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<SEC-DOCUMENT>0000020212-03-000002.txt : 20030212
<SEC-HEADER>0000020212-03-000002.hdr.sgml : 20030212
<ACCEPTANCE-DATETIME>20030212163239
ACCESSION NUMBER:		0000020212-03-000002
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20021231
ITEM INFORMATION:		Other events
FILED AS OF DATE:		20030212

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:		03554926

	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>cs8ke024.htm
<DESCRIPTION>EARNINGS RELEASE 4TH QUARTER OF 2002
<TEXT>
<HTML>
<HEAD>
<TITLE> Churchill Downs Inc. Press Release: Earnings Release 4th 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): February 11, 2003</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>
</TR>
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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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        <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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        <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>

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<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 Febraury 11, 2003</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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<TR valign="bottom">
         <TD COLSPAN=3 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                SIGNATURES</FONT></TD>
</TR>
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<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>
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<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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        <TD COLSPAN=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
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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>
                February 12, 2003</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>
                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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                &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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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>f8ke204.htm
<DESCRIPTION>EARNINGS RELEASE 4TH QUARTER  OF 2002
<TEXT>
<HTML>
<HEAD>
<TITLE> Churchill Downs Inc. Press Release: Earnings Release 4th Quarter 2002
</TITLE>
</HEAD>
<BODY>
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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>
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</TABLE>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
CHURCHILL DOWNS INCORPORATED REPORTS 2002 EARNINGS</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
EARNINGS PER
SHARE OF $1.57 INCLUDES SPECIAL CHARGE<BR>
OF $0.21 PER SHARE</FONT></H1>



<P><FONT FACE="Times New Roman, Times, Serif" size=3>
<B> LOUISVILLE,  Ky.  (Feb.  11, 2003) --</B>Churchill  Downs  Incorporated  (Nasdaq:  CHDN)  ("CDI" or  "Company")  today
reported  earnings  for the fourth  quarter and year ended Dec. 31, 2002,  that were  consistent  with the guidance
previously  provided by the Company before a special,  non-cash  impairment charge of $4.5 million  associated with
its Ellis Park subsidiary, of which the Company is seeking to divest. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
revenues for the year totaled $439.2 million, a 2.8-percent increase over
$427.0&#160;million in 2001. Net earnings, including the special charge of $0.21
per diluted share related to Ellis Park, totaled $1.57 per fully diluted share,
compared with $1.67 per diluted share in 2001. The Company had previously
provided guidance for full-year earnings in the range of $1.77 to $1.80 per
diluted share, exclusive of the Ellis Park charge. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the fourth quarter of 2002, the Company reported net revenues of $110.0 million,
down 0.7 percent from the $110.8 million reported during the same period in
2001. Net earnings, including the charge related to Ellis Park, were $2.0
million, or $0.15 per diluted share, versus $0.31 per diluted share in the
fourth quarter of 2001. </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, said, &#147;We
overcame considerable challenges in 2002, including significantly higher
insurance costs and a soft economy, and were able to generate record net
revenues. We believe that our performance throughout the year provided sound
support for our fundamental growth strategy, underscored the well-established
resiliency of demand for our racing content and validated the actions we took to
reduce expenses. We also continued to enhance the value of our brand as a result
of a solid commitment throughout our organization.&#148; </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;
Excluding
the special charge related to Ellis Park, our performance for the fourth quarter
was consistent with the guidance we provided with our release of third-quarter
results,&#148; continued Meeker. &#147;The year-over-year earnings gain was
primarily due to a net gain of race dates at our larger racetracks and continued
growth in our Churchill Downs Simulcast Network (&#147;CDSN&#148;) unit. </FONT></P>

