UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 8, 2006

SPEEDWAY MOTORSPORTS, INC.
(Exact Name of Registrant as Specified in Charter)

 
					
Delaware	 	1-13582	 	51-0363307	
(State or other jurisdiction
of incorporation)	 	(Commission File Number)	 	(IRS Employer
Identification No.)	

5555 Concord Parkway South, Concord, North Carolina	 	28027	
(Address of principal executive offices)	 	(Zip Code)	
Registrant’s telephone number, including area code: (704) 455-3239
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

Item 2.02 Results of Operations and Financial Condition.
On November 8, 2006, we issued a press release announcing our financial results for our fiscal quarter and nine month period ended September 30,  2006 and reaffirmed guidance for fiscal year 2006. A copy of the press release is attached to this Form 8-K as Exhibit 99.1.
Item 9.01 Financial Statement and Exhibits.
(d) Exhibits.

Exhibit
Number	 	Description	
99.1	 	Press Release dated November 8, 2006	

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	 	SPEEDWAY MOTORSPORTS, INC.	
			
Date: November 8, 2006	 	By:	 	/s/ J. Cary Tharrington IV	
	 		 	J. Cary Tharrington IV	
	 		 	Vice President and General Counsel	
 
Exhibit 99.1

					
	 		 	Contact:   Lauri Wilks
                 704-455-3239
    —For Immediate Release –	
Speedway Motorsports Reports Record Results For The Three and Nine Months Ended
September 30, 2006 and Reaffirms Full Year 2006 Guidance
CONCORD, NC (November 8, 2006) - Speedway Motorsports, Inc. (SMI) (NYSE:TRK) today reported record third quarter 2006 total revenues of $84.8 million, net income of $4.7 million and diluted earnings per share of $0.11. Nine month 2006 results include record total revenues of $419.1 million, net income of $82.4 million and diluted earnings per share of $1.87. Also, SMI reaffirms its full year 2006 earnings guidance of $2.45 to $2.55 per diluted share.
Third Quarter Comparison
For the third quarter 2006 as compared to 2005:
 
 	•	 	total revenues increased 6% or $4.7 million to $84.8 million;	
 
 	•	 	net income increased 7% or $300,000 to $4.7 million; and	
 
 	•	 	diluted earnings per share increased 10% or $0.01 to $0.11.	
Year-to-Date Comparison
For the nine month 2006 period as compared to 2005:
 
 	•	 	total revenues increased 7% or $28.7 million to $419.1 million;	
 
 	•	 	net income increased 11% or $8.5 million to $82.4 million; and	
 
 	•	 	diluted earnings per share increased 12% or $0.20 to $1.87.	
2006 Earnings Guidance Reaffirmed
These third quarter 2006 earnings are consistent with the Company’s previous full year 2006 guidance of $2.45 to $2.55 per diluted share, assuming current industry and economic trends continue, and excluding our 50% share of Motorsports Authentics joint venture operating results, the Company’s non-core businesses, capital expenditures exceeding current plans, the impact of further increases in fuel prices or interest rates, geopolitical conflicts, and other unforeseen factors.
2006 Third Quarter Highlights
Third quarter highlights include record levels of corporate marketing and other event related revenues for NASCAR and other racing events held this period. Bristol Motor Speedway again hosted sold-out capacity crowds at its Sharpie 500 NASCAR NEXTEL Cup Series, and near record attendance at its Food City 250 NASCAR Busch Series, racing events. Other third quarter highlights include Las Vegas Motor Speedway hosting large crowds at its Smith’s Las Vegas 350 NASCAR Craftsman Truck Series, and Infineon Raceway hosting its Grand Prix of Sonoma Indy Racing League, racing events. Las Vegas Motor Speedway hosted a Champ Car World Series in the third quarter 2005 that was not held this year.

