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Weather blamed for decrease in income

Tuesday, Aug. 5, 2003 | 11:06 a.m.

North Carolina-based Speedway Motorsports Inc. this morning blamed debt refinancing costs and poor weather on a 23 percent decrease in second-quarter income.

Speedway Motorsports, owner of the Las Vegas Motor Speedway, reported net income of $26.5 million, 62 cents per share, for the second quarter. That's down from $34.4 million, 80 cents a share, in the same 2002 quarter.

Despite the setbacks, total second-quarter revenues, which include event admission and broadcasting revenue, reached $151 million, up from $148 million for the same 2002 quarter.

The company said 10 inches of rain fell during a May race week at the Lowe's Motor Speedway in North Carolina, hurting profits.

Races at Texas Motor Speedway and Infineon Raceway in California also were affected by the outbreak of war in Iraq and terrorism alerts.

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