CART Testing

CART Photos

Scanner Frequencies

2002 Teams & Drivers

Dale Coyne Racing
Ricardo González
Roberto González

Fernandez Racing
Adrian Fernandez
Shinji Nakano

Herdez/Bettenhausen Motorsports
Mario Dominguez

Mo Nunn Racing
Tony Kanaan

Newman/Haas Racing
Cristiano da Matta
Christian Fittipaldi

PWR Championship Racing
Oriol Servia
Scott Dixon

Patrick Racing
Townsend Bell

Player's Forsythe Racing Team
Alexandre Tagliani
Patrick Carpentier

Sigma Autosports
Max Papis

Target/Chip Ganassi Racing
Bruno Junqueira
Kenny Brack

Team Kool Green
Paul Tracy
Dario Franchitti

Team Motorola Green
Michael Andretti

Team Rahal
Jimmy Vasser
Michel Jourdain Jr.

Walker Racing
Tora Takagi

Convert this page to
another language



Latest News and Commentary

CART First Quarter Financial Results

April 24,  2002

Championship Auto Racing Teams, Inc. (NYSE: MPH) today announced financial results for its first quarter ended March 31, 2002, in line with management expectations, as adjusted.

The number of events held in a particular quarter affects the comparability of earnings information from quarter to quarter. CART conducted one event in the first quarter of 2002 and 2001. Indy Lights, which was discontinued for 2002, conducted one race in the first quarter of 2001. Toyota Atlantics conducted one race in the first quarter of 2002 compared to no races in the same period in the prior year.

Total revenues for the first quarter of 2002 were $5.6 million, a decrease of $836,000, or 13%, from the comparable quarter of 2001.

Total expenses for the first quarter of 2002 were $7.6 million, a decrease of $684,000, or 8%, from the comparable quarter of 2001. The decrease primarily reflected a timing difference in the company's marketing expenditures in 2002 compared to 2001, as well as a decrease in recruiting and strategic planning consulting expenses. The decrease was also partially attributable to a pre-tax, non-recurring charge of $386,000 in 2001 that resulted from an employee severance agreement. These decreases were partially offset by an increase in race distributions due to a participation fee paid to all of the CART teams. Net loss for the first quarter of 2002 was $594,000, or $0.04 per share, compared with net income of $81,000, or $0.01 per share, in the first quarter of 2001.

"First quarter results are on track with our plan," said Thomas L. Carter, CART's chief financial officer. "Because of CART's changed business model, especially as it relates to television revenues and expenses, these results are not necessarily comparable to our performance in 2001. Revenues, as expected, reflect lower contributions from television and sponsorships, as well as from engine leases, rebuilds and wheel sales. Also, the first quarter reflects just one race of our 20-race season."

CART's first race of the season, the Tecate/Telmex Monterrey Grand Prix, on March 10, in Monterrey, Mexico, boasted a three-day estimated attendance of 236,000 fans. Subsequent to the close of the quarter, the Toyota Grand Prix of Long Beach, on April 14, drew a three-day record crowd estimated at 250,000 fans.

Christopher R. Pook, CART's president and chief executive officer said, "Our turnaround of CART has just started. We have moved quickly in the first three months of 2002 to strengthen our management team, streamline the organization, energize a new marketing-driven environment and enhance our racing schedule. We see 2002 as a transition year, and we are just beginning to unlock the great potential of CART as a powerful sports entertainment and marketing vehicle."

During the first quarter, CART commenced new television agreements with Fox Networks, Speed Channel and CBS; announced new race venues in Florida -- the Grand Prix of the Americas in Miami and the Grand Prix of St. Petersburg (commencing in 2003); and renewed several sponsorships. For 2002, the company has also added a second race in Mexico, the Mexico Gran Premio in Mexico City, and a third race in Canada, the Molson Indy Montreal, in addition to the Grand Prix of Denver, while reducing the concentration of races in the Midwest.

In April, CART announced MG Rover Group as the first manufacturer to officially confirm participation in CART under the organization's new rules that call for 3.5-liter V-8 racing engines commencing with the 2003 season. Management also confirmed that they are continuing discussions with additional manufacturers.

Carter noted that at the close of the 2002 first quarter, CART's balance sheet continued to be strong with cash and short-term investments of $121.4 million, working capital of $109.0 million and no debt.

2002 Financial Guidance

CART announced financial guidance for 2002 on March 6. In addition, CART reported anticipated expenditures of $1.2 million for the company's pending move to Indianapolis, Indiana, in its most recent 10-K filing. These relocation expenses are forecast to have a $780,000 after-tax effect, or $0.05 per diluted share. At this time, because of the very early stage of the racing season, the company is not updating the previous guidance, as adjusted for the Indianapolis relocation. As the season progresses and the company gains more experience with its new business model and/or as events of significance change or provide more insight for the performance of the company, guidance will be reiterated or updated.


Feedback can be sent to

Go to our forums to discuss this article


CART Editor's Desk

CART's road and street circuits are clicking with the fans

Is it sport, or a P.T. Barnum show?

IRL at Fontana - a victim of friendly fire

CART's 2003 race venues #1 in the world

Meet the Gonzalez brothers

ISC is making enemies in Miami

And the 2002 CART Champion will be...

