Here's a copy of the latest quarterly report for ISCA.
DAYTONA BEACH, Fla.--(BUSINESS WIRE)--April 8, 1997--
45% Increase In Net Income Driven By Daytona 500, Higher
Motorsports Related Income
International Speedway Corporation (Nasdaq/NM: ISCA; Nasdaq Bulletin Board: ISCB) today reported record results for its fiscal 1997 first
quarter ended February 28, 1997.
Total revenues for the quarter increased 29%, to $51.9 million from $40.3 million in the quarter ended February 29, 1996. Operating income
for the 1997 period was $27.1 million, up 33% from the $20.4 million reported in the 1996 quarter. Net income for the 1997 period totaled
$17.5 million, an increase of 45% over year-ago net income of $12.1 million. On a per share basis, the Company earned $0.45 in the 1997
quarter compared to $0.35 for the 1996 quarter (adjusted for the 15-for-1 split effected on November 4, 1996). Earnings per share for the
1997 quarter were calculated on approximately four million more shares than a year ago due to the Company's November 1996 public
offering.
The fiscal quarter ending in February has historically been the Company's strongest, due to the timing of the annual running of the Daytona
500 and several additional events included in the two week period preceding the race, known as Speedweeks. In the recently completed
quarter, performance was driven by 20% and 53% increases, respectively, in admissions revenue and motorsports related income. Higher
admissions revenue was driven by increased seating capacity and increases in certain ticket prices compared to a year ago, as well as
incremental revenue from admissions to the DAYTONA USA entertainment facility, which opened in mid-1996. Increased motorsports
related income was largely attributable to new television and radio broadcast rights agreements for the Speedweeks events, higher
promotional, sponsorship and advertising revenues associated with those same events, and promotional and sponsorship revenues
associated with DAYTONA USA.
William C. France, Chairman and Chief Executive Officer of International Speedway Corporation, commented, "Our record performance in
the 1997 first quarter clearly demonstrates the strength of our Daytona franchise. The 1997 Speedweeks events were very successful. This
year's Daytona 500 was run before its largest crowd ever, following our 11% increase in seating capacity at the Daytona International
Speedway. Higher broadcast rights and sponsorship fees were also key to our performance and are an indicator of the bright outlook for
the motorsports industry. In addition, we are very pleased with overall interest in DAYTONA USA, which contributed approximately 20% of
our admissions revenue growth for the quarter."
International Speedway Corporation is a leading promoter of motorsports activities in the United States, currently promoting over 70 events
annually. The Company owns and/or operates four premier motorsports facilities -- Daytona International Speedway in Florida, home of the
Daytona 500, Talladega Superspeedway in Alabama, Darlington Raceway in South Carolina, and Watkins Glen International in upstate
New York -- as well as Tucson (AZ) Raceway Park. International Speedway also owns and operates MRN Radio, the nation's largest
independent sports radio network; the DAYTONA USA motorsports attraction in Daytona Beach, FL; and holds a 12% ownership interest in
Penske Motorsports Inc .
(Tables to follow)
INTERNATIONAL SPEEDWAY CORPORATION
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Three Months ended
February 29, February 28,
1996 1997
(Unaudited) (Unaudited)
REVENUES:
Admissions, net $ 22,004 $ 26,360
Motorsports related income 11,255 17,209
Food, beverage and souvenir income 6,860 8,078
Other income 196 219
40,315 51,866
EXPENSES:
Direct expenses:
Prize and point fund monies and NASCAR
sanction fees 5,623 6,984
Motorsports related expenses 3,919 5,150
Food, beverage and souvenir expenses 3,724 4,510
General and administrative expenses 5,305 6,174
Depreciation 1,368 1,945
19,939 24,763
Operating income 20,376 27,103
Interest income 185 992
Equity in net loss from equity investments (692) (441)
Income before income taxes 19,869 27,654
Income taxes 7,780 10,179
Net income $ 12,089 $ 17,475
Earnings per share $ 0.35 (a) $ 0.45
Weighted average common shares
outstanding 34,463,280 (a) 38,464,735
(a) Adjusted for 15-for-1 split effected on November 4, 1996. |
