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SBJ/May 4 - 10, 1998/No Topic Name
CART earnings boosted by expanded tour
Published May 4, 1998
Auto-race sanctioning body CART announced a revenue gain of 87 percent in its first quarter as a public company, but that gain was largely attributable to a busier start to the season.
CART ran only one race, the Grand Prix of Miami, during the first quarter last year. This year, it ran in Miami and Motegi, Japan.
The addition of the Budweiser 500 in Motegi helped CART boost it6s first-quarter sanctioning fees from $1.41 million last year to $4.99 million this year. CART’s overall revenue grew from $5.4 million to $10 million.
Net income for the quarter leaped form $1 million to $2.9 million.
CART also has acquired two minor league racing series in the last year.
"Our first-quarter results represent an excellent start to our first year as a public company and a solid beginning to 1998," said Andrew Craig, chairman and CEO of CART. "The first quarter demonstrated our continued expansion as a global sports property."