Speedway Motorsports Q4 Profit Rises; Sees 2014 In Line With View

(RTTNews) - Speedway Motorsports, Inc. (TRK) said that its fourth-quarter of 2013 net income was $50.43 million or $1.22 per share compared to $4.34 million or $0.10 per share in 2012.

2013 non-recurring income tax benefit from Motorsports Authentics valuation allowance reversal was $49.3 million or $1.19 per diluted share.

Income from continuing operations was $50.5 million or $1.22 per share in 2013 compared to $3.9 million or $0.09 per share in 2012.

Non-GAAP income from continuing operations was $1.2 million or $0.03 per share in 2013 compared to $3.9 million or $0.09 per share in 2012.

Total revenues for the quarter were $82.2 million in 2013 compared to $82.1 million in 2012.

Fourth quarter 2012 results reflect gains from property sales of $3.2 million (gains in 2013 were nominal).

The company estimates 2014 total revenues of $475 million - $500 million, after tax income from continuing operations of $35-45 million, depreciation and interest expense of $79 million - $86 million, and earnings per share from continuing operations of $0.90- $1.10, excluding non-recurring items. The range of earnings guidance reflects the continuing negative impact of uncertain economic conditions, among other factors. Higher fuel, health-care and food costs and unemployment could significantly impact our results. The Company's estimated total capital expenditures in 2014 are approximately $20-30 million.

Street currently is looking for fiscal year 2014 earnings of $1.02 per share on annual revenues of $493.1 million.