UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITY
EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): March 12,
2007
(Exact
name of registrant as specified in its charter)
|
Kentucky
(State
of incorporation)
|
0-1469
(Commission
file number)
|
61-0156015
(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 (18
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
12, 2007 announcing the results of operations and financial condition for
the
fourth quarter and full year ended December 31, 2006, 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 12, 2007 issued by Churchill Downs
Incorporated.
|
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Exhibit
No.
|
Description
|
|
Exhibit
99.1
|
Press
Release dated March 12, 2007 issued by Churchill Downs
Incorporated.
|
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 thereunto,
duly authorized.
|
|
CHURCHILL
DOWNS INCORPORATED
|
|
March
12, 2007
|
/s/
Michael W. Anderson
By:
Michael W. Anderson
Title:
Vice President Finance and Treasurer
|
2
FOR
IMMEDIATE RELEASE
Contact:
Julie Koenig Loignon
(502)
636-4502 (office)
juliek@kyderby.com
CHURCHILL
DOWNS INCORPORATED REPORTS 2006 RESULTS
LOUISVILLE,
Ky. (March 12, 2007)
-
Churchill Downs Incorporated (NASDAQ: CHDN) (“Churchill Downs” or “Company”)
today reported results for the fourth quarter and year ended Dec. 31,
2006.
Net
revenues from continuing operations in 2006 totaled $376.67 million, up 5.71
percent from net revenues from continuing operations of $356.34 million in
2005.
Net revenues from continuing operations during the fourth quarter of 2006 were
$80.27 million, an increase of 13.65 percent over net revenues from continuing
operations of $70.63 million during the fourth quarter of 2005. The growth
in
net revenues from continuing operations for the year and fourth quarter of
2006
is due principally to the strong performance of the Company’s Louisiana
Operations and Churchill Downs Racetrack, which during 2006 hosted another
record-setting Kentucky Derby weekend as well as its sixth successful Breeders'
Cup World Championships.
Net
earnings for 2006 were $29.81 million, or $2.19 per diluted share, compared
to
net earnings of $78.91 million, or $5.86 per diluted share, in 2005. Churchill
Downs’ 2005 full-year results included the Company’s one-time gain on the sale
of the assets of Hollywood Park of $69.90 million. The Company recorded
insurance recoveries, net of losses, of $19.23 million in 2006 and $2.20 million
in 2005 related to hurricane damage sustained by its racing operations in
Louisiana and Florida during 2005.
During
the fourth quarter of 2006, Churchill Downs had a net loss of $2.02 million,
or
$0.15 per diluted share, which was comprised of a net loss per diluted share
from discontinued operations of $0.33 and net earnings per diluted share from
continuing operations of $0.18. The Company’s 2006 fourth-quarter performance
was an improvement over the similar period in 2005 when Churchill Downs reported
a net loss of $3.02 million, or $0.23 per diluted share, which was comprised
of
a net loss per diluted share from discontinued operations of $0.01 and a net
loss per diluted share from continuing operations of $0.22.
The
Company recorded an impairment charge of $7.87 million, included in discontinued
operations, during the fourth quarter of 2006 to write down the long-lived
assets of Hoosier Park at Anderson to their estimated fair value in connection
with the pending sale of the Company’s majority interest in the track and its
three Indiana OTBs to Centaur Inc. The sale has received the necessary
regulatory approvals and is expected to close during the first quarter of 2007.
Churchill
Downs President and Chief Executive Officer Robert L. Evans said the Company
is
well positioned to move forward with a number of growth initiatives. “With the
sale of two racetracks, the restoration of our Louisiana Operations, and the
appointment of a new CEO, the previous year was certainly a transitional one
for
our Company. Nonetheless, we are pleased with the EBITDA growth we experienced
year-over-year at our continuing operations and with the continued strength
of
our balance sheet.
