 |
22 |
|
164,877 |
166,349 |
(1) |
Operating expenses |
|
|
|
Racing |
61,953 |
65,154 |
(5) |
Gaming |
37,891 |
39,051 |
(3) |
Online |
32,190 |
30,584 |
5 |
Other |
6,793 |
5,335 |
27 |
Selling, general and administrative
expenses |
18,237 |
16,753 |
9 |
Insurance recoveries, net of losses |
-- |
(615) |
U |
Operating income |
7,813 |
10,087 |
(23) |
|
|
|
|
Other income (expense): |
|
|
|
Interest income |
31 |
116 |
(73) |
Interest expense |
(873) |
(1,576) |
(45) |
Equity in losses of unconsolidated
investments |
(471) |
(467) |
1 |
Miscellaneous, net |
569 |
19,934 |
(97) |
|
(744) |
18,007 |
U |
Earnings from continuing operations before
provision for income taxes |
7,069 |
28,094 |
(75) |
Income tax provision |
(1,096) |
(8,374) |
(87) |
Earnings from continuing operations |
5,973 |
19,720 |
(70) |
Discontinued operations, net of income
taxes: |
|
|
|
Earnings from operations |
-- |
60 |
U |
Net earnings and comprehensive income |
$ 5,973 |
$ 19,780 |
(70) |
|
|
|
|
Net earnings per common share data: |
|
|
|
Basic |
|
|
|
Earnings from continuing
operations |
$ 0.34 |
$ 1.17 |
(71) |
Discontinued operations |
-- |
-- |
-- |
Net earnings |
$ 0.34 |
$ 1.17 |
(71) |
|
|
|
|
Diluted |
|
|
|
Earnings from continuing
operations |
$ 0.34 |
$ 1.16 |
(71) |
Discontinued operations |
-- |
0.01 |
U |
Net earnings |
$ 0.34 |
$ 1.17 |
(71) |
|
|
|
|
Weighted average shares outstanding: |
|
|
|
Basic |
17,130 |
16,858 |
|
Diluted |
17,575 |
16,974 |
|
|
|
|
|
U: >100%
unfavorable F: >100%
favorable |
|
|
|
|
CHURCHILL DOWNS
INCORPORATED |
CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME |
for the nine months
ended Sept. 30, 2012 and 2011 |
(Unaudited) (In
thousands, except per share data) |
|
|
|
|
|
Nine Months
Ended |
|
Sept.
30, |
|
2012 |
2011 |
% Change |
Net revenues |
|
|
|
Racing |
$ 253,541 |
$ 246,858 |
3 |
Gaming |
160,200 |
160,468 |
-- |
Online |
142,330 |
125,344 |
14 |
Other |
17,818 |
14,919 |
19 |
|
573,889 |
547,589 |
5 |
Operating expenses |
|
|
|
Racing |
200,425 |
202,755 |
(1) |
Gaming |
117,122 |
118,690 |
(1) |
Online |
95,266 |
85,800 |
11 |
Other |
19,368 |
15,192 |
27 |
Selling, general and administrative
expenses |
54,506 |
51,453 |
6 |
Insurance recoveries, net of losses |
(6,514) |
(1,010) |
F |
Operating income |
93,716 |
74,709 |
25 |
|
|
|
|
Other income (expense): |
|
|
|
Interest income |
84 |
240 |
(65) |
Interest expense |
(3,078) |
(7,497) |
(59) |
Equity in losses of unconsolidated
investments |
(1,255) |
(423) |
U |
Miscellaneous, net |
639 |
23,549 |
(97) |
|
(3,610) |
15,869 |
U |
Earnings from continuing operations before
provision for income taxes |
90,106 |
90,578 |
(1) |
Income tax provision |
(34,203) |
(34,054) |
-- |
Earnings from continuing operations |
55,903 |
56,524 |
(1) |
Discontinued operations, net of income
taxes: |
|
|
|
(Loss) earnings from operations |
(1) |
61 |
U |
Gain on sale of assets |
-- |
157 |
U |
Net earnings and comprehensive income |
$ 55,902 |
$ 56,742 |
(1) |
|
|
|
|
Net earnings per common share data: |
|
|
|
Basic |
|
|
|
Earnings from continuing
operations |
$ 3.24 |
$ 3.36 |
(4) |
Discontinued operations |
-- |
0.01 |
U |
Net earnings |
$ 3.24 |
$ 3.37 |
(4) |
|
|
|
|
Diluted |
|
|
|
Earnings from continuing
operations |
$ 3.20 |
$ 3.34 |
(4) |
Discontinued operations |
-- |
0.01 |
U |
Net earnings |
$ 3.20 |
$ 3.35 |
(4) |
|
|
|
|
Weighted average shares outstanding: |
|
|
|
Basic |
17,004 |
16,555 |
|
Diluted |
17,465 |
16,939 |
|
|
|
|
|
U: >100%
unfavorable F: >100%
favorable |
|
|
|
|
CHURCHILL DOWNS
INCORPORATED |
SUPPLEMENTAL
INFORMATION BY OPERATING UNIT |
for the three months
ended Sept. 30, 2012 and 2011 |
(Unaudited) (In
thousands) |
|
|
|
|
|
Three Months
Ended |
|
Sept.
