CHAMPCAR/CART: CART consolidated first quarter financial report

<pre> Championship Auto Racing Teams, Inc. Consolidated Statements of Income For the Three Months Ended March 31, 2002 and 2001 (In Thousands, Except Earnings Per Share) (Unaudited) ...

<pre> Championship Auto Racing Teams, Inc. Consolidated Statements of Income For the Three Months Ended March 31, 2002 and 2001 (In Thousands, Except Earnings Per Share)

(Unaudited) Qtr ended Qtr ended March 31, 2002 March 31, 2001

Revenues

Sanction fees $2,704 $2,590 Sponsorship revenue 2,280 2,954 TV revenue 205 259 Engine leases, rebuilds and wheel sales - 271 Other 414 365

Total revenues 5,603 6,439

Expenses

Race distributions 1,023 741 Race expenses 1,851 1,826 Cost of engine rebuilds and wheel sales - 99 TV expense 72 - Administrative and indirect expenses 4,324 5,220 Depreciation and amortization 334 402

Total expenses 7,604 8,288

Operating loss (2,001) (1,849) Interest income (net) 1,087 1,975

Income (loss) before income taxes (914) 126 Income tax expense (benefit) (320) 45

Net income (loss) $(594) $81

Earnings (loss) per share: Basic $(0.04) $0.01 Diluted $(0.04) $0.01

Weighted average shares outstanding: Basic 14,718 15,765 Diluted 14,718 15,766

Championship Auto Racing Teams, Inc. <B>Consolidated Balance Sheets As of March 31, 2002 and December 31, 2001 (In Thousands)

(Unaudited) March 31, 2002 December 31, 2001 Assets

Current Assets Cash and cash equivalents $24,989 $35,932 Short-term investments 96,459 79,454 Accounts receivable - net 6,927 5,195 Current portion of notes receivable 251 - Prepaid expenses 1,298 2,805 Inventory 95 70 Deferred income taxes 2,748 2,856

Total current assets 132,767 126,312

Notes receivable - -

Property and equipment - net 5,461 4,832

Non-current deferred tax 355 -

Goodwill - net 1,470 1,470

Other Assets 327 327

Total Assets $140,380 $132,941

Liabilities and stockholders' equity

Current liabilities Accounts payable $4,310 $3,009 Accrued liabilities: Race Expenses and Point Awards 221 - Royalties 45 222 Payroll 3,033 4,298 Taxes 83 110 Other 2,179 5,558 Deferred revenue 13,923 1,511

Total current liabilities 23,794 14,708

Deferred income taxes - 297

Stockholders' equity Capital stock 147 147 Additional paid-in capital 87,765 87,765 Retained earnings 28,434 29,028 Unrealized gain on investments 240 996

Total stockholders' equity 116,586 117,936

Total liabilities and stockholders' equity $140,380 $132,941

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Series Automotive , IndyCar