SMI Reports Revenue Down In Q3 As Effects Of Tough Economy Persist
Speedway Motorsports Inc. today reported a Q3 profit of $11M, but said that the economy continues to affect the consumer and corporate spending that drive the company's business. Total revenues for Q3 were $142.3M, down from $177M in Q3 '11. The decrease was primarily a result of the fact that Kentucky Speedway's Sprint Cup race was moved from the third quarter in '11 to the second quarter this year. SMI COO Marcus Smith said, "Certain attendance and other related revenue trends appear to be stabilizing, while some markets are taking longer to recover than initially anticipated."