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Topic: World Racing Group Reports Record Annual Revenue
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Page 1 of 2 of 29 replies
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April 01, 2008 at
04:50:50 PM
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It may not be good.....But its getting better!
http://biz.yahoo.com/bw/080401/20080401006791.html?.v=1
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April 01, 2008 at
04:53:28 PM
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Kudos to WRG for spinning a 12mil loss into a positive...
Maybe the April 1st date had a lot to do with it ???
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April 01, 2008 at
04:59:39 PM
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Reply to:
Oh sh**, now what are we going to complain about? 
Stan Meissner
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April 01, 2008 at
05:06:36 PM
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This message was edited on
April 01, 2008 at
05:06:58 PM by msweeter
Reply to:
Posted By: StanM on April 01 2008 at 04:59:39 PM
Oh sh**, now what are we going to complain about?
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No complaints from me...I love going to the WoO Sprint Shows.
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April 01, 2008 at
08:17:43 PM
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I can hear it all the way in Iowa; BRR, Cubic and the Patrick formerly known as Hawker, are pounding their calculators to no avail. I'm sure if they don't find an answer, Mark will just kick me off the thread again.
Savage
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April 01, 2008 at
08:53:20 PM
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losing less has never equated to winning...unless you are a hopeless backmarker.
calculate all you want...the only button you have to use is - in this equation
Lincoln 1845 ft/.35 mile T1=118MPH
Eldora 2287 ft/.43mile T3=135MPH
Port 2716 ft/.51 mile T3=TBD
Grove 2792 ft/.53 mile T3=135MPH
Selinsgrove 2847 ft/.54 mile T1=136MPH
"I didn't move to PA from El Paso in search of better
weather." Van May
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April 01, 2008 at
10:12:02 PM
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I am not an expert, does that say they lost 12 million? That is great! I wish I would have bought some of that stock for my retirement account.
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April 01, 2008 at
10:58:38 PM
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$12m is a write-off for guys like Bruton Smith... who coincidentally also hails from Concord, NC like the World of Outlaws?
They don't even know how to spell sprint car
much less chromoly...http://www.ycmco.com
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April 02, 2008 at
05:20:02 AM
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Cubic.... if $12 mil is small change for Bruton or anyone else..perhaps they can dig a little deeper and clear off the whole accumulated $72 mil debt.
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April 02, 2008 at
06:56:58 AM
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This message was edited on
April 02, 2008 at
12:03:02 PM by singlefile
The title of the thread is kind of misleading to people that are not familiar with SEC statements. Yes, the revenue has improved, but the important number for a company is the net operating profit or less. If a company has a billion dollars in revenue, but two billion in expenses, they still lost a billion dollars. There are companies that go bankrupt all the time that have positive revenue.
I am not even against WRG; they control much of the Northeast Modified scene, and I am also a NE Modified fan. But losing $12 million is nothing to brag about. Some of the responses in this thread act like these SEC numbers are a great positive; they are not. A first year accounting course will teach you that a $12 million net loss is a bad thing, not a good thing. The WRG accountants have already pounded their calculators to come up with that figure.
That article in the link is a press release from WRG. If you really want to know what Wall St. thinks of the numbers, you have find articles or recommendations from neutral financial analysts.
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April 02, 2008 at
07:46:01 AM
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Reply to:
Posted By: Cobra on April 02 2008 at 05:20:02 AM
Cubic.... if $12 mil is small change for Bruton or anyone else..perhaps they can dig a little deeper and clear off the whole accumulated $72 mil debt.
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While I agree dirt track racing doesn't seem like a good investment by any means (just look at how many prolific car owners we've lost in recent years) money dumped into getting a business off the ground is still considered investment not debt by most other people...lol.
No one can seem to figure out who keeps "investing" in the World of Outlaws? Smith is worth $1.4 billion, he threatened to move Lowes Motor Speedway down the street at a cost of $350 million in order to get a variance for a drag strip in Concord, plus he gave $50 million to the city for a monorail project in order to secure the NASCAR Hall of Fame. He may or not be involved with the WoO, but he certainly isn’t a stranger to betting the long shot.
