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<SEC-DOCUMENT>0000020212-02-000017.txt : 20021024
<SEC-HEADER>0000020212-02-000017.hdr.sgml : 20021024
<ACCEPTANCE-DATETIME>20021024124216
ACCESSION NUMBER:		0000020212-02-000017
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20020930
ITEM INFORMATION:		Other events
FILED AS OF DATE:		20021024

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHURCHILL DOWNS INC
		CENTRAL INDEX KEY:			0000020212
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-RACING, INCLUDING TRACK OPERATION [7948]
		IRS NUMBER:				610156015
		STATE OF INCORPORATION:			KY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-01469
		FILM NUMBER:		02797012

	BUSINESS ADDRESS:	
		STREET 1:		700 CENTRAL AVE
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40208
		BUSINESS PHONE:		5026364400

	MAIL ADDRESS:	
		STREET 1:		700 CENTRAL AVENUE
		STREET 2:		700 CENTRAL AVENUE
		CITY:			LOUIVILLE
		STATE:			KY
		ZIP:			40208
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>cs8ke023.htm
<DESCRIPTION>EARNINGS RELEASE/2002 3RD QUARTER
<TEXT>
<HTML>
<HEAD>
<TITLE> Churchill Downs Inc. Press Release: Earnings Release 2nd Quarter 2002
</TITLE>
</HEAD>
<BODY>
<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
        SECURITIES AND EXCHANGE COMMISSION<br>WASHINGTON, D.C. 20549</FONT></p>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
        FORM 8-K</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
        CURRENT REPORT<BR>
        PURSUANT TO SECTION 13 OR 15(d) OF THE<br>
        SECURITIES EXCHANGE ACT OF 1934</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
      Date of Report (Date of earliest event reported): October 22, 2002</FONT></H1>

<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <u>CHURCHILL DOWNS INCORPORATED</u><br>
        (Exact name of registrant as specified in its charter)</FONT></P>

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  <TD WIDTH=33% align="center"><FONT FACE="Times New Roman, Times, Serif"SIZE=3>
        <U>Kentucky</U><br>(State or other jurisdiction of incorporation or
        organization)</Font></TD>
 <TD WIDTH=33% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>0-1469</U><br>Commission file number</Font></TD>
 <TD WIDTH=34% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>61-0156015</U><br>(IRS Employer Identification<BR>No.)</Font></TD>
</TR>
</TABLE>
<BR>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <u>700 Central Avenue, Louisville, KY 40208</U><br>
         Address of principal executive offices)<br>
         (Zip Code)<br></FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          <u>(502) 636-4400</u><br>
          (Registrant's telephone number, including area code)</FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
          Not Applicable<BR>
        (Former name or former address, if changed since last report)</Font></P>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
         CHURCHILL DOWNS INCORPORATED<BR><BR>
         I N D E X</Font></P>
<BR>
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<TR VALIGN=TOP>
        <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 1-4.</FONT></TD>
        <TD colspan=2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Not applicable</FONT></TD>
        <TD WIDTH=21% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

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<TR VALIGN=BOTTOM>
        <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 5.<BR></FONT></TD>
        <TD colspan=2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Other Events</FONT></TD>
        <TD WIDTH=21% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

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        <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Copy of press release is set forth in Exhibit 99 to this filing and
                incorporated herein by reference</FONT></TD>
        <TD WIDTH=21% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

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<TR VALIGN=BOTTOM>
        <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 6.</FONT></TD>
        <TD colspan=2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Not applicable</FONT></TD>
        <TD WIDTH=21% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

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<TR VALIGN=BOTTOM>
        <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 7.</FONT></TD>
        <TD colspan=2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Financial statements and exhibits</FONT></TD>
        <TD WIDTH=21% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=bottom>
        <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (a)</FONT></TD>
        <TD width=60% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Financial statements of business acquired</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD COLSPAN=2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Not applicable</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (b)</FONT></TD>
        <TD WIDTH=60% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Pro forma financial information</FONT></TD>
        <TD WIDTH=21% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=top>
        <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=60% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Not applicable</FONT></TD>
        <TD WIDTH=21% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

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        <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (c)</FONT></TD>
        <TD WIDTH=60% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Exhibits</FONT></TD>
        <TD WIDTH=21% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
     <TD WIDTH=60% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        - Exhibit 99&nbsp;&nbsp;&nbsp;Press release dated October 22, 2002</FONT></TD>
    <TD WIDTH=21% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
</TR>

