Speedway Motorsports Reports Results for Fourth Quarter and Year Ended December 31, 2012 and Provides Full Year 2013 Guidance

  Speedway Motorsports Reports Results for Fourth Quarter and Year Ended
  December 31, 2012 and Provides Full Year 2013 Guidance

Business Wire

CONCORD, N.C. -- March 6, 2013

Speedway Motorsports, Inc. (SMI) (NYSE: TRK) today reported fourth quarter
2012 total revenues of $82.1 million and income from continuing operations of
$3.9 million or $0.09 per diluted share. Full year 2012 total revenues were
$490.2 million and income from continuing operations was $41.8 million or
$1.01 per diluted share.

Fourth quarter and full year 2012 results were also impacted by, among other
factors, the following:

  *Race schedule changes for IndyCar Series, NASCAR Camping World Truck
    Series and other smaller racing events
  *Expiration of Sonoma Raceway naming rights agreement in 2012
  *Lower NASCAR ancillary broadcasting rights revenue in 2012
  *Lower effective income tax rates for 2012
  *Ongoing effects of challenging economic conditions

Fourth Quarter Comparison

  *Total revenues were $82.1 million in 2012 compared to $89.1 million in
    2011
  *Income from continuing operations was $3.9 million or $0.09 per diluted
    share in 2012 compared to loss from continuing operations of $126,000 or
    $0.00 per diluted share in 2011
  *Net income was $4.3 million or $0.10 per diluted share in 2012 compared to
    net loss of $398,000 or $0.01 per diluted share in 2011

Full Year Comparison

  *Total revenues were $490.2 million in 2012 compared to $505.8 million in
    2011
  *2011 goodwill impairment charge was $48.6 million or $1.17 per diluted
    share (with no tax benefit)
  *2011 after tax loss on early debt redemption and refinancing was $4.5
    million or $0.11 per diluted share
  *Income from continuing operations was $41.8 million or $1.01 per diluted
    share in 2012 compared to loss from continuing operations of $5.6 million
    or $0.14 per diluted share in 2011
  *Net income was $42.1 million or $1.02 per diluted share in 2012 compared
    to net loss of $6.4 million or $0.16 per diluted share in 2011

Non-GAAP Financial Information and Reconciliation

Income from continuing operations, and diluted earnings per share from
continuing operations as adjusted and set forth below arenon-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
results of continuing operations separate from discontinued operations and
certain 2011 charges. In 2011, the Company reflected a second quarter non-cash
charge for goodwill impairment related to New Hampshire Motor Speedway with no
tax benefit, and a first quarter charge related to its debt redemption and
refinancing transactions with tax benefits of $2.9 million.

Management uses the non-GAAP information to assess the Company’s continuing
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,
diluted earnings or loss per share, or income or loss and diluted earnings or
loss per share from continuing operations, determined in accordance with GAAP.

                               Three Months Ended     Twelve Months Ended
                                December 31:           December 31:        
                                2012      2011      2012     2011     
                                 (in thousands, except per share amounts)
Consolidated net income        $ 4,348    $ (398  )   $ 42,119    $ (6,444 )
(loss) using GAAP
(Income) loss from              (443  )   272       (326   )   883
discontinued operation
Consolidated income (loss)       3,905       (126  )     41,793       (5,561 )
from continuing operations
Impairment of goodwill           --          --          --           48,609
Loss on early debt              --       --        --        4,471
redemption and refinancing
Non-GAAP consolidated income
(loss) from continuing         $ 3,905   $ (126  )   $ 41,793   $ 47,519
operations
                                                                             
Consolidated diluted
earnings (loss) per share      $ 0.10      $ (0.01 )   $ 1.02       $ (0.16  )
using GAAP
(Income) loss from              (0.01 )   0.01      (0.01  )   0.02
discontinued operation
Consolidated diluted
earnings (loss) per share        0.09        0.00        1.01         (0.14  )
from continuing operations
Impairment of goodwill           --          --          --           1.17
Loss on early debt              --       --        --        0.11
redemption and refinancing
Non-GAAP diluted earnings
(loss) per share from          $ 0.09    $ 0.00     $ 1.01     $ 1.14
continuing operations

Significant 2012 Fourth Quarter Racing Events

  *Charlotte Motor Speedway - NASCAR Bank of America 500 Sprint Cup and
    Dollar General 300 Nationwide Series racing events
  *The Strip at Las Vegas Motor Speedway – NHRA Big O Tires Nationals racing
    event
  *Texas Motor Speedway - NASCAR AAA Texas 500 Sprint Cup, O’Reilly Auto
    Parts Challenge Nationwide, and WinStar World Casino 350 Camping World
    Truck Series racing events

2013 Earnings Guidance

The Company estimates 2013 total revenues of $480-510 million, after tax
income from continuing operations of $37-46 million, depreciation and interest
of $90-100 million, and diluted earnings per share from continuing operations
of $0.90-1.10, excluding possible non-recurring charges. The range of earnings
guidance reflects the continuing negative impact of uncertain economic
conditions, among other factors. The Company’s estimated total capital
expenditures in 2013 are approximately $20-30 million.

