Speedway Motorsports Reports Results for the Three and Nine Months Ended September 30, 2013 and Revises Full Year 2013 Guidance

  Speedway Motorsports Reports Results for the Three and Nine Months Ended
  September 30, 2013 and Revises Full Year 2013 Guidance

Business Wire

CONCORD, N.C. -- October 30, 2013

Speedway Motorsports, Inc. (SMI) (NYSE: TRK) today reported third quarter 2013
total revenues of $137.5 million and adjusted non-GAAP income from continuing
operations of $10.7 million or $0.26 per diluted share. Nine month 2013 total
revenues were $398.5 million and adjusted non-GAAP income from continuing
operations was $35.8 million or $0.86 per diluted share. Also, SMI revised its
full year 2013 guidance for income from continuing operations to $0.80 to
$0.90 per diluted share, excluding certain items described below.

Management believes many of the Company’s revenue categories continue to be
negatively impacted by the ongoing weak and uncertain economic conditions,
including high unemployment and high fuel, food and health-care costs.
Management also believes admissions were negatively impacted by poor weather
surrounding certain second quarter 2013 racing events, including the NASCAR
Sprint Cup race at Sonoma Raceway and rain delayed, shortened and rescheduled
NASCAR Sprint Cup and Nationwide races at Charlotte Motor Speedway and
Kentucky Speedway.

GAAP net income for the third quarter 2013 was $12.3 million or $0.30 per
diluted share, and the GAAP net loss for the nine months ended September 30,
2013 was $56.9 million or $1.37 per diluted share. The adjusted non-GAAP
results exclude second quarter 2013 charges for goodwill impairment and early
debt redemption and refinancing and second and third quarter 2013
non-recurring benefits from income tax restructuring and tax law changes as
further discussed and reconciled with comparable GAAP amounts below.

Third Quarter Comparison

  *Total revenues were $137.5 million in 2013 compared to $142.3 million in
    2012
  *Non-recurring benefit from state tax law changes was $1.7 million or $0.04
    per diluted share in 2013
  *Income from continuing operations was $12.4 million or $0.30 per diluted
    share in 2013 compared to $11.0 million or $0.27 per diluted share in 2012
  *Net income was $12.3 million or $0.30 per diluted share in 2013 compared
    to $11.0 million or $0.26 per diluted share in 2012
  *Non-GAAP income from continuing operations was $10.7 million or $0.26 per
    diluted share in 2013 compared to $11.0 million or $0.27 per diluted share
    in 2012

Year-to-Date Comparison

  *Total revenues were $398.5 million in 2013 compared to $408.1 million in
    2012
  *2013 after tax goodwill impairment charge was $86.7 million or $2.09 per
    diluted share
  *2013 after tax loss on early debt redemption and refinancing was $11.6
    million or $0.28 per diluted share
  *Non-recurring benefits from state income tax restructuring and tax law
    changes were $5.7 million or $0.14 per diluted share in 2013
  *Loss from continuing operations was $56.8 million or $1.37 per diluted
    share in 2013 compared to income from continuing operations of $37.9
    million or $0.91 per diluted share in 2012
  *Net loss was $56.9 million or $1.37 per diluted share in 2013 compared to
    net income of $37.8 million or $0.91 per diluted share in 2012
  *Non-GAAP income from continuing operations was $35.8 million or $0.86 per
    diluted share in 2013 compared to $37.9 million or $0.91 per diluted share
    in 2012

Non-GAAP Financial Information and Reconciliation

Income from continuing operations, and diluted earnings per share from
continuing operations as adjusted and set forth below are non-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 2013 charges and non-recurring items.

The Company’s nine month 2013 results reflect a non-cash charge of $89.0
million, before income tax benefits of $2.3 million, for goodwill impairment
related to New Hampshire Motor Speedway and Kentucky Speedway. The Company’s
annual impairment evaluation was negatively impacted by lowered estimated
future cash flows because the economic recovery has been slower and weaker
than previous forecasts, and lower than anticipated revenues for certain 2013
major racing events at those speedways, further reducing visibility on
profitability recovery.

The Company issued additional Senior Notes due 2019 and amended and restated
its Credit Facility in the first quarter 2013, and redeemed all outstanding
Senior Notes previously due 2016 in the second quarter 2013. The Company’s
nine month 2013 results also reflect a charge of $18.5 million, before income
tax benefits of $6.8 million, for early redemption premium, unamortized net
deferred loan costs and issuance discount, and transaction costs associated
with the former debt arrangement.

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.
Individual quarterly per share amounts may not be additive due to rounding.