Stock Repurchase Program
During the nine months ended September 30, 2006, the Company repurchased 391,000 shares of common stock for approximately $14.4 million under its previously announced stock repurchase program authorizing the repurchase of up to 1.0 million shares. The Company has repurchased a total of 674,000 shares since adoption of the program in April 2005.
Motorsports Authentics Joint Venture
The Company’s share of operating results of Motorsports Authentics (MA), an equally-owned motorsports merchandising joint venture with International Speedway Corporation, for December 1, 2005 through August 31, 2006 are included in the Company’s consolidated statements of operations. MA has a November 30 fiscal year end which the Company adopted for reporting its share of MA’s operating results so that reporting periods coincide. The Company records its 50% share of MA’s net income or loss based on MA’s most recent quarterly financial statements using the equity method of accounting.
Other Comments
“Our third quarter and nine months record 2006 results reflect continuing increases in company-wide sponsorship, luxury suite rentals, advertising, camping, track rentals and other corporate revenues, and Bristol Motor Speedway’s highest attendance revenue ever for its NASCAR NEXTEL Cup and Busch Series events,” stated H.A. Wheeler, chief operating officer and president of Speedway Motorsports. “These record results demonstrate that SMI’s solid earnings and cash flows continue to grow, and are increasingly resilient to factors such as the poor weather and rising fuel prices that surrounded several of our major NASCAR event weekends earlier in the year. Although incurring losses from Motorsports Authentics during a transitional period, this motorsports merchandising joint venture with International Speedway Corporation provides bright prospects for significant growth opportunities, increased business synergies and long-term marketing alliances.”
“Looking to 2007, most of our NASCAR NEXTEL Cup and Busch event sponsorships are already sold and our official sponsorships are trending well ahead of last year as corporate marketing interest and promotional spending continue to broaden,” stated O. Bruton Smith, chairman and chief executive officer of Speedway Motorsports. “The first industry consolidated broadcasting agreement reached in 2001 came on the heels of tremendously undervalued rights resulting in a revenue growth curve that was unsustainable once market values were reached. The recently announced new eight-year NASCAR broadcasting agreements provide SMI with an exceptionally strong revenue stream through 2014. Broadcasting rights and our long-term sponsorship contracts help stabilize our earnings and cash flow.
“Also for 2007, SMI is excited about showcasing Las Vegas Motor Speedway’s spectacular new media center, neon-garage, and other entertainment facilities during its upcoming March NASCAR racing weekend. Those facilities, along with widening demographics that bring increased enthusiasm and spectator interest to our sport, provide outstanding long-term promotional opportunities for broadcasters, sponsors and other corporate partners.”
Speedway Motorsports is a leading marketer and promoter of motorsports entertainment in the United States. The Company owns and operates the following premier facilities: Atlanta Motor Speedway, Bristol Motor Speedway, Infineon Raceway, Las Vegas Motor Speedway, Lowe’s Motor Speedway and Texas Motor Speedway. The Company provides souvenir merchandising services through its SMI Properties subsidiaries and Motorsports Authentics joint venture and manufactures and distributes smaller-scale, modified racing cars through its 600 Racing subsidiary. The Company also owns Performance Racing Network which broadcasts syndicated motorsports programming to over 730 radio stations nationwide. For more information, visit the Company’s website at www.speedwaymotorsports.com .

This news release contains forward-looking statements, particularly statements with regard to the Company’s future operations and financial results. There are many factors that affect future events and trends of the Company’s business including, but not limited to, consumer and corporate spending sentiment, air travel, governmental regulations, military actions, national or local catastrophic events, the success of and weather surrounding NASCAR, IRL, NHRA and other racing events, our relationship with NASCAR and other sanctioning bodies, the success of expense reduction efforts, capital projects, expansion, economic conditions, stock repurchases, financing needs, insurance, litigation, taxes, global petroleum product and commodity markets and oil and gas investments and associated profitability, geopolitical situations in foreign countries, and other factors outside of management control. These factors and other factors, including those contained in the Company’s Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q, involve certain risks and uncertainties that could cause actual results or events to differ materially from management’s views and expectations. Inclusion of any information or statement in this news release does not necessarily imply that such information or statement is material. The Company does not undertake any obligation to release publicly revised or updated forward-looking information, and such information included in this news release is based on information currently available and may not be reliable after this date.
Note: Speedway Motorsports will host a conference call and web-cast today at 11:00 a.m. ET which are open to all participants. To participate in the conference call, you may dial 866-323-3540 (toll-free) or 706-679-6123 (toll). The reference number is 8450539. A web-cast of the call can be accessed at the Company’s website at www.speedwaymotorsports.com . To listen to a playback of the call, you may dial 800-642-1687 or 706-645-9291 beginning after 2:00PM (ET) November 8 th through 11:59 PM (ET) November 22 nd . The reference number is 8450539. Participating in the call will be H.A. Wheeler, Chief Operating Officer and President; William R. Brooks, Chief Financial Officer and Executive Vice President; Marcus G. Smith, Executive Vice President, National Sales and Marketing; and Marylaurel E. Wilks, Vice President, Investor Relations and Communications.

