International Speedway Corp. (NASDAQ: ISCA)
Shares of International Speedway Corp. recorded a gain of $3.10, or 6.84% to $45.35 in premarket trading Thursday, after the company presented its quarterly results.
ISCA stock has added nearly 14% in 2018. The shares have risen 29% in the last twelve months.
ISCA Earnings & Outlook
The company posted a profit of $16.7 million, or $0.38 per share for the three months ended May 31, 2018. In the earlier-year period, ISC had a net income of $13.2 million, or $0.29 per share.
Excluding non-recurring items, adjusted earnings per share came to $0.37, ahead of Thompson Reuters consensus of $0.36.
Total revenue was $171.7 million, compared to $165.3 million the company reported in the same period last year. Revenue from the motorsports category and related-events was $133.3 million, up 9% from the year-ago quarter.
Meanwhile, net admissions revenue dropped 10% to $25.7 million, while revenue from merchandise, food, and beverages was $6.9 million, down 27%. Operating income was $17.3 million, compared to $18.4 million in the same period in 2017.
International Speedway Corp. CEO Comments
The Chief Executive Officer of ISC, Ms. Lesa France Kennedy, commented, “Our overall financial results for second quarter are in line with expectations and the 2018 outlook, despite admissions headwinds faced during the quarter.”
The CEO continued, “Revenue for events held during the quarter was impacted by weather, construction at ISM Raceway, and a general trend of lower sales at live sporting events. We remain committed to our consumer focused sales and marketing initiatives, providing segmented experiences desired by fans for a good value, which have proven to yield positive results against these trends.”
International Speedway Corp. Company Profile
International Speedway Corporation engages in the promotion of motorsports entertainment operations, together with its subsidiaries in the US.
The motorsports event activities that the company promotes comprise mainly of racing events that are held at its motorsports entertainment venues. It promotes motorcycle, stock car, truck, open wheel, sports car, and other racing activities.
The company also provides catering services in chalets and suites, as well as beverage and food concession operations. It also creates motorsports programming content that is aired on various radio stations, including the Sirius XM Radio.
It also uses its motorsports entertainment venues for car shows, concerts, auto fairs, music festivals, as well as tests for driving schools. The venues are also used as settings for print advertisements, motion pictures, and television commercials.
Additionally, the company owns and operates around 12 motorsports entertainment venues with about 560 suites and 761,000 grandstand seats. The competitors of the company include United States Auto Club, International Motor Sports Association, National Association for Stock Car Auto Racing, IndyCar Series, the American Sportbike Racing Association, National Hot Rod Association, Sports Car Club of America and Automobile Racing Club of America.
International Speedway Corporation is headquartered in Daytona Beach, Florida. It was founded in 1953 and was known as Daytona International Speedway Corporation until 1968 when it changed to its current name. –Reuters