SMI moves to a loss in Q4 Speedway Motorsports, Inc. reported a fourth quarter net loss of $398,000. This compared to net income of $6 million during the same period of the prior year.
The Concord-based company reported fourth quarter revenue of $89.1 million. This was up from $82.9 million in the fourth quarter of 2010.
“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,” said Marcus G. Smith, Chief Operating Officer and President of Speedway Motorsports.
The company reported a full year net loss in 2011 of $6.4 million. This compared to net income of $44.5 million in 2010
The company blames the quarterly and full year losses on race schedule changes for IndyCar, NASCAR Camping World Truck Series and other smaller racing events. Economic challenges were also part of the of the difficulties, including high unemployment and fuel prices. Fewer people are turning out for events at the company's venues around the country.
“Looking forward, SMI remains more focused than ever on its core business," said O. Bruton Smith, Chairman and Chief Executive Officer of Speedway Motorsports. "Our initiatives for enhancing revenues and cost containment, reducing leverage and interest costs and capital spending constraints are ongoing."
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