Steven B. Wilson
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Tundra driver Kyle Busch’s victory in Friday night’s race at Texas Motor Speedway enabled Toyota to clinch its seventh NASCAR Camping World Truck Series (NCWTS) manufacturer’s championship in 11 years participating in the series.
Toyota remains the series’ top manufacturer after previously winning last year’s title (2013) and prior to that a record five straight NCWTS manufacturer’s championships from 2006 to 2010. Overall, this is the 10th time Toyota has earned a NASCAR manufacturer’s trophy since the start of the 2004 season. Toyota also earned three consecutive NASCAR Nationwide Series (NNS) manufacturer’s crowns from 2008 to 2010.
In addition, Tundra racers have collected four driver’s championships. Todd Bodine claimed a pair of titles in 2006 and 2010, and Johnny Benson collected the 2008 championship trophy. Last year, Matt Crafton earned his first career NCWTS championship. This season, Crafton is seeking to become the first-ever back-to-back NCWTS champion, although he’s facing stiff competition from fellow Tundra racers Darrell Wallace Jr. and Johnny Sauter for the driver’s title.
Highlights from the season include Tundra drivers establishing a new series record by winning the first 10 races of the year -- from Daytona in February to Eldora in July -- and a 12-race winning streak dating back to the final two races of 2013.
Three teams fielding Tundras -- Kyle Busch Motorsports (KBM), Red Horse Racing and ThorSport Racing -- all contributed to the NCWTS manufacturer’s title. This season, Tundra drivers have combined for 16 wins, seven pole positions, 60 top-five results and 108 top-10 finishes -- with two races still remaining on the 2014 schedule. In addition, Toyota drivers have led 2,197 laps (of 2,830) in NCWTS competition this season -- more than three-quarters of the total laps.
“When we began the year with a victory in the debut of the 2014 Tundra in Daytona, we hoped it would be a successful year for our teams and drivers in the series,” said Ed Laukes, TMS vice president of marketing, performance and guest experience. “So far, it’s been a great season -- 10 straight wins to start the year, most wins in a season, several Tundra racers battling for the driver’s title and now another manufacturer’s championship. We’re fortunate to partner with championship-caliber race teams and talented drivers that enable our Tundras to prove their excellence on the race track.”
Busch has made the most trips to victory lane this season with seven first-place trophies (Daytona, Kansas, Charlotte, Dover, Kentucky, Chicago and Texas) while Wallace has earned three wins this year (St. Louis, Eldora and Martinsville) in a KBM Tundra. Two Tundra drivers have each recorded a pair of wins this season -- Crafton (Martinsville and Texas) and Erik Jones (Iowa and Las Vegas). Sauter (Michigan) and Timothy Peters (Talladega) each have one victory in their Tundras this season.
Of this year’s 16 Tundra wins, 12 have been by KBM drivers -- Busch, Jones and Wallace -- which matches the most by a team in a single season. This year, KBM is also looking to earn a third owner’s championship in its fifth year competing in the series.
“It has obviously been a great year for Toyota in the NASCAR Camping World Truck Series -- not only does the new 2014 Tundra look great on the track, it’s proven to be really fast and has won a lot of races this season,” said Busch. “All of the success is a testament to the hard work that everyone at Toyota and Toyota Racing Development has put into the new truck model since the changes were announced last season and the continued support they have provided throughout the 2014 season.”
A total of 23 different drivers have participated in the Camping World Truck Series in Tundras this year, including six -- Jeb Burton, Crafton, Peters, German Quiroga, Sauter and Wallace -- who have competed in all 20 events driving Toyotas.
The 16 Tundra wins this season is the most victories by Tundra drivers in a single year, surpassing the 15 set in 2010.
Since joining NCWTS competition in 2004, Toyota has won 128 races and captured 98 poles in 264 races. Busch (36) has the most victories driving a Tundra.
There are two more races remaining on this year’s NCWTS schedule, including Phoenix International Raceway (Nov. 7) and the season-finale at Homestead-Miami Speedway (Nov. 14).
