CHAMPIONSHIP AUTO RACING TEAMS REPORTS RECORD SECOND QUARTER 1999 RESULTS DETROIT (July 27, 1999) - Championship Auto Racing Teams, Inc. (NYSE: MPH) today announced record...
CHAMPIONSHIP AUTO RACING TEAMS REPORTS RECORD SECOND QUARTER 1999 RESULTS
DETROIT (July 27, 1999) - Championship Auto Racing Teams, Inc. (NYSE: MPH) today announced record revenues, net income and earnings per share for the second quarter ended June 30, 1999. The number of events held in a particular quarter will effect the comparability of earnings information from quarter to quarter. In the second quarter of 1999, CART conducted eight events, which was one event more than the comparable quarter in 1998. The CART events conducted in Motegi, Japan and Cleveland, Ohio were run in the second quarter of 1999 compared to the first and third quarters respectively in 1998. The CART event in Detroit, Michigan, which was run in the second quarter of 1998, moved to the third quarter of 1999. For comparability purposes, CART will conduct nine events in the third quarter of 1999 versus seven events in the third quarter of 1998, and three races in both the fourth quarter of 1999 and 1998. Actual Results to $25.5 million, versus $20.0 million in the comparable quarter in 1998. Net income for the second quarter of 1999 was $7.5 million, compared to $5.0 million in the second quarter of 1998. On a diluted per common share basis, earnings were $0.47 in 1999 compared to $0.32 in the second quarter of 1998.
For the six-month period ended June 30, 1999, revenues increased 9% to $32.8 million from $30.1 million. Net income rose to $9.1 million or $0.58 per diluted share versus $7.8 million, or $0.59 per diluted share. Weighted average diluted shares outstanding increased to 15.8 million shares for the six months ended June 30, 1999 compared to 13.3 million shares outstanding for the six months ended June 30, 1998. "The record second quarter results reflect the successful expansion of Championship Auto Racing Teams since its IPO," said CART Chairman and CEO Andrew Craig. "Overall, we are pleased with the company's performance and, looking into the future, the highlight of our third quarter will be our new race at Chicago Motor Speedway. This will be the very first major auto race held in this important market and we believe it will make a significant contribution to the growth of the FedEx Championship Series." Championship Auto Racing Teams, Inc. (NYSE: MPH) owns, operates and markets the FedEx Championship Series, which is comprised of 20 races in five countries on four continents in 1999. There also will be a non-points race held in Hawaii at the conclusion of the season, pushing the event total to 21. Drivers such as Michael Andretti, Adrian Fernandez, Christian Fittpaldi, Dario Franchitti, Bryan Herta, Tony Kanaan, Juan Montoya, Greg Moore, Al Unser, Jr., and Jimmy Vasser race 900-plus horsepower, open-wheel cars at speeds of more than 230 miles per hour on some circuits. CART also owns and operates its top two development series, the PPG Dayton Indy Lights Championship and the KOOL Toyota Atlantic Championship.