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Churchill Downs Inc (CHDN) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Churchill Downs Inc

CIK: 20212 Ticker: CHDN


FOR IMMEDIATE RELEASE
Contact: Courtney Yopp Norris
(502) 636-4564
Courtney.Norris@kyderby.com

CHURCHILL DOWNS INCORPORATED REPORTS
2013 FOURTH-QUARTER AND FULL YEAR RESULTS

2013 FOURTH-QUARTER
Record net revenues of $162.4 million, a 3% increase over fourth-quarter 2012
Adjusted EBITDA declines 4% primarily due to greater Racing Operations segment losses
Opens joint venture Miami Valley Gaming & Racing in December, ahead of schedule, under budget
Completes $300 million 5.375% senior unsecured notes offering

2013 FULL YEAR
Record net revenues of $779.3 million, a 7% increase over 2012
Record Adjusted EBITDA of $176.2 million, up 11% over 2012
Record Kentucky Oaks & Derby Week Adjusted EBITDA, a $5.8 million increase over 2012
Acquires Oxford Casino in Oxford, Maine in July

LOUISVILLE, Ky. (Wednesday, Feb. 26, 2014)
- Churchill Downs Incorporated (CHDN: NASDAQ) (CDI or Company) today, reported business results for the fourth-quarter and full year-ended Dec. 31, 2013.

MANAGEMENT COMMENTARY
“2013 was a good year, but we had planned to do even better,” said CDI Chairman and CEO Robert L. Evans.  “While total year net revenues were up 7% to a record $779.3 million, Adjusted EBITDA was up 11% to a record $176.2 million, and our common stock price increased 35% during the year, general economy softness, notably in job growth and personal disposable income growth, along with state-specific changes in legislation and regulation, and one-time expenses combined to negatively affect our performance, particularly in the fourth-quarter.

“Several 2013 developments should favorably affect our results in 2014.  We acquired Oxford Casino in Oxford, Maine, last July and opened our joint venture project, Miami Valley Gaming & Racing (MVG), north of Cincinnati in December. Our $26.5 million investment in the new, 2,400-seat Grandstand Terrace and 15,224 square foot, 4K-resolution ‘Big Board’ video board at Churchill Downs Racetrack, combined with a new, 10-year media rights deal with NBC should be reflected in our 2014 Kentucky Oaks and Derby Week results.

“Finally, we completed a $300 million offering of 5.375% senior unsecured notes that mature in 2021, increasing our balance sheet capacity and flexibility to pursue additional growth opportunities in the future.”

CONSOLIDATED RESULTS
(in millions, except per share data):


The following information was filed by Churchill Downs Inc (CHDN) on Wednesday, February 26, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Valuation And Qualifying Accounts (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity Shareholders' Equity (parenthetical)
Accounts Receivable
Accounts Receivable (details)
Accounts Receivable (tables)
Acquisitions And New Ventures
Acquisitions And New Ventures (details)
Acquisitions And New Ventures Acquisitions And New Ventures (tables)
Acquisitions And New Ventures Acquisitions And New Ventures - Identifiable Assets Acquired And Liabilities Assumed (details)
Acquisitions And New Ventures Acquisitions And New Ventures - Pro Forma Information (details)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (policies)
Basis Of Presentation And Summary Of Significant Accounting Policies - Promotional Allowance (details)
Basis Of Presentation And Summary Of Significant Accounting Policies Basis Of Presentation And Summary Of Significant Accounting Policies (details)
Basis Of Presentation And Summary Of Significant Accounting Policies Basis Of Presentation And Summary Of Significant Accounting Policies - Intangible Assets (details)
Basis Of Presentation And Summary Of Significant Accounting Policies Basis Of Presentation And Summary Of Significant Accounting Policies - Property, Plant And Equipment (details)
Basis Of Presentation And Summary Of Significant Accounting Policies Basis Of Presentation And Summary Of Significant Accounting Policiies (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies - Loss Contingencies (details)
Discontinued Operations
Discontinued Operations Discontinued Operations (details)
Discontinued Operations Discontinued Operations (tables)
Earnings Per Common Share Computations
Earnings Per Common Share Computations (details)
Earnings Per Common Share Computations (tables)
Employee Benefit Plans
Employee Benefit Plans (details)
Fair Value Of Assets And Liabilities
Fair Value Of Assets And Liabilities (details)
Fair Value Of Assets And Liabilities (tables)
Goodwill
Goodwill (details)
Goodwill (tables)
Hre Trust Fund Proceeds (details)
Hre Trust Fund Proceeds (notes)
Income Taxes
Income Taxes (details)
Income Taxes Income Taxes (tables)
Income Taxes Income Taxes - Components Of Deferred Tax Assets And Liabilities (details)
Income Taxes Income Taxes - Income Tax Reconcilation (details)
Income Taxes Income Taxes - Provision For Income Taxes (details)
Income Taxes Income Taxes - Unrecognized Tax Benefits (details)
Income Taxes Income Taxes - Valuation Allowance For Deferred Tax Assets (details)
Investment In And Advances To Unconsolidated Affiliate (details)
Investment In And Advances To Unconsolidated Affiliate (notes)
Investment In And Advances To Unconsolidated Affiliate (tables)
Long-term Incentive Plan
Long-term Incentive Plan (details)
Natural Disasters
Natural Disasters (details)
Natural Disasters (tables)
Operating Leases
Operating Leases (details)
Operating Leases (tables)
Other Intangible Assets
Other Intangible Assets Other Intangible Assets (details)
Other Intangible Assets Other Intangible Assets (tables)
Property And Equipment
Property And Equipment (details)
Property And Equipment (tables)
Related Party Transactions (notes)
Segment Information
Segment Information (tables)
Segment Information - Equity In Earnings (losses) Of Unconsolidated Investments (details)
Segment Information - Information About Reported Segments (details)
Segment Information - Total Asset Information For Segments (details)
Share-based Compensation Plans
Share-based Compensation Plans (details)
Share-based Compensation Plans (tables)
Share-based Compensation Plans Share-based Compensation Plans - Activity Of Stock Options Exercisable And Outstanding (details)
Share-based Compensation Plans Share-based Compensation Plans - Stock Option Activity (details)
Share-based Compensation Plans Share-based Compensation Plans, Restricted Stock Activity (details)
Shareholders Equity
Shareholders Equity (details)
Total Debt
Total Debt (details)
Total Debt (tables)
Total Debt - Fiscal Year Maturities (details)
Ticker: CHDN
CIK: 20212
Form Type: 10-K Annual Report
Accession Number: 0000020212-14-000007
Submitted to the SEC: Wed Feb 26 2014 4:43:02 PM EST
Accepted by the SEC: Wed Feb 26 2014
Period: Tuesday, December 31, 2013
Industry: Racing Including Track Operation

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