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Speedway Motorsports Posts Second-Quarter Gains
July 31, 2014
Speedway Motorsports Inc. reported second-quarter net income of $27.2 million, or 66 cents per share. In last year’s second quarter, the Concord-based company (NYSE:TRK) posted a net loss of $67.8 million, or $1.64 per share.
Speedway Motorsports Posts Second-Quarter Gains

Speedway Motorsports Inc. reported second-quarter net income of $27.2 million, or 66 cents per share. In last year’s second quarter, the Concord-based company (NYSE:TRK) posted a net loss of $67.8 million, or $1.64 per share, after recognizing a goodwill-impairment charge of $89 million.

Quarterly revenue dipped to $175.9 million from $176.8 million. Revenue from race admissions fell to $31.1 million from $34.2 million, which the company attributes to bad weather.

Speedway faced lower interest expense of $5.3 million from $9.2 million, which reflected a refinancing of debt.

The company said its revenue continues to be affected by “the ongoing weak and uncertain economic conditions, including unemployment and high fuel, food and health-care costs.”

Speedway reaffirmed its second quarter results are consistent with previous earnings guidance of 90 cents to $1.10 per diluted share, excluding non-recurring and other special items, for 2014.

The company owns and operates eight race tracks, including Charlotte Motor Speedway.