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<SEC-DOCUMENT>0000940397-05-000057.txt : 20050317
<SEC-HEADER>0000940397-05-000057.hdr.sgml : 20050317
<ACCEPTANCE-DATETIME>20050316182829
ACCESSION NUMBER:		0000940397-05-000057
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20050314
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050317
DATE AS OF CHANGE:		20050316

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:		05686934

	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>cdi8k31505.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<BODY>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C. 20549</b></font></p>

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

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b>CURRENT REPORT<BR>
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</b></font></p>

<br>

<p><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date of Report (Date of earliest
event reported) <u>&nbsp;&nbsp;&nbsp;&nbsp;<b>March 15, 2005</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u></font></p>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b>CHURCHILL DOWNS INCORPORATED</b></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></b><BR></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Exact name of registrant as specified in its charter)</FONT></TD></TR>
</table>


<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="34%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="33%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="33%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Kentucky</B></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>0-1469</B></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>61-0156015</B></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD colspan=3><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
     </TR>
<TR VALIGN="TOP">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(State or other jurisdiction<br>of incorporation)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Commission<br>File Number)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(IRS Employer<br>Identification No.)</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>


<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TH></TR>
<TR VALIGN="TOP">
     <TD ALIGN=left WIDTH="75%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>700 Central Avenue<BR>Louisville, Kentucky</b></FONT></TD>
     <TD ALIGN=left WIDTH="25%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><b><BR>40208</b></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Address of principal executive offices)</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Zip Code)</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>

<br>
<p><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Registrant's telephone number, including area code <u>
&nbsp;&nbsp;&nbsp;&nbsp;<b>(502) 636-4400</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>


<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>N/A</b></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="100%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Former name or former address, if changed since last report)</FONT></TD></TR>
</TABLE>

<p align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see
General Instruction A.2. below):</font></p>

<p ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">[&nbsp;&nbsp;] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</font></p>

<p ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">[&nbsp;&nbsp;] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)</font></p>

<p ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">[&nbsp;&nbsp;] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</font></p>

<p ALIGN=JUSTIFY><FONT FACE="Times New Roman, Times, Serif" SIZE="2">[&nbsp;&nbsp;] Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</font></p>

