JANUARY 5, 2015

FELLOW SHAREHOLDER:

Grounds

% Change

2013

2014

Record Indianapolis attendance of 660,289 propelled Indians, Inc. to net income of
$1,633,043 in 2014, 15.5% ahead of 2013’s profit of $1,414,189. This included eight
sellouts and 24 games with attendance over 10,000. A record 98,301 tickets were sold
online, a 50 percent increase over the past two years. Victory Field welcomed its 11
millionth fan in its 18th year of
operation. Aramark’s effective
FINANCIAL COMPARISONS
2014 - 2013
management of Victory Field
food and beverage sales took
full advantage of the attendance
increase, returning $2,274,229
Ticket Sales
$5,332,583
$4,810,758 +10.8
to the Indians, nearly eight
percent more than 2013. Indians,
Concession
Commission
2,274,229
2,108,687 +7.9
Inc. paid income taxes in 2014
Income
of $1,042,659, an increase of
Advertising
3,095,258
3,005,461 +3.0
16% over 2013. A 7% ticket
Revenues
tax of $410,060 was paid to
Suite Rental
1,078,033
956,897 +12.7
Major League Baseball. This tax
revenue
increases to 7.5% in 2015. (See
Total
+
Operating
12,733,444 11,796,381
7.9
the accompanying chart for more
Revenues
financial comparisons.)
Operating
4,752,256
4,461,492
6.5
Manager Dean Treanor led
expense
the Indians to second place in
Total
the International League West
+
Operating
10,520,418
9,927,807
6.0
Expenses
Division with a 73-71 record.
Top prospect Gregory Polanco
Income From
+
2,213,026
1,868,574
18.4
Operations
was named Indians MVP. Dean
+
Net Income
1,633,043
1,414,189
15.5
returns to lead Indianapolis in
Merchandise
2015 and is joined by Stan Kyles
+
853,341
740,602
13.2
Sales
(pitching coach), Butch Wynegar
(hitting coach) and Bryan
Housand (trainer). Indianapolis’ Player Development contract with the Pittsburgh
Pirates is in effect through the 2016 season.
+

 THE INDIANS CONCLUDED 2014 WITH A TOTAL ATTENDANCE OF 660,289, THE
HIGHEST TOTAL IN VICTORY FIELD HISTORY
The Indians, Inc. Board of Directors declared a regular dividend of $800 per share,
up from $500 in 2013. The Board also declared a $954 special dividend. The
dividend check was mailed to shareholders in mid-November 2014. The 2014 stock
buyback resulted in three shares returned to Indians, Inc. at $30,814 each. The
Board extended the stock buyback program through 2015, up to a maximum of 20
shares, with an offering price of $35,928. As of the end of fiscal 2014, there were
716 shares outstanding compared to 719 shares a year earlier. Details of the current
offer were included in the November 2014 shareholder mailing. If you need another
set of those materials, please contact our Victory Field office at 317-269-3545 or
Indians@IndyIndians.com.
We continue to operate and maintain beautiful Victory Field at a high level. Wi-Fi
was added for fans at a cost of $150,000 and over 20,000 unique e-mail addresses
were obtained for future marketing efforts. Groundskeeper Joey Stevenson was
named Triple-A Baseball groundskeeper of the year for the third time in
four seasons.
The Cove, a bar with left field area seating which opened at the start of the 2011
season, continued to be popular with fans in 2014. Cove ticket sales were 7,695.
Indianapolis Indians games continue to be broadcast on WNDE – 1260 AM. The
games are streamed live at WNDE.com and via iheartradio, a mobile application for
iPhone, Blackberry and Android phones. Indians home games will be telecast for
the fourth consecutive season on RTV6’s digital Home Town Sports & News (HTSN)
channel, which is available on Brighthouse Cable channel 410 and Comcast channel
247 in Marion County, on other central Indiana cable outlets and over the air on
channel 6.2 with a digital antenna. A minimum of three games will simulcast on
RTV6. In addition, the Indianapolis Indians receive significant promotional value
on RTV6.
The annual shareholders meeting will be held on Monday, February 9, 2015, at 3:00
p.m. in the third floor lounge at Victory Field, 501 W. Maryland Street, Indianapolis,
IN 46225. Stockholders at the close of business on January 5, 2015, will be eligible
to participate in this meeting. You are invited to attend our Board of Directors