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        <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 8-9.</FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=60% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Not applicable</FONT></TD>
        <TD WIDTH=21% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

</TABLE>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<!-- SIGNATURES-->

<TR valign="bottom">
         <TD COLSPAN=3 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                SIGNATURES</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD COLSPAN=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Pursuant to the requirements of the Securities Exchange Act of 1934,
                 the registrant has duly caused this report to be signed on its behalf
                 by the undersigned thereunto duly authorized. </FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
       <TD COLSPAN=2 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD COLSPAN=1 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                CHURCHILL DOWNS INCORPORATED</FONT></TD>
</TR>

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<TR valign="bottom">
        <TD COLSPAN=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


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        <TD COLSPAN=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

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        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                October 23, 2002</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>\s\Robert L. Decker</U></FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Robert L. Decker</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Executive Vice President and Chief Financial Officer</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (Principal Financial Officer)</FONT></TD>
</TR>

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        <TD COLSPAN=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


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        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                October 23, 2002</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>\s\Michael E. Miller</U></FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Michael E. Miller</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Senior Vice President, Finance</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (Principal Accounting Officer)</FONT></TD>
</TR>

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                &nbsp;</FONT></TD>
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                3</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>f8ke023.htm
<DESCRIPTION>EARNINGS RELEASE/2002 3RD QUARTER
<TEXT>
<HTML>
<HEAD>
<TITLE> Churchill Downs Inc. Press Release: Earnings Release 3rd Quarter 2002
</TITLE>
</HEAD>
<BODY>
<!-- Table ##########-->
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<TR>
        <TD WIDTH=50% ALIGN="LEFT">
                 FOR IMMEDIATE RELEASE</TD>
        <TD WIDTH=50% ALIGN="RIGHT">
                 Contact:  Mike Ogburn</TD>
</TR>

<TR>
        <TD WIDTH=50% ALIGN="LEFT">
                 &nbsp;</TD>
        <TD WIDTH=50% ALIGN="RIGHT">
                 (502) 636-4515, office</TD>
</TR>

<TR>
        <TD WIDTH=50% ALIGN="LEFT">
                 &nbsp;</TD>
        <TD WIDTH=50% ALIGN="RIGHT">
                 (502) 262-0224, cellular</TD>
</TR>

<TR>
        <TD WIDTH=50% ALIGN="LEFT">
                 &nbsp;</TD>
        <TD WIDTH=50% ALIGN="RIGHT">
                 <U>mogburn@kyderby.com</U></TD>
</TR>

</TABLE>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
DOWNS INCORPORATED REPORTS THIRD QUARTER RESULTS</FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>
LOUISVILLE,  Ky. (Oct. 22, 2002)</B> - Churchill Downs Incorporated  ("CDI") (Nasdaq:  CHDN) today reported results for
the third quarter ended Sept. 30, 2002,  which included record  third-quarter  revenues and net earnings and higher
earnings per share versus a year ago.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
revenues for the third quarter totaled $125.6 million, an increase of
3.6&#160;percent, compared with $121.2 million for the same period last year.
Net earnings for the quarter were $7.9&#160;million, compared with $7.1 million
in 2001. Diluted earnings per share totaled $0.59, compared with $0.54 for the
third quarter of 2001. Results for the first nine months of 2002 are outlined in
the accompanying tables. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas H. Meeker,
CDI&#146;s president and chief executive officer, credited the solid quarter,
that included earnings within the range previously estimated by the Company, to
positive performances at most of the Company&#146;s operating units, cost
controls and a sound cash management strategy. &#147;As has been our experience
for 2002, on-track revenues for the third quarter were flat for most of our
racetracks. We were able to substantially offset this impact through the
continued strong performance of our simulcast operations and a diligent approach
to managing costs. We also benefited from a significant drop in interest expense
as a result of lower interest rates and continued debt reduction through our
positive cash flow and balance sheet management.&#148; </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meeker
added, &#147;Looking ahead, we are confident that our fourth quarter will
generate earnings consistent with our full-year estimate of $1.77 to $1.80 per
diluted share. That confidence in earnings &#150; and in our business in general
&#150; was validated by our board of directors&#146; recent approval of the $121
million Master Plan to modernize Churchill Downs racetrack. The Master Plan to
renovate our flagship facility and preserve its signature event, the Kentucky
Derby, represents an unprecedented investment in our future and an unparalleled
commitment to our business model. We believe this initiative will have a
positive impact on our Company following its planned completion in 2006.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
ability this year to show fundamental progress against the backdrop of a formal
business recession encourages us about our prospects for 2003. Gains next year
will depend on our continuing efforts to operate as efficiently as possible
while delivering the customer satisfaction that we know is paramount to our
longer term success. One specific development that we will have to surmount in
2003 is the split of Hoosier Park&#146;s racing subsidy with Indiana Downs. Although we
further lessened our ownership in Hoosier Park a year ago, this factor will
reduce our EBITDA by approximately $3 million in the year ahead. On balance, we
expect to show gains in earnings for 2003, extending our long-term record of
growth.&#148;</FONT></P>

