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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): SEPTEMBER 8, 1998
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PENSKE MOTORSPORTS, INC.
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(Exact Name of Registrant as Specified in its Charter)
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DELAWARE 0-28044 51-0369517
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(State or Other Jurisdiction of (Commission File Number) (IRS Employer Identification
Incorporation) Number)
13400 WEST OUTER DRIVE 48239-4001
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DETROIT, MI (Including Zip Code)
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(Address of Principal Executive
Offices)
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313-592-8255
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(Registrant's Telephone Number, Including Area Code)
NOT APPLICABLE
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(Former Name or Address, If Changed From Last Report)
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ITEM 5. OTHER EVENTS
On September 8, 1998, Penske Motorsports, Inc. issued a press release
announcing among other things, its plan to repurchase, from time to time, up to
$10 million shares of the Company's common stock in open market transactions
pursuant to a stock repurchase program. A copy of such press release is attached
hereto as Exhibit 99.1 and is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) FINANCIAL STATEMENTS:
Financial Statements are not required
(b) PRO FORMA FINANCIAL INFORMATION:
Pro Forma financial information is not required
(c) EXHIBITS:
Exhibit 99.1 - Press Release of Penske Motorsports, Inc., dated
September 8, 1998.
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.
Dated: September 8, 1998 PENSKE MOTORSPORTS, INC.
By: /s/ Robert H. Kurnick, Jr.
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ROBERT H. KURNICK, JR.
Its: SENIOR VICE PRESIDENT
AND SECRETARY
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EXHIBIT INDEX
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EXHIBIT DESCRIPTION OF EXHIBIT SEQUENTIAL PAGE
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NUMBER NUMBER
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EXHIBIT 99.1 Press Release of Penske Motorsports,
Inc., dated September 8, 1998.
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EXHIBIT 99.1
FOR RELEASE SEPTEMBER 8, 1998
PENSKE MOTORSPORTS COMMENTS ON EXPECTED THIRD QUARTER
EARNINGS AND ANNOUNCES STOCK REPURCHASE
DETROIT - Penske Motorsports, Inc. (PMI) (Nasdaq-NNM: SPWY) today announced that
it expects to report net income for the quarter ending September 30, 1998, in
the range of $3.4 million to $3.7 million, or $.24 to $.26 per common share.
The Company's results were impacted by lower than expected revenues at
two of its race weekends during the quarter. Attendance at both the U.S. 500
held at Michigan Speedway and the Company's NASCAR Tripleheader event weekend in
California was below anticipated levels. While the NASCAR Winston Cup event
weekend held in August at Michigan Speedway resulted in record attendance and
revenues, the positive result was not sufficient to overcome the reduced
revenues at the two other events.
PMI President Greg Penske commented that the change in dates for the
California NASCAR event from October along with the severe heat in July were
significant factors affecting the attendance. Mr. Penske went on to say
"Attendance at professional motorsports events is at record levels and we remain
committed to continuing our growth trend and support the analysts' consensus
fourth quarter 1998 earnings estimates."
The Company also announced its plan to repurchase, from time to time,
up to $10 million worth of shares of Penske Motorsports, Inc. in open market
transactions. The timing and volume of purchases under this program will depend
on market conditions. The stock repurchase program confirms the Company's
confidence in its future growth prospects.
Penske Motorsports, Inc. is a leading promoter and marketer of
professional motorsports
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in the United States. PMI owns and operates the following facilities through its
wholly-owned subsidiaries: Michigan Speedway in Brooklyn, Michigan; Nazareth
Speedway in Nazareth, Pennsylvania; California Speedway in San Bernardino
County, California; and North Carolina Speedway near Rockingham, North Carolina.
PMI also holds a 45% interest in Homestead-Miami Speedway, LLC, near Miami,
Florida. In addition, PMI produces and markets motorsports-related merchandise
and accessories such as apparel, souvenirs and collectibles through its
subsidiary, Motorsports International Corp.; and a subsidiary of PMI distributes
and sells Goodyear brand racing tires in the Midwest and Southeast regions of
the United States.
Penske Motorsports' major shareholder is a majority-owned subsidiary of
Penske Corporation, a closely held, diversified transportation services company
which conducts its business through a number of wholly or partially-owned
companies, including Penske Truck Leasing Company, Detroit Diesel Corporation,
Diesel Technology Company, Penske Automotive Group, Inc., Penske Auto Centers,
Inc., and Penske Capital Partners. The Penske group of businesses has annual
revenues exceeding $6 billion and employs more than 28,000 around the world.
Statements made in this release that state the Company's or
management's beliefs or expectations and which are not historical facts or which
apply prospectively are forward-looking statements. It is important to note that
the Company's actual results could differ materially from those contained in or
implied by such forward looking statements. Additional information concerning
factors that could cause actual results to differ materially from those in the
forward looking statements is contained from time to time in the Company's SEC
filings including but not limited to the 10-K and subsequent 10-Q's. Copies of
those filing are available from the Company and the SEC.
# # # # #
Contact: James H. Harris
Senior Vice President & Treasurer
(313) 592-5258/ Fax (313) 592-7332
