Speedway Motorsports Reports Results for the Three and Nine Months Ended September 30, 2009 and Reaffirms Full Year 2009 Guidance

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CONCORD, N.C.--(Business Wire)--
Speedway Motorsports, Inc. (SMI) (NYSE:TRK) today reported total revenues of
$134.6 million and income from continuing operations of $9.1 million or $0.21
per diluted share for the third quarter 2009. Excluding equity investee losses
from Motorsports Authentics, the Company`s merchandising joint venture with
International Speedway Corporation, the Company`s third quarter 2009 income from
continuing operations was $12.4 million or $0.29 per diluted share.

For the nine months ended September 30, 2009, the decreases in income from
continuing operations, net income and diluted earnings per share are largely
attributable to equity investee losses for Motorsports Authentics. A
reconciliation of income from continuing operations and diluted earnings per
share excluding equity investee losses to comparable GAAP amounts is included
below.

SMI reaffirmed its full year 2009 earnings guidance of $1.70 to $1.90 per
diluted share from continuing operations, as further described below.

Third quarter and year-to-date 2009 results were impacted by, among other
factors, the following:

* sizable year-to-date losses for Motorsports Authentics as further described
below;
* ongoing effects of challenging economic conditions;
* Atlanta Motor Speedway held one NASCAR Sprint Cup Series racing event in this
year`s third quarter that was held in the fourth quarter 2008, and one NASCAR
Nationwide Series racing event in the current quarter that was held in the first
quarter 2008;
* Kentucky Speedway, purchased in December 2008, held one NASCAR Nationwide
Series racing event in this year`s second quarter, and held one NASCAR Camping
World Truck and one IRL Series racing event in this year`s third quarter, along
with incurring associated overhead and interest expenses;
* discontinuation of oil and gas operations in the fourth quarter 2008 and
reclassification of prior year results; and
* Lowe`s Motor Speedway`s NASCAR Sprint Cup Series racing event was postponed
and shortened, and New Hampshire Motor Speedway`s NASCAR Sprint Cup Series pole
position qualifying was cancelled, due to poor weather in the second quarter
2009.

Third Quarter Comparison

* total revenues were $134.6 million in 2009 compared to $112.3 million in 2008;

* after tax equity investee losses were $3.2 million or $0.08 per diluted share
in 2009 compared to after tax equity investee earnings of $224,000 or $0.00 per
diluted share in 2008;
* income from continuing operations was $9.1 million or $0.21 per diluted share
in 2009 compared to $7.9 million or $0.18 per diluted share in 2008;
* after tax losses from discontinued operations were $1.2 million or $0.02 per
diluted share in 2009 compared to $930,000 or $0.02 per diluted share in 2008;
and
* net income was $7.9 million or $0.19 per diluted share in 2009 compared to
$7.0 million or $0.16 per diluted share in 2008.

Year-to-Date Comparison

* total revenues were $460.0 million in 2009 compared to $480.3 million in 2008;

* after tax equity investee losses were $62.0 million or $1.46 per diluted share
in 2009 compared to after tax equity investee earnings of $4.8 million or $0.11
per diluted share in 2008;
* income from continuing operations was $8.4 million or $0.19 per diluted share
in 2009 compared to $87.8 million or $2.02 per diluted share in 2008;
* after tax losses from discontinued operations were $3.5 million or $0.08 per
diluted share in 2009 compared to $2.9 million or $0.07 per diluted share in
2008; and
* net income was $4.9 million or $0.11 per diluted share in 2009 compared to
$84.9 million or $1.95 per diluted share in 2008.

SMI believes admissions and many event related and other operating 2009 revenue
categories were negatively impacted by declines in consumer and corporate
spending from the ongoing impact of weak economic conditions, including
difficult credit and housing markets, and poor weather surrounding certain
NASCAR racing events in the second quarter 2009. SMI continues to utilize
innovative promotional campaigns to help foster fan support and mitigate
near-term ticket sales weakness.

Motorsports Authentics

The Company`s interim 2009 operating results and diluted earnings per share were
significantly impacted by losses attributable to Motorsports Authentics (MA),
particularly a second quarter 2009 impairment charge of approximately $55.6
million (with no net tax benefits at this time). The impairment charge reduced
the Company`s carrying value for MA business net assets to estimated fair value.
MA`s 2009 interim results were negatively impacted by reduced discretionary
spending from recessionary conditions and decreased attendance at motorsports
racing events.

