0 Financing On New Cars | Speedway Motorsports Reports First Quarter 2011 Results And Reaffirms Full Year 2011 Guidance

CONCORD, N.C.--( BUSINESS WIRE )--Speedway Motorsports, Inc. (SMI) (NYSE:TRK) currently reported initial entertain 2011 complete revenues of $86.7 million and practiced non-GAAP income from stability operations of $3.2 million or $0.08 per widely separated share. Also, SMI validated its full year 2011 gain superintendence of $0.90 to $1.20 per widely separated share from stability operations. The practiced non-GAAP results is to initial entertain 2011 leave out a non-recurring assign regarding to early debt emancipation and refinancing as serve discussed and reconciled with similar GAAP amounts below. GAAP loss from stability operations was $1.2 million or $0.03 per widely separated share is to initial entertain 2011.

"Our initial entertain results were inside of our expectations, and simulate firm or stepping up revenues in a few critical income categories such as air wave report and speedway rentals"

First entertain 2011 results were moreover impacted by, amid other factors, the subsequent to :

The Company's admissions and many eventuality connected and other income categories go on to be negatively impacted by declines in consumer and corporate spending due to feeble mercantile conditions, inclusive high fuel prices. In 2011, similar to 2010, administration has marked down many sheet prices and increased promotional spending to help encourage air blower encouragement and alleviate any near-term urge weakness. Because many revenues, such as admissions and corporate selling arrangements, are sole well in allege of scheduled events, administration believes it takes comparatively longer for SMI's results to simulate sales expansion as mercantile conditions improve.

First Quarter Comparison:

Non-GAAP Financial Information and Reconciliation

Income or loss from stability operations, and widely separated gain or loss per share from stability operations, as practiced set onward next arenon-GAAP (other than normally agreed accounting principles) financial measures presented as supplemental disclosures to income or loss from stability operations and widely separated gain or loss per share from stability operations. The subsequent to schedule reconciles those non-GAAP financial measures to their many right away similar data presented using GAAP, all net of taxes. Management believes such non-GAAP data is utilitarian and significant to investors and helps in understanding, using and comparing the Company's results of stability operations well-defined from dropped operations and non-recurring transactions, conjunction of that are approaching to materially effect the Company's future operations. Management uses the non-GAAP data to evaluate the Company's stability operations is to durations presented, investigate opening trends and make decisions regarding future operations since it believes this well-defined data improved reflects ongoing working results. This non-GAAP financial data may not be similar to likewise patrician measures used by other entities and should not be deliberate as alternatives to net income or loss, widely separated gain or loss per share, or income or loss and widely separated gain or loss per share from stability operations, gritty in accommodations with GAAP.

Significant 2011 First Quarter Racing Events

2011 Earnings Guidance Reaffirmed

The Company reiterated that initial entertain 2011 results are conform to with its formerly full year 2011 gain superintendence of $0.90-$1.20 per widely separated share from stability operations. This superintendence excludes the non-recurring assign connected to the initial entertain 2011 debt refinancing described below. The far-reaching operation of gain superintendence reflects the stability disastrous effect of undetermined mercantile conditions, together with the timing and gait of mercantile recovery. High or stepping up fuel prices, quite given the towering geopolitical tensions in the Middle East and other unfamiliar regions, could significantly effect our future results.

As previously announced, in the initial entertain 2011, the Company nice and restated its Credit Facility, released new Senior Notes due 2019 and redeemed Senior Subordinated Notes previously due 2013. The Company reflected a non-recurring assign for early emancipation premium, unamortized net paid in instalments loan costs, and agreement remuneration and contract expenses associated with the one-time debt arrangements, of roughly $4.5 million, net of income taxes of $2.9 million.

Stock Repurchase Program and Dividends

During the initial entertain 2011, the Company repurchased 68,000 shares of familiar batch for roughly $1.0 million beneath its previously voiced batch repurchase program. As of Mar 31, 2011, the Company has repurchased 3,445,000 shares since embracing a cause of the module in April 2005, and the complete number of shares existing for future repurchase beneath the program, as currently authorized, is 555,000.

On February16, 2011, the Company's Board of Directors spoken a quarterly money division of $0.10 per share of familiar stock, aggregating roughly $4.2 million, that was paid on March15, 2011 to shareholders of record as of March1, 2011. On April 20, 2011, the Company's Board of Directors spoken a quarterly money division of $0.10 per share of familiar batch aggregating roughly $4.2 million, on credit on June 10, 2011 to shareholders of record as of May 20, 2011. The Board of Directors skeleton to go on to evaluate money dividends on a quarterly basement in the future.

