News Column

Speedway Motorsports Reports Results for the Three and Six Months Ended June 30, 2014 and Reaffirms Full Year 2014 Guidance

August 16, 2014



By a News Reporter-Staff News Editor at Leisure & Travel Week -- Speedway Motorsports, Inc. (SMI) (NYSE: TRK) reported second quarter 2014 total revenues of $175.9 million, adjusted non-GAAP net income of $27.3 million or $0.66 per diluted share, and GAAP net income of $27.2 million or $0.66 per diluted share. Six month 2014 total revenues were $260.4 million, adjusted non-GAAP net income was $28.4 million or $0.69 per diluted share, and GAAP net income was $29.1 million or $0.70 per diluted share. These items are further discussed and reconciled with comparable GAAP amounts below. These results were within management's expectations, and SMI reaffirmed its full year 2014 earnings guidance of $0.90 to $1.10 per diluted share.

Management believes many of the Company's revenue categories continue to be negatively impacted by the ongoing weak and uncertain economic conditions, including unemployment and high fuel, food and health-care costs. Also, many parts of the East Coast of the United States experienced a particularly harsh or longer-lasting winter in 2014. Management believes admissions were negatively impacted by poor weather surrounding certain first quarter 2014 racing events held at Bristol Motor Speedway, including its rain delayed NASCAR Sprint Cup race, and second quarter 2014 NASCAR racing events held at Texas Motor Speedway, including its rain postponed and rescheduled Sprint Cup race. Second Quarter Comparison Las Vegas Motor Speedway held a NHRA Nationals racing event in the first quarter 2014 that was held in the second quarter 2013

Total revenues were $175.9 million in 2014 compared to $176.8 million in 2013

Sizable reduction in 2014 interest expense from 2013 debt refinancing transactions

Keywords for this news article include: Leisure, Speedway Motorsports Inc.

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Source: Leisure & Travel Week


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