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                4</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
conference call regarding this release is scheduled for Wednesday, Oct. 23, at 9
a.m. (EDT). Investors and other interested parties may listen to the
teleconference by accessing the online, real-time Web cast and broadcast of the
call at <U>www.churchilldownsincorporated.com</U> or<U>www.companyboardroom.com</U> or by calling (913) 981-5508 at least 10 minutes
before the appointed time. The online replay will be available at approximately
12 p.m. (ET) and continue for two weeks. An eight-day telephonic replay will be
available two hours after the call ends by dialing (719) 457-0820 and entering
558288 when prompted for the access code. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill
Downs Incorporated (&#147;CDI&#148;), headquartered in Louisville, Ky., owns and
operates world-renowned horse racing venues throughout the United States. The
Company&#146;s racetracks in California, Florida, Illinois, Indiana and Kentucky
host 112 graded-stakes events and many of North America&#146;s most prestigious
races, including the Kentucky Derby and Kentucky Oaks, Hollywood Gold Cup and
Arlington Million. CDI also owns off-track betting facilities and has interests
in various television production, telecommunications and racing services
companies that support CDI&#146;s network of simulcasting and racing operations.
CDI trades on the Nasdaq National Market under the symbol CHDN and can be found
on the Internet at <U>www.churchilldownsincorporated.com</U>. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>This
news release contains forward-looking statements made pursuant to the &#147;safe
harbor&#148; provisions of the Private Securities Litigation Reform Act of 1995.
The reader is cautioned that such forward-looking statements involve risks and
uncertainties that could cause our actual operating results and financial
condition to differ materially. Forward-looking statements are typically
identified by the use of terms such as &#147;anticipate,&#148;
&#147;believe,&#148; &#147;could,&#148; &#147;estimate,&#148;
&#147;expect,&#148; &#147;intend,&#148; &#147;may,&#148; &#147;might,&#148;
&#147;plan,&#148; &#147;predict,&#148; &#147;project,&#148; &#147;should,&#148;
&#147;will,&#148; 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 our expectations include: the effect of
global economic conditions; the effect (including possible increases in the cost
of doing business) resulting from war and terrorist activities or political
uncertainties; the impact of increasing insurance costs; the financial
performance of our racing operations; the impact of gaming competition
(including lotteries and riverboat, cruise ship and land-based casinos) and
other sports and entertainment options in those markets in which we operate; a
substantial change in law or regulations affecting our pari-mutuel activities; a
substantial change in allocation of live racing days; litigation surrounding the
Rosemont, Illinois, riverboat casino; changes in Illinois law that impact
revenues of racing operations in Illinois; a decrease in riverboat admissions
subsidy revenue from our Indiana operations; the impact of an additional
racetrack near our Indiana operations; our continued ability to effectively
compete for the country&#146;s top horses and trainers necessary to field
high-quality horse racing; our continued ability to grow our share of the
interstate simulcast market; the impact of interest rate fluctuations; our
ability to execute our acquisition strategy and to complete or successfully
operate planned expansion projects; the economic environment; our ability to
adequately integrate acquired businesses; market reaction to our expansion
projects; the loss of our totalisator companies or their inability to keep their
technology current; our accountability for environmental contamination; the loss
of key personnel and the volatility of our stock price.</I> </FONT></P>

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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->
<TR VALIGN=bottom>
        <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>
        CHURCHILL DOWNS INCORPORATED<BR>
        CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<BR>
        for the nine and three months ended September 30, 2002 and 2001<BR>
        (Unaudited)<BR>
        (In thousands, except per share data)</B></FONT></TD>
</TR>

