CONCORD, NC — Speedway Motorsports has reported revenues of $122.2 million, net income of $24.7 million and diluted earnings per share of 57 cents for the first quarter of 2004. The results exceeded market expectations, Speedway said.
First quarter 2003 results are not directly comparable to 2004 because the NASCAR NEXTEL Cup and Busch Series racing events at Texas Motor Speedway held and reported in the first quarter 2003 were held and will be reported in the second quarter 2004. When comparing similar race schedules in 2003 and 2004, which exclude the Texas Motor Speedway NASCAR events, the first quarter 2004 non-GAAP (using other than generally accepted accounting principles) results reflect increases in revenues of $17.2 million or 16 percent, net income of $5.6 million or 29 percent, and diluted earnings per share of 12 cents or 27 percent, over last year.
Speedway Motorsports said decreases in first quarter 2004 GAAP results are primarily attributable to reporting NASCAR racing events at Texas Motor Speedway in the first quarter 2003 that will be reported in the second quarter 2004. For the first quarter 2004 as compared to 2003: total revenues decreased 16 percent or $23.9 million to $122.2 million; first quarter 2004 net income decreased 29 percent or $10.1 million to $24.7 million; and first quarter 2004 diluted earnings per share decreased 30 percent or 25 cents to 57 cents.
“With record or sold-out attendance at all of our NASCAR NEXTEL Cup races, and record or near-record attendance at all of our NASCAR Busch races, held this first quarter, SMI’s 2004 NASCAR racing season is off to an exceptionally strong start,” said H.A. Wheeler, COO and president of Speedway Motorsports. “Had the results for Texas Motor Speedway’s 2003 spring NASCAR NEXTEL and Busch Series racing events been reported as second quarter events, our first quarter 2004 would show significant increases in revenues and net income over last year. We believe these results clearly demonstrate the continuing support of our core racing fans, the continuing growth of our new fan base, and the increasing marketing appeal and fan interest for motorsports entertainment in SMI’s first-class facilities and premium markets.”
“In the first quarter, Atlanta Motor Speedway’s record NASCAR NEXTEL Cup event attendance demonstrates the long-term growth potential of being located in one of the nation’s top media markets,” said O. Bruton Smith, chairman and CEO of Speedway Motorsports. “Also, the overwhelming success of Las Vegas Motor Speedway’s NASCAR NEXTEL Cup and Busch events, with 14,000 new premium seats, illustrates the ever-growing demand and untapped potential of that premier market. All of our remaining 2004 NASCAR NEXTEL Cup event sponsorships are pre-sold, many for several years, and advance ticket and other sales remain fairly strong.”
For more information, visit the company’s website: www.gospeedway.com.
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