CART loses 34.5 million in 2nd quarter

[Richard Kimble]

Beat ya to it,Jim.





http://biz.yahoo.com/prnews/030811/nym180_1.html


BTW-Matt.........................SELL!!!!!!!

[Railbird]

wow

way to go RK

But enjoy that warm and fuzzy feeling while you can because I'm sure Wilke is hunkering down in the bunker priming for a comeback.

somebody want to come up with the point spread/odds/over under on this?

[Jim Wilke]

Well, this caught my eye:

Championship Auto said there is no assurance it can raise the additional capital needed for the 2004 racing season. The company also said it is in the process of changing its business model to address its financial challenges.

[don7031]

Race promotion revenue for the three months ended June 30, 2003 was $5.0 million compared to $1.4 million in the same prior year period. Race promotion expenses for the three months ended June 30, 2003 were $10.6 million compared to $3.5 million in the same prior year period. CART conducted three self-promoted events, Brands Hatch, England, Eurospeedway Lausitz, Germany and Portland, Oregon, in the June 2003 quarter compared to one event at Chicago Motor Speedway, Illinois, in the same period in the prior year. CART recognized $890,000 in race promotion expense during the three months ended June 30, 2003 in connection with its self-promoted event at Cleveland, Ohio that occurred on July 5, 2003. Based on information available at June 30, 2003, management determined that certain prepaid expenses were not recoverable from expected revenues from the event and therefore those expenses were recognized in the second quarter as required.

Losses for CART's European Vacation have been previously stated to be $3.1 million. Unless that number has increased, Portland goes down as a $1.6 million loser which is a surprise.

[Jack Harrington]

So much for lighting up the Lakefront...

[Frank Capua]

How could that be... I thought Pook was only authorized to spend 30 million this season??

[Railbird]

yeah Jack, lighting up the Cuyahoga is always the cheaper option in Cleveland

[Jack Harrington]

You de man, bird'!

[don7031]

Adding the numbers up:

Sanctioning fees: 25 (millions of dollars)
Sponsorship: 7
TV ad: 1.5
Engines and others: 4

Plus side = $37.5 million

Now the ugly:

CART promotional losses: 10
TV expenses: 16.5
Race Distributions: 62
Race Operating expense: 8.5
Administrative and indirect: 22
Litigation: 1.9

Negative side = $120.9

Looks like $83.4 million for the year.

Everytime CART issues a guidance, the projected losses go up.

[carl s]

Originally posted by don7031
Adding the numbers up:

Sanctioning fees: 25 (millions of dollars)
Sponsorship: 7
TV ad: 1.5
Engines and others: 4

Plus side = $37.5 million

Now the ugly:

CART promotional losses: 10
TV expenses: 16.5
Race Distributions: 62
Race Operating expense: 8.5
Administrative and indirect: 22
Litigation: 1.9

Negative side = $120.9

Looks like $83.4 million for the year.

Everytime CART issues a guidance, the projected losses go up.

Before ya come in for a forced landing ya burn-off or jettison all the fuel.
Ask A1E Dave

[Jack Harrington]

These guys are bleeding so bad, it hurts me, and I'm Indycentric.

[Richard Kimble]

Originally posted by Railbird
wow

way to go RK

But enjoy that warm and fuzzy feeling while you can because I'm sure Wilke is hunkering down in the bunker priming for a comeback.

somebody want to come up with the point spread/odds/over under on this?

Isn't it GREAT that we have a forum to discuss these matters?And,isn't just grand that you choose to post here,despite your repeated proclaimations that these topics were both a waste of space and time.
And isn't it wonderful that you seem to never really discuss the topic but trot out some cliche,hackneyed expression or other various derailing effects.

Its a wonderful world,and strange too.The zookeeper has become one of those flinging the feces.

[Railbird]

I quite my zookeeper job just to show some of the lightwieghts around here how feces should properly be flung.

I felt my talents would better serve mankind in that manner.

[slinger]

One question. How come the stock went up?

[trow]

Originally posted by Richard Kimble
Isn't it GREAT that we have a forum to discuss these matters?And,isn't just grand that you choose to post here,despite your repeated proclaimations that these topics were both a waste of space and time.
And isn't it wonderful that you seem to never really discuss the topic but trot out some cliche,hackneyed expression or other various derailing effects.

Its a wonderful world,and strange too.The zookeeper has become one of those flinging the feces.

life is good!