Humpy looked pretty happy during the World Finals telecast. More teams than ever are traveling with the Outlaws. They have a solid TV schedule and purses. Race teams are used to operating year by year anyway, your NST can come along AFTER the bubble bursts...lol.
They don't even know how to spell sprint car
much less chromoly...http://www.ycmco.com
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April 02, 2008 at
08:09:08 AM
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cubic hedging his bet - suggesting that the NST has only "ceased operation" and has not been dissolved!
priceless
Lincoln 1845 ft/.35 mile T1=118MPH
Eldora 2287 ft/.43mile T3=135MPH
Port 2716 ft/.51 mile T3=TBD
Grove 2792 ft/.53 mile T3=135MPH
Selinsgrove 2847 ft/.54 mile T1=136MPH
"I didn't move to PA from El Paso in search of better
weather." Van May
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April 02, 2008 at
08:34:08 AM
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Reply to:
Posted By: BigRightRear on April 02 2008 at 08:09:08 AM
cubic hedging his bet - suggesting that the NST has only "ceased operation" and has not been dissolved!
priceless
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The NST tried to "cease" the World of Outlaws before it dissolved. HOPEFULLY the lesson was learned. Another lesson learned was also that someone will always be there to step in its place; Australians?, the Pettys?, Guy Webb?, Stewart?, Kahne?, Jason Meyers' car owners?, the list probably goes on and on and on as the price comes down. None of them would ever dump as much money into it as current ownership however. And while I'll be really pissed if the "World of Outlaw" namesake itself ever disappears one day (which your NST tried to do), the real tragedy would be if any of World of Boundless Dirt's race tracks got lost in the shuffle. I am truly glad Earl was smart enough to sell Eldora to someone like Stewart instead. Long live sprint car racing.
They don't even know how to spell sprint car
much less chromoly...http://www.ycmco.com
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April 02, 2008 at
09:33:03 AM
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Reply to:
Posted By: msweeter on April 01 2008 at 05:06:36 PM
No complaints from me...I love going to the WoO Sprint Shows.
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...been to one in the last month have you?
Pevely, MO Weather Forecast4:23 AM CDT WED APR 2 2008
..FLASH FLOOD WATCH IN EFFECT FROM LATE TONIGHT THROUGH FRIDAY MORNING...
TODAY - Partly sunny. High in the mid 50s. East wind around 10 mph.
TONIGHT - Not as cool. Mostly cloudy. Chance of showers in the evening - then occasional showers and thunderstorms after midnight. Locally heavy rainfall possible after midnight. Low in the lower 40s. East wind around 10 mph. Chance of rain 80 percent.
THURSDAY - Occasional showers and thunderstorms. Locally heavy rainfall possible. High in the mid 50s. Southeast wind around 10 mph. Chance of rain 90 percent.
THURSDAY NIGHT - Occasional showers and thunderstorms. Locally heavy rainfall possible. Low in the mid 40s. Northeast wind around 10 mph in the evening shifting to the north after midnight. Chance of rain 90 percent.
FRIDAY - Mostly cloudy with a 30 percent chance of showers. High in the upper 50s. North wind 10 to 15 mph.
FRIDAY NIGHT - Mostly cloudy in the evening then becoming partly cloudy. Low around 40.
See you in Rossburg....er, New Weston on the 10th!
"As long as I can have a fast boat, a margarita
machine and can light my hair on fire, I'll be just
fine."
Jason Giambi
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April 02, 2008 at
09:55:51 AM
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Happy days indeed...........they've decreased their operating losses by 45% to a mere pitance, $12,700,000.00!
Yipee!!!!
Forward momentum??? Positive trends??? Successful start to the 2008 season???
Leverage extensive assets (leverage and assets in same sentence....can we expect a yard sale)???
If they're not actually operating, are they still losing money???
