Speedway Motorsports posts loss
Thursday, Aug. 06, 2009
Speedway Motorsports Inc. has posted a second-quarter net loss of $23.4 million, or 55 cents a share, according to the Business First site.
In the same period last year, the Concord, N.C.-based owner of Lowe's Motor Speedway and several other motorsports operations, earned $47 million, or $1.08 per diluted share.
Total revenue fell to $191.9 million in the latest quarter from $212.8 million a year earlier.
SMI cited losses from Motorsports Authentics, its joint merchandising effort with International Speedway Corp., the France family's sister company to NASCAR. The Business First report also noted that SMI blamed losses on expenses associated with its purchase of Kentucky Speedway in December.
The company is reaffirming its full-year 2009 guidance, anticipating earnings of $1.70 to $1.90 per diluted share.
Bruton Smith, chairman and CEO, struck an optimistic tone in an earnings release. “Looking forward, we expect to sell out Bristol Motor Speedway’s NASCAR Sprint Cup Series upcoming night race in August, and are excited about Atlanta Motor Speedway hosting the upcoming inaugural Labor Day NASCAR Sprint Cup Pep Boys Auto 500, its first night race for this premier series.”
SMI owns and operates Lowe’s Motor Speedway, Atlanta Motor Speedway, Bristol Motor Speedway in Tennessee, Infineon Raceway in California, Las Vegas Motor Speedway, Texas Motor Speedway near Fort Worth and New Hampshire Motor Speedway in Loudon, N.H.
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