|
|
|
|
|
Topic: $60,000,000 and counting...
|
Email this topic to a friend |
Subscribe to this Topic
| Report this Topic to Moderator
|
|
Page 2 of 5 of 80 replies
|
|
|
|
|
April 01, 2007 at
12:52:18 AM
|
|
|
Joined:
|
10/27/2005
|
|
Posts:
|
281
|
|
|
|
I'm confused. First we're told of Steve's undying love and deep convictions for the sport. Now we're told he just cut and ran when there was money dangled in front of him to return?
It's all sooooooo confusing. Which is it?
|
|
|
|
April 01, 2007 at
04:35:51 AM
|
|
|
Joined:
|
02/27/2005
|
|
Posts:
|
4443
|
|
|
Reply to:
Posted By: Hawker on March 31 2007 at 10:02:26 PM
Sorry, but they tell you in the statement above that they are on the verge of being out of cash NOW.
If you were the CEO of a company capable of sponsoring and organization such as DIRT, would you sponsor someone that has driven up $60,000,000 in debt in less than 4 years with only $500,000 cash in the bank?
|
Very little of it is actual debt. They didn't borrow the money, they sold stock. All they have to do is be able to balance their budget. Landing a major series sponsor could EASILY do that. If a NASCAR team can garner $20 or $30 million a year in corporate backing , then there is no reason BoundlessOutlawDirtWorld can't as well... they pretty much represent most of dirt track racing from coast to coast.
It's only April. The bad press has finally subsided basically for the first time since the TNN/Pennzoil deal went away nearly ten years ago now? There hasn't been a whole lot of really good news since then up until this winter. Let's just give them a legitimate chance for at least one season. The alternative isn't going to be near as pretty.
They don't even know how to spell sprint car
much less chromoly...http://www.ycmco.com
|
|
|
|
|
April 01, 2007 at
08:44:49 AM
|
|
|
Joined:
|
12/04/2004
|
|
Posts:
|
155
|
|
|
|
Time will tell...... but my understanding is really quite simple...They are bleeding at a rate that it will require amputation to stop the blood loss.
Out of all the series they "own" only the LM's have any naming rights $$$ ( has anyone actually found 360OTC, or will this become another stacker deal ??)
For the blind but loyal followers, I commend your loyalty, but if your only source of income kept saying they are almost out of business, surely you would look for another job ??
The only thing keeping the series afloat ( at least what I can see) is the actual tracks paying the purse each night.
As for the NST... I don't ever remember a release saying it was over ( if I misssed, can someone please post a link) and therefore it just might be the smartest short term business plan in racing history. ( take your competitors $$$$ and exposure, and then pick up the peices when they crumble and then without competition gain the major tracks and all the drivers)
From a pruely sprint car point of view, ask just a few questions...... how has Dirt's 50 plus employee pay roll benifited the racing ? ( is it better than when Ted owned it ?) Can anyone actually see where the $60 mil has been spent ?
People fret over Dirt, I really hope they make it, and leverage the power that unification brings, but ultimately if they do collapse, Sprint Car racing will continue.
|
|
|
|
|
|
April 01, 2007 at
09:41:48 AM
|
|
|
Joined:
|
12/06/2004
|
|
Posts:
|
228
|
|
|
|
Ask Jason Meyers about Steve Kinsers loyalty to his follow the Petty's N.S.hiTy and the B.S. just doesn't seem to end. When it was discovered that Budweiser was going to be the title sponsor for NST, the people that were taking racing back to the heartland of America, wanted no part of any alcohol products going along side their Petty namesake. So abandon ship, pull the plug it was. One lie down ,several more to follow. Point fund HAH!!!!!!!!! and as I was telling you earlier Jason found out about Steve not returning through the media. Enough said. Although I must say that Brian Paulus had the strangest comment that I heard last year, "If we have to race for less-money for a year or two, thats what we as a group have chosen to do.? Any fool could tell you that he ain't a liar, cuz thats just what they did!!!!
|
|
|
|
|
April 01, 2007 at
01:23:16 PM
|
|
|
Joined:
|
02/27/2005
|
|
Posts:
|
4443
|
|
|
This message was edited on
April 01, 2007 at
01:28:19 PM by cubicdollars
Reply to:
Posted By: Cobra on April 01 2007 at 08:44:49 AM
Time will tell...... but my understanding is really quite simple...They are bleeding at a rate that it will require amputation to stop the blood loss.