Toyota Racing PR
Joe Gibbs Racing driver Matt Kenseth won the pole and six of the eight Chase for the NASCAR Sprint Cup championship contenders qualified among the top 11 for the AAA Texas 500 during Friday’s Pinnacle Propane Qualifying Days at Texas Motor Speedway.
Kenseth (No. 20 Dollar General Toyota) registered a lap of 199.299 miles per hour (27.095 seconds) in the third and final round of knock-out qualifying to narrowly edge fellow Chase contender Jeff Gordon (No. 24 Drive To End Hunger Chevrolet) and his lap of 199.291 mph by 1/1000 of a second. It was Kenseth’s second pole of the season, 13th of his career and first in 25 starts at Texas Motor Speedway.
Tony Stewart (No. 14 Bass Pro Shops/Mobil 1 Chevrolet), who will start sixth, established a track qualifying record in the second round as he became the first driver to record a 200-mph qualifying lap at a 1.5-mile track in NASCAR Sprint Cup Series history. His lap of 200.111 mph easily eclipsed the previous qualifying mark of 198.282 mph set by Kevin Harvick at April’s Duck Commander 500.
The contenders that will join Kenseth and Gordon in the first six rows are Kevin Harvick (No. 4 Budweiser Chevrolet) starting fifth (198.836 mph), Ryan Newman (No. 31 Caterpillar Chevrolet) seventh (198.500 mph), Joey Logano (No. 22 AAA Insurance Ford) 10th (198.071 mph) and Carl Edwards (No. 99 Aflac Ford) in 11th (198.042 mph).
The two contenders that did not fare well in qualifying were Denny Hamlin (No. 11 FedEx Office Toyota), who will start 20th, and Brad Keselowski (No. 2 Miller Lite Ford), who starts 26th.
Rounding out the top five qualifiers behind Kenseth and Gordon were Jimmie Johnson (No. 48 Lowe’s Red Vest Chevrolet) third, Kurt Busch (No. 41 Haas Automation Chevrolet) fourth and Harvick.
The NASCAR Sprint Cup Series returns to the track Saturday for a pair of final practice sessions, the first at 10 a.m. CT and second at 1 p.m.
The AAA Texas 500, the second of three races in the Eliminator 8 Round, will begin at 2 p.m. Sunday. The 334-lap, 501-mile race will be broadcast live on ESPN and also available on PRN (nationally) and KRLD-AM 1080 (locally).
Lilly Diabetes, American Diabetes Association and Roush Fenway Racing to Drive Awareness During Month of NovemberFriday, 31 October 2014 14:14
Throughout the month of November, Roush Fenway Racing will support partners Lilly Diabetes and the American Diabetes Association as they highlight American Diabetes Month and World Diabetes Day. In addition to unique video and social content, the team will carry special decals on all six of its Fords in both the NASCAR Nationwide Series and NASCAR Sprint Cup Series during the month.
“Diabetes is obviously something that hits very close to home for me, so I really appreciate that our entire Roush Fenway team and partners are helping to raise awareness during the month of November,” said Ryan Reed, driver of the No. 16 American Diabetes Association Drive to Stop DiabetesSM presented by Lilly Diabetes Ford Mustang. “I’m proud of the work that both the American Diabetes Association and Lilly Diabetes do, and am excited to draw more attention to that.”
Diabetes impacts nearly 30 million children and adults in the United States, with another 86 million having prediabetes and are at risk for developing type 2 diabetes. American Diabetes Month takes place each November, with the goal of raising awareness of this ever-growing epidemic, with programs designed to focus the nation’s attention on the issues surrounding diabetes and the many people who are impacted by the disease.
In an effort to further this initiative, the American Diabetes Association selected the theme America Gets CookingSM to Stop Diabetes®. This initiative is designed to inspire people to live a more active and healthier lifestyle, empowering all Americans to cook nutritious and delicious food, and be more active. Each day of the week features a special theme aimed to get Americans moving, make favorite recipes healthier or check diabetes and nutrition facts. For more information, fans are encouraged to visit www.diabetesforecast.org/adm.
