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<SEC-DOCUMENT>0000940397-03-000086.txt : 20030723
<SEC-HEADER>0000940397-03-000086.hdr.sgml : 20030723
<ACCEPTANCE-DATETIME>20030722183537
ACCESSION NUMBER:		0000940397-03-000086
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20030722
ITEM INFORMATION:		Financial statements and exhibits
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20030723

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:		03797192

	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>cs8ke203.htm
<DESCRIPTION>REPORT DATE JULY 22, 2003
<TEXT>
<HTML>
<HEAD>
<TITLE> Churchill Downs Inc. Press Release: Earnings Release 2nd Quarter 2003
</TITLE>
</HEAD>
<BODY>
<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        SECURITIES AND EXCHANGE COMMISSION<br>WASHINGTON, D.C. 20549</FONT></p>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        FORM 8-K</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        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=2>
      Date of Report (Date of earliest event reported): July 22, 2003</FONT></H1>

<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        <u>CHURCHILL DOWNS INCORPORATED</u><br>
        (Exact name of registrant as specified in its charter)</FONT></P>

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<TR VALIGN=TOP>
  <TD WIDTH=33% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
        <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=2>
        <U>0-1469</U><br>(Commission file number)</Font></TD>
 <TD WIDTH=34% align="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
        <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=2>
        <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=2>
          <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=2>
          Not Applicable<BR>
        (Former name or former address, if changed since last report)</Font></P>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                1</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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<BR>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>

<TR VALIGN=top>
        <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B>ITEM 7.</B></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>
                <B>Financial Statements and Exhibits<BR>(c) Exhibits (furnished pursant to Item 12)</B></FONT></TD>
        <TD WIDTH=21% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

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

<TR VALIGN=BOTTOM>
        <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=60% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                99.1 Press Release dated July 22, 2003.</FONT></TD>
        <TD WIDTH=21% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

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

<TR VALIGN=top>
        <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B>ITEM 9.</B></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>
                <B>Regulation FD Disclosure (Item 12.  Results of Operations and Financial Condition)</B></FONT></TD>
        <TD WIDTH=21% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

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

<TR VALIGN=BOTTOM>
        <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=60% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
               The registrant's earnings press release dated July 22, 2003, reporting its second quarter 2003
                results of operation and financial condition, is attached hereto as Exhibit 99.1 and
                incorporated by reference herein.  This information is being furnished under Item 12 of Form
                8-K and is being presented under Item 9 of Form 8-K pursuant to the U.S. Securities and
                Exchange Commission's interim filing guidance as set forth in Release No. 33-8216.</FONT></TD>
</TR>

</table>

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

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

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

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

<!-- BLANK LINE--><TR><TD>&nbsp;</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>
                July 22, 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>
                Executive Vice President and</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 and Accounting Officer)</FONT></TD>
</TR>

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</TABLE>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <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>INDEX TO EXHIBITS</FONT></P>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<!-- EXHIBITS-->

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<TR valign="bottom">
        <TD COLSPAN=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
<TR valign="TOP">
        <TD WIDTH=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Exhibit</FONT></TD>
        <TD WIDTH=2% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=43% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% 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>
                </FONT></TD>
</TR>

<TR valign="bottom">
        <TD WIDTH=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Number</U></FONT></TD>
        <TD WIDTH=2% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=43% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Description</U></FONT></TD>
        <TD WIDTH=5% 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>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR valign="TOP">
        <TD WIDTH=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                99.1</FONT></TD>
        <TD WIDTH=2% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=43% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Earnings Press Release dated July 22, 2003</FONT></TD>
        <TD WIDTH=5% 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>
                </FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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</TABLE>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>f8ke203.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE> Churchill Downs Inc. Press Release: Earnings Release 2nd Quarter 2003
</TITLE>
</HEAD>
<BODY>
<!-- Table ##########-->
<TABLE WIDTH=100%  CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR>
        <TD WIDTH=50% ALIGN="LEFT">
                 FOR IMMEDIATE RELEASE</TD>
        <TD WIDTH=50% ALIGN="RIGHT">
                 Contact:  Mike Ogburn</TD>
</TR>

