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International Speedway Announces Increase in Capital Spending Plans

21 April 1999

International Speedway Corporation Announces Increase in Capital Spending Plans; Declares Annual Dividend

    DAYTONA BEACH, FLORIDA--April 21, 1999--International Speedway Corporation ("ISC") , a leading promoter of motorsports activities, today announced that its Board of Directors has approved an additional $57 million for capital projects.
    The $57 million has been allocated for projects including additional seating, land acquisitions for future expansion projects at existing facilities, and other value-added projects designed to enhance the overall motorsports experience. In sum, the Company has approved approximately $81 million for capital expenditures during the period of April 1, 1999 through October 31, 2000.
    William C. France, Chairman and Chief Executive Officer of ISC, commented, "The $57 million in capital spending represents the Company's single largest approval of funds for expansion and enhancement of existing facilities. We continue to believe the popularity of motorsports is accelerating and these spending plans will keep ISC at the forefront of the industry."
    Separately, the Company announced today the declaration of an annual dividend of $0.06 per share, payable on June 30, 1999 to holders of record on May 28, 1999.
    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 Miami Homestead Speedway, and an approximate 12% holding in Penske Motorsports, Inc. . The Company also owns and operates MRN Radio, the nation's largest independent sports radio network, and DAYTONA USA, "Ultimate Motorsports Attraction" in Daytona Beach, FL, the official attraction of NASCAR.
    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.