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Earnings Calls: 
Speedway Motorsports Earnings Call, Second Quarter 2008
Author: Maclintosh Kuhlengisa
123jump.com
Last Update: 6:44 AM ET September 29 2008

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The promoter of motorsport entertainment reported an 18% rise in revenue to $212.8 million as income positively responded by 17% to $47 million or $1.08 a share. Admissions, concessions and souvenir merchandising revenues negatively impacted by declines in consumer spending.


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Our next most visible opportunity would be a Nationwide Series event in Atlanta and we are working on some extension opportunities for that right now.

Eugene Fox, III: With respect to the Kentucky situation, can you expound in terms of your thought process of entering into negotiations to acquire that facility?

Marcus G. Smith: The sport has grown up around itself and the number of people, there are millions of people around there that can support that facility if it were to have a Cup date there.

Our hope is to realign a date to that facility if we are to close on the transaction and we will be able to have a Board discussion on that soon and we will certainly have full disclosure when we make that decision.

Eugene Fox, III: Would there be the possibility of taking one of your existing dates and moving it to that facility?

Marcus G. Smith: That is a possibility, and one of the potential options that we would have.

Jefferson George: Given the dip in net income in admission revenues we saw in the first quarter, what the second quarter would have looked like without the New Hampshire races and the drag race at Bristol?

William R. Brooks: We are going to file the results of New Hampshire putting in last year’s New Hampshire race in 2007 changed the earnings about $0.10 a share, drag races are usually about $0.01 a share.

Chris Gazzin: Discuss the investment merits at this point of buying back more of our stock at current levels versus making investments in track and facility?

William R. Brooks: We do not have a huge float in our shares but we are mindful of dilution and their relative low costs. So we did purchase shares in the quarter. We do have authority to purchase more shares and we are monitoring that every day.

Piwan Malgeri: Do you think there are going to be more repurchases in 2008 and if so how much and how do you think you are going to finance that?

William R. Brooks: We expect to finance it out of our operations and we do expect to see some additional share purchases. We have authority remaining on about 600,000 shares to be repurchased without additional Board authority.
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