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

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

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

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHURCHILL
DOWNS INCORPORATED REPORTS SECOND QUARTER REVENUES AND EARNINGS PER SHARE</FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>LOUISVILLE, Ky. (July
22, 2003)</B> &#150; Churchill Downs Incorporated (&#147;CDI&#148; or the
&#147;Company&#148;) (Nasdaq: CHDN) today reported results for the second
quarter ended June 30, 2003, which included record quarterly revenues, net
earnings and earnings per share. </FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net revenues for the second
quarter reached $180.5 million, an increase of 4.6&#160;percent compared with
$172.6 million for the same period last year. Net earnings for the quarter were
$28.0 million, a 21.2-percent increase over net earnings of $23.1 million in
2002. Diluted earnings per share totaled $2.09, compared with $1.73 for the
second quarter of 2002. Results for the first half of 2003 are outlined in the
accompanying tables. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Thomas H. Meeker,
CDI&#146;s president and chief executive officer, attributed the Company&#146;s
revenue growth for the quarter primarily to record-wagering results on the
Kentucky Derby and Oaks, a shift in racing dates from the fourth quarter to the
second, and strong growth of the Churchill Downs Simulcast Network
(&#147;CDSN&#148;) fueled in part by additional racing dates. Wagering on Derby
and Oaks Days increased 13.8 and 8.2 percent, respectively. CDI benefited from
19 additional live race days at Arlington Park in the second quarter of 2003
compared to 2002, and CDSN net revenues increased 23.6 percent over the same
period a year ago. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Our signature event,
the Kentucky Derby, continues to stand apart as one of the world&#146;s unique
sporting events,&#148; Meeker said. &#147;This year&#146;s Derby generated
record wagering, filled to capacity our available Jockey Club Suites, and set
the stage for an exciting Triple Crown run. The quality of our live racing and
the demand for our product carried over in Churchill Downs racetrack&#146;s
record-setting Spring Meet and in CDSN&#146;s growth over the quarter, which was
buoyed by a shift in race start times, continued expansion of account wagering,
and gains in market share aided in part by inclement weather in the northeast.
These factors, coupled with a favorable racing calendar, enabled us to deliver
earnings per share for the quarter that exceeded the range previously estimated
by the Company.&#148; </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Meeker added, &#147;Some of
the elements that contributed to our strong second quarter will work against us
in the third quarter and remainder of the year. Instead of enjoying incremental
revenues from our Master Plan expansion as we did in the second quarter, we will
conversely incur expenses associated with the demolition phase of construction.
In addition, our racing calendar for the quarter results in 37 fewer days of
live racing compared to the same period in 2002. Accordingly, for the third
quarter we estimate earnings per share of $0.55 to $0.58, down from $0.59 per
share in the year-earlier period. Our full-year estimate of earnings at this
time remains approximately $1.80 per share, compared with $1.57 per share in
2002, which includes an asset impairment charge at Ellis Park that reduced
earnings by $0.21.&#148; </FONT></P>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                1</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A conference call regarding
this release is scheduled for Wednesday, July 23, at 9 a.m. (EDT). Investors and
other interested parties may listen to the teleconference by accessing the
online, real-time Web cast and broadcast of the call at
<U>www.churchilldownsincorporated.com/investor_relations</U> or
<U>www.companyboardroom.com,</U> or by calling (913) 981-5591 at least 10
minutes before the appointed time. The online replay will be available at
approximately noon (ET) and continue for two weeks. An eight-day telephonic
replay will be available two hours after the call ends by dialing (719) 457-0820
and entering 641135 when prompted for the access code. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In addition to the results
provided in accordance with U.S. Generally Accepted Accounting Principles
(&#147;GAAP&#148;), the Company has provided a non-GAAP measurement, which
presents a financial measure of Earnings before Interest, Taxes, Depreciation
and Amortization (&#147;EBITDA&#148;). CDI uses EBITDA as a key performance
measure of results of operations for purposes of evaluating performance
internally. The Company believes the use of this measure enables management and
investors to evaluate and compare, from period to period, CDI&#146;s operating
performance in a meaningful and consistent manner. This non-GAAP measurement is
not intended to replace the presentation of CDI&#146;s financial results in
accordance with GAAP. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Churchill Downs
Incorporated, 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 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><I>This news release
contains forward-looking statements made pursuant to the &#147;safe harbor&#148;
provisions of the Private Securities Litigation Reform Act of 1995. The reader
is cautioned that such forward-looking statements involve risks and
uncertainties that could cause our actual operating results and financial
condition to differ materially. Forward-looking statements are typically
identified by the use of terms such as &#147;anticipate,&#148;
&#147;believe,&#148; &#147;could,&#148; &#147;estimate,&#148;
&#147;expect,&#148; &#147;intend,&#148; &#147;may,&#148; &#147;might,&#148;
&#147;plan,&#148; &#147;predict,&#148; &#147;project,&#148; &#147;should,&#148;
&#147;will,&#148; and similar words, although some forward-looking statements
are expressed differently. Although we believe that the expectations reflected
in such forward-looking statements are reasonable we can give no assurance that
such expectations will prove to be correct. Important factors that could cause
actual results to differ materially from our expectations include: the effect of
global economic conditions; the effect (including possible increases in the cost
of doing business) resulting from war and terrorist activities or political
uncertainties; the impact of increasing insurance costs; the financial
performance of our racing operations; the impact of gaming competition
(including lotteries and riverboat, cruise ship and land-based casinos) and
other sports and entertainment options in those markets in which we operate; a
substantial change in law or regulations affecting our pari-mutuel activities; a
substantial change in allocation of live racing days; litigation surrounding the
Rosemont, Illinois, riverboat casino; changes in Illinois law that impact
revenues of racing operations in Illinois; a decrease in riverboat admissions
subsidy revenue from our Indiana operations; the impact of an additional
racetrack near our Indiana operations; our continued ability to effectively
compete for the country&#146;s top horses and trainers necessary to field
high-quality horse racing; our continued ability to grow our share of the
interstate simulcast market; the impact of interest rate fluctuations; our
ability to execute our acquisition strategy and to complete or successfully
operate planned expansion projects; the economic environment; our ability to
adequately integrate acquired businesses; market reaction to our expansion
projects; the loss of our totalisator companies or their inability to keep their
technology current; our accountability for environmental contamination; the loss
of key personnel and the volatility of our stock price.</I> </FONT></P>

