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Quarterly Results - (unaudited) (Tables)
12 Months Ended
Dec. 31, 2012
Quarterly Results - (unaudited)  
Schedule of quarterly results

 

 

 

March 31

 

June 30(a)

 

September 30(b)

 

December 31(c)

 

Year Ended December 31, 2012

 

 

 

 

 

 

 

 

 

Revenues

 

$

126,000

 

$

23,719,000

 

$

22,773,000

 

$

129,000

 

Operating (loss) earnings

 

$

(3,781,000

)

$

8,596,000

 

$

8,151,000

 

$

(3,781,000

)

Net (loss) earnings

 

$

(2,623,000

)

$

5,018,000

 

$

4,532,000

 

$

(2,356 ,000)

 

Net (loss) earnings per common share — basic

 

$

(0.07

)

$

0.14

 

$

0.12

 

$

(0.07

)

Net (loss) earnings per common share — diluted

 

$

(0.07

)

$

0.14

 

$

0.12

 

$

(0.07

)

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2011

 

 

 

 

 

 

 

 

 

Revenues

 

$

130,000

 

$

26,381,000

 

$

2,916,000

 

$

22,443,000

 

Operating (loss) earnings

 

$

(4,722,000

)

$

7,407,000

 

$

(20,345,000

)

$

9,000,000

 

(Loss) earnings from continuing operations

 

$

(3,498,000

)

$

3,901,000

 

$

(14,579,000

)

$

5,062,000

 

Loss from discontinued operation

 

$

(68,000

)

$

 

$

(2,000

)

$

(1,000

)

Net (loss) earnings

 

$

(3,566,000

)

$

3,901,000

 

$

(14,581,000

)

$

5,061,000

 

Net (loss) earnings per common share — basic:

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.10

)

$

0.11

 

$

(0.40

)

$

0.14

 

Discontinued operation

 

 

 

 

 

Net (loss) earnings

 

$

(0.10

)

$

0.11

 

$

(0.40

)

$

0.14

 

Net (loss) earnings per common share — diluted:

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.10

)

$

0.11

 

$

(0.40

)

$

0.14

 

Discontinued operation

 

 

 

 

 

Net (loss) earnings

 

$

(0.10

)

$

0.11

 

$

(0.40

)

$

0.14

 

 

 

(a)         We promoted a NASCAR Nationwide Series event and a NASCAR Camping World Truck Series event at our Nashville Superspeedway facility during the second quarter of 2011.  These events were not held in 2012.

 

(b)         We promoted a NASCAR Sprint Cup Series event and a NASCAR Nationwide Series event at our Dover facility during the third quarter of 2012.  These events were held in the fourth quarter of 2011.

 

We promoted a NASCAR Nationwide Series event and a NASCAR Camping World Truck Series event at our Nashville Superspeedway facility during the third quarter of 2011.  These events were not held in 2012.

 

During the third quarter of 2011, we recorded non-cash impairment charges of $15,687,000 ($10,197,000 after income taxes) related to our long-lived assets at our Nashville Superspeedway facility.  See NOTE 3 — Impairment Charges.

 

During the third quarter of 2011, we recorded a provision for contingent obligation of $2,245,000 ($1,333,000 after income taxes) related to debt service for our Nashville Superspeedway facility.  See NOTE 13 — Commitments and Contingencies.

 

(c)          We promoted a NASCAR Sprint Cup Series event and a NASCAR Nationwide Series event at our Dover facility during the fourth quarter of 2011.  These events were held in the third quarter of 2012.