The Company, and equal co-owner International Speedway Corporation, continue to
explore various business strategies that allow MA reasonable future
opportunities to operate profitably. MA is attempting to renegotiate essentially
all significant NASCAR-related merchandising license agreements, and continues
to implement process improvements, cost reduction initiatives, improved
inventory risk management, and streamline operations. However, should such
license negotiations not be successful, MA`s business and its ability to
continue operating could be severely impacted, and MA could ultimately pursue
bankruptcy.

Non-GAAP Financial Information and Reconciliation

Income from continuing operations, and diluted earnings per share from
continuing operations, before equity investee earnings or losses are non-GAAP
(other than generally accepted accounting principles) financial measures
presented as supplemental disclosures to income from continuing operations and
diluted earnings per share from continuing operations. The following schedule
reconciles those non-GAAP financial measures to their most directly comparable
information presented using GAAP. Management believes such non-GAAP information
is useful and meaningful to investors and helps in understanding, using and
comparing the Company`s results of operations separate from equity investees for
the periods presented. Management uses the non-GAAP information to assess the
Company`s operations for the periods presented, analyze performance trends and
make decisions regarding future operations because it believes this separate
information better reflects ongoing operating results. This non-GAAP financial
information may not be comparable to similarly titled measures used by other
entities and should not be considered as alternatives to net income, diluted
earnings per share, or income and diluted earnings per share from continuing
operations, determined in accordance with GAAP.

Three Months Ended Nine Months Ended
September 30: September 30:
2009 2008 2009 2008
(in thousands, except per share amounts)
Consolidated net income using GAAP $ 7,943 $ 7,005 $ 4,879 $ 84,925
Loss from discontinued operation 1,177 930 3,517 2,899
Consolidated income from continuing operations 9,120 7,935 8,396 87,824
Equity investee losses (earnings) 3,239 (224 ) 62,036 (4,768 )
Non-GAAP consolidated income from continuing operations excluding equity investee losses (earnings) $ 12,359 $ 7,711 $ 70,432 $ 83,056

Consolidated diluted earnings per share using GAAP $ 0.19 $ 0.16 $ 0.11 $ 1.95
Discontinued operation 0.02 0.02 0.08 0.07
Consolidated diluted earnings per share from continuing operations 0.21 0.18 0.19 2.02
Equity investee losses (earnings) 0.08 - 1.46 (0.11 )
Non-GAAP diluted earnings per share from continuing operations excluding equity investee losses (earnings) $ 0.29 $ 0.18 $ 1.65 $ 1.91

Significant 2009 Third Quarter Racing Events

* Atlanta Motor Speedway - inaugural Labor Day weekend NASCAR Pep Boys Auto 500
Sprint Cup and Degree V12 300 Nationwide Series racing events;
* Bristol Motor Speedway - NASCAR Sharpie 500 Sprint Cup, Food City 250
Nationwide, and O`Reilly 200 Presented by Valvoline Camping World Truck Series
racing events;
* zMAX Dragway at Lowe`s Motor Speedway - NHRA Carolinas Nationals racing event
weekend;
* Infineon Raceway - FRAM Autolite NHRA Nationals and Indy Grand Prix of Sonoma
IndyCar Series racing events;
* Kentucky Speedway - Built Ford Tough 225 Presented by the Greater Cincinnati
Ford Dealers NASCAR Camping World Truck and Meijer Indy 300 Presented by Red
Baron and Edy`s IndyCar Series racing events;
* Las Vegas Motor Speedway - Las Vegas 350 NASCAR Camping World Truck Series
racing event; and
* New Hampshire Motor Speedway - NASCAR SYLVANIA 300 Sprint Cup and Heluva Good!
200 Camping World Truck Series racing events.

2009 Earnings Guidance Reaffirmed

The Company reiterated that third quarter 2009 earnings are consistent with its
previous full year 2009 guidance of $1.70-$1.90 per diluted share from
continuing operations, assuming current industry trends continue, and excluding
Motorsports Authentics joint venture results or unforeseen factors.

As previously announced, the Company commenced an offer to exchange its
privately placed 8¾% senior notes due 2016 in aggregate principal of $275.0
million for substantially identical notes registered under the Securities Act.
The exchange offer is expected to close in November 2009. Associated interest
costs are reflected in the Company`s reaffirmed 2009 earnings guidance.

Stock Repurchase Program and Dividends

During the nine months ended September 30, 2009, the Company repurchased 695,000
shares of common stock for approximately $9.6 million under its previously
announced stock repurchase program. As of September 30, 2009, the Company has
repurchased 2,453,000 shares since adoption of the program in April 2005. The
total number of shares available for future repurchase under the program, as
currently authorized, is 547,000.

