CART takes operating loss in second quarter

At the close of the 2002 second quarter, however, CART's balance sheet showed cash and short-term investments of $118.8m, working capital of $106.3m and no debt.

CEO Chris Pook commented: "While we're never pleased to report a loss, we believe the results reflect an important investment for the future of the company. We've said from the beginning that 2002 will be a transition year, and a great deal has been accomplished during the first six months to build a stable platform for future growth. We've strengthened our management team while streamlining the organization, implemented a new approach towards marketing designed to unlock greater potential, and announced a landmark Entrant Support Programme designed to provide financial support for our teams and strengthen CART's team participation in 2003.

"We're beginning to see the fruits of our labour with improvements in our TV ratings, and the 2002 attendance records to date underscore the popularity and vitality of the CART FedEx Championship Series."