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ISC Announces Sale of CompTire West and CompTire South

17 November 2000

ISC Announces Sale of CompTire West and CompTire South

    DAYTONA BEACH, Fla.--Nov. 17, 2000--International Speedway Corporation ("ISC") , a leader in motorsports entertainment, today announced the sale of Competition Tire West, Inc. ("CompTire West") and Competition Tire South, Inc. ("CompTire South"), divisions of its wholly-owned subsidiary 88 Corporation, to Competition Tire, LLC, a Delaware limited liability company, for $8.0 million subject to adjustments and prorations at closing.
    CompTire West and CompTire South, distributors of Goodyear racing tires in the midwest and southeastern United States, had been acquired by ISC in July 1999 as part of its merger with Penske Motorsports, Inc. Both companies are former subsidiaries of Penske Motorsports, Inc.
    "The sale of CompTire West and CompTire South will allow us to better focus on growing our core business of motorsports entertainment," stated Lee Combs, Senior Vice President for Corporate Development of ISC. "We believe the resources expended on the business of racing tire distribution will create more value when redirected toward our primary business of promoting successful motorsports events."
    In its fourth quarter results for fiscal year 2000, the Company expects the sale of CompTire West and CompTire South to result in an after-tax gain of approximately $200,000, or neutral to diluted earnings per share. Further, due to the sale of the two companies, revenues for fiscal year 2001 are expected to be reduced by approximately $15 to $20 million, and diluted earnings per share by approximately $0.02 to $0.03.