Speedway Motorsports posts $67.8M 2Q loss

The Associated Press

0 Comments | Leave a Comment

CONCORD — Speedway Motorsports Inc. said Wednesday it lost $67.8 million in its second quarter, hurt by hefty-one time charges and poor weather that reduced attendance at some of its races.

The racetrack operator’s loss amounted to $1.64 per share and compared with net income of $27 million, or 65 cents per share, in the same quarter a year ago.

Excluding impairment and debt charges, along with a tax-related gain, the company reported an adjusted profit from continuing operations of 64 cents per share for the recent quarter.

Revenue fell 2 percent to $176.8 million from $181 million.

Speedway said its ticket sales for the recent quarter were hurt by bad weather that surrounded some of its racing events. The company added that its revenue also continues to be affected by overall tough economic conditions.

Speedway said the recent quarter’s results met its expectations and backed its previous full-year adjusted profit prediction of 90 cents to $1.10 per share.

Speedway shares rose 2 cents to $19.13 in midday trading. They are near the upper end of their 52-week range of $14.18 to $19.86.