SMI Reports $1.3M Loss For Q1; Total Revenue, Ticket Sales Down Slightly
SMI today reported a loss of $1.3M for the start of the year and said the economy continues to weaken its revenue. The company, which manages eight NASCAR tracks, reported total revenue for Q1 of $84.2M, down slightly from the $84.8M it reported for the same period last year. SMI saw decreases in ticket sales and event-related revenue, which includes sponsorship sales, suite rentals, merchandise and concessions. Ticket sales fell to $21.7M from $22.4M last year and event-related revenue fell to $23.7M from $24.7M. SMI still has “catching up to do” on sponsorship sales. It has not landed a race title sponsor for its Sprint Cup race at New Hampshire Motor Speedway in July and also needs to find title sponsorship for three Nationwide Series races. SMI President & COO Marcus Smith said in a statement, "SMI's first quarter results, while within our expectations, continue to reflect the ongoing difficult economic conditions. ... We continue to believe attendance and other event-related revenue trends are finally stabilizing, with some markets recovering slower than anticipated because of the ongoing recession and political uncertainty."