30, |
|
2012 |
2011 |
% Change |
|
|
|
|
Net revenues from external
customers: |
|
|
|
Churchill Downs |
$ 3,873 |
$ 6,148 |
(37) |
Arlington |
30,578 |
30,875 |
(1) |
Calder |
22,633 |
23,673 |
(4) |
Fair Grounds |
5,835 |
6,080 |
(4) |
Total Racing Operations |
62,919 |
66,776 |
(6) |
Calder Casino |
17,841 |
20,251 |
(12) |
Fair Ground Slots |
10,109 |
9,880 |
2 |
VSI |
8,089 |
8,350 |
(3) |
Harlow's Casino |
13,454 |
13,441 |
-- |
Total Gaming |
49,493 |
51,922 |
(5) |
Online Business |
45,593 |
42,015 |
9 |
Other Investments |
6,543 |
5,583 |
17 |
Corporate |
329 |
53 |
F |
Net revenues from external
customers |
$ 164,877 |
$ 166,349 |
(1) |
|
|
|
|
Intercompany net
revenues: |
|
|
|
Churchill Downs |
$ 151 |
$ 381 |
(60) |
Arlington |
1,758 |
1,468 |
20 |
Calder |
554 |
582 |
(5) |
Fair Grounds |
11 |
21 |
(48) |
Total Racing Operations |
2,474 |
2,452 |
1 |
Online Business |
233 |
186 |
25 |
Other Investments |
824 |
638 |
29 |
Eliminations |
(3,531) |
(3,276) |
(8) |
Intercompany net revenues |
$ -- |
$ -- |
-- |
|
|
|
|
Reconciliation of Segment EBITDA to
net earnings : |
|
|
|
Racing Operations |
$ 1,243 |
$ 20,789 |
(94) |
Gaming |
12,029 |
13,148 |
(9) |
Online Business |
8,986 |
9,818 |
(8) |
Other Investments |
421 |
782 |
(46) |
Corporate |
(1,398) |
(1,540) |
(9) |
Total EBITDA |
21,281 |
42,997 |
(51) |
Depreciation and amortization |
(13,370) |
(13,443) |
(1) |
Interest income (expense), net |
(842) |
(1,460) |
(42) |
Income tax provision |
(1,096) |
(8,374) |
(87) |
Earnings from continuing
operations |
5,973 |
19,720 |
(70) |
Discontinued operations, net of
income taxes |
-- |
60 |
(100) |
Net earnings and comprehensive
income |
$ 5,973 |
$ 19,780 |
(70) |
|
|
|
|
U: >100%
unfavorable F: >100%
favorable |
|
|
|
|
CHURCHILL DOWNS
INCORPORATED |
SUPPLEMENTAL
INFORMATION BY OPERATING UNIT |
for the nine months
ended Sept. 30, 2012 and 2011 |
(Unaudited) (In
thousands) |
|
Nine Months
Ended |
|
Sept.