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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                2</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<TR VALIGN=bottom>
        <TD align="center"><FONT FACE="Times New Roman, Times, Serif" size=2><B>
        CHURCHILL DOWNS INCORPORATED<BR>
        CONDENSED CONSOLIDATED STATEMENTS OF NET EARNINGS<BR>
        for the six and three months ended June 30, 2003 and 2002<BR>
        (Unaudited)<BR>
        (In thousands, except per share data)</B></FONT></TD>
</TR>

<TR> <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->
<!-- CONDENSED CONSOLIDATED STATEMENTS OF NET EARNINGS-->
<TR valign="bottom">
       <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD colspan=5 align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                <B>Six Months Ended <BR><u>June 30,</U></B></FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD colspan=5 align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                <B>Three Months Ended <BR><u>June 30,</U></B></FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                <B><u>2003</U></B>&nbsp;</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                <B><u>2002</U></B></FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                <B><u>2003</U></B></FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                <B><u>2002</U></B></FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
       <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                Net  revenues</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $214,285</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $203,599</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                 $180,496</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $172,627</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                Operating Expenses</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                166,967</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                162,430</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                123,425</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                122,701</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=9> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                47,318</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                41,169</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                57,071</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                49,926</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=9> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                Selling, general and administrative expenses</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                16,873</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                17,268</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                8,765</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                8,872</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
</TR>

<TR valign="bottom">
        <TD colspan=13> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                30,445</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                23,901</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                48,306</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                41,054</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
       <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
       <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                Other income (expense):</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                135</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                174</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                73</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                93</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (3,306</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (4,967</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (1,479</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (2,315</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous, net</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                553</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (591</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                151</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (422</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (2,618</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (5,384</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (1,255</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (2,644</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=9> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                Earnings before provision for income taxes</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                27,827</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                18,517</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                47,051</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                38,410</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=9> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="TOP">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                Provision for income taxes</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (11,298</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (7,444</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (19,026</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (15,302</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=9> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                Net earnings</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;16,529</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;11,073</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;28,025</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp; </FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;23,108</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=9> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
       <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                Net earnings per common share data:</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $1.26</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $0.84</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $2.13</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $1.76</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $1.24</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $0.83</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $2.09</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $1.73</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=9> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
       <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                Weighted average shares outstanding:</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                13,167</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                13,110</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                13,174</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                13,115</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                13,367</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                13,341</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                13,380</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                13,338</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &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=2>
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=2>
                3</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->
<TR VALIGN=bottom>
        <TD align="center"><FONT FACE="Times New Roman, Times, Serif" size=2><B>
        CHURCHILL DOWNS INCORPORATED<BR>
        SUPPLEMENTAL INFORMATION BY OPERATING UNIT<BR>
        for the six and three months ended June 30, 2003 and 2002<BR>
        (Unaudited)<BR>
        (In thousands)</B></FONT></TD>
</TR>

