NYSE: TRK +0.18 ( +0.96% ) Volume: 37,016
July 23, 2019

Speedway Motorsports Announces Successful Redemption of 5-3/4% Convertible Subordinate Debentures

04/26/2002

CONCORD, N.C., April 26 /PRNewswire-FirstCall/ -- Speedway Motorsports, Inc. (NYSE: TRK) today announced the successful completion of the redemption of all outstanding 5-3/4% Convertible Subordinated Debentures due 2003.

The Redemption Date was April 19, 2002, and the Redemption Price was 101.64%. The holders of registered Debentures had the right to convert the Debentures into shares of common stock of Speedway Motorsports. Based on the conversion price of $31.11, no holder elected conversion.

"We are pleased to have reduced the long-term debt of the Company by approximately $54 million with the redemption of the Debentures," stated William R. Brooks, chief financial officer of Speedway Motorsports.

"The cash generated by our internal operations allowed us the luxury of retiring this debt prior to maturity, but does not change our guidance given on February 12, 2002. Retirement of our corporate debt is an integral part of our current operating strategy."

Speedway Motorsports previously announced that it estimates 2002 diluted earnings per share of $1.40 - $1.45, taking into account current industry and economic trends.

Speedway Motorsports is a leading marketer and promoter of motorsports entertainment in the United States. The Company owns and operates the following premiere facilities: Atlanta Motor Speedway, Bristol Motor Speedway, Lowe's Motor Speedway at Charlotte, Las Vegas Motor Speedway, Sears Point Raceway and Texas Motor Speedway. The Company provides souvenir and event management services through its SMI Properties subsidiary, and manufactures and distributes smaller-scale, modified racing cars through its 600 Racing subsidiary. The Company also owns Performance Racing Network which broadcasts syndicated motorsports programming to over 750 stations nationwide. For more information, visit the Company's website at www.gospeedway.com.

This news release contains forward-looking statements, particularly statements with regard to the Company's future operations and financial results. There are many factors that affect future events and trends of the Company's business including, but not limited to, consumer and corporate spending sentiment, air travel, governmental regulations, military actions, national or local catastrophic events, the success of and weather surrounding NASCAR, IRL, NHRA and other racing events, the success of the Company's expense reductions efforts, and economic conditions. These factors and other factors, including those contained in Exhibit 99.1 to the Company's Annual Report on Form 10-K, involve certain risks and uncertainties that could cause actual results 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 in the news release is based on information currently available and may not be reliable after this date.

SOURCE Speedway Motorsports, Inc.
Web site: http: //www.gospeedway.com
CONTACT: Lauri Wilks of Speedway Motorsports, Inc., +1-704-455-3239

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