NYSE: TRK +0.25 ( +1.38% ) Volume: 21,341
May 24, 2019

Speedway Motorsports Expands Stock Repurchase Program

12/04/2008

CONCORD, N.C.--(BUSINESS WIRE)--Dec. 4, 2008--Speedway Motorsports, Inc. (SMI) (NYSE:TRK) today reported that its Board of Directors increased the number of shares of the Company's common stock authorized for repurchase by one million shares. This is in addition to two million shares previously authorized for repurchase. Since the initial stock repurchase authorization in April 2005, the Company has repurchased approximately 1.7 million shares of common stock for approximately $55 million. The Company expects to make common stock repurchases from time to time depending upon market conditions, share price and other factors. Purchases will continue to be either in the open market or through private transactions. To date all stock repurchases have been on the open market, although future repurchases may be either on the open market or through private transactions. The stock repurchase program will continue to be funded using the Company's working capital and may be suspended or discontinued anytime. As of September 30, 2008, the Company had approximately $113.7 million in cash and cash equivalents and 43,393,000 shares of common stock outstanding. With this approval, the total number of shares available for repurchase by the Company is 1,298,645.

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, Infineon Raceway, Las Vegas Motor Speedway, Lowe's Motor Speedway, New Hampshire Motor Speedway 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 600 Racing 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 produce, 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 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; our relationship with NASCAR and other sanctioning bodies; the success of Motorsports Authentics merchandising joint venture; the success of expense reduction efforts; capital projects; expansion; economic conditions; stock repurchases; financing needs; insurance; litigation; taxes; oil and gas activities, including the possibility of discontinuing operations; geopolitical situations in foreign countries; and other factors outside of management control. These factors and other factors, including those contained in the Company's 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.

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

    Source: Speedway Motorsports, Inc.

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