International Speedway Corporation Reports Record Second
Quarter Results
DAYTONA BEACH, Flori.--(BUSINESS WIRE)--July 2, 1998--International Speedway Corporation
(Nasdaq/NM: ISCA - news; OTC Bulletin Board: ISCB - news) today reported record results for the second
quarter and six months ended May 31, 1998.
Total revenues for the fiscal 1998 second quarter increased 29% to $38.2 million from $29.6 million in the prior-year
period. Operating income rose 10% to $7.8 million. Net income for the period rose 35% to $6.0 million, or $0.16 per
diluted share, compared to $4.5 million, or $0.12 per diluted share. Net income for the 1998 second quarter includes
an after-tax gain of approximately $850,000 related to the previously announced sale of the Company's equity interest
in Grand Prix Association of Long Beach, Inc. (Nasdaq: GPLB - news).
International Speedway noted that the 22% increase in admissions revenue primarily resulted from increased seating
capacity and attendance, as well as a modest increase in the weighted average price of tickets sold. Motorsports
related income rose 59% mainly on the strength of increased television broadcast rights fees for the NASCAR
Winston Cup Series and Busch Series, Grand National Division events held at the Company's Talladega and
Darlington facilities. Food, beverage, and souvenir income increased primarily as a result of strong sales at the gift
shop adjacent to DAYTONA USA, as well as the contribution from events held at the newly acquired Phoenix
facility.
Operating income for the second quarter of 1998 was impacted by the inclusion of a full quarter of operating expenses
for Phoenix International Raceway (acquired on July 14, 1997) and Watkins Glen International (remaining 50% equity
interest acquired on April 1, 1997). Neither Phoenix nor Watkins Glen conducted NASCAR Winston Cup Series
events during the second quarter of 1998. These events are scheduled to be conducted in the third and fourth fiscal
quarters. Despite the impact of the Phoenix and Watkins Glen expenses, general and administrative expenses as a
percentage of total revenues were relatively unchanged from the prior-year period.
For the six-month period ended May 31, 1998, revenues grew 31% to $106.5 million from $81.5 million. Operating
income increased 19% to $40.8 million, and net income rose 19% to $26.2 million, or $0.68 per diluted share, versus
$22 million, or $0.57 per diluted share.
International Speedway Corporation is a leading promoter of motorsports activities in the United States, currently
promoting more than 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 New York. Other track interests include the operation of Tucson (AZ) Raceway Park, a 45% stake in
Metro-Dade Homestead Motorsports Complex, and an approximate 11% holding in Penske Motorsports, Inc.
(Nasdaq:SPWY - news). The Company also owns and operates MRN Radio, the nation's largest independent sports
radio network, and DAYTONA USA, the award-winning ''Ultimate 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. |
