SMI Sees Slight Revenue Drop In Q2 But Growth In Track Rentals, Suite Revenue
Speedway Motorsports Inc. blamed bad weather at two races and a weak economy for a slight decline in revenue during Q2. The company reported revenue for the quarter of $175.9M, down from $176.8M for the same period last year. Revenue for the first half of the year was $260.4M, down from $261M in '13. SMI COO Marcus Smith said that the company has seen increases in track rentals and suite, hospitality and camping revenue, but those gains were offset by "poor weather," which affected NASCAR race weekends at Texas Motor Speedway and Bristol Motor Speedway. Ticket revenue for Q2 was $31.1M, down from $34.2M for the same period last year. Event-related revenue, which includes sponsorship and hospitality sales, was $52.9M, down from $53.5M. The only increase in revenue SMI saw was for broadcast revenue, which is contractually guaranteed to increase. Broadcast revenue for the quarter was $84M, up from $80.7M for the same period last year. Expenses for the period totaled $133.3M.