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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank -- Ignore unavailable to you. Want to Upgrade?

To: TimbaBear who wrote (39161)	5/11/1999 12:11:00 AM
From: Jenna	Respond to of 120523

Speedway Motorsports Reports Record Revenues And Earnings for First Quarter of 1999 (beat by 1 cents) I don't know too much about the differences between these companies but the news coming out on biz.yahoo.com here yesterday could translate to a gain in TRK as well, we'll see. CONCORD, N.C., May 10 /PRNewswire/ -- Speedway Motorsports (NYSE: TRK - news) today announced record revenues, net income and earnings per share for the quarter ended March 25, 1999. Speedway Motorsports' total revenues for the first quarter increased 196%, or $53.1 million, and operating income increased $15.0 million to $11.9 million compared to an operating loss of $3.1 million in 1998. Net income increased $4.9 million to $2.0 million, and diluted earnings per share, including non-recurring charges for financing costs attributable to the Las Vegas Motor Speedway (LVMS) acquisition, increased $0.12 to $0.05 compared to a loss per share of $0.07 last year. Excluding non-recurring charges, first quarter 1999 net income was $3.4 million and diluted earnings per share were $0.08, exceeding market expectations. ''These record results for the first quarter of 1999 convincingly demonstrate the positive impact and merit of Speedway Motorsports' purchase of Las Vegas in December 1998,'' stated Bruton Smith, chairman and chief executive officer of Speedway Motorsports. ''Our first NASCAR events in Las Vegas provided a tremendous start to SMI's 1999 racing season. We hosted sold-out capacity crowds at The Las Vegas 400 NASCAR Winston Cup Series race and record attendance at the Sam's Town 300 NASCAR Busch Series race. Our Las Vegas 400 achieved a record 6.0 television rating, up over its inaugural 1998, and was the second most watched NASCAR race in history, excluding the Daytona 500.'' Adding to the first quarter record results was Atlanta Motor Speedway's Cracker Barrel 500 NASCAR Winston Cup Series and Yellow Freight 300 NASCAR Busch Series racing events which hosted record attendance despite poor weather. The Cracker Barrel 500 also achieved a record 5.7 television rating.