Speedway Motorsports Reports Record Results For The Three and Nine Months Ended September 30, 2005

Third Quarter Comparison

For the third quarter 2005 as compared to 2004:

-- total revenues increased 11% or $8.1 million to $79.1 million;

-- net income increased $8.9 million to $4.4 million;

-- diluted earnings per share increased $0.20 to $0.10;

-- non-GAAP(a) net income increased 58% or $1.6 million to $4.4 million; and

-- non-GAAP(a) diluted earnings per share increased 67% or $0.04 to $0.10.

Year-to-Date Comparison

For the nine month 2005 period as compared to 2004:

-- total revenues increased 9% or $32.6 million to $390.6 million;

-- net income increased 23% or $13.8 million to $74.0 million;

-- diluted earnings per share increased 21% or $0.29 to $1.67;

-- non-GAAP(a) net income increased 10% or $6.6 million to $74.0 million; and

-- non-GAAP(a) diluted earnings per share increased 8% or $0.13 to $1.67.

(a) The non-GAAP results exclude a third quarter 2004 after taxcharge of $7.3 million or $0.16 per diluted share related to theresolution of the Ferko litigation with NASCAR and InternationalSpeedway Corporation (ISC). A reconciliation of GAAP and non-GAAPresults is provided below.

GAAP and Non-GAAP Reconciliation

The following financial information is presented using other thangenerally accepted accounting principles ("non-GAAP") and isreconciled to comparable information presented using GAAP. Non-GAAPnet income and diluted earnings per share below are derived byadjusting GAAP basis amounts for an item presented on the consolidatedincome statement net of income taxes. Because the adjustment relatesto a charge for the Ferko litigation settlement, management believessuch information is useful and meaningful to investors, and is used bymanagement, to assess the Company's core operations.

This non-GAAP financial information may not be comparable tosimilarly titled measures used by other entities and should not beconsidered alternatives to operating income (loss), net income (loss)or diluted earnings (loss) per share determined in accordance withGAAP.

Three Months Nine Months
Ended Sept 30: Ended Sept 30:
-------------------------------
2005 2004 2005 2004
------ ------- ------- -------
(in thousands, except per share
amounts)
Net Income (Loss) $4,402 $(4,498)$73,954 $60,114
Non-GAAP adjustment for Ferko
litigation settlement, net of tax (1) -- 7,278 -- 7,278
------ ------- ------- -------
Non-GAAP Net Income $4,402 $ 2,780 $73,954 $67,392
====== ======= ======= =======

Diluted Earnings (Loss) Per Share $ 0.10 $ (0.10)$ 1.67 $ 1.38
Non-GAAP adjustment for Ferko
litigation settlement (1) -- 0.16 -- 0.16
------ ------- ------- -------
Non-GAAP Diluted Earnings Per Share $ 0.10 $ 0.06 $ 1.67 $ 1.54
====== ======= ======= =======

(1) Represents a third quarter 2004 charge associated with thesettlement of litigation between SMI, NASCAR and ISC resolving alawsuit filed by Francis Ferko, as a SMI shareholder, against NASCARand ISC. The Company was named as a necessary party to the lawsuitsince the lawsuit was brought on the Company's behalf by ashareholder. Applicable law required SMI to reimburse the plaintifffor litigation expenses incurred in successfully bringing this suit onbehalf of SMI.

2005 Third Quarter Highlights

Third quarter highlights include Bristol Motor Speedway againhosting sold-out capacity crowds at its Sharpie 500 NASCAR NEXTEL CupSeries, and record attendance at its Food City 250 NASCAR BuschSeries, racing events. Other third quarter highlights include LasVegas Motor Speedway hosting large crowds at its Hurricane Relief 400Champ Car World Series and Las Vegas 350 NASCAR Craftsman Truck Seriesracing events, and Infineon Raceway hosting strong attendance at itsnew Argent Mortgage Indy Racing League racing event. Changes in racingschedules can lessen the comparability of operating results betweenquarterly financial statements of successive years.

Formation of Motorsports Authentics Joint Venture withInternational Speedway Corporation

As previously announced, in August 2005, the Company and ISCentered into an equally-owned joint venture operating under the nameMotorsports Authentics to produce, market and sell motorsportslicensed merchandise. Also announced was the entry by MotorsportsAuthentics into a definitive agreement to purchase Action PerformanceCompanies, Inc. (Action) for $13.00 per common share, or approximately$245 million, in cash. The acquisition is expected to close byDecember 31, 2005 subject to certain conditions including Actionshareholder approval and obtaining consents and certificates fromvarious counterparties to Action's material contracts. Action is theleader in design, promotion, marketing and distribution of licensedmerchandise with products including a broad range of motorsportsrelated die-cast replica collectibles, apparel, gifts and othermemorabilia. Approximately 70% of Action's 2004 product sales arerelated to NASCAR-sanctioned motorsports due to its license agreementswith many top teams and drivers.