Comments

"Our initial entertain results were inside of our expectations, and simulate firm or stepping up revenues in a few critical income categories such as air wave report and speedway rentals," settled Marcus G. Smith, Chief Operating Officer and President of Speedway Motorsports. "These income trends, along with stability renewed fascination of our stream and potential corporate selling partners, optimistically show to us that mercantile conditions are improving. Also, television ratings for our sport's NASCAR Sprint Cup Series are up over final year, demonstrating that NASCAR's changes are truly enhancing on-track racing contest and generating renewed air blower fad and media interest. Installation of the world's largest high-definition video house at our Charlotte Motor Speedway is nearby completion, and an interesting showcase is programmed at our NASCAR Sprint All-Star race on May 21, 2011. This is other unapproachable e.g. of SMI's industry-leading enhancement that could help renovate racing entertainment, bringing back many of our fans from home or other venues not able to to give a similar grand experience.

"SMI continues with a few initiatives to complement revenues and enclose costs. We think our sheet and other cost reductions are successfully assisting cancel out the severe mercantile conditions, inclusive taking flight fuel prices, for our fans. Our successful initial entertain 2011 financing exchange are approaching to significantly lower future fascination expenses and upgrade money flows. And we never tire of adage many of our NASCAR Sprint Cup and Nationwide Series eventuality sponsorships for 2011 are already sold, together with many for racing seasons over 2011. Another certain direction is that SMI's racing events are on follow to capture more fiercely-loyal fans in 2011 than the almost 4 million who attended final year. SMI believes these factors give us with excellent prospects for renewed long-term expansion as mercantile conditions improve."

"The fad continues to erect about SMI's inaugural NASCAR Quaker State 400 Sprint Cup race at our newly modernized Kentucky Speedway on Saturday night, July 9, 2011, where a sold-out throng is anticipated", settled O. Bruton Smith, Chairman and Chief Executive Officer of Speedway Motorsports. "Advance sheet sales for this initial category trickery have exceeded expectations, leaving small skepticism this reward marketplace represents a extensive long-term expansion chance for SMI. We feel the improvements NASCAR continues to make to our sport are bringing back the aggressive fad that combined our constant air blower bottom and our sport's popularity. We strongly think our industry-leading enhancement and initial category services in reward markets, along with the enlarge in television ratings and renewed core air blower interest, give broadcasters and advertisers with excellent long-term promotional opportunities."

Speedway Motorsports is a heading marketer and upholder of motorsports entertainment in the United States. The Company, by its subsidiaries, owns and operates the subsequent to premier facilities: Atlanta Motor Speedway, Bristol Motor Speedway, Charlotte Motor Speedway, Infineon Raceway, Kentucky Speedway, Las Vegas Motor Speedway, New Hampshire Motor Speedway and Texas Motor Speedway. The Company provides commemoration merchandising services by its SMI Properties subsidiaries; manufactures and distributes smaller-scale, mutated racing cars and tools by its US Legend Cars International subsidiary; and produces and broadcasts syndicated motorsports programming to air wave stations national by its Performance Racing Network subsidiary. The Company moreover equally owns Motorsports Authentics, a J.V. shaped with International Speedway Corporation to design, marketplace and sell protected motorsports merchandise. For more information, revisit the Company's website at www.speedwaymotorsports.com .

This headlines let go contains forward-looking statements, quite statements with courtesy to our future operations and financial results. There are many factors that start future events and trends of our business including, but not paltry to, mercantile factors, weather, the success of NASCAR and others as supporting bodies, the success of our Motorsports Authentics merchandising joint venture, funds projects and expansion, financing needs, and a horde of other factors both inside of and outward of administration control. These factors and other factors, inclusive those contained in our Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q, engage certain risks and uncertainties that could cause real results or events to deviate materially from management's views and expectations. Inclusion of any data or matter in this headlines let go does not indispensably imply that such data or matter is material. The Company does not commence any responsibility to let go publicly revised or

Note: Speedway Motorsports will horde a discussion call and webcast currently at 10:00 AM (ET) open to the public. To experience in the discussion call, you may dial 888-735-0476 (US, Canada / toll-free) or 706-758-1524 (International / toll). The anxiety number is 62530998. A webcast of the call may be accessed at the Company's website at www.speedwaymotorsports.com beneath "Event Calendar". To attend to a playback of the call, you may dial 800-642-1687 or 706-645-9291 commencement at 12:00 PM (ET) May 4^th by 11:59 PM (ET) May 18^th. The anxiety number is 62530998. 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.