“American Diabetes Month provides the opportunity for the American Diabetes Association to come together with Lilly Diabetes and others to rally the country to learn more about this epidemic,” said Marjorie Cypress, PhD, CNP, CDE, President, Health Care & Education, American Diabetes Association. “Throughout the month of November, America Gets Cooking to Stop Diabetes will engage Americans to take steps in the direction of leading healthier lives, ultimately getting us closer to stopping diabetes.”
With 382 million people living with diabetes globally, World Diabetes Day, with the theme of Healthy Living and Diabetes, serves to draw attention to the global impact of diabetes. The day itself is celebrated on November 14, to mark the birthday of Frederick Banting who, along with Charles Best, first conceived the idea which led to the discovery of insulin in 1921. It was through their partnership with Lilly that the first commercial insulin was brought to market.
“Through the Drive to Stop Diabetes program, we hope to get people talking about diabetes with their doctor, as well as their friends and family,” said Mike Mason, vice president, U.S., Lilly Diabetes. “We’re grateful to have Ryan and his Roush Fenway team helping to drive the conversation during American Diabetes Month.”
Throughout the month of November, Roush Fenway fans can look forward to videos featuring Reed and his pit crew featuring healthy cooking tips, fitness tips and diabetes facts. Follow along on Facebook, Twitter and Instagram @RoushFenway.
Six-time race winner in the ARCA Racing Series presented by Menards, Brennan Poole has signed a partial schedule with Team BCR Racing and Development Team. The schedule will begin where the team picked up their first win of the 2014 season at Daytona International Speedway for the annual Lucas Oil 200.
“I’m looking forward to working with Team BCR this year,” says Poole. “They are a great team with a strong reputation, and they have given me an awesome opportunity. I feel really blessed to be a part of this team!”
Poole began his ARCA Racing Series career in 2011, where he won his debut race at Salem Speedway. The 23-year-old driver went onto to win five more races at Pocono, Michigan, Elko, Springfield and most recently at Kentucky Speedway in 2014. On top of his wins, he earned four Menards Pole Awards, 18 top-5 finishes and 27 top-10 finishes during 35 series starts. Poole also managed to finish 3rd in driver’s points in 2012, while becoming the series Hoosier Speedway Champion.
Pairing up with Team BCR seemed to be a perfect match for Poole considering the team holds wins at more than half of the tracks the driver holds victory finishes at.
Team BCR Racing and Development Team earned five victories in the 2014 ARCA Racing Series season with wins at Daytona, Mobile, Salem, Pocono and Elko. The team also compiled 9 top-5 finishes and 17 top-10 finishes, along with a Pole Award at Talladega Superspeedway during a part-time 2014 schedule.
Brennan Poole has signed for a minimum of ten races this season, which include the televised races on Fox Sports 1 and 2. If additional funding is secured, the team will plan to run for the 2015 Championship.
Marketing partners, along with a race schedule, will be announced in the next few weeks.
Team BCR PR
JR Motorsports announced today that LINE-X, North America’s largest retail automotive aftermarket franchise and leading provider of high-performance spray-on bedliners, will sponsor Alex Bowman in the No. 5 Chevrolet for the upcoming NASCAR Nationwide Series race at Phoenix International Raceway on Saturday, Nov. 8.
LINE-X is recognized as the industry leader in spray-on bedliners and an innovator of versatile protective coatings. The company’s product line includes items that are utilized in commercial, industrial, agricultural, military and custom applications. LINE-X boasts more than 500 locations in 46 countries.
“We are very excited to get back on the track with the NASCAR Nationwide Series, and to make this return with Alex Bowman and JR Motorsports is truly an honor for us,” said Kevin Heronimus, CEO of LINE-X LLC. “As a company, we have followed Alex’s career since his days in the ARCA Racing Series. We are thrilled to join Alex and the JR Motorsports team for the race in Phoenix.”
The Phoenix race marks the 21-year-old Tuscon, Ariz., native’s second start for JR Motorsports. Bowman started seventh and finished 12th in his JRM debut at Charlotte Motor Speedway on Oct. 10. Over the past two seasons, Bowman has made 71 combined starts across NASCAR’s top-two series, posting two top-five and six top-10 finishes. He also recorded a pair of pole awards in Nationwide Series competition at Texas Motor Speedway in 2013.