30, |
|
2012 |
2011 |
% Change |
|
|
|
|
Net revenues from external
customers: |
|
|
|
Churchill Downs |
$ 109,297 |
$ 104,558 |
5 |
Arlington |
62,802 |
62,273 |
1 |
Calder |
47,374 |
45,753 |
4 |
Fair Grounds |
34,068 |
34,274 |
(1) |
Total Racing Operations |
253,541 |
246,858 |
3 |
Calder Casino |
58,908 |
62,574 |
(6) |
Fair Ground Slots |
31,726 |
31,510 |
1 |
VSI |
26,466 |
26,566 |
-- |
Harlow's Casino |
43,100 |
39,818 |
8 |
Total Gaming |
160,200 |
160,468 |
-- |
Online Business |
142,330 |
125,344 |
14 |
Other Investments |
17,012 |
14,657 |
16 |
Corporate |
806 |
262 |
F |
Net revenues from external
customers |
$ 573,889 |
$ 547,589 |
5 |
|
|
|
|
Intercompany net
revenues: |
|
|
|
Churchill Downs |
$ 4,419 |
$ 3,993 |
11 |
Arlington |
3,810 |
3,160 |
21 |
Calder |
1,150 |
1,129 |
2 |
Fair Grounds |
833 |
799 |
4 |
Total Racing Operations |
10,212 |
9,081 |
12 |
Online Business |
669 |
601 |
11 |
Other Investments |
2,646 |
1,397 |
89 |
Eliminations |
(13,527) |
(11,079) |
(22) |
Intercompany net revenues |
$ -- |
$ -- |
-- |
|
|
|
|
Reconciliation of Segment
EBITDA to net earnings: |
|
|
Racing Operations |
$ 55,094 |
$ 67,116 |
(18) |
Gaming |
51,856 |
43,479 |
19 |
Online Business |
31,946 |
28,671 |
11 |
Other Investments |
(13) |
1,217 |
U |
Corporate |
(4,968) |
(1,329) |
U |
Total EBITDA |
133,915 |
139,154 |
(4) |
Depreciation and amortization |
(40,815) |
(41,319) |
(1) |
Interest income (expense), net |
(2,994) |
(7,257) |
59 |
Income tax provision |
(34,203) |
(34,054) |
-- |
Earnings from continuing
operations |
55,903 |
56,524 |
(1) |
Discontinued operations, net of
income taxes |
(1) |
218 |
(100) |
Net earnings and comprehensive
income |
$ 55,902 |
$ 56,742 |
(1) |
|
|
|
|
U: >100%
unfavorable F: >100%
favorable |
|
|
|
CHURCHILL DOWNS
INCORPORATED |
SUPPLEMENTAL
INFORMATION BY OPERATING UNIT |
for the three and nine
months ended Sept. 30, 2012 and 2011 |
(Unaudited) (In
thousands) |
|
|
|
|
|
|
Three Months
Ended Sept. 30, |
Change |
Management fee (expense)
income: |
2012 |
2011 |
$ |
% |
Racing Operations |
$ (2,935) |
$ (2,830) |
$ 105 |
4 |
Gaming |
(2,116) |
(2,053) |
63 |
3 |
Online Business |
(1,929) |
(1,659) |
270 |
16 |
Other Investments |
(280) |
(595) |
(315) |
(53) |
Corporate |
7,260 |
7,137 |
(123) |
2 |
Total management fees |
$ -- |
$ -- |
$ -- |
-- |
|
|
|
|
|
|
Nine Months Ended
Sept. 30, |
Change |
Management fee (expense)
income: |
2012 |
2011 |
$ |
% |
Racing Operations |
$ (9,543) |
$ (8,820) |
$ 723 |
8 |
Gaming |
(5,804) |
(5,540) |
264 |
5 |
Online Business |
(5,159) |
(4,349) |
810 |
19 |
Other Investments |
(658) |
(951) |
(293) |
(31) |
Corporate |
21,164 |
19,660 |
(1,504) |
8 |
Total management fees |
$ -- |
$ -- |
$ -- |
-- |
|
CHURCHILL DOWNS
INCORPORATED |
CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS |
for the nine months
ended Sept. 30, 2012 and 2011 |
(Unaudited) (In
thousands) |
|
|
|
|
2012 |
2011 |
Cash flows from operating
activities: |
|
Net earnings and comprehensive
income |
$ 55,902 |
$ 56,742 |
Adjustments to reconcile net earnings and
comprehensive income to net cash provided by operating
activities: |
|
|
Depreciation and amortization |
40,815 |
41,319 |
Asset impairment loss |
25 |
299 |
Gain on sale of business |
-- |
(271) |
Gain on derivative instruments |
-- |
(3,096) |
Equity in loss of unconsolidated
investments |
1,255 |
423 |
Share-based compensation |
6,083 |
4,332 |
Other |
668 |
2,139 |
Increase (decrease) in cash resulting
from changes in operating assets and liabilities, net of
