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): March 14,
2006
(Exact
name of registrant as specified in its charter)
|
Kentucky
|
0-1469
|
61-0156015
|
|
(State
or other jurisdiction 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 filing 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
2.02
|
RESULTS
OF OPERATION AND FINANCIAL
CONDITION.
|
A
copy of
the news release issued by Churchill Downs Incorporated (the “Company”) on March
14, 2006 announcing the results of operations and financial condition for the
fourth quarter and full year ended December 31, 2005, is attached hereto as
Exhibit 99.1 and incorporated by reference herein.
|
ITEM
9.01
|
FINANCIAL
STATEMENTS AND EXHIBITS.
|
|
(a)
|
Exhibit
|
|
99.1
|
Press
Release dated March 14, 2006 issued by Churchill Downs
Incorporated
|
|
Exhibit
No.
|
Description
|
|
Exhibit
99.1
|
Press
Release dated March 14, 2006 issued by Churchill Downs
Incorporated.
|
2
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.
|
CHURCHILL
DOWNS INCORPORATED
|
|
|
Date:
March 14, 2006
|
By:/s/
Michael W. Anderson
|
|
Michael
W. Anderson
Vice
President Finance and Treasurer
|
3
| FOR IMMEDIATE RELEASE |
Contact: Julie Koenig Loignon
|
(502)
636-4502 (office)
(502)
262-5461 (mobile)
juliek@kyderby.com
CHURCHILL
DOWNS INCORPORATED REPORTS 2005 RESULTS
LOUISVILLE,
Ky. (March 14, 2006) -
Churchill Downs Incorporated (NASDAQ: CHDN) (“CDI” or “Company”) today reported
results for the fourth quarter and year ended Dec. 31, 2005.
Net
earnings for 2005, which included the Company’s third-quarter gain on the sale
of the assets of Hollywood Park, totaled $78.9 million, compared to net earnings
of $8.9 million during 2004. Results from Hollywood Park are treated as
discontinued operations and detailed as such in the accompanying tables.
Net
earnings per diluted share for 2005 totaled $5.86, which included net earnings
per diluted share from continuing operations of $0.96 and net earnings per
diluted share from discontinued operations of $4.90. In 2004, net earnings
per
diluted share equaled $0.67, which was comprised of net earnings per diluted
share from continuing operations of $0.73 and a net loss per diluted share
from
discontinued operations of $0.06.
Net
revenues from continuing operations, which included a full-year of revenues
from
the Company's Louisiana operations, totaled $408.8 million in 2005, a
13.2-percent increase over net revenues from continuing operations of $361.2
million generated during 2004. Net revenues from continuing operations during
the fourth quarter of 2005 totaled $81.7 million, a 4.9-percent decrease from
the net revenues of $85.9 million generated by the Company’s continuing
operations during the fourth quarter of 2004.
During
the fourth quarter of 2005, the Company had a net loss per diluted share of
$0.23, which was comprised of a net loss per diluted share of $0.30 from
continuing operations and net earnings per diluted share of $0.07 from
discontinued operations. During the fourth quarter of 2004, the Company had
a
net loss per diluted shared of $0.25, which was comprised of a net loss per
diluted share of $0.35 from continuing operations and net earnings per diluted
share of $0.10 from discontinued operations. Results for the fourth quarter
and
full year ended Dec. 31, 2005, are outlined in the accompanying
tables.
CDI
President and Chief Executive Officer Thomas H. Meeker said, “2005 was a dynamic
year during which we achieved double-digit growth in net revenues and EBITDA
from our continuing operations, reduced our long-term debt, and advanced
strategic growth initiatives while managing business challenges that included
three natural disasters that disrupted our operations in Florida, Louisiana
and
Western Kentucky.
“Highlights
for 2005 include the completion of Churchill Downs’ $121 million renovation,
which contributed to another record-setting Kentucky Derby and Oaks weekend.
Incremental revenues generated through personal seat licenses, luxury suite
rentals and increased group sales at our flagship facility have exceeded
expectations, and customers’ response to our site improvements has been
outstanding.
“In
2005
we sold our Hollywood Park asset for $254.6 million. The transaction enabled
us
to virtually eliminate our long-term debt and exit a difficult business
environment while retaining the right to reinvest in Hollywood Park should
state
government authorize alternative gaming at California tracks. We completed
the
infrastructure build out of our Customer Relationship Management platform,
played a leadership role in advancing industry initiatives to upgrade wagering
systems, and strengthened our management team with the addition of a chief
development officer.