“We were really impressed with how well Alex ran at Charlotte,” said JRM general manager Kelley Earnhardt Miller. “For LINE-X to also see that potential and come on board for Phoenix is exciting for our team. We feel like Alex is going to be a star in the sport and this is a great chance for him to show his talent in one of our cars.”
The No. 5 team has earned five wins this season – four with Kevin Harvick and one with Kasey Kahne. Josh Berry, Dale Earnhardt Jr. (renumbered as No. 88) and Austin Theriault have also driven the car this season.
JR Motorsports PR
Speedway Motorsports, Inc. (SMI) (NYSE: TRK) today reported third quarter 2014 total revenues of $139.8 million, adjusted non-GAAP income from continuing operations of $11.5 million or $0.28 per diluted share, and GAAP net income of $15.0 million or $0.36 per diluted share. Nine month 2014 total revenues were $400.3 million, adjusted non-GAAP income from continuing operations was $39.9 million or $0.96 per diluted share, and GAAP net income was $44.1 million or $1.06 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 from continuing operations.
Management believes many of the Company’s revenue categories continue to be negatively impacted by the ongoing weak and uncertain economic conditions, including underemployment and high 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 and certain event related revenues and expenses 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.
Third Quarter Comparison
- New Hampshire Motor Speedway held one NASCAR Camping World Truck Series racing event in the third quarter 2014 that was not held in 2013
- Texas Motor Speedway held one Red Bull Air Race World Championship event in the third quarter 2014 that was not held in 2013
- Total revenues were $139.8 million in 2014 compared to $137.5 million in 2013
- Non-recurring benefit from state tax law changes was $1.7 million or $0.04 per diluted share in 2013
- Income from continuing operations was $9.0 million or $0.22 per diluted share in 2014 compared to $12.4 million or $0.30 per diluted share in 2013
- Income from discontinued operations was $6.0 million (associated income taxes on recovery settlement were $2.5 million) in 2014 compared to a loss of $68,000 in 2013
- Net income was $15.0 million or $0.36 per diluted share in 2014 compared to $12.3 million or $0.30 per diluted share in 2013
- Non-GAAP net income was $11.5 million or $0.28 per diluted share in 2014 compared to $10.7 million or $0.26 per diluted share in 2013
- Total revenues were $400.3 million in 2014 compared to $398.5 million in 2013
- Sizable reduction in 2014 interest expense from 2013 debt refinancing transactions and ongoing debt repayment
- In 2014 (after tax items):
- Non-recurring insurance recovery gain, net of accelerated depreciation on damaged assets of $380,000 or $0.01 per diluted share
- Accelerated depreciation on retired assets of $712,000 or $0.02 per diluted share
- Gain from involuntary property conversion of $620,000 or $0.02 per diluted share
- Decrease in accrued interest and penalties on estimated income taxes of $397,000 or $0.01 per diluted share
- In 2013 (after tax items):
- Goodwill impairment charge of $86.7 million or $2.09 per diluted share
- Loss on early debt redemption and refinancing of $11.6 million or $0.28 per diluted share
- Non-recurring benefits from state income tax restructuring and tax law changes of $5.7 million or $0.14 per diluted share
- Income from continuing operations was $38.2 million or $0.92 per diluted share in 2014 compared to a loss of $56.8 million or $1.37 per diluted share in 2013
- Income from discontinued operations was $5.9 million (associated income taxes on recovery settlement were $2.5 million) in 2014 compared to a loss of $130,000 in 2013
- Net income was $44.1 million or $1.06 per diluted share in 2014 compared to a loss of $56.9 million or $1.37 per diluted share in 2013
- Non-GAAP net income was $39.9 million or $0.96 per diluted share in 2014 compared to $35.8 million or $0.86 per diluted share in 2013
Non-GAAP Financial Information and Reconciliation
Income from continuing operations, and diluted earnings per share from continuing operations, as adjusted and set forth below are non-GAAP (other than generally accepted accounting principles) financial measures presented as supplemental disclosures to their individual corresponding GAAP basis amounts. The following schedule reconciles those non-GAAP financial measures to their most directly comparable information presented using GAAP, all net of taxes. Management believes such non-GAAP information is useful and meaningful to investors and helps in understanding, using and comparing the Company’s operating results separate from the non-recurring and other non-GAAP items described below.
