Speedway Motors Fourth-Quarter Profit Slips

Speedway Motorsports said Wednesday its fourth-quarter profit slipped 16% from the year ago period when the racetrack operator recorded a sizable one-time gain.

Net income for the quarter was $28.8 million, or 65 cents per share, down from $34.2 million, or 77 cents a share, for the fourth quarter 2005, when Speedway recorded a one-time $5.4 million, or 12 cents a share, insurance recovery gain.

Revenue for the quarter was $148.2 million, down from $152.5 million in the year ago period.

Analysts expected average earnings of 66 cents per share on $156.8 million in revenue, according to a Thomson Financial survey.

Net income for the full year was $111.2 million, or $2.53 a share, up from $108.1 million, or $2.45 a share, for 2005. Revenue for 2006 was $567.4 million, up from $544.1 million in the prior year.