“As
we
look ahead to our growth objectives for the coming year and beyond, we believe
it is critical for the horse racing industry to embrace innovation and find
new
ways to grow business levels domestically and internationally while giving
our
customers more opportunities to watch and wager on horse racing content in
ways
that are convenient for them,” Evans continued. “To accomplish these objectives,
we must foster an open and competitive business environment that rewards the
horsemen and racetracks who invest the capital to create racing content as
well
as the distributors of racing content who are the most successful in competing
for and serving the needs of customers.
“This
month, Churchill Downs and Magna Entertainment Corp. announced TrackNet Media
Group LLC, a venture through which our companies will buy and sell racing
content from third parties. Additionally, our companies have entered into a
reciprocal content swap agreement through which we will buy and sell racing
content from each other. We believe these agreements will promote the optimal
distribution of horse racing content across a broader spectrum of platforms
-
including racetracks, simulcast-wagering facilities, account-wagering providers
and outlets that offer rebates - while pursuing wagering integrity and security
objectives that will generate revenue for the horsemen and racetracks that
create content.
“Churchill
Downs has also invested in the national horse racing network HRTV™, which is
available in 13 million U.S. households via certain cable and satellite
television services, and this spring is planning to launch its own advance
deposit wagering platform, www.twinspires.com.
We
believe these initiatives will benefit the key stakeholders in our industry,
including our customers, by creating better racing content for both the on-track
and television audience, more interesting wagering products, and more compelling
online and interactive experiences.
“In
the
year ahead, we also look forward to beginning construction on a permanent slot
machine gaming facility at Fair Grounds Race Course and are currently seeking
the approval of New Orleans City officials to operate a temporary facility
while
the permanent structure is being built to begin the flow of revenues to state
and local governments, to horsemen’s purses and to our Louisiana Operations
during the fourth quarter of 2007. We hope to break ground on the permanent
building, which will be adjacent to the racetrack grandstand, this summer with
a
target opening date of November 2008.”
A
conference call regarding this release is scheduled for Tuesday,
March 13, 2007, at 9 a.m. EDT.
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
or by
dialing (800)
638-4930
and
entering the pass code 76722485
at least
10 minutes before the appointed time. The online replay will be available at
approximately noon EDT and continue for two weeks. A two-week telephonic replay
will be available two hours after the call ends by dialing (888) 286-8010 and
entering 22965406 when prompted for the access code. A copy of this news release
announcing quarterly results 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”). Churchill Downs 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,
Churchill Downs’ operating performance in a meaningful and consistent manner.
This non-GAAP measurement is not intended to replace the presentation of
Churchill Downs’ financial results in accordance with GAAP.
Churchill
Downs Incorporated (“Churchill Downs”), headquartered in Louisville, Ky., owns
and operates world-renowned horse racing venues throughout the United States.
Churchill Downs’ 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. Churchill Downs’ racetracks have hosted seven
Breeders’ Cup World Championships. Churchill Downs also owns off-track betting
facilities and has interests in various advance deposit wagering, television
production, telecommunications and racing services companies that support
Churchill Downs’ network of simulcasting and racing operations. Churchill Downs
trades on the NASDAQ Global Select 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;
failure to execute on our business strategies or resistance to our business
strategies; 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; 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.