Management uses the non-GAAP information to assess the Company’s operations for the periods presented, analyze performance trends and make decisions regarding future operations because it believes this separate information better reflects ongoing operating results. This non-GAAP financial information is not intended to be considered independent of or a substitute for results prepared in accordance with GAAP. This non-GAAP financial information may not be comparable to similarly titled measures used by other entities and should not be considered as alternatives to net income or loss or diluted earnings or loss per share, or income or loss or diluted earnings or loss per share from continuing operations, determined in accordance with GAAP. Individual quarterly per share amounts may not be additive due to rounding. Amounts below are in thousands except per share amounts.
|Three Months Ended
|Nine Months Ended
|(in thousands, except per share amounts)|
|Consolidated net income (loss) using GAAP||$||14,995||$||12,294||$||44,061||$||(56,885||)|
|(Income) loss from discontinued operations, net of associated income taxes on recovery settlement||(3,509||)||68||(3,441||)||130|
|Non-recurring insurance recovery gain, net of accelerated depreciation on damaged assets||--||--||(380||)||--|
|Accelerated depreciation on retired assets||--||--||712||--|
|Gain from involuntary property conversion||--||--||(620||)||--|
|Impairment of goodwill||--||--||--||86,696|
|Loss on early debt redemption and refinancing||--||--||--||11,619|
|Decrease in accrued interest and penalties on estimated income tax liabilities, and non-recurring benefits of state income tax restructuring and tax law changes||--||(1,664||)||(397||)||(5,720||)|
|Non-GAAP consolidated net income from continuing operations||$||11,486||$||10,698||$||39,935||$||35,840|
|Consolidated diluted earnings (loss) per share using GAAP||$||0.36||$||0.30||$||1.06||$||(1.37||)|
|(Income) loss from discontinued operations, net of associated income taxes on recovery settlement||(0.08||)||0.00||(0.08||)||0.00|
|Non-recurring insurance recovery gain, net of accelerated depreciation on damaged assets||--||--||(0.01||)||--|
|Accelerated depreciation on retired assets||--||--||0.02||--|
|Gain from involuntary property conversion||--||--||(0.02||)||--|
|Impairment of goodwill||--||--||--||2.09|
|Loss on early debt redemption and refinancing||--||--||--||0.28|
|Decrease in accrued interest and penalties on estimated income tax liabilities, and non-recurring benefits of state income tax restructuring and tax law changes||--||(0.04||)||(0.01||)||(0.14||)|
|Non-GAAP consolidated diluted earnings per share from continuing operations||$||0.28||$||0.26||$||0.96||$||0.86|
Significant 2014 Third Quarter Racing Events
- Atlanta Motor Speedway – Labor Day weekend NASCAR Oral-B USA 500 Sprint Cup and Great Clips 300 to Benefit Feed the Children Nationwide Series racing events
- Bristol Motor Speedway – NASCAR IRWIN Tools Night Race Sprint Cup, Food City 300 Nationwide and UNOH 200 presented by ZLOOP Camping World Truck Series racing events
- zMAX Dragway at Charlotte Motor Speedway – Pep Boys NHRA Carolina Nationals racing event
- Kentucky Speedway – NASCAR VisitMyrtleBeach.com 300 Nationwide and ZLOOP 150 Automobile Racing Club of America Series racing events
- Las Vegas Motor Speedway – NASCAR Rhino Linings 350 Camping World Truck Series racing event
- New Hampshire Motor Speedway – NASCAR Camping World RV Sales 301 Sprint Cup, SYLVANIA 300 Sprint Cup, Sta-Green 200 Nationwide and UNOH 175 Camping World Truck Series racing events
- Sonoma Raceway – NHRA Sonoma Nationals and GoPro Grand Prix of SonomaIndyCar Series racing events
- Texas Motor Speedway – Red Bull Air Race World Championship event
2014 Earnings Guidance
The Company reaffirmed that third quarter 2014 results are consistent with its previous full year 2014 earnings guidance of $0.90-$1.10 per diluted share from continuing operations, excluding non-recurring and other special items. The range of earnings guidance reflects the continuing negative impact of uncertain economic conditions, among other factors. Higher fuel, health-care and food costs and continued underemployment could significantly impact our future results.