<TR> <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->
<!-- CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS-->
<TR valign="bottom">
        <TD colspan=1 align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD colspan=5 align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                <U><B>Six Months Ended June 30,</B></U></FONT></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD colspan=5 align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                <U><B>Three Months Ended June 30,</B></U></FONT></TD>
        <TD colspan=1 align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=1 align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                <B><u>2003</U></B>&nbsp;</FONT></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                <B><u>2002</U></B></FONT></TD>
        <TD width=13% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                <B><u>2003</U></B></FONT></TD>
        <TD colspan=1 align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                <B><u>2002</U></B></FONT></TD>
        <TD colspan=1 align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>

</TR>

<TR valign="bottom">
       <TD colspan=13 align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                Net  revenues from external customers:</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;Kentucky Operations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;57,852</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;56,007</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=13% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;52,954</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;50,411</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>

</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;Hollywood Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                41,765</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                42,217</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                36,796</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                37,185</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>

</TR>
<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;Calder Race Course</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                19,988</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                19,673</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                18,856</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                18,603</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>

</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;Arlington Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                34,047</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                26,417</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                22,058</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                20,298</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;Hoosier Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                20,451</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                26,629</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                11,021</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                14,593</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=28% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;CDSN</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                37,988</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                30,742</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=13% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                37,145</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                30,045</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;Total racing operations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                212,091</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                201,685</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                178,830</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                171,135</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;Other investments</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                1,253</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                1,104</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                725</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                692</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;Corporate revenues</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                941</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                810</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                941</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                800</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;$214,285</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;$203,599</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;$180,496</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;$172,627</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->
<TR valign="bottom">
       <TD colspan=13 align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                Intercompany net  revenues:</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;Kentucky Operations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;16,229</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;13,344</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=13% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;16,229</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;13,344</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>

</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;Hollywood Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                6,906</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                6,270</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                6,902</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                6,270</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>

</TR>
<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;Calder Race Course</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                3,585</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                3,152</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                3,337</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                2,968</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>

</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;Arlington Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                2,732</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                1,217</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                2,732</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                1,217</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;Hoosier Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                37</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                34</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                33</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                34</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;Total racing operations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                29,489</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                24,017</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                29,233</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                23,833</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;Other investments</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                899</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                876</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                755</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                757</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;Corporate expenses</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                552</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                801</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                269</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                373</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;Eliminations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (30,940</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (25,694</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (30,257</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (24,963</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
               $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;
                </FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
       <TD colspan=13 align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                EBITDA:</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;Kentucky Operations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;23,270</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;19,700</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=13% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;28,417</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;24,911</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>

</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;Hollywood Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                7,339</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                6,806</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                9,554</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                9,023</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>

</TR>
<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;Calder Race Course</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                1,462</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                819</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                4,129</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                3,894</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>

</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;Arlington Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
               958</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (2,488</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                2,427</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (227</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;Hoosier Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                1,219</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                3,878</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                545</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                1,888</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=28% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;CDSN</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                9,363</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                7,505</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=13% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                9,144</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                7,242</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;Total racing operations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                43,611</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                36,220</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                54,216</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                46,731</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;Other investments</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                466</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (352</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                431</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (20</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;Corporate expenses</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (2,908</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (2,835</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (1,081</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (1,231</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;Eliminations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                -&nbsp;&nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (62</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;-</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (2</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;41,169</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;32,971</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;53,566</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;45,478</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &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=2>
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=2>
                4</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->
<TR VALIGN=bottom>
        <TD align="center"><FONT FACE="Times New Roman, Times, Serif" size=2><B>
        CHURCHILL DOWNS INCORPORATED<BR>
        SUPPLEMENTAL INFORMATION <BR>
        for the six and three months ended June 30, 2003 and 2002<BR>
        (Unaudited)<BR>
        (In thousands)</B></FONT></TD>
</TR>

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

<TR valign="bottom">
       <TD colspan=13 align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                The following table is a reconciliation of our non-GAAP  financial measure of EBITDA
                to the accompanying  financial statements:</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=1 align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD colspan=5 align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                <U><B>Six Months Ended June 30,</B></U></FONT></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD colspan=5 align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                <U><B>Three Months Ended June 30,</B></U></FONT></TD>
        <TD colspan=1 align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=1 align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><u>2003</U></B>&nbsp;</FONT></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><u>2002</U></B></FONT></TD>
        <TD width=13% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><u>2003</U></B></FONT></TD>
        <TD colspan=1 align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><u>2002</U></B></FONT></TD>
        <TD colspan=1 align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>