“We
begin
2006 with a strong balance sheet, access to capital and the ability to execute
on strategic opportunities as they develop. We are actively pursuing alternative
gaming legislation in the states where we operate and are working towards
a voter referendum to allow slots at our Florida track. We will
continue to identify opportunities to leverage our strong brand while pursuing
new distribution channels for our racing products in domestic and international
markets. We will work to rationalize the current economics of our sport to
ensure horse racing continues to adapt and evolve within a competitive and
ever-changing business environment. Additionally, we anticipate having the
answers necessary to chart a course for Fair Grounds Race Course and our other
hurricane-damaged Louisiana operations.”
A
conference call regarding this release is scheduled for Wednesday, March 15,
2006, 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 www.churchilldownsincorporated.com
or
www.earnings.com
by
calling (913) 981-4913 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 4721438 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 www.churchilldownsincorporated.com.
In
addition to the results provided in accordance with U.S. Generally Accepted
Accounting Principles (“GAAP”), the Company has provided a non-GAAP measurement,
which presents a financial measure of Earnings before Interest, Taxes,
Depreciation and Amortization (“EBITDA”). 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’s operating
performance in a meaningful and consistent manner. This non-GAAP measurement
is
not intended to replace the presentation of CDI’s financial results in
accordance with GAAP.
Historically,
the allocation of corporate overhead was excluded from EBITDA of the Company’s
segments. During 2005, the Company began evaluating its segments using EBITDA
that included corporate overhead as a key performance measure. Therefore,
the
segment EBITDA presented in the financial tables that follow includes corporate
overhead for all periods presented. Corporate EBITDA, however, includes overhead
in the amounts of $2,156,000 and $1,613,000 related to Hollywood Park for
the
years ended Dec. 31, 2005, and 2004, respectively, and ($14,000) and $109,000
for the three months ended Dec. 31, 2005, and 2004, respectively. Also, due
to
an internal restructuring during 2005, the corporate sales department has
been
moved from corporate to the Kentucky Operations. As such, EBITDA in the amounts
of $935,000 and $1,030,000 was transferred to the Kentucky Operations for
the
years ended Dec. 31, 2005, and 2004, respectively, and $305,000 and $195,000
was
transferred to the Kentucky Operations for the three months ended Dec. 31,
2005,
and 2004, respectively.
2
Churchill
Downs Incorporated, headquartered in Louisville, Ky., owns and operates
world-renowned horse racing venues throughout the United States. CDI’s six
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 six Breeders’ Cup World Thoroughbred
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 National Market under the symbol CHDN and can be found on the
Internet at www.churchilldownsincorporated.com.
Information
set forth in this news release contains various "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and Section
21E
of the Securities Exchange Act of 1934. The Private Securities Litigation Reform
Act of 1995 (the "Act") provides certain "safe harbor" provisions for
forward-looking statements. All forward-looking statements made in this news
release are made pursuant to the Act. The reader is cautioned that such
forward-looking statements are based on information available at the time and/or
management’s good faith belief with respect to future events, and are subject to
risks and uncertainties that could cause actual performance or results to differ
materially from those expressed in the statements. Forward-looking statements
speak only as of the date the statement was made. We assume no obligation to
update forward-looking information to reflect actual results, changes in
assumptions or changes in other factors affecting forward-looking information.
Forward-looking statements are typically identified by the use of terms such
as
"anticipate," "believe," "could," "estimate," "expect," "intend," "may,"
"might," "plan," "predict," "project," "should," "will," 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 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 our 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 Louisiana racetracks within those respective markets; costs
associated with our efforts in support of alternative gaming initiatives; costs
associated with Customer Relationship Management initiatives; a substantial
change in law or regulations affecting 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’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
successfully complete any divestiture transaction; 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 us assurance of the
reliability of their internal control processes through Statement on Auditing
Standards No. 70 audits or to keep their technology current; the need for
various alternative gaming approvals in Louisiana; our accountability for
environmental contamination; the loss of key personnel; the impact of natural
disasters, including Hurricanes Katrina, Rita and Wilma on our operations and
our ability to adjust the casualty losses through our property and business
interruption insurance coverage; any business disruption associated with a
natural disaster and/or its aftermath; and the volatility of our stock
price.
