International Speedway Corporation Reports Record Fourth Quarter and
Full Year 1997 Results
Monday, January 26, 1998 07:16 AM
> DAYTONA BEACH, Fla.-- International Speedway Corporation (Nasdaq/NM: ISCA; Nasdaq
Bulletin Board:ISCB) today reported record results for the fourth quarter and full year ended
November 30, 1997.
Total revenues for the quarter increased 155% to $26.8 million from $10.5 million in the quarter
ended November 30, 1996. Operating income for the 1997 period totaled $2.0 million compared
with a loss of $2.6 million in 1996. Fourth quarter net income of $1.9 million in 1997 reversed from
a loss of $1.9 million in 1996, representing a 199% increase. On a per share basis, the Company
earned $0.05, on a base of 38,496,962 shares, versus a loss of $0.05, on a base of 35,610,510
shares, in 1996.
For the year ended November 30, 1997, revenues were up 44.3% to $141.4 million from $98.0
million for the twelve months ended November 30, 1996. Operating income totaled $44.9 million
compared with $28.2 million last year. Net income for the year increased to $29.8 million, or $0.77
per share, from $18.8 million, or $0.54 per share, for the comparable period of 1996. Weighted
average shares outstanding of 38.5 million for 1997 were 3.7 million shares higher than in 1996,
reflecting the Company's November 1996 public offering. The Company's strong fourth quarter
performance reflects the DuraLube 500 event at Phoenix International Raceway which was
acquired in July of 1997 and the timing of Talladega's DieHard 500 event which was shifted from
July to October. With the addition of approximately 7,900 seats, this sell-out crowd represented
more than a 50% increase in attendance over 1996 and the largest in Talladega's history.
William C. France, Chairman and Chief Executive Officer of International Speedway Corporation,
commented, "1997 has been an extraordinary year for ISC, and one which demonstrates our ability
to capitalize on the continued growth in the motorsports industry. During the year, ISC experienced
record results across the board, including attendance, revenue and earnings per share. We believe
these results are indicative of strong continued growth in demand for motorsports by all participants,
including spectators, sponsors and broadcasters. The management team at ISC has, and will
continue, to work diligently toward developing a national motorsports franchise that remains
well-positioned to benefit from this rising tide of public interest in the sport of auto racing."
Mr. France concluded, "We look forward to another year of record growth in 1998. We recently
approved an additional $32 million in capital spending for expansion and improvements at our
facilities. This increase will bring our total anticipated spending for 1998 to $55 million. In addition,
we will continue to actively pursue new market development, most notably in Kansas City, Kansas
where we are currently working with the Unified Government of Wyandotte County, Kansas to
develop a new motorsports facility."
International Speedway Corporation is a leading promoter of motorsports activities in the United
States, currently promoting over 80 events annually. The Company owns and/or operates five
premier motorsports facilities, including Daytona International Speedway in Florida (home of the
Daytona 500), Talladega Superspeedway in Alabama, Phoenix International Raceway in Arizona,
Darlington Raceway in South Carolina and Watkins Glen International in upstate New York. Other
track interests include the operation of Tucson (AZ) Raceway Park, a 40% stake in
Homestead-Miami (FL) Speedway LLC, an approximate 11% holding in Penske Motorsports, Inc.
(Nasdaq:SPWY) and a 8% interest in Grand Prix Association of Long Beach (Nasdaq:GPLB). The
Company also owns and operates MRN Radio, the nation's largest independent sports radio
network, and the DAYTONA USA motorsports attraction in Daytona Beach, FL.
Statements made in this release that state the Company's or management's beliefs or expectations
and which are not historical facts or which apply prospectively are forward looking statements. It is
important to note that the Company's actual results could differ materially from those contained or
implied by such forward looking statements. Additional information concerning factors that could
cause actual results to differ materially from those in the forward looking statements is contained
from time to time in the Company's SEC filings including but not limited to the 10-K and subsequent
10-Q s. Copies of those filings are available from the Company and the SEC. |
