SMI announces 2007 first quarter results
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Speedway Motor Sports, Inc. (SMI), one of the famous companies in the motor sports industry, recently announced their 2007 first quarter net income that amounted to $31.9 million from last year’s $32.2 million and the total revenues of $152.2 million this year from $151.1 million last year. SMI also propounded its full year 2007 earnings guidance of $2.43 to $2.53 per diluted share, with the assumption that current industry and economic trends will continue and its exclusion of 50% share of Motor sports Authentic joint venture operating results, capital expenditures exceeding current plans, the impact of further increases in fuel prices, interest rates, variables in its non-core businesses, geopolitical differences, unsatisfactory weather surrounding events or other inevitable factors.
SMI also cited the highlights of 2007 first quarter. Included are record levels of corporate marketing and other event generating revenues for NASCAR racing events held this period.
At its NASCAR UAW-DaimlerChrysler 400 NEXTEL Cup Series racing event, the Las Vegas Motor Speedway again sponsored an “all tickets sold out” event. The said host also got the 2nd highest attendance at the Sam's Town 300 Busch Series.
Atlanta Motor Speedway still hosted huge number of attendees at its NASCAR Kobalt Tools 500 NEXTEL Cup Series and Nicorette 300 Busch Series racing events. This is considered a success despite some inevitable factors that happened last year, which consequently affected this year’s NEXTEL Cup race attendance.
Also, Bristol Motor Speedway again hosted an “all tickets sold out” at its NASCAR Food City 500 NEXTEL Cup Series. At its Sharpie Mini 300 Busch Series, Bristol Motor Speedway also hosted near record crowds.
Moreover, the highlights of 2007 first quarter also include the company’s stock repurchase program. Sixty seven thousand (67,000) shares of common stock for an estimated $2.6 million were repurchased by the company.
Speedway Motor sports executives gave their comments on their reported 2007 first quarter results. According to H.A. Wheeler, Chief Operating Officer and President of Speedway Motor sports, their records resemble their sponsorships, luxury suite rentals, camping, radio broadcasting, track rentals, and strong increases in admissions despite several negative factors that affect their company. He further said their present net income depicts their business’ strength. He added that SMI’s 2007 season endures to be another outstanding year due to a line up of upcoming events, sponsorships, and other corporate event related revenues.
Speedway Motor Sports Chairman and Chief Executive Officer O. Bruton Smith commented they were particularly proud to showcase their sensational and staggeringly successful ‘Neon Garage’ and refined super speedway to accommodate huge crowds at Las Vegas Motor Speedway’s March 2007 NASCAR racing weekend. Owning and operating 7 premier facilities, Speedway Motor sport is a leading marketer and promoter of motor sports entertainment in the United States.
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Evander Klum is a Business Administration graduate who hails from Alabama. He enjoys extreme sports and he is also a car racing fanatic. At present, he works as a marketing manager at an advertising agency in Cleveland.
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