                                                 
                       Three Months Ended          Nine Months Ended
                        September 30:              September 30:
                        2013        2012          2013         2012
                           (in thousands, except per share amounts)
Consolidated net
income (loss) using     $   12,294   $  10,967     $  (56,885 )  $  37,771
GAAP
Loss from
discontinued              68        78          130         117
operation
Consolidated income
(loss) from                 12,362       11,045         (56,755 )       37,888
continuing operations
Impairment of               --           --             86,696          --
goodwill
Loss on early debt
redemption and              --           --             11,619          --
refinancing
Non-recurring
benefits of state
income tax                (1,664 )   --          (5,720  )    --
restructuring and tax
law changes
Non-GAAP consolidated
income from             $  10,698  $  11,045    $  35,840    $  37,888
continuing operations
                                                                        
Consolidated diluted
earnings (loss) per     $   0.30     $   0.26       $   (1.37   )   $   0.91
share using GAAP
Loss from
discontinued              0.00      0.00        0.00        0.00
operation
Consolidated diluted
earnings (loss) per         0.30         0.27           (1.37   )       0.91
share from continuing
operations
Impairment of               --           --             2.09            --
goodwill
Loss on early debt
redemption and              --           --             0.28            --
refinancing
Non-recurring
benefits of state
income tax                (0.04  )   --          (0.14   )    --
restructuring and tax
law changes
Non-GAAP diluted
earnings per share      $  0.26    $  0.27      $  0.86      $  0.91
from continuing
operations

Significant 2013 Third Quarter Racing Events

  *Atlanta Motor Speedway – Labor Day weekend NASCAR AdvoCare 500 Sprint Cup
    and Great Clips/Grit Chips 300 Nationwide Series racing events
  *Bristol Motor Speedway – NASCAR IRWIN Tools Night Race Sprint Cup, Food
    City 250 Nationwide and UNOH 200 Camping World Truck Series racing events
  *zMAX Dragway at Charlotte Motor Speedway – Carlyle Tools NHRA Carolina
    Nationals presented by NAPA Auto Parts racing event
  *Kentucky Speedway – NASCAR Kentucky 300 Nationwide and ZLOOP 150
    Automobile Racing Club of America Series racing events
  *Las Vegas Motor Speedway – NASCAR Smith’s 350 Camping World Truck Series
    racing event
  *New Hampshire Motor Speedway – NASCAR Camping World RV Sales 301 Sprint
    Cup, SYLVANIA 300 Sprint Cup, and CNBC Prime's "The Profit" 200 Nationwide
    Series racing events
  *Sonoma Raceway – NHRA Sonoma Nationals and GoPro Grand Prix of Sonoma 
    IndyCar Series racing events

2013 Earnings Guidance Revised

The Company revised its previous full year 2013 guidance for income from
continuing operations to $0.80-$0.90 per diluted share (from $0.90-$1.10),
excluding special charges and non-recurring items. The revision and range of
earnings guidance reflects the continuing negative impact of difficult and
uncertain economic conditions. Higher fuel, health-care and food costs and
unemployment continue to significantly impact our results.

Dividends and Stock Repurchase Program

During the nine months ended September 30, 2013, the Company declared and paid
cash dividends of $0.15 per share of common stock each quarter for a combined
aggregate of approximately $18.7 million. On October 17, 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 December 6,
2013 to shareholders of record as of November 15, 2013. The Board of Directors
plans to continue to evaluate cash dividends on a quarterly basis in the
future.

During the nine months ended September 30, 2013, the Company repurchased
94,000 shares of common stock for approximately $1.7 million under its
previously announced stock repurchase program. As of September 30, 2013, the
Company has repurchased 3,850,000 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 150,000.

Comments

“Similar to many other sports and entertainment venues, our results continue
to reflect the ongoing tough economic conditions,” stated Marcus G. Smith,
Chief Operating Officer and President of Speedway Motorsports. “However, our
third quarter 2013 results also reflect the significantly lower interest
costs, which are ongoing, from our earlier financing transactions. We continue
to strengthen SMI’s financial condition and long-term cash through debt
reduction and constrained capital spending, and believe our investment in
modern facilities over the past several years will allow us to continue such
strengthening for the foreseeable future.

“Although said before, we believe attendance and other event related revenue
trends do appear to be stabilizing and will eventually improve as the economy
recovers. Looking forward, most of our NASCAR Sprint Cup and Nationwide Series
event sponsorships for 2014, and many for racing seasons beyond 2014, are
already sold. Also, SMI has many other multi-year contracted revenue streams
in place for track rentals, driving schools and other promotional activities
at our premier facilities. Our focus on fan generating and customer service
initiatives to provide our fans and customers with unrivaled race
entertainment and capture new race fans continues to intensify, particularly
targeted on families, the younger generation and first-time fans.”