meeting that immediately follows the shareholder meeting. A question and answer
session will follow the Board meeting. Please sign, date and return the enclosed
proxy form in the envelope provided. If you decide to attend the shareholder meeting
and vote in person, your proxy may be revoked at your request. Free parking will be
available at Victory Field on February 9.
The Board of Directors recommends the re-election of the following directors for
three-year terms ending in 2018: James Devellano, Max Hittle, Kent Lebherz, and
Milton O. Thompson.
The Indianapolis Indians 2015 Home Opener is Thursday, April 9 at 7:05 p.m. versus
the Columbus Clippers, with fireworks following the game and featuring our annual
60 degree weather guarantee promotion.
Ticket prices for 2015 are: Daily Box Seats $16, Reserved Seats $12 and Lawn Seats
$10 with a two-dollar advance discount on tickets purchased by midnight the day
before the game. Box Seat season tickets are $625 and Reserved Seat season Tickets
are $525, the same as 2014. The Knot Hole Club, which includes admission to all
72 home games for children ages 14 and under, is $16.The Cove ticket price, which
includes $10 in food and beverage credit, is $35.
IndyIndians.com had close to four million page views in 2014 with just over 795,000
unique visitors. The website is a tremendous information resource for Indianapolis
Indians fans. Keep in touch by “liking” us on Facebook as over 90,000 people have
done, become one of more than 25,000 Indians followers on Twitter @IndyIndians,
and sign up for our e-mail updates at IndyIndians.com. If you would like a chance
to ring the Indians Victory Bell after a 2015 home win, contact Brian McLaughlin at
bmclaughlin@IndyIndians.com.
Earlier this fall, your Board of Directors authorized the award of one share of Indians,
Inc. stock to full-time salaried employees who have worked 15 years or longer for
the Company. The authorization requires a four-year vesting period and will apply
to other employees who meet the qualifying criteria within the next five years. The
award is taxable compensation to the employee and Indians, Inc. is entitled to a
corresponding tax deduction.  
Photograph by
Mark Dickhaus

 VICTORY FIELD WILL WELCOME
ITS 12 MILLIONTH FAN IN 2015
International League 2015 affiliations
*Unchanged from 2014
North Division
Buffalo Bisons (Toronto Blue Jays)
Lehigh Valley Iron Pigs (Philadelphia Phillies)
Pawtucket Red Sox (Boston Red Sox)
Rochester Red Wings (Minnesota Twins)
Scranton/Wilkes-Barre RailRiders (New York Yankees)
Syracuse Chiefs (Washington Nationals)
South Division

Charlotte Knights (Chicago White Sox)
Durham Bulls (Tampa Bay Rays)
Gwinnett Braves (Atlanta Braves)
Norfolk Tides (Baltimore Orioles)

Eight employees: Cal Burleson (January 1975), Tim Hughes (August 1998), Howard
Kellman (April 1974), Randy Lewandowski (January 1996), Brad Morris (January
1996), Bruce Schumacher (January 1983), Mark Schumacher (January 1996) and
Max Schumacher (January 1957), who qualified immediately, accepted the award
in late October. Cal Burleson has held the positions of Ticket Manager, Publicity
Director, Business Manager, Assistant General Manager, General Manager and Vice
President of Baseball & Administrative Affairs in his time with the team. Director
of Facilities Tim Hughes deserves much of the credit for the high level at which
Victory Field is maintained. Howard Kellman has been the Indians radio voice since
being hired while a senior at Brooklyn College from a cassette audition tape. Randy
Lewandowski, promoted to General Manager last Fall, was originally an intern who
became a fulltime staff member when the team moved to Victory Field. Director of
Business Operations Brad Morris was part of the same intern class and contributes
to the organization’s success in many ways including and beyond his title. Vice
President of Corporate Affairs Bruce Schumacher has served the team as Ticket
Manager, Director of Special Projects and Public Address Announcer. Director of
Merchandising Mark Schumacher was in the same intern class as Brad and Randy
and oversees the Hot Corner Gift Shop and the Big League Shop at Victory Field. All
have been skilled and loyal employees and have been instrumental in helping the
Indians achieve consistent operating profits and dividend payments to shareholders.
Two additional employees are in line to be eligible in the Fall of 2015.

West Division

Columbus Clippers (Cleveland Indians)
Indianapolis Indians (Pittsburgh Pirates)
Louisville Bats (Cincinnati Reds)
Toledo Mud Hens (Detroit Tigers)

Photograph by
Mark Dickhaus

Max B. Schumacher
Chairman of the Board

 INDIANS, INC. STATEMENTS OF OPERATIONS
AND RETAINED EARNINGS FOR THE YEARS
ENDED SEPT. 30, 2014 AND 2013
Operating Revenues

