SMI Swings Net Loss For FY '11 Despite Increased Total Revenues

Challenging economic conditions and decreased ticket prices swung Speedway Motorsports Inc. to a net loss in '11. The company today reported a net loss of $6.4M compared to a net gain of $44.5M in '10. Total revenues increased by $3.6M largely as a result of a $7M increase in event-related revenue, which includes sponsorship sales, suite rentals, merchandise sales and concessions. The company’s ticket revenue fell by $8.6M. SMI said the decline in admissions revenue reflected lower average ticket prices, “and, to a lesser extent, fewer fans attending races.”

SMI President & COO Marcus Smith in a statement said, “We are proud to report higher revenues for 2011 with almost four million fans attending our events despite tough economic times, and that television ratings increased significantly for NASCAR’s three largest racing series. Our full year 2011 results exceeded our expectations and reflect that our business is continuing to stabilize.”