Published on May 4th, 2011 | by Michael J Smith0
Speedway Motorsports Announces First Quarter Results
Speedway Motorsports Inc. (SMI) announced first quarter 2011 total revenues of $86.7 million and adjusted non-GAAP (Generally Accepted Accounting Principles) income from continuing operations of $3.2 million or $0.08 per diluted share. That compares to 2010 total revenues of $118.5 million and income from continuing operations of $10.3 million or $0.24 per diluted share.
The company also reaffirmed its full year 2011 projected earnings of $0.90 to $1.20 per diluted share from continuing operations.
Factors that affected SMI’s first quarter results included:
- The change to the Sprint Cup Series schedule, replacing a Cup race at Atlanta Motor Speedway with a race at Kentucky Speedway.
- The move of a National Hot Rod Association Nationals racing event from last year’s first quarter to this year’s third quarter.
- Challenging economic conditions including higher gas prices.
- Lower interest expense from debt refinancing, and lower income tax rates.
Due to the tough economic climate, SMI has lowered ticket prices and increased promotional spending to increase fan support and mitigate a lack of demand.