The Company uses the equity method of accounting for its 50%ownership in Motorsports Authentics. As of September 30, 2005, theCompany's share of the operating results of Motorsports Authentics wasnot significant.

Atlanta Motor Speedway Tornado Damage Update

On July 6, 2005, a tornado struck Atlanta Motor Speedway causingsignificant damage to its facilities. The 2005 results reflect a$500,000 pre-tax charge based on the Company's assessment of damages,established restoration plans and insurance coverage. Further losses,if any, are not expected to exceed insurance coverage limits.Restoration progressed sufficiently to allow AMS to conduct its NASCARNEXTEL Cup Series and other races as scheduled in October 2005.

2005 Earnings Guidance Reaffirmed

The Company reiterated these third quarter 2005 earnings areconsistent with its previous full year 2005 guidance of $2.15 to $2.25per diluted share.

Stock Repurchase Program

During the nine months ended September 30, 2005, the Company hasrepurchased 180,000 shares of common stock for approximately $6.6million under its previously announced stock repurchase programauthorizing the repurchase of up to 1.0 million shares.

"Our record third quarter 2005 results reflect Bristol MotorSpeedway's highest attendance ever at its NASCAR NEXTEL Cup and BuschSeries events, as well as the ongoing increases in company-widesponsorship, luxury suite rentals, advertising and other corporaterevenues," stated H.A. Wheeler, chief operating officer and presidentof Speedway Motorsports. "Despite rising fuel prices with the effectsof Hurricanes Katrina and Rita, ticket sales for our comparable fourthquarter 2005 racing events are near or above last year's levels withcorporate promotional spending and marketing interest trending wellahead of last year. We are excited about teaming with InternationalSpeedway Corporation to form Motorsports Authentics. This jointventure allows us the opportunity to strategically market anddistribute motorsports licensed merchandise, and provides ussignificant growth opportunities for increasing business synergies andexpanding long-term marketing alliances."

"The continuing growth in spectator interest and marketing appealof motorsports is shown by new highs in the 2005 season broadcasttelevision and cable ratings with sizable year-over-year increases forthe NASCAR NEXTEL Cup and Busch Series," stated O. Bruton Smith,chairman and chief executive officer of Speedway Motorsports."Restoration for tornado damage has turned Atlanta Motor Speedway intoa state-of-the-art facility located in one of the nation's top mediamarkets. These features, along with the recent expansion of variousroadways surrounding and leading into AMS, provide tremendouslong-term marketing opportunities for us as well as advertisers andbroadcasters. We are well positioned for strong growth visibility in2006 and beyond with these and other factors such as the stronginterest developing in Texas Motor Speedway's new NASCAR triple headerweekend, our event and official sponsorships for 2006 which aretrending well ahead of this year, and merchandising opportunities fromMotorsports Authentics."

Speedway Motorsports is a leading marketer and promoter ofmotorsports entertainment in the United States. The Company owns andoperates 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 providessouvenir merchandising services through its SMI Propertiessubsidiaries and Motorsports Authentics joint venture, andmanufactures and distributes smaller-scale, modified racing carsthrough its 600 Racing subsidiary. The Company also owns PerformanceRacing Network which broadcasts syndicated motorsports programming toover 710 radio stations nationwide. For more information, visit theCompany's website at www.gospeedway.com.

This news release contains forward-looking statements,particularly statements with regard to the Company's future operationsand financial results. There are many factors that affect futureevents and trends of the Company's business including, but not limitedto, consumer and corporate spending sentiment, air travel,governmental regulations, military actions, national or localcatastrophic events, the success of and weather surrounding NASCAR,IRL, NHRA and other racing events, our relationship with NASCAR andother sanctioning bodies, the success of expense reduction efforts,capital projects, expansion, petroleum and other commodity markets andassociated profit margins, stock repurchases, financing needs,insurance, litigation, taxes and economic conditions. These factorsand other factors, including those contained in Exhibit 99.1 to theCompany's Annual Report on Form 10-K, involve certain risks anduncertainties that could cause actual results or events to differmaterially from management's views and expectations. Inclusion of anyinformation or statement in this news release does not necessarilyimply that such information or statement is material. The Company doesnot undertake any obligation to release publicly revised or updatedforward-looking information, and such information included in thisnews release is based on information currently available and may notbe reliable after this date.

