International Speedway earnings results came out today. The earnings met First Call consensus estimates. Not too hot, not too cold, just right. :)
International Speedway Corporation announces results for quarter
ended November 30, 1996
DAYTONA BEACH, Fla.--(BUSINESS WIRE)--Jan. 9, 1997-- International Speedway Corporation (Nasdaq/NM: ISCA;
Nasdaq Bulletin Board: ISCB) today announced results for the transition period ended November 30, 1996. In conjunction
with a public offering of Class A common stock and simultaneous recapitalization in November 1996, the Company changed
its fiscal year-end to November 30 from August 31. Because of this change, the results for the November 1996 transition
period will not be included in either the 1996 or 1997 fiscal year results.
Revenues for the period increased 23% to $10.5 million versus $8.5 million for the quarter ended November 30, 1995.
Operating loss for the three-month period was $2.6 million, compared with an operating loss of $1.5 million a year ago. Net
loss for the period was $1.9 million, or $.05 per share, compared to a net loss of $1.0 million or $.03 per share for the same
period last year.
Historically, the November quarter has been the weakest for the Company due to seasonality. For the recent period, higher
revenues and expenses compared to the year-ago quarter were largely attributable to the new DAYTONA-USA
motorsports-themed entertainment complex, which opened in July 1996.
William C. France, Chairman and Chief Executive Officer of International Speedway Corporation commented, "We are
looking forward to the kickoff of the new racing season and the 1997 Speedweeks, from the Rolex 24 on February 1,
through the 39th running of the Daytona 500 on February 16. For this year s Daytona 500 we have completed major
additions, including 15 new corporate suites and over 13,800 grandstand seats."
International Speedway Corporation is a leading promoter of motorsports activities in the United States, currently promoting
over 70 races annually. The Company owns and operates three of the nation's premier superspeedways -- Daytona
International Speedway in Florida, Talladega Superspeedway in Alabama, and Darlington Raceway in South Carolina.
International Speedway also owns 50% of Watkins Glen International in New York, and holds a 12% ownership interest in
Penske Motorsports Inc . |