Out of all the series they "own" only the LM's have any naming rights $$$ ( has anyone actually found 360OTC, or will this become another stacker deal ??)
For the blind but loyal followers, I commend your loyalty, but if your only source of income kept saying they are almost out of business, surely you would look for another job ??
The only thing keeping the series afloat ( at least what I can see) is the actual tracks paying the purse each night.
As for the NST... I don't ever remember a release saying it was over ( if I misssed, can someone please post a link) and therefore it just might be the smartest short term business plan in racing history. ( take your competitors $$$$ and exposure, and then pick up the peices when they crumble and then without competition gain the major tracks and all the drivers)
From a pruely sprint car point of view, ask just a few questions...... how has Dirt's 50 plus employee pay roll benifited the racing ? ( is it better than when Ted owned it ?) Can anyone actually see where the $60 mil has been spent ?
People fret over Dirt, I really hope they make it, and leverage the power that unification brings, but ultimately if they do collapse, Sprint Car racing will continue.
|
I realize I'm not a CPA like the rest of you, so I'm not sure what all "track and event operations" entails, but it looks like they dumped $35,000,000 into "the sport" the past two years alone, not their own payrolls... At least give them the year in peace to try to sign a series sponsor, and just enjoy the racing. As you say, the NST can come out of hiding without a schedule, purse, point fund, tow money, tv deal, or marketing anytime...there's no real rush.
For the Years Ended December 31, 2006 and 2005
| |
|
|
|
|
|
|
|
|
| |
|
2006 |
|
|
2005 |
|
Revenues |
|
|
|
|
|
|
|
|
Race sanctioning and event fees |
|
$ |
4,717,662 |
|
|
$ |
7,229,302 |
|
Admission fees and ticket sales |
|
|
6,897,834 |
|
|
|
2,477,548 |
|
Sponsorship and advertising revenue |
|
|
2,500,313 |
|
|
|
1,494,641 |
|
Merchandise sales |
|
|
754,592 |
|
|
|
1,134,841 |
|
Other revenue |
|
|
273,739 |
|
|
|
374,831 |
|
|
|
|
|
|
|
|
Total revenues |
|
$ |
15,144,140 |
|
|
$ |
12,711,163 |
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
Track and event operations |
|
|
19,301,329 |
|
|
|
16,011,557 |
|
Sales and marketing |
|
|
1,883,094 |
|
|
|
1,486,495 |
|
Merchandise operations and cost of sales |
|
|
823,560 |
|
|
|
1,173,154 |
|
General and administrative |
|
|
3,022,117 |
|
|
|
2,913,172 |
|
Non-cash stock compensation |
|
|
2,710,658 |
|
|
|
— |
|
Goodwill impairment |
|
|
1,508,440 |
|
|
|
5,999,571 |
|
Depreciation and amortization |
|
|
774,130 |
|
|
|
708,027 |
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
30,023,328 |
|
|
|
28,291,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(14,879,188 |
) |
|
|
(15,580,813 |
) |
|
|
|
|
|
|
|
|
|
Other (Expenses) Income |
|
|
|
|
|
|
|
|
Interest income |
|
|
92,119 |
|
|
|
23,039 |
|
Interest expense |
|
|
(8,021,605 |
) |
|
|
(5,381,949 |
) |
|
|
|
|
|
|
|
Total Other Expense |
|
|
(7,929,486 |
) |
|
|
(5,358,910 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) |
|
$ |
(22,808,674 |
) |
|
$ |
(20,939,723 |
) |
They don't even know how to spell sprint car
much less chromoly...http://www.ycmco.com
|
|
|
|
April 01, 2007 at
02:18:23 PM
|
|
|
Joined:
|
11/29/2005
|
|
Posts:
|
1773
|
|
|
Reply to:
Posted By: BigRightRear on March 31 2007 at 03:57:07 PM
excuse me, DIRT is posting these numbers with the Federal Govt...now put your heads back in the sand...or wherever you have them stuffed.
the NST decided not to race this year when the top 2 drivers got paid to come back...do your own math.
|
when you can pay some of the owners of a competing series, along with enticing the major sponser of one of the owners to come over to YOUR series...
kind of makes you wonder about how commited the other series was.
|
|
|
|
|
|
April 01, 2007 at
02:55:14 PM
|
|
|
Joined:
|
12/07/2004
|
|
Posts:
|
446
|
|
|
|
Lies, Damn Lies, and Statistics.
|
|
|
|
|
April 01, 2007 at
03:27:30 PM
|
|
|
Joined:
|
11/27/2004
|
|
Posts:
|
3751
|
|
|
|
yes, the nerve of the feds to require factual statements...