Note: Speedway Motorsports will host a conference call andweb-cast today at 11:00 a.m. ET which are open to all participants. Toparticipate in the conference call, you may dial 800-818-5264 for USand Canadian calls or 913-981-4910 for International calls. Thereference number is 5651304. A web-cast of the call can be accessed atthe Company's website at www.gospeedway.com. To listen to a playbackof the call, you may dial 888-203-1112 (US or Canada) or 719-457-0820(International) beginning after 12:00 noon (ET) November 2nd throughmidnight (ET) November 6th. The reference number is 5651304.Participating in the call will be H.A. Wheeler, Chief OperatingOfficer and President; William R. Brooks, Chief Financial Officer andExecutive Vice President; Marcus G. Smith, Executive Vice President,National Sales and Marketing; and Marylaurel E. Wilks, Vice President,Communications and General Counsel.
Speedway Motorsports, Inc. and Subsidiaries
Selected Financial Data - Unaudited
For The Three and Nine Months Ended September 30, 2005 and 2004
(In thousands except per share amounts)

Three Months Ended Nine Months Ended
---------------------------------------------
INCOME STATEMENT DATA 9/30/2005 9/30/2004 9/30/2005 9/30/2004
------------------------- ---------- ----------- ---------- ----------

REVENUES:
Admissions $ 26,982 $ 25,888 $ 133,705 $ 128,692
Event related revenue 28,719 23,225 119,557 106,904
NASCAR broadcasting
revenue 13,659 11,611 105,337 88,930
Other operating
revenue 9,744 10,239 32,012 33,466
------------------------- ---------- ----------- ---------- ----------
Total Revenues 79,104 70,963 390,611 357,992
------------------------- ---------- ----------- ---------- ----------
EXPENSES AND OTHER:
Direct expense of
events 20,240 16,548 71,601 64,397
NASCAR purse and
sanction fees 9,949 9,072 70,604 63,113
Other direct operating
expense 7,890 9,638 27,217 30,182
General and
administrative 17,972 16,915 55,619 51,006
Depreciation and
amortization 9,569 8,969 28,141 26,746
Interest expense, net 5,551 6,014 16,479 14,342
Ferko litigation
settlement - 11,800 - 11,800
Other expense
(income), net 728 (582) (88) (2,807)
------------------------- ---------- ----------- ---------- ----------
Total Expenses and
Other 71,899 78,374 269,573 258,779
------------------------- ---------- ----------- ---------- ----------
Income (Loss) Before
Income Taxes 7,205 (7,411) 121,038 99,213
Income Tax Provision
(Benefit) 2,803 (2,913) 47,084 39,099
------------------------- ---------- ----------- ---------- ----------
NET INCOME (LOSS) $ 4,402 ($4,498) $ 73,954 $ 60,114
------------------------- ---------- ----------- ---------- ----------


BASIC EARNINGS (LOSS)
PER SHARE $ 0.10 ($0.10) $ 1.68 $ 1.39
Weighted average shares
outstanding 43,942 43,468 43,913 43,211

DILUTED EARNINGS (LOSS)
PER SHARE $ 0.10 ($0.10) $ 1.67 $ 1.38
Weighted average shares
outstanding 44,240 43,724 44,195 43,529

Major NASCAR-sanctioned
Events Held During
Period 2 2 14 13

Significant Race
Schedule Changes:
- Atlanta Motor Speedway held one NASCAR Busch Series racing event
in the first quarter 2005 that was held in the fourth quarter
2004.
- Infineon Raceway hosted a new Indy League Racing event in the
third quarter 2005.



BALANCE SHEET DATA 9/30/2005 12/31/2004
----------------------------------------------- ---------- -----------

Cash and cash equivalents $ 256,168 $ 216,731
Total current assets 366,572 288,025
Property and equipment, net 961,058 913,987
Goodwill and other intangible assets, net 161,274 157,917
Total assets 1,538,587 1,398,343

Deferred race event income, net 103,611 99,589
Total current liabilities 187,811 142,887
Revolving credit facility borrowings 50,000 50,000
Total long-term debt 430,306 427,149
Total liabilities 832,684 765,018
Total stockholders' equity $ 705,903 $ 633,325
----------------------------------------------- ---------- -----------