<!-- *************************************************************************** -->
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<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>ITEM 2.02. RESULTS OF
OPERATIONS AND FINANCIAL CONDITION. </b></FONT><P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information provided in Item 4.02 of this Current Report on Form 8-K is incorporated by
reference. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company's earnings press release dated March 16, 2005, reporting its fourth quarter 2004 and full year
results of operation and financial condition, is attached hereto as Exhibit 99.1 and incorporated by
reference herein.  This information is being furnished to the U.S. Securities and Exchange Commission
pursuant to Item 2.02 of Form 8-K.</font></p>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ITEM 4.02. NON-RELIANCE ON
PREVIOUSLY ISSUED FINANCIAL STATEMENTS OR A RELATED AUDIT REPORT OR COMPLETED INTERIM
REVIEW.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;
          The Company recently determined that an accrued liability related to a
          supplemental benefit plan (the &#147;Plan&#148;) maintained by the Company for
          the chief executive officer was misstated. The Plan provides for a pre-determined
          monthly benefit to be paid upon the performance of service as defined in the Plan.
          The Company has historically recorded compensation expense equal to the estimated
          present value of future payments to be made under the Plan over the period of active
          employment of the employee covered under the Plan. &nbsp;The Company has now
          determined that, from inception of the Plan, the liability was recorded net of
          income tax benefits while also recording a separate income tax benefit in
          accordance with the recognition of the income tax accrual. As a result, the
          income tax benefit was recorded twice, and the accrued liability was understated
          at the end of each year. The liability was also understated as a result of using
          erroneous actuarial information to calculate the estimated present value of
          future payments. Accordingly, the Company's December 31, 2003 and 2002 Consolidated
          Financial Statements should no longer be relied upon. The Company will restate its Consolidated
          Financial Statements as of and for the years ended December 31, 2003 and 2002
          for the effect of this error, with such restated financial information
          included in the Company&#146;s Annual Report on Form 10-K for the fiscal year
          ended December 31, 2004, filed on or about March 16, 2005. The restatement
          will serve to increase the liability to the estimated present value of future
          payments based on the terms of the Plan. The restatement will have no effect on
          the Consolidated Statements of Net Earnings for the years ended December 31,
          2003 and 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following tables represent the effect of the restatements on the Company&#146;s
Consolidated Balance Sheets as of the years ended December 31, 2003, 2002 and 2001: </FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD align=center COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>As<br>Previously<br><u>Reported</u></b></FONT></TD>
     <TD align=center COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b><u>Adjustment</u></b></FONT></TD>
     <TD align=center COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b><u>As Restated</u></b></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="60%" 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>
     <TD WIDTH="10%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH="2%" 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></FONT></TD>
     <TD WIDTH="3%" 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></FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>December 31, 2003</b><br>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Other liabilities</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$11,719</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$2,165</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$13,884</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Deferred income tax liabilities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$13,327</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>($802</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$12,525</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Retained earnings</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$124,491</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>($1,363</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$123,128</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>
<br>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD align=center COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>As<br>Previously<br><u>Reported</u></b></FONT></TD>
     <TD align=center COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b><u>Adjustment</u></b></FONT></TD>
     <TD align=center COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b><u>As Restated</u></b></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="60%" 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>
     <TD WIDTH="10%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH="2%" 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></FONT></TD>
     <TD WIDTH="3%" 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></FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>December 31, 2002</b><br>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Other liabilities</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$12,603</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$2,165</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$14,768</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Deferred income tax liabilities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$13,112</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>($802</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$12,310</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Retained earnings</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$107,737</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>($1,363</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$106,374</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>
<br>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD align=center COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>As<br>Previously<br><u>Reported</u></b></FONT></TD>
     <TD align=center COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b><u>Adjustment</u></b></FONT></TD>
     <TD align=center COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b><u>As Restated</u></b></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="60%" 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>
     <TD WIDTH="10%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH="2%" 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></FONT></TD>
     <TD WIDTH="3%" 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></FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>December 31, 2001</b><br>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Other liabilities</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$11,302</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$2,165</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$13,467</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Deferred income tax liabilities</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$15,124</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>($802</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$14,322</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Retained earnings</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$94,680</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>($1,363</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$93,317</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>






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<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March 15, 2005, the Company&#146;s Audit Committee and senior management deemed the restatement
necessary and discussed the matters disclosed in this item with the Company&#146;s independent
registered public accounting firm, PricewaterhouseCoopers, LLP. Investors should look to the restated
financial statements included in the Company&#146;s Annual Report on Form 10-K for the
fiscal year ended December 31, 2004 filed on or about March 16, 2005. </FONT></P>

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<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
material weakness is a control deficiency, or combination of control deficiencies, that
results in more than a remote likelihood that a material misstatement of the annual or
interim financial statements will not be prevented or detected. As of December 31, 2004,
the Company did not maintain effective control over a supplemental retirement plan
liability for its chief executive officer. Specifically, the accrued liability for this
plan was understated as a result of errors caused by management using incorrect actuarial
information and incorrectly recording the amount on an after-tax basis. The Company did
not have effective review and approval controls to prevent or detect these errors on a
timely basis. This control deficiency resulted in the restatement of the Company&#146;s
consolidated financial statements for 2002 and 2003. Additionally, this control deficiency
could result in a misstatement of the accrued supplemental retirement plan liability and
the related expense that would result in a material misstatement to annual or interim
financial statements that would not be prevented or detected. Accordingly, management
determined that this control deficiency constitutes a material weakness. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>ITEM 9.01&nbsp;&nbsp;FINANICAL STATEMENTS
AND EXHIBITS.</B></FONT></P>

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     <TD ALIGN=CENTER WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(c)</FONT></TD>
     <TD WIDTH="70%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibits</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exhibit 99.1&nbsp;&nbsp;Press release dated March 16, 2005</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 hereunto duly authorized. </FONT></P>


