Speedway Motorsports, Inc. (SMI) (NYSE: TRK) today reported third quarter 2012 total revenues of $142.3 million and income from continuing operations of $11.0 million or $0.27 per diluted share. Nine month 2012 total revenues were $408.1 million and income from continuing operations was $37.9 million or $0.91 per diluted share. Also, SMI revised its full year 2012 guidance for income from continuing operations to $0.75 to $0.95 per diluted share.
Third quarter and year-to-date 2012 results were impacted by, among other factors, the following:
- Kentucky Speedway held one NASCAR Sprint Cup, one NASCAR Nationwide and one NASCAR Camping World Truck Series racing event in the second quarter 2012 that were held in the third quarter 2011
- Kentucky Speedway held one NASCAR Nationwide Series racing event in the third quarter 2012 that was not held in 2011, and one NASCAR Camping World Truck Series racing event in the third quarter 2012 that was held in the fourth quarter 2011
- Las Vegas Motor Speedway held one NASCAR Camping World Truck Series racing event in the third quarter 2012 that was held in the fourth quarter 2011
- New Hampshire Motor Speedway held one NASCAR Camping World Truck Series and one IndyCar Series racing event in the third quarter 2011 that were not held in 2012
- Ongoing effects of challenging economic conditions, including high unemployment and consumer costs
Revenues continue to be negatively impacted by declines in consumer and corporate spending due to weak economic conditions, including high unemployment and fuel, health-care and other consumer costs. 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.
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