"Although we ran the same number of races in CART as we did in the third quarter of 2000, the increase in revenues was primarily attributable to the higher sanction fees we received for our two European races," said CART's CFO Thomas Carter.
However, the increase in sanction fees was partially offset by decreases in revenues from sponsorship, television, engine leases and rebuilds and other revenues.
Total revenues for the third quarter of 2001 were $29.6m (B33m), an increase of $1.8m (B2m) from the comparable quarter of 2000.
Total expenses for the third quarter of 2001 were $34m (B38m), compared to $17.5m (B19m) for the third quarter of 2000.
Included in the 2001 expenses was a non-recurring pre-tax charge of $3.5m (B4m), including expenses, resulting from a litigation settlement with Texas Motor Speedway related to the cancelled race in April 2001.
In addition, the 2001 expenses include a non-recurring charge of $8.5m (B9.5m) from the discontinuance of the Dayton Indy Lights Championship (American Racing Series, Inc).
CART’s loss for the third quarter of 2001 was $1.7m (B2m) compared to net income of $7.8m (B8.7m) for the third quarter of 2000.
"We continued to set the stage for CART's future with several initiatives we announced during the third quarter," said CART Chairman and CEO Joseph Heitzler.
"CART confirmed its new, three-year domestic television package with Fox Cable Networks/Speedvision and CBS in August. We also announced a new race in Mexico City which will pay CART its largest North American sanction fee in the company's history and a new race in Denver where we will play an active role in the management of the race along with Dover Downs Entertainment.
“Additionally, we announced our intention to focus our development series efforts behind the Toyota Atlantic Championship beginning in 2002. Each of these will play a significant role for CART as we move forward."
CART conducted nine events in the third quarter of 2001 and 2000. Indy Lights conducted four races in the third quarter of 2001 compared to six races in the same period in the prior year. Toyota Atlantic conducted six races in the third quarter of 2001 and six races in 2000.
