Motorsports Authentics reports 2007 losses
Quote selected text Published February 1st, 2008 in NASCAR News
Struggling merchandise company Motorsports Authentics lost $42,975,000 for the fiscal year ending Nov. 30, 2007, according to an annual financial statement International Speedway Corp. has filed with the Securities and Exchange Commission.
ISC and its track-operating rival, Speedway Motorsports Inc., own 50 percent each of the Motorsports Authentics.
The two companies also split an additional “impairment charge” - a write-down in the value of the company - by $69,499,000.
Before ISC’s filing with the SEC, it had been estimated that Motorsports Authentics would lose between $40 million and $50 million.
The remainder of the annual financial filing contains mostly previously announced financial information.
- Speedway Motorsports reports loss for third quarter
- Motorsports Authentics reports 50m dollar loss, lays off 20 percent of staff
- ISC reports plunge in profits
- Motorsports Authentics to lose $15M-$20M, cites Dale Jr’s team switch as reason
- Motorsports Authentics nears deal with Dale Earnhardt Jr
Good for these greedy jerks! I’m glad. Maybe the can come up with a die cast and t-shirt to commemorate it?
Let’s see… Not much diecast or jackets to sell at trackside… No jackets available for sale at nascar.com… Quality of merchandise and apparel declining… Pricing the same…
Greedy jerks is right. Talk about penny wise and pound foolish or in this case saving pennies by getting a cheaper price from vendors, but not having anything for sale because the cheaper vendors didn’t deliver on time!
I love jackets. Buy 2 or 3 a year just for the look. However, saw the ones available at Daytona. Quality is so bad compared to last year and the year before. Clint Bowyer’s black jacket was a dark grey. Dale Jr’s Amp logo on the front did not match up. Embroidery threads were sticking up everywhere. Couldn’t find Ryan Newman jacket, etc…
Wanted to buy Tony Stewart jacket after I got home. Nascar.com didn’t have any available. Kyle Busch’s m&m jacket for my son? Not available.
Money stayed in my pocket instead of going to Motorsports Authentics bottom line. Which of course did not go to ISC or SMI’s bottom line.
Oh well, that’s what you get for being a greedy jerk.