Speedway Motorsports Roars Through Robust Fourth Quarter/Year; Projects Strong 2001

CONCORD, NC-Speedway Motorsports Inc. crossed the fiscal 2000 finish line in high-flying fashion, reporting record profits and sales. The suburban Charlotte marketer/promoter, which owns and operates six auto race tracks encompassing an estimated one million sf of industrial space and three related businesses, posted net income, including an accounting change, of $46.9 million, up 13% or $5.4 million over fiscal 1999.

Revenue was $354.3 million, up 12% over last year. Diluted earnings per share were up 13% or 13 cents to $1.10.

For the fourth quarter ended Dec. 31, Speedway reported net income of $7.1 million, up $300,000 from the same 1999 quarter, on revenue of $76.7 million, up $1 million over last year’s fourth quarter. Diluted earnings per share increased 6% or one cent to 17 cents.