Churchill Downs Inc. has revised its financial statements to reflect reductions in pre-tax earnings for 2002 and 2003 of $2.2 million and $1 million, respectively, because of purse overpayments. The company also noted impairment charges of $6.2 million at Ellis Park because of "poor" live meet results this summer.The company said purse overpayments historically are recorded as receivables to be covered through purse reductions at subsequent meets. With the correction, any overpayment will be expensed to operations as incurred. The recovery of the overpayments will be reflected as a credit to future purse expenses.Accordingly, the company adjusted its accounting practices and revised its Sept. 30, 2004, consolidated financial statements.For the third quarter of 2004, CDI recognized an asset impairment charge of $4.4 million and an intangible impairment charge of $1.8 million at Ellis Park in western Kentucky. Management's review, based on consideration of current fiscal year operating results and the forecast operating results, indicated the estimated future cash flows were insufficient to recover the carrying value of long-lived assets, the company said in a release.Management anticipates the current carrying value of Ellis Park will be supported by ongoing operations. However, should expected operating results at Ellis Park not be realized, an additional write down of these assets could occur.