business acquisition: |
|
|
Restricted cash |
2,938 |
11,536 |
Accounts receivable |
(12,500) |
1,825 |
Other current assets |
(1,895) |
(3,865) |
Accounts payable |
395 |
229 |
Purses payable |
(3,497) |
11,051 |
Accrued expenses |
5,732 |
3,099 |
Deferred revenue |
(7,689) |
2,121 |
Deferred riverboat subsidy |
-- |
(40,492) |
Income taxes receivable and
payable |
12,149 |
27,560 |
Other assets and liabilities |
1,728 |
16,498 |
Net cash provided by operating
activities |
102,109 |
131,449 |
Cash flows from investing
activities: |
|
|
Additions to property and equipment |
(25,456) |
(16,802) |
Acquisition of business, net of cash |
(6,728) |
-- |
Acquisition of gaming license |
(2,250) |
(2,250) |
Investment in joint venture |
(6,525) |
-- |
Purchases of minority investments |
(2,092) |
(158) |
Proceeds on sale of property and
equipment |
88 |
50 |
Proceeds from insurance recoveries |
10,413 |
183 |
Change in deposit wagering asset |
(3,364) |
(117) |
Net cash used in investing
activities |
(35,914) |
(19,094) |
Cash flows from financing
activities: |
|
Borrowings on bank line of credit |
291,574 |
230,311 |
Repayments on bank line of credit |
(349,139) |
(339,158) |
Change in bank overdraft |
(3,034) |
4,618 |
Payment of dividends |
(10,110) |
(8,165) |
Repurchase of common stock |
(2,846) |
(732) |
Common stock issued |
6,160 |
635 |
Windfall tax benefit from share-based
compensation |
819 |
-- |
Change in deposit wagering liability |
3,055 |
118 |
Net cash used in financing
activities |
(63,521) |
(112,373) |
Net increase (decrease) in cash and cash
equivalents |
2,674 |
(18) |
Cash and cash equivalents, beginning of
period |
27,325 |
26,901 |
Cash and cash equivalents, end of period |
$ 29,999 |
$ 26,883 |
|
CHURCHILL DOWNS
INCORPORATED |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
As of Sept. 30, 2012,
and Dec. 31, 2011 |
(Unaudited) (In
thousands) |
|
Sep. 30, |
Dec. 31, |
|
2012 |
2011 |
ASSETS |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 29,999 |
$ 27,325 |
Restricted cash |
44,985 |
44,559 |
Accounts receivable, net |
38,210 |
49,773 |
Deferred income taxes |
8,057 |
8,727 |
Income taxes receivable |
-- |
3,679 |
Other current assets |
11,959 |
10,399 |
Total current assets |
133,210 |
144,462 |
|
|
|
Property and equipment, net |
469,520 |
477,356 |
Goodwill |
217,741 |
213,712 |
Other intangible assets, net |
102,907 |
103,827 |
Other assets |
15,812 |
8,665 |
Total assets |
$ 939,190 |
$ 948,022 |
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
Current liabilities: |
|
|
Accounts payable |
$ 59,000 |
$ 56,514 |
Bank overdraft |
2,439 |
5,473 |
Purses payable |
25,169 |
20,066 |
Accrued expenses |
51,336 |
47,816 |
Income taxes payable |
8,470 |
-- |
Dividends payable |
-- |
10,110 |
Deferred revenue |
12,231 |
33,472 |
Total current liabilities |
158,645 |
173,451 |
|
|
|
Long-term debt |
69,998 |
127,563 |
Other liabilities |
22,458 |
29,542 |
Deferred revenue |
17,151 |
17,884 |
Deferred income taxes |
16,583 |
15,552 |
Total liabilities |
284,835 |
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; 17,461 shares issued at September 30, 2012 and 17,178
shares issued at December 31, 2011 |
274,622 |
260,199 |
Retained earnings |
379,733 |
323,831 |
Total shareholders' equity |
654,355 |
584,030 |
Total liabilities and shareholders'
equity |
$ 939,190 |
$ 948,022 |
CONTACT: Courtney Yopp Norris
(502) 636-4564
Courtney.Norris@kyderby.com
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