Dividends and Stock Repurchase Program
During the nine months ended September 30, 2014, the Company declared and paid cash dividends of $0.15 per share of common stock each quarter for a combined aggregate of approximately $18.7 million. On October 16, 2014, the Company’s Board of Directors declared a quarterly cash dividend of $0.15 per share of common stock, aggregating approximately $6.2 million, payable on December 5, 2014 to shareholders of record as of November 14, 2014. The Board of Directors plans to continue to evaluate cash dividends on a quarterly basis in the future.
During the nine months ended September 30, 2014, the Company repurchased 113,000 shares of common stock for approximately $2.1 million under this program. As of September 30, 2014, the Company has repurchased 3,995,000 shares since adoption of the program in April 2005, and the total number of shares available for future repurchase as currently authorized is 1,005,000.
“These third quarter results are within our expectations and reflect continuing increases in track rentals, strong profitability from certain non-motorsports events and activities, and higher luxury suite revenues on a year-over-year comparable event basis,” stated Marcus G. Smith, Chief Operating Officer and President of Speedway Motorsports. “We believe corporate spending trends are stabilizing, with increasing interest in our promotional activities and facilities. Most of our NASCAR Sprint Cup and Nationwide Series event sponsorships for 2015, and many for racing seasons beyond 2015, are already sold. While the economy finally appears to be improving, certain markets are recovering slower than expected. We strongly believe NASCAR’s focus on enhancing on-track racing competition and fan appeal is continuing to improve our sport’s premier racing product and refine our fan’s entertainment experience.
“As throughout our history, SMI’s business model is centered on providing our fans with an entertainment experience and value second to none in motorsports. SMI’s priorities are focused on unique pre-race and contemporary interactive digital entertainment and customer service initiatives, particularly targeted to families, the younger generation and first-time fans. We strongly believe our efforts, coupled with those of NASCAR and NBC Sports Group and FOX Sports Media Group media powerhouses under the new broadcasting contracts, provide us and our NASCAR entertainment industry with superior long-term marketing and growth opportunities.”
O. Bruton Smith, Chairman and Chief Executive Officer of Speedway Motorsports stated, “Our growing financial strength is well positioning SMI for renewed long-term growth. We have reduced long-term debt by over $230 million since early 2011, and plan to continue ongoing debt reduction and constrained capital spending. We believe attendance and other event related revenue trends are improving as the economic recovery expands. Our core fans have been particularly hard hit, and we are continuing with many reduced prices to help offset these tough times. And at the same time, we are offering more innovative pre-race entertainment and constantly improving our facilities for our fans’ enjoyment. SMI’s substantial past investment in modern facilities is allowing us to focus capital spending on fan generating and customer service initiatives without straining our financial resources. Modern improvements like the two largest video boards in motorsports at our Charlotte and Texas Motor Speedways, exemplifies SMI’s long history of industry firsts and arguably the most modern, finest racing facilities collectively in motorsports.
“SMI’s future is brighter than it has been in years. Our financial strength is improving, which is helped by the substantial multi-year contracted revenue streams from the NASCAR broadcasting agreements through 2024 and expanding demand for additional uses of our modern venues in premium markets. And there are NASCAR’s ongoing improvements to on-track racing competition for increasing fan appeal, the many sizeable and largely untapped demographics in motorsports, the long-term marketing initiatives of SMI, NASCAR and the media powerhouses, and most importantly an improving economy. These are all converging factors that provide SMI and our sport with tremendous prospects for renewed growth and profitability.”
