Churchill Downs Inc (CHDN) 10-K Annual Report February 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

Material Contracts, Statements, Certifications & more

Churchill Downs Inc provided additional information to their SEC Filing as exhibits

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31.A: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.B: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

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

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