2014
Ticket sales - home games

$

5,332,583

2013
$

4,810,758

Ticket Sales - playoffs

0

73,976

Concession commission income

2,274,229

2,108,687

Advertising revenues

3,095,258

3,005,461

Concession acquisition fee

100,000

100,000

Suite rental revenue, annual

500,482

497,450

Suite rental revenue, daily

577,551

459,447

Merchandise sales

853,341

740,602

Total Operating Revenues

12,733,444

11,796,381

General and administrative

2,245,538

2,092,658

Advertising and promotion

2,567,320

2,426,338

Operating Expenses

Team operating

403,255

425,936

Grounds operating

4,752,256

4,461,492

Radio network program expense

173,191

161,952

Cost of merchandise sold

378,858

359,431

Total Operating Expenses

10,520,418

9,927,807

2,213,026

1,868,574

203,645

225,722

Income from Operations
Other Income (Expense)
Ground rents
Interest and dividend income

156,264

139,861

Gain (Loss) on disposal of assets

(10,751)

(17,539)

Realized gain (loss) on sale of marketable securities

60,173

61,689

Miscellaneous income

23,416

3,084

Player card rights and merchandise royalties

29,929

30,980

462,676

443,797

Income before Income Taxes

Total Other Income (Expense)

2,675,702

2,312,371

Income Tax Expense

1,042,659

898,182

Net Income

1,633,043

1,414,189

Retained Earnings, Beginning of Year

18,932,198

18,218,809

Dividends

(1,133,144)

(700,800)

$19,432,097

$18,932,198

$2,278

$1,959

Retained Earnings, End of Year
Net Earnings Per Share of Common Stock

Photograph by
Adam Pintar

 INDIANS, INC. BALANCE SHEETS FOR THE
YEARS ENDED SEPT. 30, 2014 AND 2013

Current Assets

ASSETS

Cash - checking
Cash - savings & money market funds
Accounts receivable, net
Merchandise inventory
Accrued interest receivable
Prepaid expenses, current
Refundable income taxes
Deferred income taxes
Total Current Assets

Investments
Property and Equipment
Office furniture and equipment
Ball park equipment
Leasehold improvements
Less accumulated depreciation
Total Property and Equipment
Total Assets

$

2014
2,541,993
679,906
470,234
195,248
1,849
83,650
0
49,082
4,021,962
6,448,614

1,209,913
2,902,891
3,473,469
(4,019,714)
3,566,559
$14,037,135

LIABILITIES and SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts Payable
$ 252,754
Accrued bonus and payroll
412,746
Accrued and withheld taxes
53,934
Accrued federal and state income taxes
233,556
Deferred concession revenue
111,597
Deferred season sales revenue
139,682
Deferred advertising revenue
10,000
Total Current Liabilities
1,214,269
Long Term Liabilities
Deferred concession revenue
100,000
Deferred income tax
1,055,641
Total Long-term Liabilities
1,155,641
Total Liabilities
2,369,910
Shareholders’ Equity
Common stock
21,200
Additional paid-in Capital
36,516
Retained Earnings
19,432,097
Accumulated other comprehensive income
1,320,069
Less treasury stock
(9,142,657)
Total Shareholders’ Equity
11,667,225
Total Liabilities and Shareholders’ Equity
$14,037,135

Photograph by
Mark Dickhaus

$

2013
1,707,006
905,785
802,150
141,799
399
60,588
35,723
45,171
3,698,621
5,668,395

1,211,055
2,862,444
3,055,430
(3,525,309)
3,603,620
$12,970,636

$

247,129
365,737
113,408
118,000
109,819
42,608
0
996,701

200,000
839,146
1,039,146
2,035,847
21,200
36,516
18,932,198
995,090
(9,050,215)
10,934,789
$12,970,636

 .

Indians infielder Adalberto Santos slides safely into home after Chris
Dickerson’s game-winning single in the bottom of the ninth inning on a rainy
Opening Night on April 10, 2014 at Victory Field.

Photograph by
Adam Pintar

 YOUR VOTE IS IMPORTANT

Enclosed in this packet is your proxy. Please send in your proxy today.
Include your voting instructions and the number of shares you own.
Date and sign the proxy and enclose in the envelope provided.
No postage necessary.

STOCKHOLDER TICKET

STOCKHOLDER TICKET

Indianapolis Indians
at Victory Field

Indianapolis Indians
at Victory Field

Voucher entitles holder to
ONE FREE RESERVED TICKET
to any 2015 Indianapolis Indians
regular season game.

Voucher entitles holder to
ONE FREE RESERVED TICKET
to any 2015 Indianapolis Indians
regular season game.

Valid one time only. Must be presented at the Victory Field
box office. Cannot be combined with other offers.
Subject to availability.

Valid one time only. Must be presented at the Victory Field
box office. Cannot be combined with other offers.
Subject to availability.

IF YOU HAVE INFORMATION CHANGES, PLEASE CLIP AND RETURN THE PORTION BELOW
Name(s) of Shareholder(s):

Number of Shares Owned:
Current Address:

Old Address:

Signature
Photograph by
Adam Pintar

Mail to: Indianapolis Indians at Victory Field, 501 W. Maryland Street, Indianapolis, IN 46225