CART Reports Third Quarter 2000 Results ©2000 SpeedCenter Publishing Net income includes a settlement over the Super Prix DETROIT (Oct. 25, 2000) - Championship Auto Racing Teams, Inc. (NYSE: MPH) today announced revenues, net income and earnings per share for the third quarter and nine months ended September 30, 2000. Total revenues for the third quarter of 2000 were $27.8 million, versus $24.9 million in the comparable quarter in 1999. Net income for the third quarter of 2000 was $7.8 million, compared to $6.6 million in the third quarter of 1999. On a per diluted common share basis, earnings were $0.50 in the third quarter of 2000 compared to $0.41 in the comparable quarter in 1999. The third quarter 2000 results include a one-time $1.4 million (net of expenses) pre-tax settlement with Frontier Insurance Company, related to settlement of litigation concerning the performance bond issued for the Hawaiian Super Prix. In its ongoing efforts to build more awareness and interest for the CART FedEx Championship Series, the Company will invest the settlement proceeds in expanded marketing and advertising initiatives that further promote the Champ Car Series. The additional marketing and advertising expenditures began during the third quarter and will continue through the end of the race season. For the nine-month period ended September 30, 2000, revenues were $60.5 million versus $57.7 million in 1999. Net income was $15.9 million for the nine months ended September 30, 2000, compared to $15.7 million for the nine-month period ended September 30, 1999. On a per diluted common share basis, earnings were $1.02 compared to $0.99 per diluted common share. The nine month 2000 results include a non-recurring after-tax charge of $1.8 million related to a severance agreement with the Company's former CEO. The non-recurring severance expense resulted in a $0.11 per diluted common share charge for the nine-month period of 2000. The number of events held in a particular quarter and the mix between the type of race (street course, superspeedway, etc.) and the sanction fees attributed to those races affect quarterly results and will affect the comparability of earnings information from quarter to quarter. CART conducted nine events in each of the third quarters of 2000 and 1999. The CART event in Detroit was held in the second quarter of 2000 compared to the third quarter in 1999, whereas, the CART events conducted in St. Louis and Cleveland were run in the third quarter of 2000 compared to the second quarter of 1999 and the event in Houston took place in the fourth quarter in 2000 compared to the third quarter of 1999. For comparability purposes, CART's FedEx Championship Series will conduct three races in the fourth quarter of 2000, compared to two races in the fourth quarter of 1999. Third Quarter   Qtr ended   Qtr ended   Nine Months ended   Nine Months ended   September 30, 2000   September 30, 1999   September 30, 2000   September 30, 1999                 Revenues                               Sanction fees $ 14,611   $ 14,099   $ 31,805   $ 31,198 Sponsorship revenue 5,754   5,664   15,781   15,003 TV revenue 2,597   2,229   4,626   4,542 Engine leases, rebuilds and wheel sales 622   590   1,709   1,675 Other 4,172   2,333   6,585   5,320                 Total revenues 27,756   24,915   60,506   57,738                 Expenses                               Race distributions 6,971   6,966   12,983   13,757 Race expenses 3,453   2,450   7,674   5,619 Cost of engine rebuilds and wheel sales 237   183   618   540 Administrative and indirect expenses 6,568   5,911   15,991   16,285 Compensation expense -   -   2,758   - Depreciation and amortization 316   274   907   763                 Total expenses 17,545   15,784   40,931   36,964                 Operating income 10,211   9,131   19,575   20,774 Interest income (net) 1,988   1,370   5,281   3,987                 Income before income taxes 12,199   10,501   24,856   24,761 Income tax expense 4,429   3,937   8,949   9,091                 Net income $ 7,770   $ 6,564   $ 15,907   $ 15,670                 Earnings per share:               Basic $ 0.50   $ 0.42   $ 1.02   $ 1.02 Diluted $ 0.50   $ 0.41   $ 1.02   $ 0.99                 Weighted average shares outstanding:               Basic 15,589   15,565   15,588   15,374 Diluted 15,622   16,101   15,627   15,907

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