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     <TD width=40%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD width=60%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>CHURCHILL DOWNS INCORPORATED<BR><BR></b></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">March 16, 2005</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>&nbsp;/s/ Michael W. Anderson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
Michael W. Anderson<br>VP Finance and Treasurer</FONT></TD></TR>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>cdi8k31505pr.htm
<DESCRIPTION>PRESS RELEASE
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>EXHIBIT 99.1</B></FONT></P>

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<IMG SRC="cdlogo.jpg">

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     <TH width=75% align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
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     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">FOR IMMEDIATE RELEASE</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Contact: Mike Ogburn<BR>(502) 636-4415, office
<BR>(502) 262-0224, cellular<BR>mogburn@kyderby.com</FONT></TD></TR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CHURCHILL DOWNS
INCORPORATED REPORTS 2004 EARNINGS</B> </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>LOUISVILLE,  Ky. (March 16, 2005)</B> - Churchill Downs  Incorporated  (Nasdaq:  CHDN) ("CDI" or "Company") today reported earnings results
for the fourth quarter and year ended Dec. 31, 2004.</font></p>

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<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
revenues for the year totaled $463.1 million, a 4.3-percent increase from revenues of
$444.1&nbsp;million in 2003. Net earnings totaled $0.67 per fully diluted share, compared
with $1.75 per fully diluted share in 2003. The 2004 results included a one-time, $1.6
million gain from the sale of a portion of the Company&#146;s ownership in Kentucky Downs
offset by $5.9 million in expenses related to alternative gaming ballot initiatives, $6.2
million in non-cash impairment charges at Ellis Park, and a $4.3 million non-cash,
unrealized loss related to the terms of a convertible note issued in the fourth quarter. </FONT></P>

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<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the fourth quarter of 2004, the Company reported net revenues of $116.1 million, an
increase of 17.5 percent from the $98.8 million reported during the same period in 2003.
The net loss was $3.2 million, or ($0.25) per diluted share, versus a loss of $389,000 or
($0.03) per diluted share in the fourth quarter of 2003. The results include the non-cash,
$4.3 million mark-to-market, unrealized loss related to the terms of a convertible note
issued in the fourth quarter of 2004. </FONT></P>

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<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas
H. Meeker, CDI&#146;s president and chief executive officer, described 2004 as a pivotal
year for the Company. &#147;Our 2004 performance was strong across our operations,
especially when looking beyond the unusual items that reduced our earnings by
approximately $0.98 per share,&#148; stated Meeker. &#147;In 2004 we grew our revenues,
maintained our gross profit margin of 17 percent and generated EBITDA of more than $50
million. </FONT></P>

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<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;We
also achieved several key objectives over the course of the year. We acquired Fair Grounds
Race Course and in the process gained first quarter racing and an entry into the
&#145;racino&#146; business. We gained statewide approval to pursue alternative gaming in
Florida, and despite a setback at the local level, remain hopeful that we can win an
enabling vote in 2007. We continued the build out of our Customer Relationship Management
(&#147;CRM&#148;) platform, and have nearly completed the renovations at Churchill Downs
racetrack, where sales of our new luxury suites and personal seat licenses more than
exceeded our expectations. These achievements are significant examples of steps we are
taking to position our Company for future growth. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151; MORE &#151; </FONT></P>

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<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700
CENTRAL AVENUE o LOUISVILLE, KY 40208 o P: (502) 636-4400 o churchilldownsincorporated.com </FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Churchill Downs
Incorporated Reports 2004 Earnings<BR>March 16, 2005<BR>Page 2 </FONT></P>

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<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;In
2005, we anticipate an exceptional Kentucky Derby and Oaks in our newly renovated
Churchill Downs facility, improvement in our simulcast sales and initial returns from our
CRM initiative,&#148; Meeker continued. &#147;We also will continue to aggressively pursue
additional opportunities to build shareholder value, including ongoing development
initiatives, exploration of options to maximize our Hollywood Park asset, and the
potential incorporation of slot machines at Fair Grounds in 2006.&#148; </FONT></P>