<TR> <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->
<!-- CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS-->
<TR valign="bottom">
       <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=5 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B>Nine Months Ended <BR><u>September 30,</U></B></FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=5 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B>Three Months Ended <u>September 30,</U></B></FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><u>2002</U></B>&nbsp;</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><u>2001</U></B></FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><u>2002</U></B></FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><u>2001</U></B></FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
       <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Net  revenues</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $329,186</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $316,219</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $125,587</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $121,247</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Operating Expenses</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                263,994</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                253,210</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                101,564</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                99,145</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=9> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                65,192</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                63,009</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                24,023</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                22,102</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=9> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Selling, general and administrative expenses</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                25,580</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                23,084</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                8,312</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7,278</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
</TR>

<TR valign="bottom">
        <TD colspan=13> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                39,612</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                39,925</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                15,711</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                14,824</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
       <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
       <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Other income (expense):</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                254</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                471</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                80</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                139</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (6,946</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (9,864</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,979</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (2,908</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous, net</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,177</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (240</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (586</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (141</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (7,869</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (9,633</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (2,485</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (2,910</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=9> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Earnings before provision for income taxes</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                31,743</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                30,292</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,226</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11,914</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=9> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="TOP">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Provision for income taxes</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (12,761</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (12,266</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (5,317</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (4,823</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=9> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Net earnings</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;18,982</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=15% SIZE=3 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;18,026</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=15% SIZE=3 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;&nbsp;7,909</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp; </FONT><HR WIDTH=15% SIZE=3 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;&nbsp;7,091</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=15% SIZE=3 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=9> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
       <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Earnings per common share data:</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1.45</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1.38</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $0.60</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $0.54</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1.42</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1.37</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $0.59</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $0.54</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=9> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
       <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Weighted average shares outstanding:</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,115</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,075</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,126</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,093</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,342</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,198</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,351</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,223</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR><TD>&nbsp;</TD></TR>

</TABLE>

<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Certain financial statement amounts have been reclassified in the prior periods to conform to current period
presentation.</FONT></P>

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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->
<TR VALIGN=bottom>
        <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>
        CHURCHILL DOWNS INCORPORATED<BR>
        SUPPLEMENTAL INFORMATION BY OPERATING UNIT<BR>
        for the nine and three months ended September 30, 2002 and 2001<BR>
        (Unaudited)<BR>
        (In thousands)</B></FONT></TD>
</TR>

<TR> <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->
<!-- CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS-->
<TR valign="bottom">
        <TD colspan=1 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=5 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U><B>Nine Months Ended September 30,</B></U></FONT></TD>
               <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=5 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U><B>Three Months Ended September 30,</B></U></FONT></TD>
        <TD colspan=1 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=1 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><u>2002</U></B>&nbsp;</FONT></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><u>2001</U></B></FONT></TD>
        <TD width=13% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><u>2002</U></B></FONT></TD>
        <TD colspan=1 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><u>2001</U></B></FONT></TD>
        <TD colspan=1 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>

</TR>

<TR valign="bottom">
       <TD colspan=13 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Net  revenues:</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Kentucky Operations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;87,746</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;87,025</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;18,395</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;19,339</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>

</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Hollywood Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                67,161</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                68,913</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                18,674</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                16,527</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>

</TR>
<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Calder Race Course</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                50,692</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                41,854</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                27,867</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                28,303</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>

</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Arlington Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                68,676</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                65,789</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                41,042</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                38,320</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Hoosier Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                41,287</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                40,569</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                14,624</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                14,251</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=28% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;CDSN</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                50,373</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                43,506</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=13% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                19,631</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                17,612</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;Total racing operations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                365,935</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                347,656</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                140,233</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                134,352</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Other investments</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,666</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,752</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2,086</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2,069</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Corporate revenues</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,116</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                786</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                105</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                81</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Eliminations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (42,531</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (36,975</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (16,837</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (15,255</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;$329,186</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;$316,219</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;$125,587</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;$121,247</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
       <TD colspan=13 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                EBITDA:</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Kentucky Operations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;17,754</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;20,650</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;(1,946</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;(1,015</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=3% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>

</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Hollywood Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                8,577</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                9,931</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,771</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,165</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>

</TR>
<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Calder Race Course</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7,137</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,866</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,318</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,276</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>

