| | | | | | RECORD...BUT STILL SHORT? | SMI reports record revenues for first quarter of '08 season | |
| | By SceneDaily Staff Speedway Motorsports Inc. today posted record revenues of $155.2 million in the first quarter of 2008 but said net income fell to $30.9 million from $31.9 million on $152.2 million in revenue in the same period last year.
The Concord, N.C.-based track operator said earnings fell to 71 cents a share from 72 cents a share in the first quarter of 2007, but both Reuters and the Associated Press reported that the figure beat the estimates of 69 cents a share from financial analysts.
The company said admissions, concessions, souvenir merchandising and other event-related revenues were hurt by poor weather at NASCAR events held at its Atlanta Motor Speedway and Bristol Motor Speedway during the quarter. It also said it had higher interest expenses related to its purchase of what is now New Hampshire Motor Speedway.
"Despite record gas prices, difficult credit markets and other consumer concerns, SMI's record first quarter 2008 revenues reflect ongoing increases in sponsorships, luxury suite rentals, ancillary broadcasting rights and other event-related revenues," said SMI President and Chief Operating Officer H.A. Wheeler. "We are very pleased that Motorsports Authentics' earnings significantly improved over last year's first quarter. Also, all of our NASCAR Sprint Cup and Nationwide event sponsorships for 2008, and many for 2009, are already sold and presales for other corporate event-related revenues continue to trend ahead of last year. These factors clearly demonstrate that SMI's core business, along with individual fan and corporate interest in NASCAR and other motorsports, remains strong even in challenging economic times."
| | Posted May 07, 2008 , 7:51 pm EST
| | | | | | | | | | |