As previously announced, the Company issued additional Senior Notes due 2019
and amended and restated its Credit Facility in the first quarter 2013, and
plans to redeem all outstanding Senior Notes due 2016 in the second quarter
2013. The Company anticipates reflecting sizable non-recurring charges for
early redemption premium, unamortized net deferred loan costs and issuance
discount, and settlement payment and transaction costs associated with the
former debt arrangements. The foregoing guidance excludes such charges. At
this time, the Company cannot provide assurance that some or all of the Senior
Notes due 2016 will be redeemed as planned.

Dividends and Stock Repurchase Program

On February 13, 2013, 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 March 15, 2013 to shareholders of record as of March
1, 2013. During the full year 2012, the Company declared and paid quarterly
cash dividends of $0.15 per share of common stock for a combined aggregate of
approximately $24.9 million, representing a 50% per share increase over 2011.
The Board of Directors plans to continue to evaluate cash dividends on a
quarterly basis in the future.

During the full year 2012, the Company repurchased 124,000 shares of common
stock for approximately $2.0 million under its previously announced stock
repurchase program. As of December 31, 2012, the Company has repurchased
3,756,000 shares since adoption of the program in April 2005, and the total
number of shares available for future repurchase under the program as
currently authorized is 244,000.

Comments

“Our momentum going into 2013 favorably positions us for renewed growth once
the tough economic times are behind us,” stated Marcus G. Smith, Chief
Operating Officer and President of Speedway Motorsports. “Our recent and
anticipated 2013 financing transactions, along with continued debt reduction
and constrained capital spending, are substantially strengthening SMI’s
long-term financial condition and cash flows. For 2013, most of our NASCAR
Sprint Cup and Nationwide Series event sponsorships, and many for racing
seasons beyond, are already sold and it appears corporate interest for track
rentals, driving schools and other promotional activities is increasing.
Although attendance and other event related revenue trends are stabilizing,
some markets are taking longer to recover than initially anticipated because
of the protracted recession and political uncertainty.

“Our sport’s 2013 racing season is off to a strong start with increased
television ratings for the NASCAR Sprint Cup Series, and favorable reviews of
the remodeled Sprint Cup cars or “Gen-6” program, which restores manufacturer
brand identity and facilitates on-track racing competition. Our focus on
capturing the next generation of race fans is intensifying, with innovative
marketing programs for families, kids and first-time fans, as well as
leading-edge entertainment options for all fans. SMI is significantly
investing in cutting-edge social media, web application and wireless
technology to offer our fans, particularly younger fans, the latest in
interactive digital entertainment and high-speed wireless performance for an
unrivaled entertainment experience. Our management teams are working with
local and regional lodging proprietors to lower prices and reduce or eliminate
minimum stays, and transportation departments to shorten travel times. Also,
SMI has many new programs to honor and reward our long-time, fiercely loyal
fan base to show our appreciation for their continued patronage.”

O. Bruton Smith, Chairman and Chief Executive Officer of Speedway Motorsports
stated, “We are proud the sport of NASCAR Sprint Cup Series racing remains the
second highest rated regular-season televised sport behind only the NFL, and
is the dominant regular season sport from February to July. The immense media
coverage generated by driver Danica Patrick at the recent Daytona 500 clearly
demonstrates the tremendous long-term marketing potential of the many sizeable
and largely untapped demographics in NASCAR racing. Another outstanding
illustration is NASCAR and FOX Deportes’, the No. 1 U.S. Latino Sports
network, teaming up to provide our sport’s most expansive Spanish-language
broadcast offering beginning in 2013. The increasing value of our premium
media content is reflected in NASCAR’s recent announcement of the new
eight-year, multi-platform broadcasting and digital rights agreement with FOX
Sports Media Group, which begins in 2015. This new contract contains
significantly stronger long-term broadcasting revenues, and bodes well for
NASCAR’s ongoing negotiations for the remaining portions of our sport’s
season.

“Our commitment to providing our fans and customers with unsurpassed
entertainment value is stronger than ever. Fortunately, our industry-leading
innovation and investment in modern facilities over the past several years is
allowing us to focus capital spending on fan generating and customer service
initiatives without straining our financial resources during these tough
times. We are confident SMI’s strengthening financial condition, the new and
upcoming NASCAR broadcasting agreements, the intense focused appeal to younger
and widening demographic markets and NASCAR’s ongoing improvements to on-track
competition, positions SMI and our sport for renewed long-term growth.”

