ISC reports record Q3 performance

NASDAQ-listed International Speedway Corporation, America's biggest track owner, yesterday reported its results for the third quarter ended August 31, 2003. Total revenues increased to $160.6m (compared with $136.4m in the prior-year period), operating income was $59.0m ($49.1m) and net income $36.0m ($29.6m). The second NASCAR Winston Cup event at Darlington (held in the fourth quarter of fiscal 2002) contributed to the increases

Oct 8, 2003, 6:54 PM

Over the first nine months of 2003, ISC's total revenues increased to $411.1m (from $378.9m in 2002), operating income was $135.2m ($128.9m) and net income $73.8m ($69.3m). The 2003 results include a second-quarter non-cash pre-tax charge of $2.8m for the net book value of assets removed as part of ISC's track reconfiguration project at Homestead-Miami Speedway.

"We are pleased to report another quarter of record results on a comparable basis," commented ISC president Lesa France Kennedy. "Higher broadcast and media rights fees remained a key driver of revenue growth, and we continued to draw large crowds for our events, highlighted by seven sold-out major events during the quarter. Spending by our corporate partners also increased, and we expect growth in this category for the remainder of 2003."