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Churchill Downs Inc (CHDN) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Churchill Downs Inc

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CIK: 1322678 Ticker: CHDN


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

CHURCHILL DOWNS INCORPORATED REPORTS
2014 FOURTH-QUARTER AND FULL YEAR RESULTS

2014 FOURTH-QUARTER
•
Record net revenues of $168.3 million, a 4% increase over fourth-quarter 2013
•
Record Adjusted EBITDA of $28.5 million, up 47% over fourth-quarter 2013
•
Completed acquisition of Big Fish Games on December 16

2014 FULL YEAR
•
Record net revenues of $812.9 million, a 4% increase over 2013
•
Record Adjusted EBITDA of $202.5 million, up 15% over 2013
•
Record Kentucky Oaks & Derby Week Adjusted EBITDA, an $8.8 million increase over 2013

LOUISVILLE, Ky. (Wednesday, Feb. 25, 2015) - Churchill Downs Incorporated (CHDN: NASDAQ) (CDI or Company) today reported business results for the fourth-quarter and full year ended Dec. 31, 2014.

MANAGEMENT COMMENTARY
“The Company produced record net revenues and Adjusted EBITDA results for both the fourth-quarter and the full year of 2014,” said CDI Chief Executive Officer Bill Carstanjen. “While we closed our acquisition of Big Fish Games in December, our record performance over the course of 2014 was largely driven by our racing, casino and TwinSpires.com businesses. We look forward in 2015 to continuing the momentum in our traditional businesses as well as the new contributions of Big Fish Games and its exceptional team.”

CONSOLIDATED RESULTS
(in millions, except per share data):
 
Fourth-Quarter
 
Full Year
 
2014
 
2013
 
% Change
 
2014
 
2013
 
% Change
GAAP Measures:
 
 
 
 
 
 
 
 
 
 
 
Net revenues
$
168.3

 
$
162.4

 
4

 
$
812.9

 
$
779.3

 
4

(Loss) earnings from continuing operations
(13.8
)
 
(5.6
)
 
U

 
46.4

 
55.0

 
(16
)
Diluted (loss) earnings from continuing operations per share
$
(0.81
)
 
$
(0.32
)
 
U

 
$
2.64

 
$
3.07

 
(14
)
Net cash provided by operating activities
$
27.4

 
$
30.5

 
(10
)
 
$
141.6

 
$
144.9

 
(2
)
 
 
 
 
 
 
 
 
 
 
 
 
Non-GAAP Measure:
 
 
 
 
 
 
 
 
 
 
 
Adjusted EBITDA
$
28.5

 
$
19.3

 
47

 
$
202.5

 
$
176.2

 
15

 
 
 
 
 
 
 
 
 
 
 
 
U: > 100% unfavorable; F: > 100% favorable
 
 
 
 
 
 
 
 
 
 

The following information was filed by Churchill Downs Inc (CHDN) on Wednesday, February 25, 2015 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)
Commitments And Contingencies
Commitments And 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)
Natural Disasters
Natural Disasters (details)
Natural Disasters (tables)
Operating Leases
Operating Leases (details)
Operating Leases (tables)
Other Intangible Assets
Other Intangible Assets Finite-lived Intangible, Amortization Expense (details)
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)
Subsequent Event (details)
Subsequent Event (notes)
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: 0000020212-15-000011
Submitted to the SEC: Wed Feb 25 2015 4:45:17 PM EST
Accepted by the SEC: Wed Feb 25 2015
Period: Wednesday, December 31, 2014
Industry: Racing Including Track Operation

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