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
|
|
|
|
|
April 01, 2007 at
11:19:15 PM
|
|
|
Joined:
|
04/18/2005
|
|
Posts:
|
4764
|
|
|
Reply to:
Posted By: cubicdollars on March 31 2007 at 09:50:06 PM
If they don't sign a major series sponsor before next season then the writing probably is on the wall. They finally have everything going for them... The bad press has subsided a bit for the first time since they have took the helm. There is one series again with more cars touring than ever before. And if the TV shows go off as hoped this summer then there is no reason why they shouldn't be able to sign a major sponsor for 2008. In the meantime let's all just enjoy the year, and give them a chance for once. There's no benefit not to. If they do go under, although we learned last year there are many waiting in the wings, most likely whoever would step in won't have near the resources of BoundlessOutlawDirtWorld. Might as well take advantage of it while it lasts and hope for the best.
|
good point cubic.........why would anybody want the demise of WoO? especially considering there demise leads to no national 410 touring series? I kinda wonder if they may be fudgin the #'s to get a little "assisstance"? I don't know exactly how that works.........but a lot of large and small businesses try it.
BRR why do you still hate on the WoO? without them your Posse has no real competition on the porch. The Posse just beats up on each other all year........the WoO visits are a pleasant change from that for all of the PA sprint car fans. I would think most fans in that area appreciate the rivalry and quality of racing. Obviously there are a couple of exceptions.
How much would could a wouldchuck chuck if a
wouldchuck could chuck would
|
|
|
|
|
|
|
April 02, 2007 at
12:43:56 AM
|
|
|
Joined:
|
04/24/2005
|
|
Posts:
|
1341
|
|
|
This message was edited on
April 02, 2007 at
12:56:37 AM by singlefile
Reply to:
Posted By: OKCFan12 on April 01 2007 at 11:19:15 PM
good point cubic.........why would anybody want the demise of WoO? especially considering there demise leads to no national 410 touring series? I kinda wonder if they may be fudgin the #'s to get a little "assisstance"? I don't know exactly how that works.........but a lot of large and small businesses try it.
BRR why do you still hate on the WoO? without them your Posse has no real competition on the porch. The Posse just beats up on each other all year........the WoO visits are a pleasant change from that for all of the PA sprint car fans. I would think most fans in that area appreciate the rivalry and quality of racing. Obviously there are a couple of exceptions.
|
What the hell, OKCFan? A publicly traded company is not going to "fudge the numbers" to look worse than they really are.
I only took the two accounting courses I was required to (financial accounting and managerial accounting) for a management degree, but "fudging numbers" with the securites exchange commission is serious stuff. The accounting firm Arthur Andersen pretty much went out of business because of "fudging the numbers" with Enron. One of the provisions of the Sarbanes-Oxley Act is that company executives are now held far more accountable for official financial filings with the SEC than they used to be. Sarbanes-Oxley is the direct result of scandals like Enron and Worldcom.
Knowingly filing fraudulant financial statements means jail time, not a slap on the wrist or a small fine. Kenneth Lay probably would have went to prison for the rest of his life for what happened at Enron had he not died first. Sorry. but you really don't know what you are talking about if you think that DIRT is knowingly "fudging the numbers."
|
|
|
|
April 02, 2007 at
06:07:54 AM
|
|
|
Joined:
|
12/03/2006
|
|
Posts:
|
7918
|
|
|
Reply to:
Posted By: the instigator on March 31 2007 at 01:13:37 PM
Careful.....Steve and the boys are just lulling them into a false sense of security.
|
Yup, it's early
|
|
|
|
|
April 02, 2007 at
07:15:25 AM
|
|
|
Joined:
|
11/27/2004
|
|
Posts:
|
3751
|
|
|
|
OKC: i can tell you how fudging the numbers worked out for Tyco...its called FEDERAL PRISON.
losses like this are not sometnig you advertise as a selling point.