A wakeup call for CART and the IRL

Chris Pook  making all the right moves

Promoting a race - Adelaide topped them all

AUTOCOURSE is THE CART Yearbook to have

Has anyone noticed?

Should CART race in Adelaide?

Remembering Bob Estes

2002 will be a critical year for Pook and for CART

Tongue-In-Cheek,  we take out the crystal ball again

CART & IRL - it's becoming clearer where we're going

What's the holdup on Pook?

Will CART get Shanghaied?

2002 CART season shaping up just fine

CART Franchise Board fails to ratify new engines

Is Ginger just what the doctored ordered for Alex Zanardi

Vannini plays hardball with Forsythe

Spotlight on Mexico City

Is Premier1 positioned where CART should be?

Has the Gonzalo Rodriguez lawsuit turned in CART's favor?

Jim Russell Advanced Racing Course - Learning to race

CART - a stranger in a strange land

German 500 - measuring the media impact

An in-depth interview with Jonathan Vannini

CART N/A Engine/Car Update

Comparing CART and F1

Vannini advocates major overhaul to rescue CART series

Engines - There,  that was easy,  now let's get on with the racing

Americans don't realize what they have in CART

A proposed solution to CART's engine dilemma

Ford Cosworth opens its doors

Bullish on CART

A German's first-time CART experience

My thoughts on a variety of CART issues - by Jon Vannini

AutoRacing1 Exclusive - Is Shanghai in CART's future?

As CART goes global,  what about its sponsors?

If Mexico City will get 350, 000,  would India get 400, 000?

The inevitable globalization of CART

New CART TV deal - don't put the CART before the horse

CART in China - Why Shanghai is the best venue

Rockingham is ready for CART.  Is CART ready for Rockingham?

Beating a dead horse.  Where's my fork?

Successful CART Venues - It takes two to tango

Setting the record straight on CART's German 500

Rebuilding CART from the grassroots up!

Could this be the break Gidley has been waiting for?

CART,  ALMS or NASCAR extravaganza weekends

A true global vision will serve CART well

A proposal for CART and IRL to coexist peacefully

The Triple Crown - a proposal for CART's success

650HP,  750HP,  850HP,  it doesn't seem to matter

Movie Review: DRIVEN

Ryan Arciero hopes to continue family dynasty

CART & IRL,  a missed opportunity

Things are happening at CART

CART' Data Acquisition Systems - there's a new kid on the block.

CART's next moves will be crucial.

The greatest Long Beach GP of all-time.

CART & IRL - close,  and yet so far.

Andretti set to return to Indy

Sam Hornish wins Phoenix,  de Ferran punted

Greg Ray wins Phoenix pole,  deFerran 5th

CART Engines,  If it ain't broke,  don't fix it

And the 2001 CART Champion will be....

The HANS Device saved my fathers life

Soft walls or soft cars?

Safety- It's going to take more than just magic to fix

Safety - It's going to take more than just magic to fix

CART vs. IRL,  Hatfields vs. McCoys

DRIVEN is CART's best chance to become mainstream

Is CART's problem really a lack of American's?

CART vs. NASCAR - TV Coverage

Perhaps CART need look no further than NASCAR to understand that the Bubbas' rule auto racing

Book review - Autocourse 2000/2001

Do heroes make a sport,  or does a sport make heroes?

To-Do-List,  for CART's new President

 Lawsuits,  Will Greg Moore's final legacy to racing be more than one of "spirit"? 

Tire Warmers,  an idea whose time has come

Branding CART and their race cars

Will CART's next leader be a corporate visionary?

Addressing CART's TV issues

CART,  do you know who you are?

Will CART miss this boat too,  - Destined to forever race in the shadows of NASCAR?

Lights to IRL Specs - Why the new Indy Lights cars should meet IRL specs

Soft Walls - drivers take a stand while you still can

Sigma team - ready to do combat in CART

CART Fan Forum - Highlights from CART's very first Fan Forum

Warren Hughes - A name to remember

CART restarts - NASCAR Style

Mario Andretti Tribute - America's Driver of the Century

Shift w/o Lift - How it works

Aerodynamics - CART's chance to make progressive changes

CART's HP dilemma

Soft Walls - Finally,  a safer wall system

Buddy Rice deserves a shot at Champ Cars

Choices,  Choices,  we rate possible new CART venues

CART must avoid Detroit's politics

10 ways for CART to invest $100 million

Montoya and Ganassi do CART proud at Indy

Welcome to

A year of progress shapes Rockingham

A solution for CART's franchise dilemma

Lausitzring nears completion,  fighting hard to win CART date

Paul Tracy keeps his Kool,  wins LBGP for 2nd time

What is an American driver?

Warming up at Nazareth

172 mph in a Champ Car is the ultimate adrenaline rush

Standing Start Rules proposed standing start rules for CART

Standing Starts are they right for CART

e-mail us:

Back to the top

AutoRacing1 is an independent internet online publication and is not affiliated with,  sponsored by,  or endorsed by CART Inc.,  NASCAR,  FIA,   FedEx,  Winston,  or any other series sponsor. This material may not be published,  broadcast,  or redistributed without permission. User agreement & disclaimer

Copyright 1999 - 2001,  AutoRacing1,  Inc.,  Hamilton,  NJ