Speedway Motorsports, Inc. and Subsidiaries
Selected Financial Data - Unaudited
For The Three and Nine Months Ended September 30, 2006 and 2005
(In thousands except per share amounts)

 	  	Three Months Ended	  	Nine Months Ended	 	
INCOME STATEMENT DATA	  	9/30/2006	 	 	9/30/2005	  	9/30/2006	 	 	9/30/2005	 	
Revenues:	  				 			  				 				
Admissions	  	$	27,500	 	 	$	26,982	  	$	132,252	 	 	$	133,705	 	
Event related revenue	  	 	30,592	 	 	 	28,719	  	 	135,147	 	 	 	119,557	 	
NASCAR broadcasting revenue	  	 	15,749	 	 	 	13,659	  	 	121,599	 	 	 	105,337	 	
Other operating revenue	  	 	10,909	 	 	 	10,656	  	 	30,147	 	 	 	31,887	 	
	  	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Total Revenues	  	 	84,750	 	 	 	80,016	  	 	419,145	 	 	 	390,486	 	
	  	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Expenses and Other:	  				 			  				 				
Direct expense of events	  	 	21,218	 	 	 	20,240	  	 	77,702	 	 	 	71,601	 	
NASCAR purse and sanction fees	  	 	10,832	 	 	 	9,949	  	 	77,670	 	 	 	70,604	 	
Other direct operating expense	  	 	8,526	 	 	 	8,802	  	 	25,662	 	 	 	27,092	 	
General and administrative	  	 	18,690	 	 	 	17,972	  	 	57,642	 	 	 	55,619	 	
Depreciation and amortization	  	 	10,176	 	 	 	9,569	  	 	30,356	 	 	 	28,141	 	
Interest expense, net	  	 	6,302	 	 	 	5,551	  	 	16,351	 	 	 	16,479	 	
Losses on equity investees	  	 	1,041	 	 	 	7	  	 	2,486	 	 	 	68	 	
Other (income) expense, net	  	 	(23	)	 	 	721	  	 	(1	)	 	 	(156	)	
	  	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Total Expenses and Other	  	 	76,762	 	 	 	72,811	  	 	287,868	 	 	 	269,448	 	
	  	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
Income Before Income Taxes	  	 	7,988	 	 	 	7,205	  	 	131,277	 	 	 	121,038	 	
Income Tax Provision	  	 	3,286	 	 	 	2,803	  	 	48,856	 	 	 	47,084	 	
	  	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
NET INCOME	  	$	4,702	 	 	$	4,402	  	$	82,421	 	 	$	73,954	 	
	  	 	 	 	 	 	 	  	 	 	 	 	 	 	 	
BASIC EARNINGS PER SHARE	  	$	0.11	 	 	$	0.10	  	$	1.88	 	 	$	1.68	 	
Weighted average shares outstanding	  	 	43,762	 	 	 	43,881	  	 	43,806	 	 	 	43,913	 	
					
DILUTED EARNINGS PER SHARE	  	$	0.11	 	 	$	0.10	  	$	1.87	 	 	$	1.67	 	
Weighted average shares outstanding	  	 	43,948	 	 	 	44,179	  	 	44,013	 	 	 	44,195	 	
					
Major NASCAR-sanctioned Events Held During Period	  	 	2	 	 	 	2	  	 	14	 	 	 	14	 	

BALANCE SHEET DATA	  	9/30/2006	  	12/31/2005	
Cash, cash equivalents and short-term investments	  	$	127,432	  	$	120,910	
Total current assets	  	 	220,261	  	 	201,288	
Property and equipment, net	  	 	1,028,762	  	 	979,652	
Equity investments in associated entities	  	 	137,600	  	 	136,842	
Goodwill and other intangible assets, net	  	 	160,213	  	 	159,929	
Total assets	  	 	1,586,375	  	 	1,514,426	
			
Deferred race event income, net	  	 	112,296	  	 	101,966	
Total current liabilities	  	 	177,211	  	 	160,663	
Revolving credit facility borrowings	  	 	98,438	  	 	50,000	
Bank term loan	  	 	—  	  	 	50,000	
Total long-term debt	  	 	428,564	  	 	430,235	
Total liabilities	  	 	781,912	  	 	788,278	
Total stockholders’ equity	  	$	804,463	  	$	726,148