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                4</FONT></TD>
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</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;
Our
decision to pursue the divestiture of Ellis Park racetrack is strategically
prudent in light of the Arlington Park merger, which diminished the value to us
of the Henderson, Ky., facility. If a sale occurs, we plan to use any net
proceeds to reduce our debt.&#148; </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Meeker
concluded, &#147;In looking at 2003, we of course continue to face an uncertain
economy and additionally, have two specific challenges that will impact our
bottom line. First, the Indiana Horse Racing Commission&#146;s decision to split
the riverboat subsidy evenly between Hoosier Park and Indiana Downs will
eliminate approximately $3 million this year from pre-tax earnings. Second, our
schedule for 2003 includes fewer live racing days. Notwithstanding these
factors, we expect the full benefit of cost reductions effected in 2002 and some
incremental revenues at Arlington Park will enable us to reduce our first
quarter loss in 2003 to approximately $0.90 per diluted share compared to $0.92
per diluted share in the same period of 2002. Once again, a first quarter loss
is expected because of the nominal days of live racing we conduct in the first
three months of each year. For 2003 as a whole, we will be working hard to
offset the challenges mentioned above and believe that the continued growth in
simulcasting and ongoing, rigorous containment of costs will allow us to achieve
a gain in earnings of approximately $1.80 per share diluted compared to $1.78
per share diluted in 2002, before the special charge. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;
Our
capital expenditures for routine items are planned to be approximately unchanged
in 2003 at about $12 million, but we plan to invest approximately $40 million
more during the year on our &#145;Master Plan&#146; renovation of our flagship
Churchill Downs property. Our cash flow from operations for 2002 totaled $32.6
million, and we expect to finance capital expenditures for 2003 with funds
provided from operations and existing borrowing capacity. Our debt-to-capital
ratio at the close of 2002 was a strong 34.4 percent, indicating the flexibility
we have to make these investments and still maintain an initiative to review
additional acquisitions and other opportunities that meet our criteria for
accelerating the Company&#146;s growth in net earnings.&#148; </FONT></P>