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
|
|
|
|
|
|
|
April 02, 2007 at
12:10:26 PM
|
|
|
Joined:
|
11/23/2004
|
|
Posts:
|
3943
|
|
|
|
No matter what happens, if there is a demise so to speak then they can call themselves the Sisters of the Poor for all I care. Bottom line, they will go to PA and spank the Posse in their backyard and lose occasionally at the Grove. They will then dominate everywhere else in the country and pound the Posse when they dare to leave the porch, the more things change, the more they stay the same. Take It Easy....
|
|
|
|
|
April 02, 2007 at
12:15:21 PM
|
|
|
Joined:
|
02/27/2005
|
|
Posts:
|
4443
|
|
|
Reply to:
Posted By: MSPN on April 02 2007 at 12:10:26 PM
No matter what happens, if there is a demise so to speak then they can call themselves the Sisters of the Poor for all I care. Bottom line, they will go to PA and spank the Posse in their backyard and lose occasionally at the Grove. They will then dominate everywhere else in the country and pound the Posse when they dare to leave the porch, the more things change, the more they stay the same. Take It Easy....
|
They don't even know how to spell sprint car
much less chromoly...http://www.ycmco.com
|
|
|
|
|
April 02, 2007 at
12:54:09 PM
|
|
|
Joined:
|
04/24/2005
|
|
Posts:
|
1341
|
|
|
Reply to:
Posted By: MSPN on April 02 2007 at 12:10:26 PM
No matter what happens, if there is a demise so to speak then they can call themselves the Sisters of the Poor for all I care. Bottom line, they will go to PA and spank the Posse in their backyard and lose occasionally at the Grove. They will then dominate everywhere else in the country and pound the Posse when they dare to leave the porch, the more things change, the more they stay the same. Take It Easy....
|
I didn't want this thread to turn into the usual argument on here; I just wanted to explain that OKC's post was very wrong. The SEC takes a bleak view on companies playing fast and loose with Generally Accepted Accounting Practices (GAAP). The Enron scandal put a major accounting firm out of business.
|
|
|
|
|
|
|
April 02, 2007 at
01:27:00 PM
|
|
|
Joined:
|
11/30/2004
|
|
Posts:
|
1028
|
|
|
|
Nicely put Mikey.........BRR's turn
|
|
|
|
|
April 02, 2007 at
02:12:52 PM
|
|
|
Joined:
|
11/29/2005
|
|
Posts:
|
1773
|
|
|
|
do all you people dig this deep into the inner financial working of ALL the entertainment venues you visit? can't you just watch the freak'in show?
|
|
|
|
April 02, 2007 at
03:09:07 PM
|
|
|
Joined:
|
11/26/2004
|
|
Posts:
|
3334
|
|
|
|
I know of at least one person waiting in the wings to buy the WoO for what it is worth whenever the price is in line with the value.
Save your butt, get a colon screening TODAY
For complete line of Sponsor Awards check out
MarshallTownLaser.com
Duane Davis
Laser Engraving
641-751-7777
101 N Center
Marshalltown, Iowa
|
|
|
|
|
|
|
April 02, 2007 at
03:23:23 PM
|
|
|
Joined:
|
11/29/2005
|
|
Posts:
|
1773
|
|
|
Reply to:
Posted By: nodust on April 02 2007 at 03:09:07 PM
I know of at least one person waiting in the wings to buy the WoO for what it is worth whenever the price is in line with the value.
|
it could then be renamed nst (national smoke tour) lmao
|
|
|
|
|
April 02, 2007 at
03:53:30 PM
|
|
|
Joined:
|
11/23/2004
|
|
Posts:
|
3943
|
|
|
|
There will always be an elite group of racers, hopefully travellin', to show the country their talents and abilities. They will be cheered and treated like the greats they are all over save for a certain area we all know about. This area has lost it's three biggest car owners and teams in the last couple of years but continue to believe that everything is wonderful in make believesville. The best haven't changed and we all know where they are, Take It Easy....
|
|
|