During the nine months ended September 30, 2009, the Company declared and paid
cash dividends of $0.09 per share of common stock each quarter for a combined
aggregate of approximately $11.5 million. On October 21, 2009, the Company`s
Board of Directors declared a quarterly cash dividend of $0.09 per share of
common stock, aggregating approximately $3.8 million, payable on December 11,
2009 to shareholders of record as of November 20, 2009. The Board of Directors
plans to continue to evaluate cash dividends on a quarterly basis in the future.

Other Comments

"While SMI`s third quarter non-GAAP results were within our expectations, the
protracted tough economic conditions continue to significantly impact our
operating results," stated Marcus G. Smith, Chief Operating Officer and
President of Speedway Motorsports. "However, excluding the racing schedule
changes for our Atlanta Motor and Kentucky Speedways, both our third quarter
total admissions and total revenues decreased only 8% compared to last year.
Those results position us favorably relative to other destination-based
entertainment and industry peers, demonstrating that our core fan and corporate
customer interest remains strong for SMI`s premier venues.

"Also, excluding the effects of racing schedule changes for our Atlanta Motor
and Kentucky Speedways, SMI`s third quarter total direct expense of events
decreased 20%, demonstrating the ongoing favorable impact of our cost
containment initiatives. Lastly, it continues to be worth repeating that a
significant portion of SMI`s revenue streams for 2010 and beyond are already
contracted, which solidifies our long-term revenue and cash flow streams. These
contracted revenues include NASCAR broadcasting, many event entitlement and
other corporate sponsorships, as well as other multi-year committed uses of SMI
speedway facilities."

"SMI is extremely proud that our Bristol Motor Speedway announced the 55th
consecutive sellout for their NASCAR Sprint Cup Series August night race, and
our New Hampshire Motor Speedway hosted a sellout crowd for their NASCAR Sprint
Cup Series September race. We believe our New England area `top-10` market
offers excellent long-term promotional opportunities and significant untapped
potential for earnings growth," stated O. Bruton Smith, Chairman and Chief
Executive Officer of Speedway Motorsports. "We are also proud that our
successful, state-of-the-art zMAX Dragway at Lowe`s Motor Speedway is hosting
its inaugural National Hot Rod Association Spring Nationals on March 25th to
28th, 2010. We believe SMI`s first-class speedways, along with our initiatives
for enhancing revenues and cost containment, provide many outstanding
opportunities for SMI to resume long-term growth and increase shareholder value,
particularly when existing economic conditions improve."

Speedway Motorsports is a leading marketer and promoter of motorsports
entertainment in the United States. The Company, through its subsidiaries, owns
and operates the following premier facilities: Atlanta Motor Speedway, Bristol
Motor Speedway, Infineon Raceway, Kentucky Speedway, Las Vegas Motor Speedway,
Lowe's Motor Speedway, New Hampshire Motor Speedway and Texas Motor Speedway.
The Company provides souvenir merchandising services through its SMI Properties
subsidiaries; manufactures and distributes smaller-scale, modified racing cars
and parts through its 600 Racing subsidiary; and produces and broadcasts
syndicated motorsports programming to radio stations nationwide through its
Performance Racing Network subsidiary. The Company also equally-owns Motorsports
Authentics, a joint venture formed with International Speedway Corporation to
produce, market and sell licensed motorsports merchandise. For more information,
visit the Company's website at www.speedwaymotorsports.com.

This news release contains forward-looking statements, particularly statements
with regard to the Company's future operations and financial results. There are
many factors that affect future events and trends of the Company's business
including, but not limited to, consumer and corporate spending sentiment; air
travel; governmental regulations; military actions; national or local
catastrophic events; the success of and weather surrounding NASCAR, IRL, NHRA
and other racing events; our relationship with NASCAR and other sanctioning
bodies; the success of Motorsports Authentics merchandising joint venture; the
success of expense reduction efforts; capital projects; expansion; economic
conditions; dividends; stock repurchases; financing needs; insurance;
litigation; taxes; discontinued oil and gas activities; geopolitical situations
in foreign countries; and other factors outside of management control. These
factors and other factors, including those contained in the Company`s Annual
Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q,
involve certain risks and uncertainties that could cause actual results or
events to differ materially from management's views and expectations. Inclusion
of any information or statement in this news release does not necessarily imply
that such information or statement is material. The Company does not undertake
any obligation to release publicly revised or updated forward-looking
information, and such information included in this news release is based on
information currently available and may not be reliable after this date.

