FABMAN
Nitro Member
SMI reports first quarter loss: Beset by falling revenues and rising fuel prices, Speedway Motorsports Inc. reported Wednesday that it lost $1.5 million for the first quarter of this fiscal year. The company said revenues were hurt by the country's ongoing economic troubles and the fact that two major races were moved back from this quarter to other dates. Total revenue for the three months ending March 31 fell to $87 million, down from $118 million during the same period last year. Admissions from revenues fell nearly $13 million, to $24.5 million. Company officials said they weren't surprised by the news, and said they still expect the company to earn profits of between 90 cents and $1.20 per share for the fiscal year.(Charlotte Observer)(5-6-2011)