SMI Reports $1.3M Loss For Q1 SMI today reported a loss of $1.3M for the start of the year and said the economy continues to weaken its revenue. The company, which manages eight NASCAR tracks, reported total revenue for Q1 of $84.2M, down slightly from the $84.8M it reported for the same period last year. SMI saw decreases in ticket sales and event-related revenue, which includes sponsorship sales, suite rentals, merchandise and concessions.
Ticket sales fell to $21.7M from $22.4M last year and event-related revenue fell to $23.7M from $24.7M. SMI still has “catching up to do” on sponsorship sales. It has not landed a race title sponsor for its Sprint Cup race at New Hampshire Motor Speedway in July and also needs to find title sponsorship for three Nationwide Series races.
SMI President & COO Marcus Smith said in a statement, "SMI's first quarter results, while within our expectations, continue to reflect the ongoing difficult economic conditions. ... We continue to believe attendance and other event-related revenue trends are finally stabilizing, with some markets recovering slower than anticipated because of the ongoing recession and political uncertainty."
Copyright 1999-2018 | AutoRacing1 is an
independent internet online publication and is not affiliated with, sponsored by, or endorsed
by IndyCar, NASCAR, FIA, or any series sponsor.
This material may not be published, broadcast, or redistributed without