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. The Company also
equally owns Motorsports Authentics, a joint venture formed with International
Speedway Corporation to design, market and sell licensed motorsports
merchandise. 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, 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 888-735-0476 (US / Canada / toll-free) or 706-758-1524 (international
/ local). The reference number is 13685236. 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 12:00 PM (ET) March 6^th through 11:59 PM (ET) March
20^th. The reference number is 13685236. 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 Twelve Months Ended December 31, 2012 and 2011
(In thousands except per share amounts)
                                                               
                      Three Months Ended               Twelve Months Ended
STATEMENT OF         12/31/2012    12/31/2011        12/31/2012  12/31/2011
OPERATIONS DATA
                                                                    
Revenues:
Admissions            $18,369        $22,714           $116,034     $130,239
Event related         30,868         34,807            151,562      163,621
revenue
NASCAR
broadcasting          26,514         25,834            192,662      185,394
revenue
Other operating      6,328         5,782             29,902      26,591
revenue
Total Revenues       82,079        89,137            490,160     505,845
Expenses and
Other:
Direct expense of     16,794         21,686            101,402      106,204
events
NASCAR purse and      18,886         19,721            122,950      120,146
sanction fees
Other direct          4,118          4,280             18,908       20,352
operating expense
General and           20,235         21,517            90,407       89,384
administrative
Depreciation and      13,251         13,509            55,499       54,004
amortization
Interest expense,     10,210         10,579            41,217       42,112
net
Impairment of         -              -                 -            48,609
goodwill
Loss on early debt
redemption and        -              -                 -            7,456
refinancing
Other income, net    (3,754)       (441)             (3,908)     (342)
Total Expenses and   79,740        90,851            426,475     487,925
Other
Income (Loss) from
Continuing Operations 2,339          (1,714)           63,685       17,920
Before Income Taxes
Income Tax           1,566         1,588             (21,892)    (23,481)
Provision
Income (Loss) from
Continuing            3,905          (126)             41,793       (5,561)
Operations
Income (Loss) from
Discontinued         443           (272)             326         (883)
Operation, Net of
Taxes
Net Income (Loss)    $4,348        ($398)            $42,119     ($6,444)
                                                                    
                                                                    
Basic Income
(Loss) Per Share:
Continuing            $0.09          ($0.00)           $1.01        ($0.14)
Operations
Discontinued         0.01          (0.01)            0.01        (0.02)
Operation
Net Income (Loss)    $0.11         ($0.01)           $1.02       ($0.16)
Weighted average      41,409         41,452            41,431       41,524
shares outstanding
                                                                    
Diluted Income
(Loss) Per Share:
Continuing            $0.09          ($0.00)           $1.01        ($0.14)
Operations
Discontinued         0.01          (0.01)            0.01        (0.02)
Operation
Net Income (Loss)    $0.10         ($0.01)           $1.02       ($0.16)
Weighted average      41,418         41,452            41,437       41,524
shares outstanding
                                                                    
Note: Individual quarterly per share amounts may not be additive due to
rounding.
                                                                    
Major
NASCAR-sanctioned     4              4                 24           23
Events Held During
Period

Certain Race Schedule Changes:
• Kentucky Speedway held one NASCAR Camping World Truck Series racing event in
the fourth quarter 2011 that was held in the third quarter 2012, one IndyCar
Series racing event in the fourth quarter 2011 that was not held in 2012, and
one NASCAR Nationwide Series racing event in 2012 that was not held in 2011
• Las Vegas Motor Speedway held one NASCAR Camping World Truck Series racing
event in the fourth quarter 2011 that was held in the third quarter 2012, and
one IndyCar Series racing event in the fourth quarter 2011 that was not held
in 2012
• New Hampshire Motor Speedway held one NASCAR
Camping World Truck Series and one IndyCar
Series racing event in 2011 that were not held
in 2012

BALANCE SHEET DATA   12/31/2012     12/31/2011
                                                                    
Cash and cash         $106,408       $87,368
equivalents
Total current         162,002        157,895
assets
Property and          1,148,418      1,177,154
equipment, net
Goodwill and other
intangible assets,    533,689        533,677
net
Total assets          1,877,113      1,904,643
                                                                    
Deferred race
event and other       58,492         62,658
income, net
Total current         113,670        121,643
liabilities
Credit facility
revolving and term    95,000         145,000
loan borrowings
Total long-term       521,259        572,557
debt
Total liabilities     1,019,237      1,063,463
Total
stockholders'         857,876        841,180
equity

Contact:

Speedway Motorsports, Inc.
Janet Kirkley, 704-532-3318
 
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