Despite sellouts at some NASCAR races, NC-based SMI
"warned Tuesday that sagging ticket sales will hurt fourth-
quarter results," according to the CHARLOTTE OBSERVER.
SMI's net loss in the third quarter was $2.7M, or $0.06 per
share, compared to a year ago loss of $4.8M , or $.11 per
share. While revenues increased 6% to $51.7M, the "lack of
sellouts could hurt fourth-quarter earnings." SMI CFO
William Brooks: "While we believe ticket demand will
continue to grow, we foresee ticket and concession price
increases leveling off for at least 2001" (CHARLOTTE
OBSERVER, 11/15). A.G. Edwards downgraded its rating on SMI
from "accumulate" to "maintain." Analyst Timothy Conder:
"We believe investors should stick with [SMI] positions and
look to the spring months as the earliest possible period
for upside. The most realistic spring catalyst would be a
strong beginning to the 2001 NASCAR season and a national
broadcast launch on the Fox network" (A.G. Edwards).
DEVELOPING THE OFFICE SPACE: The BUSINESS JOURNAL OF
CHARLOTTE's Elkins & Howard report that SMI and Trammell
Crow Co. "plan to develop three speculative office buildings
totaling 100,000 square feet almost within the shadow" of
SMI's Lowe's Motor Speedway. Construction on the first
building is planned by the end of the year. While SMI
Manager of New Business Development Marcus Smith said that
he "doesn't know of specific tenants that have signed up"
for the space, he added, "We have a huge demand for space"
(BUSINESS JOURNAL OF CHARLOTTE, 11/10 issue).