Speedway Motorsports is a leading marketer and promoter of motorsports entertainment in the United States. The Company, through its subsidiaries, owns and operates the following premier facilities: Atlanta Motor Speedway, Bristol Motor Speedway, Charlotte Motor Speedway, Kentucky Speedway, Las Vegas Motor Speedway, New Hampshire Motor Speedway, Sonoma Raceway and Texas Motor Speedway. The Company provides souvenir merchandising services through its SMI Properties subsidiaries; manufactures and distributes smaller-scale, modified racing cars and parts through its US Legend Cars International subsidiary; and produces and broadcasts syndicated motorsports programming to radio stations nationwide through its Performance Racing Network subsidiary. For more information, visit the Company's website at www.speedwaymotorsports.com.
This news release contains forward-looking statements, particularly statements with regard to our future operations and financial results. There are many factors that affect future events and trends of our business including, but not limited to, economic factors, weather, the success of NASCAR and others as sanctioning bodies, capital projects and expansion, financing needs, income taxes and a host of other factors both within and outside of management control. These factors and other factors, including those contained in our Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q, involve certain risks and uncertainties that could cause actual results or events to differ materially from management's views and expectations. Inclusion of any information or statement in this news release does not necessarily imply that such information or statement is material. The Company does not undertake any obligation to release publicly revised or updated forward-looking information, and such information included in this news release is based on information currently available and may not be reliable after this date.
Note: Speedway Motorsports will host a conference call and webcast today at 10:00 AM (ET) open to the public. To participate in the conference call, you may dial 877-369-6589 (US / Canada / toll-free) or 408-337-0122 (international). The reference number is 24238527. A webcast of the call can be accessed at the Company's website at www.speedwaymotorsports.com under “Event Calendar”. To listen to a playback of the call, you may dial 855-859-2056 or 404-537-3406 beginning at 1:00 PM (ET) October 29th through 11:59 PM (ET) November 12th. The reference number is 24238527. Participating in the call will be Marcus G. Smith, Chief Operating Officer and President, and William R. Brooks, Vice Chairman, Chief Financial Officer and Treasurer.
|Speedway Motorsports, Inc. and Subsidiaries
Selected Financial Data - Unaudited
For The Three and Nine Months Ended September 30, 2014 and 2013
(In thousands except per share amounts)
|Three Months Ended||Nine Months Ended|
|STATEMENT OF OPERATIONS DATA||9/30/2014||9/30/2013||9/30/2014||9/30/2013|
|Event related revenue||39,186||37,715||116,158||114,999|
|NASCAR broadcasting revenue||63,068||60,441||178,814||171,592|
|Other operating revenue||6,672||6,408||22,038||23,008|
|Expenses and Other:|
|Direct expense of events||33,706||34,162||83,398||83,110|
|NASCAR purse and sanction fees||39,400||37,958||108,576||105,676|
|Other direct operating expense||4,127||4,080||14,006||14,347|
|General and administrative||25,414||23,955||74,065||69,954|
|Depreciation and amortization||13,540||13,913||42,451||41,476|
|Interest expense, net||5,358||5,950||16,285||26,101|
|Impairment of goodwill||-||-||-||89,037|
|Loss on early debt redemption and refinancing||-||-||-||18,467|
|Other (income) expense, net||(61||)||(37||)||(2,487||)||206|
|Total Expenses and Other||121,484||119,981||336,294||448,374|
|Income (Loss) from Continuing Operations Before Income Taxes||18,353||17,519||63,962||(49,889||)|
|Income Tax Provision||(9,336||)||(5,157||)||(25,811||)||(6,866||)|
|Income (Loss) from Continuing Operations||9,017||12,362||38,151||(56,755||)|
|Income (Loss) from Discontinued Operation||5,978||(68||)||5,910||(130||)|
|Net Income (Loss)||$14,995||$12,294||$44,061||($56,885||)|
|Basic Earnings (Loss) Per Share:|
|Net Income (Loss)||$0.36||$0.30||$1.06||($1.37||)|
