Speedway Motorsports, Inc. (SMI) (NYSE: TRK) today reported first quarter 2012 total revenues of $84.8 million and a loss from continuing operations of $118,000 or $0.00 per diluted share. These results were within management’s expectations, and SMI reaffirmed its full year 2012 earnings guidance of $0.90 to $1.20 per diluted share from continuing operations.
The Company’s admissions and many event related revenue categories continue to be negatively impacted by declines in consumer and corporate spending due to weak economic conditions, including high unemployment and fuel prices. In 2012, similar to 2011, the Company maintained reduced ticket and other prices for its fans and corporate customers to help counter these tough economic times and mitigate near-term demand weakness.
Because many revenues such as admissions and corporate marketing arrangements are sold well in advance of scheduled events, management believes it may take relatively longer for SMI’s results to reflect sales growth as economic conditions improve.
First Quarter Comparison:
- Total revenues were $84.8 million in 2012 compared to $86.7 million in 2011
- After tax loss on early debt redemption and refinancing was $4.5 million or $0.11 per diluted share in 2011
- Loss from continuing operations was $118,000 or $0.00 per diluted share in 2012 compared to $1.2 million or $0.03 per diluted share in 2011
- After tax losses from discontinued operations were $28,000 or $0.00 per diluted share in 2012 compared to $274,000 or $0.01 per diluted share in 2011
- Net loss was $146,000 or $0.00 per diluted share in 2012 compared to $1.5 million or $0.04 per diluted share in 2011
|Three Months Ended|
|(in thousands, except per share amounts)|
|Consolidated net loss using GAAP||$||(146||)||$||(1,518||)|
|Loss from discontinued operation||28||274|
|Consolidated loss from continuing operations||(118||)||(1,244||)|
|Loss on early debt redemption and refinancing||--||4,458|
|Non-GAAP consolidated (loss) income from continuing operations||$||(118||)||$||3,214|
|Consolidated diluted loss per share using GAAP||$||(0.00||)||$||(0.04||)|
|Loss from discontinued operation||0.00||0.01|
|Consolidated diluted loss per share from continuing operations||(0.00||)||(0.03||)|
|Loss on early debt redemption and refinancing||--||0.11|
|Non-GAAP diluted (loss) earnings per share from continuing operations||$||(0.00||)||$||0.08|
- Las Vegas Motor Speedway - NASCAR Kobalt Tools 400 Sprint Cup and Sam's Town 300 Nationwide Series racing events
- Bristol Motor Speedway - NASCAR Food City 500 Sprint Cup and Ford EcoBoost 300 Nationwide Series racing events