Note: Speedway Motorsports will host a conference call and webcast today at
11:00 AM (EST) open to the public. To participate in the conference call, you
may dial 888-735-0476 (toll-free) or 706-758-1524 (toll). The reference number
is 36210158. A webcast of the call can be accessed at the Company's website at
www.speedwaymotorsports.com under "Event Calendar." To listen to a playback of
the call, you may dial 800-642-1687 or 706-645-9291 beginning at 1:00 PM (EST)
November 4th
through 11:59 PM (EST) November 18th. The reference number is 36210158.
Participating in the call will be Marcus G. Smith, Chief Operating Officer and
President, and William R. Brooks, Vice Chairman and Chief Financial Officer.

Speedway Motorsports, Inc. and Subsidiaries
Selected Financial Data - Unaudited
For The Three and Nine Months Ended September 30, 2009 and 2008
(In thousands except per share amounts)

Three Months Ended Nine Months Ended
INCOME STATEMENT DATA (a)(b) 9/30/2009 9/30/2008 9/30/2009 9/30/2008

Revenues:
Admissions $45,834 $40,133 $139,709 $151,952
Event related revenue 40,503 37,932 143,393 162,117
NASCAR broadcasting revenue 40,336 25,205 149,782 131,438
Other operating revenue 7,885 9,058 27,114 34,838
Total Revenues 134,558 112,328 459,998 480,345
Expenses and Other:
Direct expense of events 31,400 31,005 87,994 94,153
NASCAR purse and sanction fees 28,784 18,240 103,753 91,364
Other direct operating expense 6,039 7,367 20,952 28,842
General and administrative 22,086 22,373 65,493 65,088
Depreciation and amortization 13,523 12,363 40,013 36,085
Interest expense, net 13,651 8,327 31,273 26,420
Equity investee losses (earnings) 3,239 (224 ) 62,036 (4,768 )
Other expense (income), net 111 181 197 (1,066 )
Total Expenses and Other 118,833 99,632 411,711 336,118
Income from Continuing Operations Before Income Taxes 15,725 12,696 48,287 144,227
Income Tax Provision (6,605 ) (4,761 ) (39,891 ) (56,403 )
Income from Continuing Operations 9,120 7,935 8,396 87,824
Loss from Discontinued Operations, Net of Taxes (1,177 ) (930 ) (3,517 ) (2,899 )
Net Income $7,943 $7,005 $4,879 $84,925

Basic Earnings (Loss) Per Share:
Continuing Operations $0.21 $0.18 $0.19 $2.02
Discontinued Operations (0.02 ) (0.02 ) (0.08 ) (0.07 )
Net Income $0.19 $0.16 $0.11 $1.95
Weighted average shares outstanding 42,547 43,419 42,757 43,476

Diluted Earnings (Loss) Per Share:
Continuing Operations $0.21 $0.18 $0.19 $2.02
Discontinued Operations (0.02 ) (0.02 ) (0.08 ) (0.07 )
Net Income $0.19 $0.16 $0.11 $1.95
Weighted average shares outstanding 42,547 43,422 42,757 43,494

Major NASCAR-sanctioned Events Held During Period 5 3 19 17

Certain Race Schedule Changes:
* Atlanta Motor Speedway held one NASCAR Sprint Cup Series race in the third quarter 2009 that was held in the fourth quarter 2008, and held one NASCAR Nationwide Series race in the third quarter 2009 that was held in the first quarter 2008.
* Kentucky Speedway, purchased in December 2008, held one NASCAR Nationwide Series race in the second quarter 2009, and one NASCAR Camping World Truck and one Indy Racing League Series race in the third quarter 2009.
* One NASCAR Sprint Cup Series race at Lowe's Motor Speedway was postponed and shortened, and pole position qualifying for a NASCAR Sprint Cup race at New Hampshire Motor Speedway was cancelled, due to poor weather in the second quarter 2009.

BALANCE SHEET DATA (a)(b) 9/30/2009 12/31/2008

Cash, cash equivalents and short-term investments $117,370 $58,065
Total current assets 190,107 143,038
Property and equipment, net 1,189,396 1,195,540
Equity investments in associated entities 14,894 77,066
Goodwill and other intangible assets, net 583,231 583,328
Net assets (liabilities) of discontinued operations (197 ) 1,719
Total assets 2,022,680 2,034,409

Deferred race event income, net 70,208 105,392
Total current liabilities 138,309 151,649
Revolving credit facility borrowings 90,000 350,000
Total long-term debt 692,345 686,480
Total liabilities 1,152,387 1,149,047
Total stockholders' equity 870,293 885,362

(a) Reflects business acquisition of Kentucky Speedway on December 31, 2008, including its results of operations and financial condition after acquisition.

(b) Oil and gas operations were discontinued in the fourth quarter 2008, and the net assets and operating results for all periods presented are reclassified as discontinued operations.

Speedway Motorsports, Inc.
Janet Kirkley, 704-532-3318

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