-
MORE
-
CHURCHILL
DOWNS INCORPORATED
CONSOLIDATED
STATEMENTS OF NET EARNINGS
for
the
three and twelve months ended December 31, 2006, and 2005
(In
thousands, except per common share data)
|
Three
Months Ended
December
31,
|
Twelve
Months Ended
December
31,
|
||||||||||||
|
2006
|
2005
|
2006
|
2005
|
||||||||||
|
Net
revenues:
|
|||||||||||||
|
Net
pari-mutuel wagering
|
$
|
62,197
|
$
|
58,020
|
$
|
263,849
|
$
|
260,783
|
|||||
|
Non-wagering
|
18,073
|
12,614
|
112,822
|
95,559
|
|||||||||
|
80,270
|
70,634
|
376,671
|
356,342
|
||||||||||
|
Operating
expenses:
|
|||||||||||||
|
Purses
|
28,227
|
25,072
|
118,999
|
112,437
|
|||||||||
|
Other
direct expenses
|
44,202
|
40,134
|
182,608
|
177,673
|
|||||||||
|
72,429
|
65,206
|
301,607
|
290,110
|
||||||||||
|
Gross
profit
|
7,841
|
5,428
|
75,064
|
66,232
|
|||||||||
|
Selling,
general and administrative expenses
|
11,506
|
11,464
|
44,713
|
44,478
|
|||||||||
|
Insurance
recoveries, net of losses
|
(6,278
|
)
|
(833
|
)
|
(19,231
|
)
|
(2,196
|
)
|
|||||
|
Operating
income (loss)
|
2,613
|
(5,203
|
)
|
49,582
|
23,950
|
||||||||
|
Other
income (expense):
|
|||||||||||||
|
Interest
income
|
317
|
287
|
866
|
548
|
|||||||||
|
Interest
expense
|
(589
|
)
|
(500
|
)
|
(1,869
|
)
|
(1,136
|
)
|
|||||
|
Unrealized
gain on derivative instruments
|
205
|
204
|
817
|
818
|
|||||||||
|
Miscellaneous,
net
|
16
|
7
|
213
|
482
|
|||||||||
|
(51
|
)
|
(2
|
)
|
27
|
712
|
||||||||
|
Earnings
(loss) from continuing operations before (provision) benefit for
income
taxes
|
2,562
|
(5,205
|
)
|
49,609
|
24,662
|
||||||||
|
(Provision)
benefit for income taxes
|
(98
|
)
|
2,397
|
(19,392
|
)
|
(10,814
|
)
|
||||||
|
Net
earnings (loss) from continuing operations
|
2,464
|
(2,808
|
)
|
30,217
|
13,848
|
||||||||
|
Discontinued
operations, net of income taxes:
|
|||||||||||||
|
Loss
from operations
|
(4,562
|
)
|
(187
|
)
|
(4,685
|
)
|
(4,836
|
)
|
|||||
|
Gain
(loss) on sale of assets
|
82
|
(21
|
)
|
4,279
|
69,896
|
||||||||
|
Net
(loss) earnings
|
$
|
(2,016
|
)
|
$
|
(3,016
|
)
|
$
|
29,811
|
$
|
78,908
|
|||
|
Net
(loss) earnings per common share:
|
|||||||||||||
|
Basic
|
|||||||||||||
|
Net
earnings (loss) from continuing operations
|
$
|
0.18
|
$
|
(0.22
|
)
|
$
|
2.24
|
$
|
1.05
|
||||
|
Discontinued
operations
|
(0.33
|
)
|
(0.01
|
)
|
(0.03
|
)
|
4.87
|
||||||
|
Net
(loss) earnings
|
$
|
(0.15
|
)
|
$
|
(0.23
|
)
|
$
|
2.21
|
$
|
5.92
|
|||
|
Diluted
|
|||||||||||||
|
Net
earnings (loss) from continuing operations
|
$
|
0.18
|
$
|
(0.22
|
)
|
$
|
2.22
|
$
|
1.04
|
||||
|
Discontinued
operations
|
(0.33
|
)
|
(0.01
|
)
|
(0.03
|
)
|
4.82
|
||||||
|
Net
(loss) earnings
|
$
|
(0.15
|
)
|
$
|
(0.23
|
)
|
$
|
2.19
|
$
|
5.86
|
|||
|
Weighted
average shares outstanding:
|
|||||||||||||
|
Basic
|
13,287
|
13,000
|
13,159
|
12,920
|
|||||||||
|
Diluted
|
13,287
|
13,000
|
13,667
|
13,500
|
|||||||||
Certain
financial statement amounts have been reclassified in the prior periods to
conform to current period presentation.
