International Speedway Corp. Posts Lower Revenues, Net Income For Fiscal Second Quarter 2015
July 2, 2015 at 5:53 AM (PT)
INTERNATIONAL SPEEDWAY CORP. fiscal second quarter total revenue fell from $190.3 million to $164 million year-to-year, with net income down from $21.5 million to $13.4 million (46 to 29 cents/diluted share). The numbers are impacted by some races being moved from second to fourth quarter, a new deal affecting how merchandising revenue and costs are applied to overall numbers, and other year-to-year dissimilarities.
ISC owns radio's MOTOR RACING NETWORK along with 13 major racing facilities, including DAYTONA, TALLADEGA, MICHIGAN INTERNATIONAL SPEEDWAY, RICHMOND, AUTO CLUB SPEEDAY (FONTANA, CA), KANSAS SPEEDWAY, PHOENIX INTERNATIONAL RACEWAY, CHICAGOLAND SPEEDWAY and ROUTE 66 RACEWAY, HOMESTEAD-MIAMI, MARTINSVILLE, DARLINGTON, and WATKINS GLEN.
"We are pleased to report second quarter results again exceeding our expectations," stated ISC CEO LESA FRANCE KENNEDY. "The attendance upturn that started with TALLADEGA in the Contender round of the 2014 Championship Chase continues to build, and this is the third consecutive quarter we have seen an increase in average ticket price for comparable events, demonstrating a solid trend in the resurgence of our core business." Second quarter non-GAAP revenue, operating income and EPS exceed the 2014 quarter after normalizing for the DARLINGTON CUP weekend move to the fourth quarter in 2015, the FANATICS merchandise strategy transition and DAYTONA RISING related depreciation ... We are confident about our financial condition and our strategic initiatives to grow our business. We maintain a solid balance sheet that makes possible strategic developments and acquisitions that build shareholder value. As well we are executing consumer and corporate programs that complement our industry's long-term broadcast agreements, all supporting revenue growth."