3
CHURCHILL
DOWNS INCORPORATED
CONSOLIDATED
STATEMENTS OF NET EARNINGS
for
the
three and twelve months ended December 31, 2005 and 2004
(Unaudited)
(In thousands, except per share data)
|
Three
Months Ended
December
31,
|
Twelve
Months Ended
December
31,
|
||||||||||||
|
2005
|
2004
|
2005
|
2004
|
||||||||||
|
Net
revenues:
|
|||||||||||||
|
Net
pari-mutuel wagering
|
$
|
65,409
|
$
|
60,390
|
$
|
297,509
|
$
|
274,374
|
|||||
|
Non-wagering
|
16,275
|
25,472
|
111,292
|
86,813
|
|||||||||
|
81,684
|
85,862
|
408,801
|
361,187
|
||||||||||
|
Operating
expenses:
|
|||||||||||||
|
Purses
|
28,461
|
28,519
|
127,139
|
114,164
|
|||||||||
|
Other
direct expenses
|
49,186
|
48,869
|
215,090
|
180,255
|
|||||||||
|
77,647
|
77,388
|
342,229
|
294,419
|
||||||||||
|
Gross
profit
|
4,037
|
8,474
|
66,572
|
66,768
|
|||||||||
|
Selling,
general and administrative expenses
|
11,519
|
9,354
|
45,685
|
35,983
|
|||||||||
|
Asset
impairment loss
|
-
|
-
|
-
|
6,202
|
|||||||||
|
Operating
(loss) income
|
(7,482
|
)
|
(880
|
)
|
20,887
|
24,583
|
|||||||
|
Other
income (expense):
|
|||||||||||||
|
Interest
income
|
326
|
124
|
622
|
413
|
|||||||||
|
Interest
expense
|
(626
|
)
|
(518
|
)
|
(1,576
|
)
|
(1,003
|
)
|
|||||
|
Unrealized
gain (loss) on derivative instruments
|
204
|
(4,254
|
)
|
818
|
(4,254
|
)
|
|||||||
|
Miscellaneous,
net
|
525
|
1,601
|
1,910
|
2,737
|
|||||||||
|
429
|
(3,047
|
)
|
1,774
|
(2,107
|
)
|
||||||||
|
(Loss)
earnings from continuing operations before provision for income taxes
|
(7,053
|
)
|
(3,927
|
)
|
22,661
|
22,476
|
|||||||
|
Benefit
(provision) for income taxes
|
3,201
|
(556
|
)
|
(9,851
|
)
|
(12,707
|
)
|
||||||
|
Net
(loss) earnings from continuing operations
|
(3,852
|
)
|
(4,483
|
)
|
12,810
|
9,769
|
|||||||
|
Discontinued
operations, net of income taxes:
|
|||||||||||||
|
Profit
(loss) from operations
|
609
|
1,289
|
(3,798
|
)
|
(854
|
)
|
|||||||
|
Gain
on sale of assets
|
227
|
-
|
69,896
|
-
|
|||||||||
|
Net
(loss) earnings
|
$
|
(3,016
|
)
|
$
|
(3,194
|
)
|
$
|
78,908
|
$
|
8,915
|
|||
|
Net
(loss) earnings per common share:
|
|||||||||||||
|
Basic
|
|||||||||||||
|
(Loss)
earnings from continuing operations
|
$
|
(0.30
|
)
|
$ |
(0.35
|
)
|
$
|
0.98
|
$
|
0.74
|
|||
|
Discontinued
operations
|
0.07
|
0.10
|
4.94
|
(0.07
|
)
|
||||||||
|
Net
(loss) earnings
|
$ |
(0.23
|
)
|
$ |
(0.25
|
)
|
$
|
5.92
|
$
|
0.67
|
|||
|
Diluted
|
|||||||||||||
|
(Loss)
earnings from continuing operations
|
$ |
(0.30
|
)
|
$ |
(0.35
|
)
|
$
|
0.96
|
$
|
0.73
|
|||
|
Discontinued
operations
|
0.07
|
0.10
|
4.90
|
(0.06
|
)
|
||||||||
|
Net
(loss) earnings
|
$ |
(0.23
|
)
|
$ |
($0.25
|
)
|
$
|
5.86
|
$
|
0.67
|
|||
|
Weighted
average shares outstanding:
|
|||||||||||||
|
Basic
|
13,000
|
12,933
|
12,920
|
13,196
|
|||||||||
|
Diluted
|
13,000
|
12,933
|
13,500
|
13,458
|
|||||||||
Certain
financial statement amounts have been reclassified in the prior periods to
conform to current period presentation.