World Racing Group Reports Record Annual Revenue of $19.6 Million, Significant Imrovement in Operating Results for 2007
Tuesday April 1, 5:05 pm ET Decreases of 45% in Net Loss Achieved for 2007
CONCORD, N.C.--(BUSINESS WIRE)--World Racing Group, Inc. (OTCBB: WRGI - News) announced record revenue of $19.6 million, up 30%, from the $15.1 million reported calendar year 2006. Significant improvements in operating results were also achieved in 2007, including a decreased net loss of 45%, to $12.7 million, from $22.8 million for the prior year. “The Company is extremely well positioned to continue to accelerate these positive trends and operating results in 2008,” said Brian Carter, the Company’s Chief Executive Officer. “Importantly, we finished 2007 with increased forward momentum by adding several key sponsors to our long list of marketing partners for 2008. Our contracted sponsorship revenue base grows every day, which continues to reinforce the significance of raising the profile of our events and confirms our investment in television broadcasts in 2007.”
“Highlighting our momentum into 2008 was our recently announced partnership with SPEED TV, owned by Fox Broadcasting, for 25 hours of original television programming, including five multi-hour special events and additional scheduled re-broadcasts. Our focus is on growing sponsorship and advertising revenues in 2008, and a strong television package is a critical component to our success,” Mr. Carter added.
“In 2008, we anticipate 60-70% growth in our sponsorship and advertising revenue and merchandise sales. Additionally, we expect sustainable, measurable growth in our racing and event operations, both in sanctioning fees and ticket sales for the year. As a result of this growth and other cost savings implemented for 2008 we expect track and event operations expenses to decrease significantly as a percentage of total revenue.”
Mr. Carter concluded, “We had a very successful start to our 2008 season at the 37th Annual Alltel DIRTcar Nationals in February. Despite weather causing a few issues late in the first quarter for our touring series we are well prepared for the heart of the racing season which starts in April for most of our tracks and series. I am confident that as we leverage our extensive assets to all aspects of our business, World Racing Group will prosper in 2008.”
"As long as I can have a fast boat, a margarita
machine and can light my hair on fire, I'll be just
fine."
Jason Giambi
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April 02, 2008 at
10:45:45 AM
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1341
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This message was edited on
April 02, 2008 at
10:50:39 AM by singlefile
Reply to:
Posted By: Faster Pussycat on April 02 2008 at 09:55:51 AM
Happy days indeed...........they've decreased their operating losses by 45% to a mere pitance, $12,700,000.00!
Yipee!!!!
Forward momentum??? Positive trends??? Successful start to the 2008 season???
Leverage extensive assets (leverage and assets in same sentence....can we expect a yard sale)???
If they're not actually operating, are they still losing money???
World Racing Group Reports Record Annual Revenue of $19.6 Million, Significant Imrovement in Operating Results for 2007
Tuesday April 1, 5:05 pm ET Decreases of 45% in Net Loss Achieved for 2007
CONCORD, N.C.--(BUSINESS WIRE)--World Racing Group, Inc. (OTCBB: WRGI - News) announced record revenue of $19.6 million, up 30%, from the $15.1 million reported calendar year 2006. Significant improvements in operating results were also achieved in 2007, including a decreased net loss of 45%, to $12.7 million, from $22.8 million for the prior year. “The Company is extremely well positioned to continue to accelerate these positive trends and operating results in 2008,” said Brian Carter, the Company’s Chief Executive Officer. “Importantly, we finished 2007 with increased forward momentum by adding several key sponsors to our long list of marketing partners for 2008. Our contracted sponsorship revenue base grows every day, which continues to reinforce the significance of raising the profile of our events and confirms our investment in television broadcasts in 2007.”
“Highlighting our momentum into 2008 was our recently announced partnership with SPEED TV, owned by Fox Broadcasting, for 25 hours of original television programming, including five multi-hour special events and additional scheduled re-broadcasts. Our focus is on growing sponsorship and advertising revenues in 2008, and a strong television package is a critical component to our success,” Mr. Carter added.