<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, Feb. 12,
2003, beginning at 9 a.m. EST. 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 (719) 457-2625 at least 10 minutes
before the appointed time. The online replay will be available at approximately
11 a.m. 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
241584 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 115 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 racetracks have hosted nine Breeders&#146; Cup World
Thoroughbred Championships &#150; more than any other North American racing
company. CDI also owns off-track betting facilities and has interests in various
television </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" size=3>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 and the impact of the terrorist attacks on Sept. 11,
2001; the effect (including possible increases in the cost of doing business)
resulting from war and terrorist activities or political uncertainties; 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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        <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 years and three months ended December 31,<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>Twelve Months Ended <BR><u>December 31,</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>December 31,</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>
                $439,191</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>
                $427,038</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>
                $110,005</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>
                $110,819</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 colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Operating expenses</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;Purses</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                158,716</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>
                155,333</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>
                41,859</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>
                44,333</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>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other direct expenses</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                194,980</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=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>
                190,305</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>
                47,843</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=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>
                48,095</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=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>
                353,696</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>
                345,638</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>
                89,702</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>
                92,428</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 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>
                85,495</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>
                81,400</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>
                20,303</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>
                18,391</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>
                35,473</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>
                31,785</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>
                9,893</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>
                8,701</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=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>
                Asset impairment loss</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,500</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=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><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>
                4,500</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=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><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="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>
                45,522</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=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>
                49,615</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>
                5,910</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=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>
                9,690</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 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>
                332</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>
                566</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>
                78</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>
                95</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>
                (8,830</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>
                (12,602</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>
                (1,884</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>
                (2,738</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>
                (1,534</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=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>
                (375</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>
                (357</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=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>
                (135</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=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>
                (10,032</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=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>
                (12,411</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>
                (2,163</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=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>
                (2,778</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 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>
                35,490</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>
                37,204</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>
                3,747</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>
                6,912</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>
                (14,521</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=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>
                (15,128</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>
                (1,760</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=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>
                (2,862</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 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;20,969</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=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;22,076</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;&nbsp;1,987</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=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;4,050</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=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>
                $1.60</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>
                $1.69</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>
                $0.15</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>
                $0.31</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>
                $1.57</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>
                $1.67</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>
                $0.15</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>
                $0.31</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>
                13,123</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>
                13,081</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>
                13,146</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>
                13,098</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>
                13,359</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>
                13,213</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>
                13,410</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>
                13,260</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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<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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<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 years and three months ended December 31, <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>Years Ended December 31,</B></U></FONT></TD>
        <TD colspan=7 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                <U><B>Three Months Ended December 31,</B></U></FONT></TD>
</TR>
<!-- TEMPORARY FIX IN THE LINE ABOVE ----------------------------------------------------------------------------------------------->
<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;105,248</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;103,927</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;17,502</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;16,902</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>
                93,896</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>
                94,604</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>
                26,735</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>
                25,691</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>
                81,326</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>
                76,100</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>
                30,634</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>
                34,246</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>
                84,332</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>
                80,861</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>
                15,656</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>
                15,072</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>
                55,397</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>
                54,972</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>
                14,110</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>
                14,403</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>
                70,461</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>
                61,849</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>
                20,088</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>
                18,343</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>
                490,660</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>
                472,313</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>
                124,725</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>
                124,657</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>
                4,932</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>
                4,982</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>
                1,110</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>
                1,158</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>
                2,566</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>
                2,274</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>
                606</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>
                560</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>
                (58,967</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>
                (52,531</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=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>
                (16,436</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>
                (15,556</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;$439,191</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;$427,038</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;$110,005</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;$110,819</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;11,425</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;19,173</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;(6,329</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;(1,477</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>
                12,717</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>
                12,995</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>
                4,140</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>
                3,064</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>
                14,533</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>
                13,482</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>
                7,396</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>
                8,616</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>
                7,912</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>
                9,218</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>
                1,360</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>
                1,133</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>
                7,699</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>
                6,012</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>
                1,845</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>
                1,317</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>
                16,982</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>
                14,568</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>
                4,946</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>
                4,339</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>
                71,268</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>
                75,448</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>
                13,358</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>
                16,992</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>
                (396</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>
                1,315</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>
                (96</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>
                709</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>
                (7,195</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>
                (7,530</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>
                (2,695</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>
                (3,002</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>
                -&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=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;63,615</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;69,233</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;10,567</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;14,699</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;&nbsp;5,514</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;13,350</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;(7,856</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;(2,961</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>
                7,143</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>
                7,686</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>
                2,625</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>
                1,654</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>
                12,265</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>
                10,090</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>
                6,867</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>
                7,852</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>
                4,972</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>
                6,692</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>
                597</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>
                329</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>
                6,180</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>
                4,560</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>
                1,482</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>
                1,021</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>
                16,982</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>
                14,568</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>
                4,946</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>
                4,339</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>
                53,056</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>
                56,946</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>
                8,661</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>
                12,234</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>
                (404</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>
                (177</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>
                (96</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>
                (18</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;Corporate expenses</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (7,161</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>
                (7,200</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>
                (2,678</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>
                (2,572</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>
                31</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>
                46</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>
                23</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>
                46</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;45,522</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;49,615</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;&nbsp;5,910</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;&nbsp;9,690</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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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                8</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><!-- Header ##########-->
<!-- CONSOLIDATED BALANCE SHEET-->
 <TR VALIGN=TOP>
        <TD COLSPAN=7 align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B>CHURCHILL DOWNS INCORPORATED<BR>
                CONDENSED CONSOLIDATED BALANCE SHEETS<BR>
                December 31,<BR>
               (in thousands)</B></Font></TD>
</TR>

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

<TR VALIGN=TOP>
        <TD WIDTH=60% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 ASSETS</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 <U>2002</U></Font></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 <U>2001</U></Font></TD>
        <TD WIDTH=1% align="Center"><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>
</TR>

<TR VALIGN=TOP>
        <TD colspan=8 align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Current assets:</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</Font></TD>
        <TD WIDTH=4% align="Center"><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;&nbsp;14,662</Font></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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;&nbsp;15,562</Font></TD>
        <TD WIDTH=1% align="Center"><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>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 3,247</Font></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 10,705</Font></TD>
        <TD WIDTH=1% align="Center"><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>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 34,435</Font></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 31,175</Font></TD>
        <TD WIDTH=1% align="Center"><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>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 1,499</Font></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 2,806</Font></TD>
        <TD WIDTH=1% align="Center"><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>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 5,988</Font><HR WIDTH=85% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=4% 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>
                 2,028</Font><HR WIDTH=85% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=10% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                Total current assets</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 59,831</Font></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 62,276</Font></TD>
        <TD WIDTH=1% align="Center"><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>
</TR>