</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Arlington Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
               6,552</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                8,085</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                9,040</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                8,365</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Hoosier Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5,854</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,695</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,976</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,544</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=28% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;CDSN</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                12,036</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                10,229</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=13% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,531</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,108</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;Total racing operations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                57,910</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                58,456</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                21,690</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                20,443</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Other investments</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                544</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,535</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                296</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                687</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Corporate expenses</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (5,344</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (5,457</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,909</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,393</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Eliminations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (62</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;-</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;53,048</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;54,534</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;20,077</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;19,737</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
       <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Operating income (loss):</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Kentucky Operations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;13,370</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;16,311</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;(3,396</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;(2,513</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=3% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>

</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Hollywood Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,518</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,032</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                382</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (165</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Calder Race Course</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5,398</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2,238</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5,725</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5,395</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Arlington Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,375</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                </FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,363</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                8,269</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7,752</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Hoosier Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,698</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3,539</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,589</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,179</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=28% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;CDSN</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                12,036</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                10,229</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=13% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,531</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,108</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;Total racing operations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                44,395</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                44,712</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                17,100</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                15,756</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Other investments</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                536</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                770</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                508</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                561</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Corporate expenses</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (5,327</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (5,557</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,921</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,493</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Eliminations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                8</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                24</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;39,612</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;39,925</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;15,711</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;14,824</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR><TD>&nbsp;</TD></TR>
</TABLE>
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Certain financial statement amounts have been reclassified in the prior periods to conform to current period
presentation.</FONT></P>

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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->
<TR VALIGN=bottom>
        <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>
        CHURCHILL DOWNS INCORPORATED<BR>
        CONDENSED CONSOLIDATED BALANCE SHEETS<BR>
        (In thousands)</B></FONT></TD>
</TR>

<TR> <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->

<TR VALIGN="BOTTOM">
        <TD WIDTH=51% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD COLSPAN=3 align="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                                <B><U>September 30,</U></B></FONT></TD>
        <TD colspan=4 align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><U>December 31,</U></B></FONT></TD>
        <TD COLSPAN=3 align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><U>September 30,</U></B></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=51% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=9% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><U>2002</U></B></FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><U>2001</U></B></FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><U>2001</U></B></FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=51% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ASSETS</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=9% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B>(unaudited)</B></FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B>(unaudited)</B></FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD colspan=11 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Current assets:</FONT></TD>
</TR>
</TABLE><TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->

<TR VALIGN="top">
        <TD WIDTH=51% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=9% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;16,335</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;15,732</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;14,436</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=51% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=9% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3,755</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                10,535</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                8,389</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                23,953</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                28,472</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                29,034</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax assets</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,734</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2,806</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,721</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,256</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2,177</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,304</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                52,033</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                59,722</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                57,884</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD colspan=11 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Other assets</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11,307</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11,475</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11,180</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Plant and equipment, net</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                341,127</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                339,419</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                341,920</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Goodwill, net</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                52,239</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                52,239</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                52,588</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="TOP">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Intangible assets, net</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7,587</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7,860</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7,952</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $464,293</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=3 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $470,715</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=3 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $471,524</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=3 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD colspan=11 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD colspan=11 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Current liabilities:</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;34,890</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;40,493</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;37,242</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                33,335</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                31,452</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                34,694</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends payable</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,549</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                972</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                971</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11,362</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3,149</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                14,241</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,423</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, current portion</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                471</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                561</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2,308</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                72,817</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                94,267</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                90,029</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Long-term debt, due after one year</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                123,922</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                132,787</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                134,128</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Other liabilities</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,748</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11,302</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,255</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Deferred income taxes</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                15,115</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                15,124</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                14,761</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Commitments and contingencies</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD colspan=11 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Shareholders' equity:</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, no par value;</FONT></TD>
        <TD colspan=5 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 shares authorized; no shares issued</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, no par value; 50,000 shares authorized;</FONT></TD>
        <TD colspan=10 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issued:  13,135 shares September 30, 2002, 13,098 shares  </FONT></TD>
        <TD colspan=10 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2001, and 13,098 shares September 30, 2001</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                125,532</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                124,750</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                124,750</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                113,832</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                94,850</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                97,349</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (608</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (2,300</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (2,683</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note receivable for common stock</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (65</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (65</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (65</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                238,691</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                217,235</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                219,351</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $464,293</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=3 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $470,715</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=3 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $471,524</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=3 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
</TABLE>
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Certain financial statement amounts have been reclassified in the prior periods to conform to current period
presentation.</FONT></P>

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                8</FONT></TD>
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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</TEXT>
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<FILENAME>f8ke023.pdf
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