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<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meeker
concluded, &#147;Because of the unpredictable nature of these development-related
activities, both in the coming years and the recent past, providing guidance on an
earnings per share (&#147;EPS&#148;) basis has proven to be more and more difficult and
less meaningful. Consequently, we have made a decision to suspend our practice of
assigning an EPS target to our various reporting periods. We will continue to provide
updates on business trends, operational results and ongoing development initiatives, but
will not attempt to quantify their impact through EPS guidance.&#148; </FONT></P>

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<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note:
As part of the 2004 internal controls review mandated by Sarbanes Oxley, the Company
identified two material weaknesses in its controls and disclosed them in the Form 10-K
filed for the period discussed in this press release. One of these issues has been
resolved and is no longer a material weakness. The second involves the controls and audit
procedures of our tote vendors, and will be resolved by Dec. 31, 2005. </FONT></P>

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<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
conference call regarding this release is scheduled for Thursday, March 17, 2005,
beginning at 9 a.m. EST. Investors and other interested parties may listen to the
teleconference by accessing the online, real-time webcast and broadcast of the call at
<U>www.churchilldownsincorporated.com</U> or <U>www.fulldisclosure.com</U> or by calling (719) 457-2727
at least 10 minutes before the appointed time. The online replay will be available at
approximately noon and continue for two weeks. A six-day telephonic replay will be
available two hours after the call ends by dialing (719) 457-0820 and entering 5620447
when prompted for the access code. A copy of this press release announcing earnings and
relevant financial and statistical information about the period will be accessible at
<U>www.churchilldownsincorporated.com/investor_relations</U>. </FONT></P>

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<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

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<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill
Downs Incorporated, headquartered in Louisville, Ky., owns and operates world-renowned
horse racing venues throughout the United States. The Company&#146;s seven racetracks in
California, Florida, Illinois, Indiana, Kentucky and Louisiana host 121 graded-stakes
events and many of North America&#146;s most prestigious races, including the Kentucky
Derby and Kentucky Oaks, </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151; MORE &#151; </FONT></P>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700
CENTRAL AVENUE o LOUISVILLE, KY 40208 o P: (502) 636-4400 o churchilldownsincorporated.com </FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Churchill Downs
Incorporated Reports 2004 Earnings<BR>March 16, 2005<BR>Page 3 </FONT></P>

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<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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>

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<P ALIGN="JUSTIFY"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 future
war and terrorist activities or political uncertainties; the economic environment; the
impact of increasing insurance costs; the impact of interest rate fluctuations; the effect
of any change in the Company&#146;s accounting policies or practices; 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; the impact of live racing day
competition with other Florida and California racetracks within those respective markets;
costs associated with our efforts in support of alternative gaming initiatives; costs
associated with our Customer Relationship Management initiatives; a substantial change in
law or regulations affecting our pari-mutuel and gaming 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 Indiana racetrack and its wagering facilities near our
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; our ability to execute our acquisition
strategy and to complete or successfully operate planned expansion projects; our ability
to adequately integrate acquired businesses; market reaction to our expansion projects;
any business disruption associated with our facility renovations; the loss of our
totalisator companies or their inability to provide adequate reliance on their internal
control processes through SAS 70 reports or 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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<A NAME=A011></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151; MORE &#151; </FONT></P>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700
CENTRAL AVENUE o LOUISVILLE, KY 40208 o P: (502) 636-4400 o churchilldownsincorporated.com </FONT></P>


<!-- MARKER PAGE="sheet: 5; page: 5" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<A NAME=A012></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Churchill Downs
Incorporated Reports 2004 Earnings<BR>March 16, 2005<BR>Page 4 </FONT></P>

<PRE>
                                                     CHURCHILL DOWNS INCORPORATED
                                           CONDENSED CONSOLIDATED STATEMENTS OF NET EARNINGS
                                   for the twelve and three months ended December 31, 2004 and 2003
                                           (Unaudited) (In thousands, except per share data)
                                                           Twelve Months Ended          Three Months Ended
                                                                 December 31,               December 31,
                                                             2004            2003          2004        2003
                                                             ----            ----          ----        ----
Net revenues                                             $463,113       $444,056      $116,066       $98,799

Operating expenses:
     Purses                                               150,760        149,805        39,837        39,613
     Other direct expenses                                232,703        217,101        63,080        50,346
                                                          -------       --------      --------       -------
                                                          383,463        366,906       102,917        89,959