O. Bruton Smith, Chairman and Chief Executive Officer of Speedway Motorsports
stated, “The new ten-year NASCAR broadcasting media and digital rights
agreements reached with NBC Sports Group and FOX Sports Media Group are
resounding testimonies to the quality entertainment content and marketing
appeal of our sport. We believe NASCAR’s changes to our sport undoubtedly
continue to improve on-track racing competition, and along with the long-term
marketing initiatives by these media powerhouses and NASCAR and our
initiatives to grow sales and profitability, provide SMI and our NASCAR
industry with tremendous marketing and growth opportunities.

“We are extremely excited to again showcase the world’s largest
high-definition video board at our Texas Motor Speedway’s April 6, 2014 NASCAR
Sprint Cup race weekend in collaboration with Panasonic. Having the two
largest video boards in motorsports is another example in the long line of
industry firsts of SMI’s unceasing endeavor to provide the world’s best fans
with arguably the most modern, finest racing facilities collectively in
motorsports. And not only have our track changes improved the racing
competition at Bristol Motor Speedway, in yet another first, SMI proudly
announced Bristol will host the long awaited collegiate football game between
the University of Tennessee and Virginia Tech, the "Battle at Bristol, College
Football's Biggest Ever” on September 10, 2016.”

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). The reference number is 89072631. 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 1:00 PM (ET) October 30^th through
11:59 PM (ET) November 13^th. The reference number is 89072631. 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 Nine Months Ended September 30, 2013 and 2012
(In thousands except per share amounts)
                                                                
                        Three Months Ended           Nine Months Ended
STATEMENT OF           9/30/2013    9/30/2012        9/30/2013   9/30/2012
OPERATIONS DATA
                                                                     
Revenues:
Admissions              $32,936       $36,178           $88,886      $97,665
Event related           37,715        40,325            114,999      120,694
revenue
NASCAR broadcasting     60,441        58,675            171,592      166,148
revenue
Other operating        6,408        7,078             23,008      23,574
revenue
Total Revenues         137,500      142,256           398,485     408,081
Expenses and Other:
Direct expense of       34,162        35,087            83,110       84,608
events
NASCAR purse and        37,958        38,118            105,676      104,064
sanction fees
Other direct            4,080         4,653             14,347       14,790
operating expense
General and             23,955        23,840            69,954       70,172
administrative
Depreciation and        13,913        14,239            41,476       42,248
amortization
Interest expense,       5,950         10,331            26,101       31,007
net
Impairment of           -             -                 89,037       -
goodwill
Loss on early debt
redemption and          -             -                 18,467       -
refinancing
Other expense          (37)         (59)              206         (154)
(income), net
Total Expenses and     119,981      126,209           448,374     346,735
Other
Income (Loss) from
Continuing Operations   17,519        16,047            (49,889)     61,346
Before Income Taxes
Income Tax Provision   (5,157)      (5,002)           (6,866)     (23,458)
Income (Loss) from
Continuing              12,362        11,045            (56,755)     37,888
Operations
Loss from
Discontinued           (68)         (78)              (130)       (117)
Operation, Net of
Taxes
Net Income (Loss)      $12,294      $10,967           ($56,885)   $37,771
                                                                     
                                                                     
Basic Earnings
(Loss) Per Share:
Continuing              $0.30         $0.27             ($1.37)      $0.91
Operations
Discontinued           (0.00)        (0.00)            (0.00)       (0.00)
Operation
Net Income (Loss)      $0.30         $0.26             ($1.37)      $0.91
Weighted average        41,395        41,420            41,416       41,438
shares outstanding
                                                                     
Diluted Earnings
(Loss) Per Share:
Continuing              $0.30         $0.27             ($1.37)      $0.91
Operations
Discontinued           (0.00)        (0.00)            (0.00)       (0.00)
Operation
Net Income (Loss)      $0.30         $0.26             ($1.37)      $0.91
Weighted average        41,413        41,421            41,431       41,444
shares outstanding
                                                                     
Major
NASCAR-sanctioned       8             8                 20           20
Events Held During
Period
                                                                     
Certain Race
Schedule Changes:
• Atlanta Motor Speedway held one NASCAR Camping World Truck Series racing
event in the third quarter 2012 that was not held in 2013
• Kentucky Speedway held one Automobile Racing Club of America racing event in
the third quarter 2013 that was not held in 2012, and one NASCAR Camping World
Truck Series racing event in the third quarter 2012 that was not held in 2013
                                                                     
BALANCE SHEET DATA     9/30/2013     12/31/2012
                                                                     
Cash and cash           $115,292      $106,408
equivalents
Total current assets    160,025       162,002
Property and            1,116,825     1,148,418
equipment, net
Goodwill and other
intangible assets,      444,644       533,689
net
Total assets            1,755,879     1,877,113
                                                                     
Deferred race event
and other income,       48,363        58,492
net
Total current           107,993       113,670
liabilities
Credit facility term    230,000       95,000
loan borrowings
Total long-term debt    487,889       521,259
Total liabilities       973,935       1,019,237
Total stockholders'     781,944       857,876
equity

Contact:

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