Speedway Motorsports loses $1.5M in 1Q Speedway Motorsports Inc. reports a first-quarter net loss of $1.5 million or 4 cents per diluted share. In the same period last year, the Concord-based company earned $9 million, or 21 cents per diluted share.
Revenue fell to $86.7 million in the latest quarter from $118.5 million a year earlier.
Speedway Motorsports says its latest results were affected by challenging economic conditions, including higher fuel prices. Also, two racing events that were held in the first quarter of last year were moved to the second and third quarters of this year.
The company posted a loss of $1.2 million, or 3 cents per diluted share, from continuing operations in the latest quarter. A year ago, it earned $10.3 million, or 24 cents per diluted share, from continuing operations.
“Speedway Motorsports continues with several initiatives to enhance revenues and contain costs,” says Marcus Smith, chief operating officer. “We believe our ticket and other price reductions are successfully helping offset the challenging economic conditions, including rising fuel prices, for our fans.”
Speedway Motorsports (NYSE:TRK) is a marketer and promoter of motorsports entertainment in the United States. The company owns and operates eight speedways, including Charlotte Motor Speedway.
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