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SBJ/September 30 - October 6, 2002/Finance
CART's Q2 loss grows
Published September 30, 2002
Championship Auto Racing Teams last week revised downward its second-quarter earnings 15 percent, saying it booked too much revenue, and too few expenses, for its Chicago race June 30.
The open-wheel auto racing body now says it lost $3.7 million in the three-month period ending June 30, worse than the $3.2 million of red ink the company said in mid-August that it had bled in the second quarter. Revenue was restated at $19.3 million, down from the previously reported $19.7 million.
The company said that revenue for Chicago race promotion, the first under a new strategy in which the governing body stages events, was overstated by $381,000 and that expenses for race promotion were understated by $396,000.
In a news release, the company said it inadvertently accounted for certain revenue received from sponsors as both race promotion revenue and sponsor revenue. It also blamed the fact that the race was its first self-promoted event, and occurred the last day of the quarter.
— Daniel Kaplan