Speedway Motorsports, Inc. (SMI) (NYSE: TRK) today reported first quarter 2007 net income of $31.9 million, diluted earnings per share of $0.72 and record total revenues of $152.2 million. Also, SMI reaffirmed its full year 2007 earnings guidance of $2.43 to $2.53 per diluted share.
First Quarter Comparison
For the first quarter 2007 as compared to 2006:
—total revenues were $152.2 million in 2007 compared to $151.1 million in 2006;
—net income was $31.9 million in 2007 compared to $32.2 million in 2006; and
—diluted earnings per share were $0.72 in 2007 compared to $0.73 in 2006.
2007 Earnings Guidance Reaffirmed
The Company reiterated these first quarter 2007 earnings are consistent with its previous full year 2007 guidance of $2.43 to $2.53 per diluted share, assuming current industry and economic trends continue, and excluding its 50% share of Motorsports Authentics joint venture operating results, changes in its non-core businesses, capital expenditures exceeding current plans, or the impact of further increases in fuel prices, interest rates, geopolitical conflicts, poor weather surrounding events or other unforeseen factors.
2007 First Quarter Highlights
First quarter highlights include record levels of corporate marketing and other event related revenues for NASCAR racing events held this period. Las Vegas Motor Speedway again hosted sold-out capacity crowds at its NASCAR UAW-DaimlerChrysler 400 NEXTEL Cup Series, and its second highest attendance at the Sam’s Town 300 Busch Series, racing events. Atlanta Motor Speedway hosted large crowds at its NASCAR Kobalt Tools 500 NEXTEL Cup Series and Nicorette 300 Busch Series racing events, although last year’s rescheduling of its spring NEXTEL Cup race to Monday because of poor weather had a negative impact on current year attendance. Bristol Motor Speedway also again hosted sold-out capacity crowds at its NASCAR Food City 500 NEXTEL Cup Series, and near record crowds at its Sharpie Mini 300 Busch Series, racing events.