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

<TR VALIGN=TOP>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Other assets</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 10,606</Font></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 11,624</Font></TD>
        <TD WIDTH=1% align="Center"><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>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Plant and equipment, net</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 338,381</Font></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 339,419</Font></TD>
        <TD WIDTH=1% align="Center"><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>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Goodwill, net</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 52,239</Font></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 52,239</Font></TD>
        <TD WIDTH=1% align="Center"><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>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Intangible assets, net</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 7,495</Font><HR WIDTH=85% 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=4% 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>
                 7,860</Font><HR WIDTH=85% 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="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 $468,552</Font><HR WIDTH=85% 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=4% 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>
                 $473,418</Font><HR WIDTH=85% 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="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD colspan=8 align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 LIABILITIES AND SHAREHOLDERS' EQUITY</Font></TD>
</TR>

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

<TR VALIGN=TOP>
        <TD colspan=8 align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Current liabilities:</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</Font></TD>
        <TD WIDTH=4% align="Center"><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;&nbsp;31,189</Font></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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;&nbsp;42,740</Font></TD>
        <TD WIDTH=1% align="Center"><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>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 31,565</Font></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 32,879</Font></TD>
        <TD WIDTH=1% align="Center"><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>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends payable</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 6,578</Font></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 6,549</Font></TD>
        <TD WIDTH=1% align="Center"><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>
</TR>
<TR VALIGN=TOP>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 14,876</Font></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 14,241</Font></TD>
        <TD WIDTH=1% align="Center"><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>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=60% 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=4% align="Center"><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>
                 508</Font><HR WIDTH=85% 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=4% 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>
                 561</Font><HR WIDTH=85% 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="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                Total current liabilities</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 84,716</Font></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 96,970</Font></TD>
        <TD WIDTH=1% align="Center"><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>
</TR>

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

<TR VALIGN=TOP>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Long-term debt, due after one year</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 122,840</Font></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 132,787</Font></TD>
        <TD WIDTH=1% align="Center"><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>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Other liabilities</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 12,603</Font></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 11,302</Font></TD>
        <TD WIDTH=1% align="Center"><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>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Deferred income taxes</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 13,396</Font></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 15,124</Font></TD>
        <TD WIDTH=1% align="Center"><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>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Commitments and contingencies</Font></TD>
        <TD WIDTH=4% align="Center"><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;&nbsp;</Font></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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;&nbsp;</Font></TD>
        <TD WIDTH=1% align="Center"><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>
</TR>

<TR VALIGN=TOP>
        <TD colspan=8 align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Shareholders' equity:</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD Colspan=8 align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, no par value;</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                250 shares authorized; no shares issued</Font></TD>
        <TD WIDTH=4% align="Center"><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;&nbsp;</Font></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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;&nbsp;</Font></TD>
        <TD WIDTH=1% align="Center"><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>

</TR>

<TR VALIGN=Bottom>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;
                 Common stock, no par value; 50,000 shares authorized; <BR>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                 issued: 13,157 shares in 2002, 13,098 shares in 2001</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 126,043</Font></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 124,750</Font></TD>
        <TD WIDTH=1% align="Center"><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>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 109,241</Font></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 94,850</Font></TD>
        <TD WIDTH=1% align="Center"><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>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 (222</Font></TD>
        <TD WIDTH=1% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 )</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 (2,300</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>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=60% 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=4% align="Center"><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>
                 (65</Font><HR WIDTH=80% 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=4% align="Center"><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>
                 (65</Font><HR WIDTH=80% 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="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 234,997</Font><HR WIDTH=80% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=4% 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>
                 217,235</Font><HR WIDTH=80% 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="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
        <TD WIDTH=4% align="Center"><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>
                 $468,552</Font><HR WIDTH=80% 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=4% align="Center"><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>
                 $473,418</Font><HR WIDTH=80% 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="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;</Font></TD>
</TR>
<!-- BLANK LINE--><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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                9</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>4
<FILENAME>cs8ke024.pdf
<DESCRIPTION>COMPLIMENTARY COPY
<TEXT>
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