Speedway Firm's Financials Running on Fast Track

ORLANDO-International Speedway Corp. crossed the second-quarter financial finish line in championship style, posting record net income of $14.37 million or 27 cents per diluted share versus $13.3 million or 25 cents per diluted share in the comparable 2001 period.

But the Daytona Beach-based company cautioned shareholders that third-quarter earnings may be lower because of sagging attendance at some races, rained out events and its decision to stop selling alcohol at its Michigan track.

In a prepared statement, ISC says revenue was $116.75, up from $112 million last year for the quarter ended May 31. The company concedes it has a formidable third-quarter goal to match or overtake the $21.76 million or 41 cents per diluted share it logged last year but remains confident.

“The fundamentals of our business remain strong and we are encouraged by the continued success of domestic motorsports,” ISC president/chief operating officer James C. France says in a prepared statement. “And driven by our national presence in key markets, we believe the company is an excellent position to capitalize on the industry’s future growth opportunities.”

The company’s balance sheet on May 31 shows it has $84.77 million in cash, cash equivalents and short-term investments on hand. That amount is up from $71.2 million ISC carried on the books on Nov. 30, 2001.

ISC’s common on the Nasdaq Over-the-Counter Bulletin Board closed July 15 at $37.49 per share, down 19 cents from $37.68 on July 12. Volume was 441,000. The stock’s 52-week high-low is $45.98 and $30.40.

Besides owning the Daytona International Speedway, ISC owns Talladega Superspeedway, Alabama; Michigan International Speedway, suburban Detroit; Richmond International Raceway, Virginia; California Speedway, suburban Los Angeles; Kansas Speedway, Kansas City, MO; Phoenix International Raceway, Arizona; Homestead-Miami Speedway; North Carolina Speedway, Rockingham, NC; Darlington Raceway, South Carolina; Watkins Glen International, New York; and Nazareth Speedway, Pennsylvania.

ISC has a 37.5% stake in Raceway Associates LLC which owns/operates Chicagoland Speedway and Route 66 Raceway in suburban Chicago.