</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                Total EBITDA</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $41,169</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $32,971</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=13% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $53,566</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $45,478</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=3% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                Depreciation and amortization</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (10,171</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (9,661</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT></TD>
        <TD width=13% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (5,109</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (4,846</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT></TD>
        <TD width=3% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                Interest income (expense), net</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (3,171</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (4,793</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT></TD>
        <TD width=13% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (1,406</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (2,222</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT></TD>
        <TD width=3% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                Provision for income taxes</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (11,298</FONT><HR WIDTH=82% size=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT><HR WIDTH=100% size=1 NOSHADE></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (7,444</FONT><HR WIDTH=82% size=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT><HR WIDTH=100% size=1 NOSHADE></TD>
        <TD width=13% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (19,026</FONT><HR WIDTH=82% size=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT><HR WIDTH=100% size=1 NOSHADE></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                (15,302</FONT><HR WIDTH=82% size=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT><HR WIDTH=100% size=1 NOSHADE></TD>
        <TD width=3% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                Net earnings</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $16,529</FONT><HR WIDTH=82% size=2 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $11,073</FONT><HR WIDTH=82% size=2 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=13% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $28,025</FONT><HR WIDTH=82% size=2 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                $23,108</FONT><HR WIDTH=82% size=2 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD width=3% align="center"> <FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>
</TABLE>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                5</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- 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=2><B>
        CHURCHILL DOWNS INCORPORATED<BR>
        CONDENSED CONSOLIDATED BALANCE SHEETS<BR>
        (In thousands)</B></FONT></TD>
</TR>

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

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="Center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                <B>June 30,</B></FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD colspan=4 align="Center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                <B>December 31,</B></FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                <B>June 30,</B></FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="Center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                <B><U>2003</U></B></FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                <B><U>2002</U></B></FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                <B><U>2002</U></B></FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="Center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                ASSETS</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                <B>(unaudited)</B></FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                <B>(unaudited)</B></FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD colspan=11 align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Current assets:</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;27,185</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;14,662</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;26,381</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                14,168</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                3,247</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                16,931</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                45,695</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                34,435</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                36,270</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                3,043</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                2,159</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                2,022</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                5,564</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                5,988</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                5,081</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                95,655</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                60,491</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                86,685</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD colspan=11 align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Other assets</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                11,962</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                10,606</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                12,213</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Plant and equipment, net</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                347,699</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                338,381</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                338,696</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Goodwill, net</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                52,239</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                52,239</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                52,239</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="TOP">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Other intangible assets, net</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                7,313</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                7,495</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                7,678</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                $514,868</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=5% size=2 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                $469,212</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=5% size=2 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                $497,511</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=5% size=2 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD colspan=11 align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD colspan=11 align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Current liabilities:</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;64,435</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;31,189</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                $&nbsp;&nbsp;75,070</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                35,853</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                31,782</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                36,512</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends payable</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                6,578</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                8,510</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                727</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                5,155</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                7,653</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                14,876</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                4,979</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

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

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                116,923</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                85,660</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                122,206</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

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

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Long-term debt, due after one year</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                119,811</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                122,840</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                116,672</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Other liabilities</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                14,053</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                12,603</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                13,585</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Deferred income taxes</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                13,103</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                13,112</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                15,119</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                263,890</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                234,215</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                267,582</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD colspan=12 align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Commitments and contingencies</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD colspan=11 align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Shareholders' equity:</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, no par value;</FONT></TD>
        <TD colspan=5 align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 shares authorized; no shares issued</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, no par value; 50,000 shares authorized;</FONT></TD>
        <TD colspan=10 align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issued:  13,183 shares June 30, 2003, 13,157
                 shares  </FONT></TD>
        <TD colspan=10 align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2002, and 13,115 shares June 30, 2002</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                126,725</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                126,043</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                125,132</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                125,770</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                109,241</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                105,923</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (1,517</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (222</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (1,061</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note receivable for common stock</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                -&nbsp;&nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (65</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (65</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                )</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                250,978</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                234,997</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                229,929</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                $514,868</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=5% size=2 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                $469,212</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=5% size=2 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                $497,511</FONT><HR WIDTH=100% size=2 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR WIDTH=5% size=2 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
</TR>
</TABLE>
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" size=2>
Certain financial statement amounts have been reclassified in the prior periods to conform to current period
presentation.</FONT></P>

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                6</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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