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Speedway Motors' 3Q earnings up 13%
Speedway Motorsports said Wednesday that its third-quarter earnings rose 13 percent, even as it continued to warn that its merchandising arm, Motorsports Authentics, faces a possible bankruptcy filing.
The Concord-based company, which runs Lowe's Motor Speedway and seven other racing tracks, said revenue rose 20 percent compared with the same period a year ago, to $135 million in the quarter.
The company said results continued to be dragged down by big losses at Motorsports Authentics, tough economic conditions and fewer racing days because of poor weather.
Excluding schedule changes, admissions and revenue at the company's tracks fell 8 percent, the company said, while it cut expenses by 20 percent.
Overall, Speedway Motorsports' net income rose to $7.9million for the quarter, or 19 cents per share, compared with $7 million, or 16 cents per share in the third quarter of 2008.
