Championship Auto Racing Teams, Inc. (the "Company") (OTCBB: CPNT.OB) announced today financial results for the third quarter ended September 30, 2003

source: cart.com

The number of events held in a quarter, the type of event, whether the race pays a sanction fee or is self promoted and whether the event was broadcast on network or cable television affects the comparability of earnings information from quarter to quarter. CART, Inc., a wholly owned subsidiary of the Company, conducted eight events in both the third quarter of 2003 and 2002. Toyota Atlantics held seven events in the third quarter of 2003 compared to six events in the third quarter of 2002. For the nine months ended September 30, 2003, CART, Inc. conducted sixteen events compared to fifteen events in the nine months ended September 30, 2002. Toyota Atlantics conducted twelve events in the nine months ended September 30, 2003 and 2002.

For the three months ended September 30, 2003, total revenues were $18.2 million, compared to $18.5 million in the same period in the prior year. Total expenses rose to $53.1 million compared to $32.2 million in the same period in the prior year.

Net loss for the 2003 third quarter was $34.4 million, or $2.34 per fully diluted share, compared to a net loss of $8.3 million, or $0.56 per fully diluted share, in the same period in the prior year.

For the nine months ended September 30, 2003, total revenues were $38.7 million, compared to $43.4 million in the same period in the prior year. Total expenses for the nine months ended September 30, 2003, were $117.4 million, compared to $65.9 million in the same period in the prior year. Net loss for the nine months ended September 30, 2003, was $77.9 million, or $5.29 per fully diluted share, compared to a net loss of $13.5 million, or $0.85 per fully diluted share, in the same period in the prior year.

The complete report at cart.com