|Weighted average shares outstanding||41,372||41,395||41,396||41,416|
|Diluted Earnings (Loss) Per Share:|
|Net Income (Loss)||$0.36||$0.30||$1.06||($1.37||)|
|Weighted average shares outstanding||41,388||41,413||41,416||41,431|
|Major NASCAR-sanctioned Events Held During Period||8||8||20||20|
|Certain Race Schedule Changes:|
|• New Hampshire Motor Speedway held one NASCAR Camping World Truck Series racing event in the third quarter 2014 that was not held in 2013|
|• Texas Motor Speedway held one Red Bull Air Race World Championship event in the third quarter 2014 that was not held in 2013|
• Poor weather resulted in delays in starting and completing one NASCAR Sprint Cup race held at Bristol Motor Speedway in the first quarter 2014, and postponing and rescheduling one NASCAR Sprint Cup race held at Texas Motor Speedway in the second quarter 2014
|BALANCE SHEET DATA||9/30/2014||12/31/2013|
|Cash and cash equivalents||$104,083||$97,343|
|Total current assets||179,104||202,208|
|Property and equipment, net||1,084,405||1,105,177|
|Goodwill and other intangible assets, net||444,621||444,635|
|Deferred race event and other income, net||44,480||57,888|
|Total current liabilities||109,673||110,954|
|Credit facility borrowings (all term loan)||150,000||210,000|
|Total long-term debt||405,368||466,989|
|Total stockholders' equity||850,815||825,990|
Speedway Motorsports Inc.
OneMain Financial announced today that it will be the primary sponsor of the Roush Fenway Racing No. 1 OneMain Financial Ford Mustang driven by Elliott Sadler in the 2015 NASCAR Xfinity Series (NXS). This sponsorship reunites the two organizations as OneMain Financial (previously known as CitiFinancial) sponsored Roush Fenway entries in the NASCAR Nationwide Series from 2008 to 2010.
"We are thrilled to continue our partnership with Elliott Sadler in the NASCAR Xfinity Series," said Mary McDowell, President and CEO of OneMain Financial. "Both on and off the track, the OneMain Racing program helps us build connections with our customers, employees and communities. The teamwork displayed by our race team mirrors the commitment our employees have to each other and to building personal loan solutions for each customer's unique needs. We are especially excited to field the Roush Fenway 'OneMain Financial 1' Ford to represent our brand this year."
The 2015 season will mark OneMain Financial's 12th season in NASCAR, and the company's return to a full-season sponsorship, serving as primary sponsor for all 33 races for the No. 1 Ford Mustang in the NXS.
Sadler, a NASCAR veteran, will continue his relationship with OneMain Financial as he competes for a championship in the 2015 season. Sadler has 260 Nationwide Series starts to his credit, earning 10 wins, 16 pole awards, 61 top-five and 128 top-10 finishes. During the previous three full seasons, Sadler finished fourth in 2013, and second in 2012 and 2011. He was also voted the 2011 Nationwide Series Most Popular Driver. In 2010, Sadler became the 21st driver to win a race in each of NASCAR's national series (Sprint Cup, Nationwide and Truck Series).
"It is an honor to remain with OneMain Financial next year," said Sadler. "Their commitment to teamwork and excellence carries throughout the organization and extends to the racing program. I'm thrilled for the opportunity to race under the OneMain Financial banner and team up with Roush Fenway Racing to compete for the NASCAR Xfinity Series championship in 2015."
"It's great to have OneMain Financial back on board," said Roush Fenway president Steve Newmark. "They are a first-class organization from top to bottom, a leader in their field and one of the most respected organizations in their industry. We enjoyed a great partnership in the past, and we look forward to reigniting that relationship moving forward next season.
"We are also very excited about what Elliott Sadler brings to our driver lineup," added Newmark. "He is a seasoned veteran and a winner on the track. He brings a reputation as a fierce competitor and I know that our entire organization, and particularly his Roush Fenway teammates in the NASCAR Xfinity Series, Chris Buescher and Ryan Reed, will benefit from his experience next season."
One Main Racing PR