CHAMPCAR/CART: CART consolidated second quarter financial report

<pre> Championship Auto Racing Teams, Inc. Consolidated Statements of Income For the Three Months Ended June 30, 2002 and 2001 (In Thousands, Except Earnings Per Share) ...

<pre> Championship Auto Racing Teams, Inc. Consolidated Statements of Income For the Three Months Ended June 30, 2002 and 2001 (In Thousands, Except Earnings Per Share)

Qtr ended Qtr ended June 30, 2002 June 30, 2001

Revenues

Sanction fees $11,822 $13,299 Sponsorship revenue 2,825 3,453 Television revenue 2,058 1,580 Race promotion revenue 1,798 -- Engine leases, rebuilds and wheel sales -- 312 Other 1,170 1,141

Total revenues 19,673 19,785

Expenses

Race distributions 6,328 4,620 Race expenses 2,471 2,746 Race promotion expense 3,087 -- Cost of engine rebuilds and wheel sales -- 115 Television expense 4,640 -- Administrative and indirect expenses 7,470 7,745 Relocation expense 1,305 -- Depreciation and amortization 354 402

Total expenses 25,655 15,628

Operating income (loss) (5,982) 4,157 Interest income, net 1,115 1,965

Income (loss) before income taxes (4,867) 6,122 Income tax expense (benefit) (1,704) 2,173

Net income (loss) $(3,163) $3,949

Earnings (loss) per share: Basic $(0.21) $0.25 Diluted $(0.21) $0.25

Weighted average shares outstanding: Basic 14,718 15,547 Diluted 14,718 15,547

Revenues

Sanction fees $14,527 $15,889 Sponsorship revenue 5,105 6,407 Television revenue 2,263 1,839 Race promotion revenue 1,798 -- Engine leases, rebuilds and wheel sales -- 583 Other 1,584 1,506

Total revenues 25,277 26,224

Expenses

Race distributions 7,350 5,361 Race expenses 4,322 4,572 Race promotion expense 3,087 -- Cost of engine rebuilds and wheel sales -- 214 Television expense 4,712 -- Administrative and indirect expenses 11,795 12,965 Relocation expense 1,305 -- Depreciation and amortization 688 804

Total expenses 33,259 23,916

Operating income (loss) (7,982) 2,308 Interest income, net 2,201 3,940

Income (loss) before income taxes (5,781) 6,248 Income tax expense (benefit) (2,023) 2,218

Net income (loss) before effect of accounting change $(3,758) $4,030

Cumulative effect of accounting change $(956) $--

Net income (loss) after effect of accounting change $(4,714) $4,030

Earnings (loss) per share before cumulative effect of accounting changes: Basic $(0.26) $0.26 Diluted $(0.26) $0.26

Earnings (loss) per share after cumulative effect of accounting changes: Basic $(0.32) $0.26 Diluted $(0.32) $0.26

Weighted average shares outstanding: Basic 14,718 15,655 Diluted 14,718 15,658

Assets

Current Assets Cash and cash equivalents $13,902 $27,765 Short-term investments 104,907 87,621 Accounts receivable - net 10,949 5,195 Current portion of notes receivable 254 -- Prepaid expenses 1,464 2,805 Inventory 95 70 Deferred income taxes 4,807 2,856

Total current assets 136,378 126,312

Notes receivable -- --

Property and equipment - net 5,627 4,832

Goodwill - net -- 1,470

Noncurrent Deferred Tax 510 --

Other Assets 479 327

Total Assets $142,994 $132,941

Liabilities and stockholders' equity

Current liabilities Accounts payable $3,735 $3,009 Accrued liabilities: Race expenses and point awards 1,463 -- Television expense 4,257 -- Royalties 83 222 Payroll 2,639 4,298 Taxes -- 110 Other 5,912 5,558 Deferred revenue 11,956 1,511

Total current liabilities 30,045 14,708

Deferred income taxes -- 297

Stockholders' equity Capital stock 147 147 Additional paid-in capital 87,765 87,765 Retained earnings 24,313 29,028 Unrealized gain on investments 724 996

Total stockholders' equity 112,949 117,936

Total liabilities and stockholders' equity $142,994 $132,941

-cart-

Write a comment
Show comments
About this article
Series Automotive , IndyCar