4
CHURCHILL
DOWNS INCORPORATED
SUPPLEMENTAL
INFORMATION BY OPERATING UNIT
for
the
three and twelve months ended December 31, 2005 and 2004
(Unaudited)
(In thousands)
|
Three
Months Ended
December
31,
|
Twelve
Months Ended
December
31,
|
||||||||||||
|
2005
|
2004
|
2005
|
2004
|
||||||||||
|
Net
revenues from external customers:
|
|||||||||||||
|
Kentucky
Operations
|
$
|
11,658
|
$
|
11,413
|
$
|
96,052
|
$
|
89,060
|
|||||
|
Arlington
Park
|
8,040
|
8,484
|
75,422
|
79,764
|
|||||||||
|
Calder
Race Course
|
28,107
|
29,235
|
81,131
|
79,505
|
|||||||||
|
Hoosier
Park
|
10,572
|
10,826
|
40,710
|
41,491
|
|||||||||
|
Louisiana
Operations
|
8,183
|
11,058
|
47,114
|
11,058
|
|||||||||
|
CDSN
|
14,894
|
15,075
|
67,272
|
60,121
|
|||||||||
|
Total
racing operations
|
81,454
|
86,091
|
407,701
|
360,999
|
|||||||||
|
Other
investments
|
84
|
78
|
953
|
953
|
|||||||||
|
Corporate
revenues
|
146
|
4
|
702
|
21
|
|||||||||
|
Net
revenues from continuing operations
|
81,684
|
86,173
|
409,356
|
361,973
|
|||||||||
|
Discontinued
operations
|
(37
|
)
|
29,295
|
69,525
|
100,542
|
||||||||
|
$
|
81,647
|
$
|
115,468
|
$
|
478,881
|
$
|
462,515
|
||||||
|
Intercompany
net revenues:
|
|||||||||||||
|
Kentucky
Operations
|
$
|
4,385
|
$
|
3,800
|
$
|
23,590
|
$
|
23,650
|
|||||
|
Arlington
Park
|
(2
|
)
|
16
|
8,766
|
8,187
|
||||||||
|
Calder
Race Course
|
4,931
|
5,727
|
11,605
|
12,606
|
|||||||||
|
Hoosier
Park
|
52
|
72
|
159
|
158
|
|||||||||
|
Louisiana
Operations
|
2,115
|
2,179
|
8,450
|
2,179
|
|||||||||
|
Total
racing operations
|
11,481
|
11,794
|
52,570
|
46,780
|
|||||||||
|
Other
investments
|
613
|
561
|
2,001
|
2,087
|
|||||||||
|
Eliminations
|
(12,094
|
)
|
(12,666
|
)
|
(55,126
|
)
|
(49,653
|
)
|
|||||
|
|
- |
(311
|
)
|
(555
|
)
|
(786
|
)
|
||||||
|
Discontinued
operations
|
-
|
311
|
555
|
786
|
|||||||||
|
|
$ | - |
$
|
-
|
$
|
-
|
$
|
-
|
|||||
|
EBITDA:
|
|||||||||||||
|
Kentucky
Operations
|
$
|
(4,466
|
)
|
$
|
(2,882
|
)
|
$
|
21,381
|
$
|
11,905
|
|||
|
Arlington
Park
|
(4,528
|
)
|
(2,663
|
)
|
3,821
|
10,048
|
|||||||
|
Calder
Race Course
|
6,128
|
5,629
|
7,391
|
6,040
|
|||||||||
|
Hoosier
Park
|
(504
|
)
|
401
|
263
|
1,741
|
||||||||
|
Louisiana
Operations
|
(2,797
|
)
|
17
|
(3,059
|
)
|
17
|
|||||||
|
CDSN
|
3,606
|
3,536
|
16,409
|
13,892
|
|||||||||
|
Total
racing operations
|
(2,561
|
)
|
4,038
|
46,206
|
43,643
|
||||||||
|
Other
investments
|
886
|
1,703
|
2,575
|
3,302
|
|||||||||
|
Corporate
expenses
|
604
|
(5,151
|
)
|
(3,777
|
)
|
(8,207
|
)
|
||||||
|
Total
EBITDA from continuing operations
|
(1,071
|
)
|
590
|
45,004
|
38,738
|
||||||||
|
Eliminations
|
-
|
-
|
-
|
(6
|
)
|
||||||||
|
Depreciation
and amortization
|
(5,682
|
)
|