     Gross profit                                          79,650         77,150        13,149         8,840

Selling, general and administrative expenses               42,759         34,091        10,347         8,683

Asset impairment loss                                       6,202              -             -             -
                                                          -------       --------      --------       -------
     Operating income                                      30,689         43,059         2,802           157
                                                          -------       --------      --------       -------

Other income (expense):
          Interest income                                     435          1,316           132           120
          Interest expense                                 (6,690)        (6,221)       (2,606)       (1,505)
          Unrealized loss on derivative instruments        (4,254)             -        (4,254)            -
          Miscellaneous, net                                2,725          1,028         1,586           386
                                                          -------       --------      --------       -------
                                                           (7,784)        (3,877)       (5,142)         (999)
                                                          -------       --------      --------       -------

Earnings (loss) before income taxes                        22,905         39,182        (2,340)         (842)

Income tax (provision) benefit                            (13,990)       (15,803)         (854)          453
                                                          -------       --------      --------       -------
Net earnings (loss)                                      $  8,915       $ 23,379      $ (3,194)      $  (389)
                                                         ========       ========      ========       =======


Net earnings (loss) per common share data:
          Basic                                             $0.67          $1.77        $(0.25)       $(0.03)
          Diluted                                           $0.67          $1.75        $(0.25)       $(0.03)

Weighted average shares outstanding:
          Basic                                            13,196         13,189        12,933        13,231
          Diluted                                          13,372         13,392        12,933        13,231


</PRE>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><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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<A NAME=A014></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151; MORE &#151; </FONT></P>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700
CENTRAL AVENUE o LOUISVILLE, KY 40208 o P: (502) 636-4400 o churchilldownsincorporated.com </FONT></P>


<!-- MARKER PAGE="sheet: 6; page: 6" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<A NAME=A015></A>
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Churchill Downs
Incorporated Reports 2004 Earnings<BR>March 16, 2005<BR>Page 5 </FONT></P>

<PRE>
                                                     CHURCHILL DOWNS INCORPORATED
                                              SUPPLEMENTAL INFORMATION BY OPERATING UNIT
                                   for the twelve and three months ended December 31, 2004 and 2003
                                                (Unaudited) (In thousands)
                                              Twelve Months Ended                  Three Months Ended
                                                  December 31,                        December 31,
                                            2004                 2003            2004              2003
                                            ----                 ----            ----              ----
Net revenues from external customers:
  Kentucky Operations                    $  87,313         $  84,010         $  11,105         $  12,359
  Hollywood Park                            83,484            78,839            23,271            19,821
  Arlington Park                            79,586            78,290             8,484             8,122
  Calder Race Course                        79,469            78,472            29,220            27,513
  Hoosier Park                              41,487            42,801            10,824            11,631
  Louisiana Operations                      11,629                -             11,629                 -
  CDSN                                      77,848            77,423            21,200            18,681
                                         ---------         ---------         ---------         ---------
      Total racing operations              460,816           439,835           115,733            98,127
  Other investments                            953             2,889                78               341
  Corporate revenues                         1,344             1,332               257               331
                                         ---------         ---------         ---------         ---------
                                         $ 463,113         $ 444,056         $ 116,066         $  98,799
                                         =========         =========         =========          ========
Intercompany net revenues:
  Kentucky Operations                     $ 24,074         $  25,531         $   3,857         $   5,014
  Hollywood Park                            13,577            12,795             4,674             3,844
  Arlington Park                             8,365             8,722                16                55
  Calder Race Course                        12,642            13,281             5,742             5,480
  Hoosier Park                                 162               210                74               121
  Louisiana Operations                       2,206                 -                 -                 -
                                         ---------         ---------         ---------         ---------
      Total racing operations               61,026            60,539            16,569            14,514
  Other investments                          2,087             2,171               561               703
  Corporate expenses                           967               984               209               219
  Eliminations                             (64,080)          (63,694)          (17,339)          (15,436)
                                         ---------         ---------         ---------         ---------
                                         $       -         $       -         $       -         $       -
                                         =========         =========         =========         =========

