The following comparative income statement (in thousands of dollars) for the fiscal years 2008 and 2007 was adapted from the annual report of Speedway Motorsports, Inc., owner and operator of several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways.
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Fiscal Year 2008
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Fiscal Year 2007
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Revenues:
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Admissions
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$188,036
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$179,765
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Event-related revenue
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211,630
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197,321
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NASCAR broadcasting revenue
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168,159
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142,517
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Other operating revenue
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43,168
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42,030
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Total revenue
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$610,993
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$561,633
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Expenses and other:
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Direct expense of events
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$113,477
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$100,414
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NASCAR purse and sanction fees
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118,766
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100,608
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Other direct expenses
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116,376
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163,222
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General and administrative
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84,029
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80,913
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Total expenses and other
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$432,648
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$445,157
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Income from continuing operations
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$178,345
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$116,476
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a. Prepare a comparative income statement for fiscal years 2007 and 2008 in vertical form, stating each item as a percent of revenues. Round to one decimal place.
b. Comment on the significant changes.