CHURCHILL
DOWNS INCORPORATED
SUPPLEMENTAL
INFORMATION BY OPERATING UNIT
for
the
three and twelve months ended December 31, 2006, and 2005
(In
thousands)
|
Three
Months Ended
December
31,
|
Twelve
Months Ended
December
31,
|
||||||||||||
|
2006
|
2005
|
2006
|
2005
|
||||||||||
|
Net
revenues from external customers:
|
|||||||||||||
|
Churchill
Downs Racetrack
|
$
|
12,431
|
$
|
10,994
|
$
|
92,592
|
$
|
86,554
|
|||||
|
Arlington
Park
|
7,614
|
8,040
|
71,874
|
75,584
|
|||||||||
|
Calder
Race Course
|
27,220
|
28,164
|
81,885
|
81,282
|
|||||||||
|
Louisiana
Operations
|
16,947
|
8,218
|
65,927
|
47,238
|
|||||||||
|
CDSN
|
15,862
|
14,899
|
62,291
|
64,253
|
|||||||||
|
Total
racing operations
|
80,074
|
70,315
|
374,569
|
354,911
|
|||||||||
|
Other
investments
|
343
|
226
|
2,401
|
1,525
|
|||||||||
|
Corporate
revenues
|
-
|
146
|
162
|
702
|
|||||||||
|
Net
revenues from continuing operations
|
80,417
|
70,687
|
377,132
|
357,138
|
|||||||||
|
Discontinued
operations
|
10,440
|
10,960
|
49,362
|
121,743
|
|||||||||
|
$
|
90,857
|
$
|
81,647
|
$
|
426,494
|
$
|
478,881
|
||||||
|
Intercompany
net revenues:
|
|||||||||||||
|
Churchill
Downs Racetrack
|
$
|
4,608
|
$
|
4,338
|
$
|
24,012
|
$
|
20,875
|
|||||
|
Arlington
Park
|
3
|
(2
|
)
|
8,369
|
8,604
|
||||||||
|
Calder
Race Course
|
5,428
|
4,874
|
12,197
|
11,454
|
|||||||||
|
Louisiana
Operations
|
2,359
|
2,080
|
3,747
|
8,326
|
|||||||||
|
Total
racing operations
|
12,398
|
11,290
|
48,325
|
49,259
|
|||||||||
|
Other
investments
|
477
|
471
|
1,441
|
1,429
|
|||||||||
|
Eliminations
|
(13,022
|
)
|
(11,814
|
)
|
(50,227
|
)
|
(51,484
|
)
|
|||||
|
(147
|
)
|
(53
|
)
|
(461
|
)
|
(796
|
)
|
||||||
|
Discontinued
operations
|
147
|
53
|
461
|
796
|
|||||||||
| $ | - |
$
|
-
|
$
|
-
|
$
|
-
|
||||||
|
EBITDA:
|
|||||||||||||
|
Churchill
Downs Racetrack
|
$
|
(599
|
)
|
$
|
(3,260
|
)
|
$
|
28,739
|
$
|
23,976
|
|||
|
Arlington
Park
|
(3,999
|
)
|
(4,483
|
)
|
(2,781
|
)
|
3,859
|
||||||
|
Calder
Race Course
|
3,385
|
5,677
|
9,690
|
7,521
|
|||||||||
|
Louisiana
Operations
|
6,011
|
(2,310
|
)
|
21,583
|
(3,034
|
)
|
|||||||
|
CDSN
|
4,005
|
3,600
|
15,402
|
15,662
|
|||||||||
|
Total
racing operations
|
8,803
|
(776
|
)
|
72,633
|
47,984
|
||||||||
|
Other
investments
|
(38
|
)
|
364
|
1,132
|
1,241
|
||||||||
|
Corporate
expenses
|
(1,007
|
)
|
515
|
(4,101
|
)
|
(4,981
|
)
|
||||||
|
Total
EBITDA from continuing operations
|
7,758
|
103
|
69,664
|
44,244
|
|||||||||
|
Eliminations
|
9
|
89
|
112
|
352
|
|||||||||
|
Depreciation
and amortization
|
(4,933
|
)
|
(5,184
|
)
|
(19,164
|
)
|
(19,346
|
)
|
|||||
|
Interest
expense, net
|
(272
|
)
|
(213
|
)
|
(1,003
|
)
|
(588
|
)
|
|||||
|
(Provision)
benefit for income taxes
|
(98
|
)
|
2,397
|
(19,392
|
)
|
(10,814
|
)
|
||||||
|
Net
earnings (loss) from continuing operations
|
2,464
|
(2,808
|
)
|
30,217
|
13,848
|
||||||||
|
Discontinued
operations, net of income taxes
|
(4,480
|
)
|
(208
|
)
|
(406
|
)
|
65,060
|
||||||
|
Net
(loss) earnings
|
$
|
(2,016
|
)
|
$
|
(3,016
|
)
|
$
|
29,811
|
$
|
78,908
|
|||
Certain
financial statement amounts have been reclassified in the prior periods to
conform to current period presentation.
