robbie: Unfortunately, it was just wishful thinking. Great idea though???? <ggggg>
Here's an even better idea -
The Compaq/Target Honda (it's even black & red!) driven by K's new #1 (formerly #2) CART driver - Jimmy Vasser. Jimmy finished 2nd in CART last year behind his teammate Alex "Donuts" Zanardi (1999 F1 Champion <ggg>).
YESSSSSSSSS!!!!!!
K
BTW, still think it's a good LT investment ....
Championship Auto Racing Teams Reports Record Fourth Quarter and Year-End Results
Business Wire - February 10, 1999 09:04
DETROIT--(BUSINESS WIRE)--Feb. 10, 1999--Championship Auto Racing Teams, Inc. (NYSE: MPH) today announced record revenues, net income and earnings per share for the fourth quarter and year-end December 31, 1998.
Actual Results
Total revenues for the fourth quarter of 1998 were up 565% to $12.5 million from $1.9 million in the comparable quarter in 1997. Net income for the fourth quarter of 1998 was up to $3.3 million, compared to a net loss of $2.3 million in the fourth quarter of 1997. On a diluted per common share basis, earnings were $0.21 in 1998 compared to a loss of $0.23 in the fourth quarter of 1997.
For the year-ended December 31, 1998, revenues increased 51% to $62.5 million from $41.4 million. Net income rose to $15.1 million or $1.05 per diluted share versus a net loss of $17.5 million, or $1.72 per diluted share.
Pro Forma Results
Assuming the American Racing Series, Inc., BP Automotive, Inc., and Pro-Motion Agency, Ltd. acquisitions had been effective January 1, 1997 and January 1, 1998, and after eliminating certain non-recurring race team expenses in the fourth quarter and twelve months ended December 31, 1997, pro forma results for the periods would have been as follows:
Total revenues for the fourth quarter of 1998 increased 162% to $12.5 million from $4.8 million in the comparable quarter in 1997. Net income for the fourth quarter of 1998 was $3.1 million compared to a loss of $1.1 million in the fourth quarter of 1997. On a diluted per common share basis, earnings were $0.20 in 1998 compared to a loss of $0.11 in the fourth quarter of 1997.
For the year-ended December 31, 1998, revenues increased 29% to $63.9 million from $49.6 million. Net income rose to $15.2 million or $1.05 per diluted share versus a loss of $4.0 million, or $0.38 per diluted share.
The number of events held in a particular quarter will affect the comparability of earnings information from quarter to quarter. In the fourth quarter of 1998, CART conducted three events; the inaugural race in Houston, Texas; Surfers Paradise, Australia; and the season finale in Fontana, California. CART did not sanction any events in the fourth quarter of 1997.
"1998 has been a year of transformation at Championship Auto Racing Teams, Inc.," said Andrew Craig, CART Chairman and CEO. "The company has grown substantially over the course of the year from within our core business and through acquisitions. Our financial performance has been outstanding. All of us at CART look forward to building on the results that we achieved in 1998 and continue to see significant potential to grow the interest in open wheel racing both in the USA and throughout the world."
Championship Auto Racing Teams, Inc. (NYSE: MPH) owns, operates and markets the FedEx Championship Series, which is comprised of 20 races in five countries on four continents in 1999. Drivers such as Michael Andretti, Adrian Fernandez, Dario Franchitti, Bryan Herta, Greg Moore, Al Unser, Jr., and Jimmy Vasser race 900-plus horsepower, open wheel cars at speeds of more than 230 miles per hour on some circuits. CART also owns and operates its top two development series, the PPG Dayton Indy Lights Championship and the KOOL Toyota Atlantic Championship.
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