The company blamed large losses at Motorsports Authentics, which sells die-cast collectibles and other merchandise with NASCAR team and star logos. The losses were the result of costs and charges for inventory and tooling, as several NASCAR drivers changed teams and sponsors at the end of last year, Speedway Motorsports said.
Motorsports Authentics is a 50-50 joint venture between Speedway Motorsports and International Speedway Corp., which is controlled by NASCAR's France family. Speedway Motorsports also was hit by smaller revenues from broadcast contracts for races run at its tracks. The company, run by CEO O. Bruton Smith.
Speedway Motorsports' total revenue in 2007 totaled $561.6 million, down 1.0 percent from $567.4 million in 2006.