CHURCHILL
DOWNS INCORPORATED
CONSOLIDATED
BALANCE SHEETS
(in
thousands, except share data)
|
December
31,
|
|||||||
|
2006
|
2005
|
||||||
|
ASSETS
|
(unaudited)
|
||||||
|
Current
assets:
|
|||||||
|
Cash
and cash equivalents
|
$
|
20,751
|
$
|
16,010
|
|||
|
Restricted
cash
|
12,704
|
4,714
|
|||||
|
Accounts
receivable, net
|
42,316
|
39,581
|
|||||
|
Deferred
income taxes
|
6,274
|
3,836
|
|||||
|
Income
taxes receivable
|
12,217
|
697
|
|||||
|
Other
current assets
|
8,857
|
8,523
|
|||||
|
Assets
held for sale
|
25,422
|
37,368
|
|||||
|
Total
current assets
|
128,541
|
110,729
|
|||||
|
Plant
and equipment, net
|
336,068
|
323,931
|
|||||
|
Goodwill
|
53,528
|
53,528
|
|||||
|
Other
intangible assets, net
|
16,048
|
16,636
|
|||||
|
Other
assets
|
12,143
|
13,020
|
|||||
|
Total
assets
|
$
|
546,328
|
$
|
517,844
|
|||
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|||||||
|
Current
liabilities:
|
|||||||
|
Accounts
payable
|
$
|
21,476
|
$
|
27,197
|
|||
|
Purses
payable
|
18,128
|
10,514
|
|||||
|
Accrued
expenses
|
40,781
|
40,093
|
|||||
|
Dividends
payable
|
6,670
|
6,520
|
|||||
|
Deferred
revenue
|
26,165
|
26,216
|
|||||
|
Liabilities
associated with assets held for sale
|
13,671
|
15,458
|
|||||
|
Total
current liabilities
|
126,891
|
125,998
|
|||||
|
Long-term
debt
|
13,393
|
28,575
|
|||||
|
Other
liabilities
|
22,485
|
21,448
|
|||||
|
Deferred
revenue
|
20,416
|
18,614
|
|||||
|
Deferred
income taxes
|
13,064
|
6,978
|
|||||
|
Total
liabilities
|
196,249
|
201,613
|
|||||
|
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: 13,420 shares and 13,132 shares December 31,
|
|||||||
|
2006
and 2005, respectively
|
128,937
|
121,270
|
|||||
|
Retained
earnings
|
221,142
|
198,001
|
|||||
|
Unearned
stock compensation
|
-
|
(3,040
|
)
|
||||
|
Total
shareholders’ equity
|
350,079
|
316,231
|
|||||
|
Total
liabilities and shareholders’ equity
|
$
|
546,328
|
$
|
517,844
|
|||