UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): December 1,
2006
(Exact
name of registrant as specified in its charter)
|
Kentucky
|
0-1469
|
61-0156015
|
|
(State
of incorporation)
|
(Commission
file number)
|
(IRS
Employer Identification No.)
|
700
Central Avenue, Louisville, Kentucky 40208
(Address
of principal executive offices)
(Zip
Code)
(502)
636-4400
(Registrant's
telephone number, including area code)
Check
the
appropriate box below if the Form 8-K is intended to simultaneously satisfy
the
filing obligation of the registrant under any of the following
provisions:
[
] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[
] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
[
]
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
|
[
]
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
Item
7.01. Regulation FD Disclosure.
On
December 1, 2006, Churchill Downs Incorporated issued a press release announcing
that it is restructuring its corporate work unit and reducing its corporate
organization by 22 full-time positions, approximately 30 percent of the
full-time corporate workforce. A copy of the press release is attached as
Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein
by
reference.
Item
9.01. Financial Statements and Exhibits.
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(d)
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Exhibits
|
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99.1
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Press
Release issued by Churchill Downs Incorporated, dated December 1,
2006
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SIGNATURE
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.
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CHURCHILL
DOWNS INCORPORATED
|
|
|
December
1, 2006
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/s/
Michael E. Miller
|
|
Michael
E. Miller
Executive
Vice President and Chief Financial
Officer
|
FOR
IMMEDIATE RELEASE
Contact:
Julie Koenig Loignon
(502)
636-4502 (office)
juliek@kyderby.com
CHURCHILL
DOWNS INCORPORATED RESTRUCTURES CORPORATE UNIT
LOUISVILLE,
Ky. (Dec. 1, 2006) - Churchill
Downs Incorporated (“CDI” or “Company”) (NASDAQ: CHDN) today announced that it
is restructuring its corporate work unit in Louisville, Ky., and reducing its
corporate organization by 22 full-time positions, approximately 30 percent
of
the Company’s full-time corporate workforce. The staffing reductions affect a
variety of corporate departments.
CDI
President and Chief Executive Officer Robert L. Evans said the restructuring,
which includes a reorganization of the corporate marketing function, ensures
the
corporate team is strategically aligned and ready to execute on new business
opportunities.
“First,
I
want to express my appreciation to the people affected by this organizational
change for their significant contributions to the Company’s success,” said
Evans. “However, we need different organizational capabilities to grow our
Company and pursue the opportunities we see before us, and that is the reason
for the changes we are making. Such change is never easy for the people
affected, and we will do whatever we can to help them transition to new
careers.”
Employees
whose jobs have been affected by the restructuring have been offered severance
packages and outplacement assistance.
Churchill
Downs Incorporated, headquartered in Louisville, Ky., owns and operates
world-renowned horse racing venues throughout the United States. CDI’s five
racetracks in Florida, Illinois, Indiana, Kentucky and Louisiana host many
of
North America’s most prestigious races, including the Kentucky Derby and
Kentucky Oaks, Arlington Million, Princess Rooney Handicap, Louisiana Derby
and
Indiana Derby. CDI racetracks have hosted seven Breeders’ Cup World
Championships. CDI also owns off-track betting facilities and has interests
in
various television production, telecommunications and racing services companies
that support CDI’s network of simulcasting and racing operations. CDI trades on
the NASDAQ Global Select Market under the symbol CHDN and can be found on the
Internet at www.churchilldownsincorporated.com.
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END
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