CHAMPCAR/CART: Third quarter financial statement

<pre> Championship Auto Racing Teams, Inc. Consolidated Statements of Income (Unaudited) For the Quarter Ended September 30, 2003 and 2002 (In Thousands, Except Earnings Per ...

<pre> Championship Auto Racing Teams, Inc. Consolidated Statements of Income (Unaudited) For the Quarter Ended September 30, 2003 and 2002 (In Thousands, Except Earnings Per Share)

Quarter ended Quarter ended September 30, 2003 September 30, 2002

Revenues

Sanction fees $7,831 $12,555 Sponsorship revenue 2,623 2,934 Television revenue 831 1,967 Race promotion revenue 5,607 - Engine lease revenue 475 - Other revenue 803 1,081

Total revenues 18,170 18,537

Expenses

Race distributions 21,067 8,427 Race expenses 2,589 4,110 Race promotion expense 9,874 5,452 Television expense 6,492 4,892 Administrative and indirect expenses 6,115 8,966 Litigation and settlements expense 1,281 - Merger and strategic charges 1,355 Relocation expense - - Asset impairment 3,299 Depreciation and amortization 998 357

Total expenses 53,070 32,204

Operating loss (34,900) (13,667) Realized gain on sale of investments 248 2 Interest income 248 882

Loss before income taxes (34,404) (12,783) Income tax expense (benefit) - (4,473)

Loss before cumulative effect of accounting change $(34,404) $(8,310)

Cumulative effect of accounting change (net of tax) $- $-

Net loss $(34,404) $(8,310)

Loss per share before cumulative effect of accounting change: Basic $(2.34) $(0.56) Diluted $(2.34) $(0.56)

Net loss per share: Basic $(2.34) $(0.56) Diluted $(2.34) $(0.56)

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

Championship Auto Racing Teams, Inc. Consolidated Statements of Income For the Nine Months Ended September 30, 2003 and 2002 (In Thousands, Except Earnings Per Share)

Nine Months Ended Nine Months Ended September 30, 2003 September 30, 2002

Revenues

Sanction fees $16,131 $27,082 Sponsorship revenue 6,591 8,039 Television revenue 1,734 4,230 Race promotion revenue 10,628 1,417 Engine leases 1,425 - Other 2,233 2,665

Total revenues 38,742 43,433

Expenses

Race distributions 49,728 15,778 Race expenses 6,530 8,432 Race promotion expense 20,784 8,935 Television expense 13,910 9,604 Administrative and indirect expenses 16,334 20,762 Litigation and settlements expense 2,660 - Relocation expense 1,305 Merger and strategic Charges 1,355 Asset impairment 3,299 Depreciation and amortization 2,842 1,045

Total expenses 117,442 65,861

Operating loss (78,700) (22,428) Realized gain on sale of investments 332 2 Interest income 1,121 3,083

Loss before income taxes (77,247) (19,343) Income tax expense (benefit) 660 (6,769)

Loss before cumulative effect of accounting change $(77,907) $(12,574)

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

Net loss $(77,907) $(13,530)

Loss per share before cumulative effect of accounting change: Basic $(5.29) $(0.85) Diluted $(5.29) $(0.85)

Net loss per share after cumulative effect of accounting change: Basic $(5.29) $(0.92) Diluted $(5.29) $(0.92)

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

Championship Auto Racing Teams, Inc. Consolidated Balance Sheets As of September 30, 2003 and December 31, 2002 (In Thousands)

(Unaudited) September 30, 2003 December 31, 2002 Assets

Current Assets Cash and cash equivalents $2,099 $6,773 Short-term investments 17,551 79,489 Accounts receivable - net 3,774 4,657 Prepaid expenses and other current assets 6,116 1,474 Income tax refundable 695 10,087 Deferred income taxes - 1,184 Current portion note receivable 132 -

Total current assets 30,367 103,664

Note receivable 891 -

Property and equipment - net 11,847 10,403

Goodwill - -

Other assets 548 384

Total assets $43,653 $114,451

Liabilities and stockholders' equity

Current liabilities Long term debt-current portion 2,523 - Accounts payable $3,768 $1,703 Accrued liabilities: Race expense and point award 3,316 - Royalties 90 173 Payroll 600 2,455 Taxes 454 743 Other 4,950 4,879 Deferred revenue 3,272 1,423

Total current liabilities 18,973 11,376

Deferred income taxes - 57

Stockholders' equity Capital stock 147 147 Additional paid-in capital 87,765 87,765 Accumulated earnings (deficit) (63,396) 14,511 Accumulated other comprehensive income 164 595

Total stockholders' equity 24,680 103,018

Total liabilities and stockholders' equity $43,653 $114,451

-cart-

Be part of something big

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