Championship Auto Racing Teams, Restates Loss For 2Q

INDIANAPOLIS, Sept. 23 -- Championship Auto Racing Teams, Inc. announced today that it has filed an amendment to its Form 10-Q with the Securities and Exchange Commission, restating its financial results for the second quarter and six months ended June 30, 2002.

The changes to CART's previously reported results reflect revised revenue and expense totals from the company's Grand Prix of Chicago race, held on June 30, 2002, the last day of the quarter. The effect of the change is to decrease race promotion revenue by $381,000 and increase race promotion expense by $396,000. Total revenues as restated for the 2002 second quarter and six-month periods are $19.3 million and $24.9 million, respectively. The restated net loss figures for the respective periods are $3.7 million, or $0.25 per share, and $5.2 million, or $0.35 per share.

The Company noted that the race was its first self-promoted event and was held on the last day of the quarter. In closing its books for the quarter, the Company had not identified all expenses incurred as a result of such race. In addition, it inadvertently accounted for certain revenue received from sponsors as both race promotion revenue and sponsor revenue. The Company identified the accounting issues after it had filed its Form 10-Q for the quarter ended June 30, 2002. The Company has implemented systems and procedures to avoid such errors in the future.

The amended quarterly report with the effect of the restatement reflected in all financial statements and discussion will be available to the public through the SEC's EDGAR system and through the investor relations section of CART's web site at www.cart.com .

About CART

Championship Auto Racing Teams, Inc. owns, operates and markets the CART FedEx Championship Series. Current points leader Cristiano da Matta leads the stars battling for the 2002 FedEx Championship Series title with teams such as Player's/Forsythe Racing, Newman/Haas Racing, Patrick Racing and Target Chip Ganassi Racing. CART Champ Cars are thoroughbred racing machines that reach speeds in excess of 200 miles per hour, showcasing the technical expertise of manufacturers such as Ford Motor Company, Lola Cars, Reynard Motorsport and Bridgestone/Firestone North American Tire, LLC. The 19-race 2002 CART FedEx Championship Series will be broadcast by new television partners, CBS, FOX and SPEED Channel. CART also owns and operates its top development series, the CART Toyota Atlantic Championship. Learn more about CART's open-wheel racing series at www.cart.com .