Dale Jarrett Racing Adventure Reports Second Quarter 2008 Results; Returns to Profitability
Dale Jarrett Racing Adventure, Inc. (OTC Bulletin Board: DJRT - News), a "Full Throttle" lifetime experience company, today reported results for the second quarter 2008. For the quarter ended June 30, 2008, the company reported revenue of $851,682 and Net Income of $70,737. During the quarter the company purchased additional racecars while also reducing debt by $113,231.
The company launched its new website, http://www.RacingAdventure.com on April 1, 2008. Online bookings increased 31% during the quarter when compared to the year ago period. Online bookings are shown as deferred revenue until the paying individual(s) race, and then it is booked as revenue.
Tim Shannon, President and CEO of Dale Jarrett Racing said, "I am pleased to return to profitability, and we look to increase profitability throughout the rest of the year. Online bookings continue to be very strong with July bookings up 39% over last year. With almost $700,000 in cash, we remain committed to growing and improving our racing experience while also becoming more profitable. We also look forward to finding our own permanent racing venue, and we plan to make initial strides towards this in the coming months."
About Dale Jarrett Racing Adventure:
The Dale Jarrett Racing Adventure provides lifetime experiences with all of the drama, thrills and excitement of driving your own authentic NASCAR Nextel Cup racecar on a nationally renowned Superspeedway. We call it Full Throttle Living. The company provides various dates during the year at NASCAR tracks across the country offering customers the option of purchasing packages ranging from a 3-lap ride to an 80-lap adventure weekend. Participants can achieve speeds of up to 165 mph at the Superspeedways and are allowed to pass and draft with other students. In order to reach these speeds safely an instructional session is provided to acquaint the student with the racecar, safety precautions and the proper groove of the racetrack. DJRT was founded in 1998 and its shareholders include NASCAR Champions Dale and Ned Jarrett, as well as Dale's brother Glenn, Dale's son Jason, NASCAR driver Joe Nemechek and Green Bay Packers quarterback Brett Favre. Additional information is available by visiting http://www.RacingAdventure.com .
This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words "plan," "target," "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include without limitation, the statements regarding Dale Jarrett Racing Adventure's strategy, future plans for operation, future expenses and costs, future liquidity and capital resources and estimates of revenue. All forward-looking statements in this press release are based upon information available to Dale Jarrett Racing Adventure on the date of this press release and the company assumes no obligation to update any such forward-looking statements. Forward-looking statements involve a number of risks and uncertainties and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release.
