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International Speedway Reports Results for the Second Quarter of Fiscal 2008


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~Reiterates Full Year Financial Outlook~

DAYTONA BEACH, Fla., July 9 -- International Speedway Corporation (NASDAQ Global Select Market: ISCA; OTC Bulletin Board: ISCB) ("ISC") today reported results for the fiscal second quarter and six months ended May 31, 2008.

"We hosted nearly one million paid attendees at our events during the second quarter, which demonstrates that consumers continue to view motorsports, particularly NASCAR, as an important part of their lifestyle despite the current economic environment," said ISC President Lesa France Kennedy. "Supported by ISC's strong breadth of assets and solid financial footing, we remain well positioned to successfully execute our long-term strategic initiatives."

Ms. France Kennedy added, "We held several successful weekends of racing during the second quarter highlighted by sold-out NASCAR Sprint Cup Series events at Richmond and Darlington. And, while the economic environment will continue to impact attendance-related revenues, our 2008 full year results are expected to benefit from increased sponsorship, hospitality, television and certain other motorsports related revenues. Also fueling our anticipated full year results are the ongoing prudent management of our controllable expenses, the successful turnaround of our equity investment in Motorsports Authentics, and an aggressive return of capital through share repurchases."

Second Quarter Comparison

Total revenues for the second quarter were $174.9 million, compared to revenues of $181.0 million in the prior-year period. Operating income increased to $42.9 million during the period compared to $35.0 million in the second quarter of fiscal 2007.

Quarter-over-quarter comparability was impacted by:

-- A 2008 second quarter impairment charge of $1.2 million, or $0.01 per diluted share after tax, primarily related to charges for the fill removal process on the Company's Staten Island property and, to a lesser extent, the net book value of certain assets retired from service. The second quarter of 2007 included impairment charges of $9.1 million, or $0.11 per diluted share after-tax, primarily attributable to ISC's decision to discontinue speedway development efforts in Kitsap County, Washington. To a lesser extent, the impairment charges included estimated costs for fill removal on the Staten Island property.

-- Accelerated depreciation of $0.5 million, or $0.01 per diluted share after tax, in the second quarter of 2008 for certain office and related buildings in Daytona Beach associated with the Company's previously announced Daytona Live! project. The 2007 second quarter included Daytona Live!-related accelerated depreciation charges of $4.6 million, or $0.05 per diluted share after tax.

Net income for the second quarter of 2008 increased to $26.0 million, or $0.52 per diluted share, compared to net income of $18.4 million, or $0.35 per diluted share, in the prior year's second quarter. Excluding discontinued operations and the aforementioned accelerated depreciation and impairment charges, non-GAAP (defined below) net income for the second quarter of 2008 was $27.0 million, or $0.54 per diluted share. Non-GAAP net income for the second quarter of 2007 was $27.1 million, or $0.51 per diluted share.

Year-to-Date Comparison

For the six months ended May 31, 2008, total revenues were $368.8 million, compared to $365.8 million in 2007. Operating income for the six-month period was $109.8 million compared to $100.8 million in the prior year.

Year-over-year comparability was impacted by:

-- 2008 impairment charges of $1.9 million, or $0.02 per diluted share after tax, associated with the previously discussed fill removal costs on Staten Island and net book value of certain assets retired from service. Year-to-date results for 2007 included the aforementioned 2007 second quarter impairment charges for the Company's speedway development efforts in Kitsap County, Washington, and Staten Island.

-- Accelerated depreciation charges in 2008 of $1.0 million, or $0.02 per diluted share after tax, associated with the previously discussed Daytona Live! project. Results for the six months ended May 31, 2007, included Daytona Live!-related accelerated depreciation charges of $7.2 million, or $0.09 per diluted share after tax.

-- A 2008 first quarter non-cash charge of $3.8 million, or $0.07 per diluted share after tax, to correct the carrying value of certain other assets as of November 30, 2007.

Net income for the six months ended May 31, 2008, was $62.2 million, or $1.23 per diluted share, compared to $54.2 million, or $1.02 per diluted share in 2007. Excluding discontinued operations, the aforementioned impairment and related charges, accelerated depreciation and the correction of certain other assets' carrying value amounts, non-GAAP (defined below) net income for the six months ended May 31, 2008, was $67.8 million, or $1.34 per diluted share. This is compared to non-GAAP net income for the first six months of 2007 of $64.6 million, or $1.22 per diluted share.