“In 2008, we anticipate 60-70% growth in our sponsorship and advertising revenue and merchandise sales. Additionally, we expect sustainable, measurable growth in our racing and event operations, both in sanctioning fees and ticket sales for the year. As a result of this growth and other cost savings implemented for 2008 we expect track and event operations expenses to decrease significantly as a percentage of total revenue.”
Mr. Carter concluded, “We had a very successful start to our 2008 season at the 37th Annual Alltel DIRTcar Nationals in February. Despite weather causing a few issues late in the first quarter for our touring series we are well prepared for the heart of the racing season which starts in April for most of our tracks and series. I am confident that as we leverage our extensive assets to all aspects of our business, World Racing Group will prosper in 2008.”
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I liked how the release didn't mentioned that liabilities went from $6.4 million to $15.9 million. Oooops, obvious oversight. LOL. In short, that means, yes, they are losing money without running any events.
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April 02, 2008 at
10:50:03 AM
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This message was edited on
April 02, 2008 at
10:51:02 AM by msweeter
Reply to:
Posted By: Faster Pussycat on April 02 2008 at 09:33:03 AM
...been to one in the last month have you?
Pevely, MO Weather Forecast4:23 AM CDT WED APR 2 2008
..FLASH FLOOD WATCH IN EFFECT FROM LATE TONIGHT THROUGH FRIDAY MORNING...
TODAY - Partly sunny. High in the mid 50s. East wind around 10 mph.
TONIGHT - Not as cool. Mostly cloudy. Chance of showers in the evening - then occasional showers and thunderstorms after midnight. Locally heavy rainfall possible after midnight. Low in the lower 40s. East wind around 10 mph. Chance of rain 80 percent.
THURSDAY - Occasional showers and thunderstorms. Locally heavy rainfall possible. High in the mid 50s. Southeast wind around 10 mph. Chance of rain 90 percent.
THURSDAY NIGHT - Occasional showers and thunderstorms. Locally heavy rainfall possible. Low in the mid 40s. Northeast wind around 10 mph in the evening shifting to the north after midnight. Chance of rain 90 percent.
FRIDAY - Mostly cloudy with a 30 percent chance of showers. High in the upper 50s. North wind 10 to 15 mph.
FRIDAY NIGHT - Mostly cloudy in the evening then becoming partly cloudy. Low around 40.
See you in Rossburg....er, New Weston on the 10th!
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Don't think I said that I have been to a WoO Show in the last month. I simply said I do enjoy them when I am able to attend.
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April 02, 2008 at
06:16:45 PM
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"As of December 31, 2007, we had 56 full-time employees working at our various locations and 47 part-time employees. "
That could explain where a lot of the $$$ is going....
Its a sad deal...and Cubic is 100% correct.... I am also glad Earl sold to Tony !
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April 02, 2008 at
10:05:58 PM
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I got to see the Manzy show 5 weekends ago. The winner came from the 3rd row. The show was over at 10:15. They had 26 cars in the field. All of these where positives for me after seeing my last outlaw show last October at Manzy. Where they had a dozen more cars in the field. However the warmups started when the racing was supposed to start. The show ended almost an hour later. IMO the WRG management group learned a lot in the next 6 months how to present an efficiently run event that gets the PAYING FANS in, and out, without keeping them there till the cows come home. Which was a far better run show that USAC ran 2 weeks earlier. However USAC had to run a 2 day show in 1 day with about 4 times as many cars, and twice as many classes. That said, you can only go on loosing money so long before the roof falls in. Just my 2 cents worth!
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April 03, 2008 at
09:24:52 AM
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Reply to:
Posted By: Cobra on April 02 2008 at 06:16:45 PM
"As of December 31, 2007, we had 56 full-time employees working at our various locations and 47 part-time employees. "
That could explain where a lot of the $$$ is going....
Its a sad deal...and Cubic is 100% correct.... I am also glad Earl sold to Tony !
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Also don't forget Advance Auto Parts came on as a title sponsor for 2008. The WoO may be in better shape than you think...
They don't even know how to spell sprint car
much less chromoly...http://www.ycmco.com
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