UPDATE 2-Speedway Motorsports Q3 tops estimates; shares up

* Q3 EPS $0.21 vs est $0.19

* Reaffirms 2009 outlook at $1.70-$1.90/shr

* Total rev $134.6 mln vs est $120.6 mln

* Shares up 12 percent (Recasts; adds share movement, conference call details)

Nov 4 (Reuters) - Race track owner Speedway Motorsports Inc (TRK.N) posted better-than-expected quarterly results, as two Nascar races were moved to the quarter from prior periods, sending its shares up 12 percent.

Speedway Motorsports has drawn cash-strapped U.S. fans by cutting ticket prices or including special packages for low-end backstretch seats from where the pits cannot be seen, Chief Operating Officer Marcus Smith said on a conference call with analysts.

The company held five major Nascar-sanctioned races in the third quarter versus three last year, he said.

A Nascar Sprint Cup Series racing event was shifted to the third quarter this year from the fourth quarter last year, and a Nascar Nationwide Series event moved to the third quarter from the first quarter.

Television viewership for Nascar remained good and it is rated as the no. 2 U.S. regular-season sport, trailing only the NFL, Smith said.

This has been a tough year for Speedway Motorsports' corporate partners, as many looked to scale back on spending.

However, COO Smith said there are some positive signs for corporate spending going into 2010.

"We are seeing more planning and more preparation and more shopping this year than in earlier times than is typical," Smith said. "Many buyers of corporate sponsorship are tired of sitting on their hands and are ready to make some decisions and ready to get back into the game."

For the full year, the Concord, North Carolina-based company reaffirmed its earnings outlook of $1.70 to $1.90 a share, excluding the Motorsports Authentics (MA) joint venture with race-track rival International Speedway Corp (ISCA.O).

Last month, MA received default notices from certain licensors, regulatory filings showed. [ID:nBNG82753]

"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," Speedway Motorsports said in a statement.

However, if these efforts are not successful, MA's business and its ability to continue operating could be severely impacted, and MA could ultimately pursue bankruptcy, Speedway Motorsports said.

Q3 TOPS STREET

For the third quarter, net income rose to $7.9 million, or 19 cents a share, from $7.0 million, or 18 cents, last year.

From continuing operations, the company earned 21 cents a share, beating analysts' expectations of 19 cents, according to Thomson Reuters I/B/E/S.

Total revenue for the quarter rose 20 percent to $134.6 million, topping analysts' estimates of $120.6 million.

Shares of the company, which operates the Atlanta, Bristol and Lowe's Motor Speedways, rose as high as $14.85, before paring some gains, to trade up 10 percent at $14.65 in midday trade Wednesday on the New York Stock Exchange. (Reporting by Abhishek Takle and Viraj Nair in Bangalore; Editing by Mike Miller, Ratul Ray Chaudhuri)