CHAMPCAR/CART: CART 3rd Quarter Earnings

CHAMPIONSHIP AUTO RACING TEAMS REPORTS RECORD THIRD QUARTER 1999 RESULTS DETROIT (Oct. 27, 1999) - Championship Auto Racing Teams, Inc. (NYSE: MPH) today announced record revenues, net income and earnings per share for the third quarter and...

CHAMPIONSHIP AUTO RACING TEAMS REPORTS RECORD THIRD QUARTER 1999 RESULTS

DETROIT (Oct. 27, 1999) - Championship Auto Racing Teams, Inc. (NYSE: MPH) today announced record revenues, net income and earnings per share for the third quarter and nine months ended September 30, 1999.

The number of events held in a particular quarter will affect the comparability of earnings information from quarter to quarter. In the third quarter of 1999, CART conducted nine events compared to seven events in the third quarter of 1998.

Total revenues for the third quarter of 1999 were up 25% to $24.9 million from $19.9 million in the comparable quarter in 1998. Net income for the third quarter of 1999 was up to $6.6 million, compared to $4.0 million in the third quarter of 1998. On a diluted per common share basis, earnings were $0.41 in 1999 compared to $0.26 in the third quarter of 1998.

For the nine-month period ended September 30, 1999, revenues increased 16% to $57.7 million from $50.0 million. Net income rose to $15.7 million or $0.99 per diluted share versus $11.8 million, or $0.84 per diluted share. Weighted average diluted shares outstanding increased to 15.9 million shares for the nine months ended September 30, 1999 compared to 14.0 million shares outstanding for the nine months ended September 30, 1998.

Andrew Craig, CART Chairman and CEO said, "We had a strong quarter in every respect. In addition to the company's record financial results, CART raced for the first time in the Chicago market. A sell-out crowd of 65,000 on race day watched the champ cars bring world class racing to the windy city. This was a highly successful event and bodes well for the future of CART in America's third largest market."

The Company also announced the renewal contracts of FedEx Championship Series events in Long Beach, Mid-Ohio, Road America, Cleveland, and Australia. Total sanction fees over the life of the agreements are approximately $40 million, which represents a 22% increase on average in the renewal years.

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. Drivers such as Michael Andretti, Adrian Fernandez, Christian Fittipaldi, Dario Franchitti, Bryan Herta, Tony Kanaan, Juan Montoya, Greg Moore, 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. * CART - * * September 30, 1999 December 31, 1998

(Unaudited) Assets Current Assets Cash and Cash Equivalents $ 5,178 $ 15,080 Short Term Investments 95,178 61,610 Accounts Receivable 6,682 4,708 Current Portion of Notes Receivable 819 824 Prepaid Expenses 783 331 Inventory 328 71 Current Deferred Tax Asset 96 119 Total Current Assets 109,064 82,743 Notes Receivable 2,485 3,350 Property and Equipment - Net 5,260 5,026 Goodwill 7,490 5,778 Other Assets 519 289 Total Assets $ 124,818 $ 97,186

Liabilities and Stockholders' Equity Current Liabilities Accounts Payable $ 1,439 $ 1,946 Accrued Liabilities Race Expenses and Point Awards 2,845 - Royalties 572 1,026 Payroll 669 482 Taxes 1,584 1,733 Other 1,500 934 Deferred Revenue 4,125 4,273 Current Portion of Long Term Debt 130 130 Total Current Liabilities 12,864 10,524 Long Term Debt 87 184 Deferred Federal Taxes - Noncurrent 659 259 Stockholders' Equity Capital Stock 156 151 Additional Paid In Capital 99,671 89,771 Retained Earnings (Deficit) 11,637 (4,033) Unrealized Gain(Loss) on Investments (256) 330 Total Stockholders' Equity 111,208 86,219 Total Liabilities and Stockholders' Equity $ 124,818 $ 97,186

QTR ended QTR ended YTD YTD September 30, 1999 September 30, 1998 September 30, 1999 September 30, 1998 Revenues:

Sanction Fees $ 13,989 $ 10,143 $ 31,088 $ 25,385 Sponsorship Revenue 5,664 4,942 15,003 12,705 TV Revenue 2,19 1,643 4,483 4,324 Engine Leases, Rebuilds and Wheel Sales 590 767 1,675 1,721 Other 2,478 2,445 5,489 5,809

Total Revenues 24,915 19,940 57,738 49,944 Expenses

Race distributions 6,966 5,999 13,757 12,873 Race Expenses 2,451 1,932 5,620 4,198 Cost of Engine Rebuilds and Wheel Sales 183 218 540 522 Administrative and indirect exp. 5,910 6,266 16,284 15,484 Depreciation and amortization 274 228 763 556

Minority Interest (71) (107) Total Expenses 15,784 14,572 36,964 33,526 Operating Income 9,131 5,368 20,774 16,418 Interest income 1,370 909 3,987 2,140 Income before income taxes 10,501 6,277 24,761 18,558 Income Tax Expense 3,937 2,312 9,091 6,776 Net Income $ 6,564 $ 3,965 $ 15,670 $ 11,782 Earnings per share

Basic $ 0.42 $ 0.26 $ 1.02 $ 0.85 Diluted $ 0.41 $ 0.26 $ 0.99 $ 0.84 Weighted Average Shares Outstanding

Basic 15,565 15,172 15,374 13,859

Diluted 16,101 15,438 15,907 14,009

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Series IndyCar
Drivers Michael Andretti , Jimmy Vasser , Adrian Fernandez , Christian Fittipaldi , Dario Franchitti , Tony Kanaan , Bryan Herta , Greg Moore