Despite Downturn In Economy, SMI Reports A $7M Profit In Q3
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SMI Q3 Profits Up, In Part
Due To Acquisition Of NHMS |
SMI yesterday reported a $7M profit in Q3, "more than $20[M] swing from a $13.6[M] loss a year earlier," according to Jefferson George of the CHARLOTTE OBSERVER. SMI, which owns seven major race tracks, also posted $112.3M in revenues, up 29% from $87.6M in Q3 of '07. George notes SMI "held more NASCAR races than in the same period a year earlier -- thanks to the recently-purchased New Hampshire Motor Speedway" -- and also hosted an NHRA event for the first time at the new dragway at Lowe's Motor Speedway (LMS). In addition, last year's Q3 loss "included big losses at Motorsports Authentics, a joint merchandising venture" with ISC. SMI execs said that "adjusting for those factors, [SMI's] profit for the third quarter is slightly down from a year earlier." SMI President & COO Marcus Smith said that "crowds at most races have been slightly down, but walk-up traffic is up." Bad weather "also has hurt attendance at some events." Shares in SMI closed yesterday at $15.55, up $0.08, or 0.5%. The stock has gained 27% since last week, but is down nearly 60% from a "high of $38.44 a year ago." (CHARLOTTE OBSERVER, 11/6). In Charlotte, Tony Mecia reported in the "first nine months of this year," SMI's net income was $84.9M, up 45% from a year earlier, while revenues increased 14% to $480.3M (CHARLOTTEOBSERVER.com, 11/5). At presstime, SMI shares were trading at $15.40, down 0.96% from from yesterday's close (THE DAILY).
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