SPEEDWAY MOTORSPORTS, INC. Comparative Income Statement (in thousands of dollars
ID: 2490822 • Letter: S
Question
SPEEDWAY MOTORSPORTS, INC. Comparative Income Statement (in thousands of dollars) Year 2 Year 1 Revenues: Admissions ..................................... $175,208 30.9% $177,352 32.6% Event-related revenue .................... 183,404 32.3 168,359 30.9 NASCAR broadcasting revenue .... 162,715 28.7 140,956 25.9 Other operating revenue ................ 46,038 8.1 57,401 10.6 Total revenue ............................. $567,365 100.0% $544,068 100.0% Expenses and other: Direct expense of events................ $ 95,990 16.9% $ 97,042 17.8% NASCAR purse and sanction fees. 105,826 18.7 96,306 17.7 Other direct expenses .................... 113,141 19.9 102,535 18.8 General and administrative............ 78,070 13.8 73,281 13.5 Total expenses and other ......... $393,027 69.3% $369,164 67.8% Income from continuing operations.$174,338 30.7% $174,904 32.2% b. While overall revenue increased some between the two years, the overall mix of revenue sources did change somewhat. The NASCAR broadcasting revenue increased as a percent of total revenue by 2.8 percent, while the percent of admissions revenue to total revenue decreased by 1.7 percent. The total expenses as a percent of total revenue increased by 1.5 percent which resulted in income from continuing operations as a percent of revenue decreasing by 1.5 percent, which is a slightly unfavorable trend. However, the income from continuing operations as a percent of revenues exceeds 30% in both years, which is excellent. Apparently, owning and operating motor speedways is a business that produces high operating profit margins. 1. Working capital: - = Calculated Ratio Numerator ÷ Denominator Value 2. Current ratio ÷ = 3. Quick ratio ÷ = 4. Accounts receivable turnover ÷ = 5. Number of days' sales in receivables ÷ = 6. Inventory turnover ÷ = 7. Number of days' sales in inventory ÷ = 8. Ratio of fixed assets to long-term liabilities ÷ = 9. Ratio of liabilities to stockholders' equity ÷ = 10. Number of times interest charges earned ÷ = 11. Number of times preferred dividends earned ÷ = 12. Ratio of net sales to assets ÷ = 13. Rate earned on total assets ÷ = 14. Rate earned on stockholders' equity ÷ = 15. Rate earned on common stockholders' equity ÷ = 16. Earnings per share on common stock ÷ = 17. Price-earnings ratio ÷ = 18. Dividends per share of common stock ÷ = 19. Dividend yield ÷ =Explanation / Answer
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