SBD/October 31, 2012/FinancePrint All
Speedway Motorsports, Inc. today reported a Q3 profit of $11M, but said that the economy continues to affect the consumer and corporate spending that drive the company's business. Total revenues for Q3 were $142.3M, down from $177M in '11. The decrease was primarily a result of the fact that Kentucky Speedway's Sprint Cup race was moved from the third quarter in '11 to the second quarter this year. Through the first three quarters of the year, SMI's total revenues are down 2% from last year to $408.1M. Its profit over that period is $37.8M, which is up from a loss of $6M over the same period a year earlier. Admissions-related revenue through the first three quarters was $97.7M, down from $107.5M over the same period last year. SMI President & COO Marcus Smith said, "Our results continue to be challenged by the ongoing tough economic conditions, particularly high unemployment and consumer costs. Certain attendance and other related revenue trends appear to be stabilizing, while some markets are taking longer to recover than initially anticipated."