EBITDA:
  Kentucky Operations                   $   12,207         $  18,093         $  (2,667)        $  (2,549)
  Hollywood Park                             7,300             7,179             3,255               393
  Arlington Park                            11,003             8,708            (2,223)           (2,355)
  Calder Race Course                         9,498            14,329             6,993             6,818
  Hoosier Park                               1,856             2,422               438               408
  Louisiana Operations                          23                 -                23                 -
  CDSN                                      18,832            18,912             5,298             4,489
                                        ----------         ---------         ---------         ---------
      Total racing operations               60,719            69,643            11,117             7,204
  Other investments                          3,302             1,457             1,703               381
  Corporate expenses                       (12,895)           (6,530)           (6,971)           (1,874)
  Eliminations                                  (6)                -                 -                 -
Total EBITDA                                51,120            64,570             5,849             5,711
  Depreciation and amortization            (21,960)          (20,483)           (5,715)           (5,168)
  Interest income (expense), net            (6,255)           (4,905)           (2,474)           (1,385)
  Provision for income taxes               (13,990)          (15,803)             (854)              453
                                        ----------         ---------         ---------         ---------
  Net earnings                          $    8,915         $  23,379         $  (3,194)        $    (389)
                                        ==========         =========         =========         =========
</PRE>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><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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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151; MORE &#151; </FONT></P>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700
CENTRAL AVENUE o LOUISVILLE, KY 40208 o P: (502) 636-4400 o churchilldownsincorporated.com </FONT></P>


<!-- MARKER PAGE="sheet: 7; page: 7" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<A NAME=A018></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Churchill Downs
Incorporated Reports 2004 Earnings<BR>March 16, 2005<BR>Page 6 </FONT></P>

<PRE>
                                                CHURCHILL DOWNS INCORPORATED
                                 CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
                                                            December 31,       December 31,
                                                               2004               2003
                                                              ----               ----
                                   ASSETS                                    (as restated)
        Current assets:
             Cash and cash equivalents                     $  27,712           $ 16,440
             Restricted cash                                   7,267              1,613
             Accounts receivable, net                         50,523             35,604
             Deferred income taxes                             3,940              3,767
             Other current assets                              3,999              1,613
                                                           ---------           --------
                  Total current assets                        93,441             59,037

        Other assets                                          17,196             16,941
        Plant and equipment, net                             458,644            367,229
        Goodwill, net                                         53,528             52,239
        Other intangible assets, net                          19,149              7,464
                                                           ---------              -----
                  Total assets                             $ 641,958           $502,910
                                                           =========           ========

        LIABILITIES AND SHAREHOLDERS' EQUITY
        Current liabilities:
             Accounts payable                              $  34,233           $ 26,565
             Purses payable                                    8,464              8,584
             Accrued expenses                                 37,511             38,491
             Dividends payable                                 6,430              6,625
             Deferred revenue                                 25,941             18,050
             Long-term debt, current portion                      -               5,740
                                                           ---------           --------
                  Total current liabilities                  112,579            104,055

      Long-term debt, due after one year                   242,770            121,096
        Other liabilities                                     20,424             13,884
        Deferred revenue                                      19,071                  -
        Deferred income taxes                                  8,686             12,525
                                                           ---------           --------
                  Total liabilities                          403,530            251,560

        Commitments and contingencies                                -                -
        Shareholders' equity:
             Preferred stock, no par value;
                  250 shares authorized; no shares issued            -                -
             Common stock, no par value; 50,000 shares
                  authorized; issued: 12,904 shares December
                  31, 2004 and 13,250 shares December 31,
                  2003                                      114,930             128,583
             Retained earnings                              125,613             123,128
             Accumulated other comprehensive loss              (180)              (361)
             Unearned compensation                           (1,935)                  -
                                                           --------            --------
                  Total shareholders' equity                238,428             251,350
                                                           --------            --------
              Total liabilities and shareholders' equity  $ 641,958            $502,910
                                                          =========            ========


</PRE>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700
CENTRAL AVENUE o LOUISVILLE, KY 40208 o P: (502) 636-4400 o churchilldownsincorporated.com </FONT></P>




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