NOTE 12 — Quarterly Results (unaudited)


	March 31(a)		June 30		September 30(b)		December 31(c)
Year Ended December 31, 2018
Revenues	$	226,000	$	25,812,000	$	227,000	$	20,751,000
Operating (loss) earnings	$	(1,246,000)	$	8,954,000	$	(4,062,000)	$	5,911,000
Net (loss) earnings	$	(992,000)	$	6,508,000	$	(2,699,000)	$	4,072,000
Net (loss) earnings per share — basic and diluted	$	(0.03)	$	0.18	$	(0.07)	$	0.11

Year Ended December 31, 2017
Revenues	$	110,000	$	25,587,000	$	2,740,000	$	18,305,000
Operating (loss) earnings	$	(4,071,000)	$	8,868,000	$	(3,382,000)	$	5,364,000
Net (loss) earnings	$	(2,405,000)	$	5,203,000	$	(2,015,000)	$	7,643,000
Net (loss) earnings per share — basic and diluted	$	(0.07)	$	0.14	$	(0.06)	$	0.21

(a)

In the first quarter of 2018, we closed on the sale of land at our Nashville Superspeedway facility resulting in a gain of $2,512,000 ($1,984,000 after income taxes). See NOTE 1 — Business Operations.

In the first quarter of 2017, we recorded costs to remove long-lived assets of $286,000 ($167,000 after income taxes) related to the removal and disposal of certain grandstand seating. See NOTE 3 — Property and Equipment.

(b)

In the third quarter of 2018, we entered into negotiations to sell a parcel of land we own near St. Louis. As a result, we recorded a loss of $99,000 ( $76,000 after income taxes) on sale of land. See NOTE 3 — Property and Equipment.

(c)

In the fourth quarter of 2017, we made the decision to not complete certain facility improvements. Costs previously capitalized of $186,000 ($110,000 after income taxes) were charged to depreciation expense. See NOTE 3 — Property and Equipment.

In the fourth quarter of 2017, the passage of the Tax Cuts and Jobs Act lowered our future federal income tax rate to 21% requiring us to revalue net deferred federal tax liabilities. As a result, net earnings and net earnings per share — basic and diluted increased by $4,531,000 and $0.13, respectively. See NOTE 6 — Income Taxes.

Per share data amounts for the quarters have each been calculated separately. Accordingly, quarterly amounts may not add to the annual amounts due to differences in the weighted-average common shares outstanding during each period.

Our operations are seasonal in nature. In 2018, three NASCAR racing events were held in the second quarter and three in the fourth quarter. In 2017, three NASCAR racing events were held in the second quarter, two in the third quarter and one in the fourth quarter.