(4,123
|
)
|
(21,389
|
)
|
(15,666
|
)
|
|||||
|
Interest
income (expense), net
|
(300
|
)
|
(394
|
)
|
(954
|
)
|
(590
|
)
|
|||||
|
Benefit
(provision) for income taxes
|
3,201
|
(556
|
)
|
(9,851
|
)
|
(12,707
|
)
|
||||||
|
Net
(loss) earnings from continuing operations
|
(3,852
|
)
|
(4,483
|
)
|
12,810
|
9,769
|
|||||||
|
Discontinued
operations, net of income taxes
|
836
|
1,289
|
66,098
|
(854
|
)
|
||||||||
|
Net
(loss) earnings
|
$
|
(3,016
|
)
|
$
|
(3,194
|
)
|
$
|
78,908
|
$
|
8,915
|
|||
Certain
financial statement amounts have been reclassified in the prior periods to
conform to current period presentation.
5
CHURCHILL
DOWNS INCORPORATED
CONSOLIDATED
BALANCE SHEETS
(In
thousands)
|
December
31, 2005
(unaudited)
|
December 31, 2004 | |||||||
|
ASSETS
|
||||||||
|
Current
assets:
|
||||||||
|
Cash
and cash equivalents
|
$
|
22,737
|
$
|
24,950
|
||||
|
Restricted
cash
|
4,946
|
7,267
|
||||||
|
Accounts
receivable, net
|
42,823
|
45,568
|
||||||
|
Deferred
income taxes
|
3,949
|
3,940
|
||||||
|
Other
current assets
|
8,879
|
3,809
|
||||||
|
Assets
held for sale
|
-
|
142,445
|
||||||
|
Total
current assets
|
83,334
|
227,979
|
||||||
|
Other
assets
|
13,020
|
16,883
|
||||||
|
Plant
and equipment, net
|
346,530
|
324,738
|
||||||
|
Goodwill
|
53,528
|
53,528
|
||||||
|
Other
intangible assets, net
|
18,130
|
19,149
|
||||||
|
Total
assets
|
$
|
514,542
|
$
|
642,277
|
||||
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
||||||||
|
Current
liabilities:
|
||||||||
|
Accounts
payable
|
$
|
27,957
|
$
|
22,827
|
||||
|
Purses
payable
|
14,564
|
16,629
|
||||||
|
Accrued
expenses and other liabilities
|
44,003
|
31,911
|
||||||
|
Dividends
payable
|
6,520
|
6,430
|
||||||
|
Deferred
revenue
|
26,219
|
25,880
|
||||||
|
Liabilities
associated with assets held for sale
|
-
|
9,221
|
||||||
|
Total
current liabilities
|
119,263
|
112,898
|
||||||
|
Long-term
debt
|
33,793
|
242,770
|
||||||
|
Other
liabilities
|
20,971
|
20,424
|
||||||
|
Deferred
revenue
|
18,614
|
19,071
|
||||||
|
Deferred
income taxes
|
5,670
|
8,686
|
||||||
|
Total
liabilities
|
198,311
|
403,849
|
||||||
|
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: 13,132 shares
and
12,904 shares December 31, 2005 and 2004, respectively
|
121,270
|
114,930
|
||||||
|
Retained
earnings
|
198,001
|
125,613
|
||||||
|
Unearned
stock compensation
|
(3,040
|
)
|
(1,935
|
)
|
||||
|
Accumulated
other comprehensive loss
|
-
|
(180
|
)
|
|||||
|
Total
shareholders’ equity
|
316,231
|
238,428
|
||||||
|
Total
liabilities and shareholders’ equity
|
$
|
514,542
|
$
|
642,277
|
||||
Certain
financial statement amounts have been reclassified in the prior periods to
conform to current period presentation.
6