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CART loses 34.5 million in 2nd quarter

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  • CART loses 34.5 million in 2nd quarter

    Beat ya to it,Jim.





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


    BTW-Matt.........................SELL!!!!!!!
    ...the spice must flow.....

  • #2
    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?
    "Living well is the best revenge"

    George Herbert

    Comment


    • #3
      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.

      Comment


      • #4
        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.
        I wish I knew - Dennis "Cutty" Wise

        When its game time, it's pain time! - Terrible Terry Tate

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        • #5
          So much for lighting up the Lakefront...
          My major malfunction is...I want the people I love and respect to live forever...The problem is...Life don't work that way...

          P.S. Questions, comments, death threats, invitations to a pigs bris, my number is still (317) 809-4483

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          • #6
            How could that be... I thought Pook was only authorized to spend 30 million this season??

            "Ooh woo, I'm a Rebel just for kicks, now
            I been feeling it since 1966, now..."

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            • #7
              yeah Jack, lighting up the Cuyahoga is always the cheaper option in Cleveland
              "Living well is the best revenge"

              George Herbert

              Comment


              • #8
                You de man, bird'!
                My major malfunction is...I want the people I love and respect to live forever...The problem is...Life don't work that way...

                P.S. Questions, comments, death threats, invitations to a pigs bris, my number is still (317) 809-4483

                Comment


                • #9
                  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.
                  I wish I knew - Dennis "Cutty" Wise

                  When its game time, it's pain time! - Terrible Terry Tate

                  Comment


                  • #10
                    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
                    Quando Omni Flunkus Moritati

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                    • #11
                      These guys are bleeding so bad, it hurts me, and I'm Indycentric.
                      My major malfunction is...I want the people I love and respect to live forever...The problem is...Life don't work that way...

                      P.S. Questions, comments, death threats, invitations to a pigs bris, my number is still (317) 809-4483

                      Comment


                      • #12
                        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.
                        ...the spice must flow.....

                        Comment


                        • #13
                          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.
                          "Living well is the best revenge"

                          George Herbert

                          Comment


                          • #14
                            One question. How come the stock went up?
                            Proud to be a complainer.

                            Comment


                            • #15
                              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!
                              http://brianswish.trackforum.com/brianswish_main.htm/

                              Comment

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