SMI Profits Off Slightly

Speedway Motorsports Inc. today reported that its first-quarter net income slipped to $31.9 million, or 72 cents per diluted share, from $32.2 million, or 73 cents per diluted share, in the same quarter last year. The track operator said total revenue in the quarter increased to $152.2 million from $151.1 million in the year-ago period.

"Our first-quarter 2007 net income and diluted earnings per share demonstrate SMI's core motorsports business remains strong," H.A. "Humpy" Wheeler, chief operating officer and president, said in a statement. "SMI's 2007 season remains on track to be another outstanding year, as presales for tickets to many upcoming events and for sponsorships and other corporate-event-related revenues continue to trend ahead of last year."