SMI Earns $44.5M Income For FY '10, Reversing $10.3M Loss In '09
Speedway Motorsports Inc. overcame ongoing economic challenges and declining revenue in '10 to generate a net income of $44.5M for the year, reversing a net loss of $10.3M in '09. SMI today reported $502.2M in revenues for fiscal year '10, an 8.8% decrease from the $550.5M it generated in '09. The company estimates '11 total revenues of $475-525M and after-tax income of $39-51M.
SMI COO Marcus Smith in a statement said, "With 2010 gladly behind us, SMI is increasingly bullish that economic conditions are indeed improving, and believes the changes NASCAR continues making to our sport are undoubtedly improving on-track racing competition and creating renewed fan excitement and media interest."