DAYTONA BEACH, Fla., Oct. 4 /PRNewswire-FirstCall/ -- International
Speedway Corporation (NASDAQ:ISCA)(OTC:ISCB) (BULLETIN BOARD: ISCB)
("ISC") today reported results for the fiscal third quarter ended
August 31, 2007. "We are pleased to report record revenues for the
2007 third quarter," said ISC President Lesa France Kennedy. "The
consolidation of results from events at Chicagoland Speedway and
Route 66 Raceway was the primary driver of the year-over-year
growth. In addition, higher combined corporate partner spending for
sponsorship, hospitality and advertising for comparable events
contributed to the increase." Third Quarter Comparison Total
revenues for the third quarter increased to $196.3 million,
compared to revenues of $178.9 million in the prior-year period.
Operating income was $48.2 million during the third quarter
compared to $51.8 million in the third quarter of fiscal 2006.
Year-over-year comparability was impacted by: -- Lower television
broadcast rights fees from NASCAR's consolidated contracts that
began in 2007. -- The consolidation of Raceway Associates LLC
(owner and operator of Chicagoland Speedway and Route 66 Raceway).
-- The timing of Kansas Speedway's IRL IndyCar and NASCAR Craftsman
Truck weekend, which was held in the third quarter of 2006 and in
the second quarter of 2007. -- Accelerated depreciation of $6.9
million, or $0.08 per diluted share after tax, associated with
certain existing offices and buildings that are expected to be
razed during the next three to 21 months as part of the Company's
previously announced Daytona Live! project. -- The 2007 third
quarter recognition of $1.6 million, or $0.03 per diluted share
after tax, in deferred income tax expense attributable to enactment
of an income-based tax system in the state of Michigan. -- The
write-down by Motorsports Authentics ("MA") of certain inventory
and related assets, which is included in ISC's equity losses. ISC's
50 percent portion was $12.4 million, or $0.24 per diluted share
after tax. Net income for the 2007 third quarter was $9.5 million,
or $0.18 per diluted share, compared to net income of $34.3
million, or $0.64 per diluted share, in the prior year. Excluding
the aforementioned accelerated depreciation, increased deferred
income tax expense and inventory-related charges at MA, non-GAAP
(defined below) net income for the 2007 third quarter was $27.9
million, or $0.53 per diluted share. Year-to-Date Comparison For
the nine months ended August 31, 2007, total revenues increased to
$563.0 million from $544.9 million in 2006. Operating income for
the nine months ended August 31, 2007, was $149.0 million compared
to $182.4 million in the prior year. Year-over-year comparability
was impacted by: -- The aforementioned decrease in NASCAR
television rights fees, and the acquisition and consolidation of
Raceway Associates LLC. -- Impairment charges of $9.2 million, or
$0.11 per diluted share after tax, primarily attributable to ISC's
previously announced decision to discontinue speedway development
efforts in Kitsap County, Washington. To a lesser extent, the
impairment charges include estimated costs for fill removal on the
Company's Staten Island property. -- Accelerated depreciation of
$14.2 million, or $0.17 per diluted share after tax, for certain
office and related buildings in Daytona Beach, which is
substantially related to the Company's Daytona Live! project. --
The previously discussed 2007 third quarter increase in deferred
income tax expense of $1.6 million, or $0.03 per diluted share
after tax, attributable to the change in Michigan state income tax
laws. -- The aforementioned write-down by Motorsports Authentics of
certain inventory and related assets, which is included in ISC's
equity losses. ISC's 50 percent portion was $12.4 million, or $0.24
per diluted share after tax. Net income was $63.7 million, or $1.20
per diluted share, for the first nine months of 2007. In the first
nine months of 2006, net income was $109.0 million, or $2.05 per
diluted share. Excluding the accelerated depreciation, impairment
charges, increased deferred income tax expense and inventory-
related charges at MA, non-GAAP (defined below) net income for the
first nine months of 2007 was $92.4 million, or $1.75 per diluted
share. GAAP to Non-GAAP Reconciliation The following financial
information is presented below using other than generally accepted
accounting principles ("non-GAAP"), and is reconciled to comparable
information presented using GAAP. Non-GAAP net income and diluted
earnings per share below are derived by adjusting amounts
determined in accordance with GAAP for certain items presented in
the accompanying selected operating statement data, net of taxes.
The 2007 adjustments relate to accelerated depreciation for certain
office and related buildings in Daytona Beach; impairment charges
related to the Company's decision to discontinue development
efforts in Kitsap County, Washington, and costs related to fill
removal on ISC's Staten Island property; increased deferred income
tax expense related to the change in Michigan state tax laws; and
the write-down of certain inventory and related assets at
Motorsports Authentics. The Company believes such non-GAAP
information is useful and meaningful to investors, and is used by
investors and ISC to assess core operations. This non-GAAP
financial information may not be comparable to similarly titled
measures used by other entities and should not be considered as an
alternative to operating income, net income or diluted earnings per
share, which are determined in accordance with GAAP. (In Thousands,
Except Per Share Amounts) (Unaudited) Three Months Ended Nine
Months Ended August 31, August 31, August 31, August 31, 2006 2007
2006 2007 Net income $34,272 $9,517 $109,012 $63,726 Net loss, net
of tax, from: Discontinued operations 27 30 146 56 Income from
continuing operations 34,299 9,547 109,158 63,782 Adjustments, net
of tax: Additional depreciation - 4,262 - 8,689 Impairment of
long-lived assets - 69 - 5,937 Michigan income tax - 1,595 - 1,595
Inventory-related write-down of equity investment - 12,414 - 12,414
Non-GAAP net income $34,299 $27,887 $109,158 $92,417 Per share
data: Diluted earnings per share $0.64 $0.18 $2.05 $1.20 Net loss,
net of tax, from: Discontinued operations - - - - Income from
continuing operations 0.64 0.18 2.05 1.20 Adjustments, net of tax:
Additional depreciation - 0.08 - 0.17 Impairment of long-lived
assets - - - 0.11 Michigan income tax - 0.03 - 0.03
Inventory-related write-down of equity investment - 0.24 - 0.24
Non-GAAP diluted earnings per share $0.64 $0.53 $2.05 $1.75 2007
Third Quarter Highlights An overview of the significant major event
weekends held in the third quarter of 2007 includes: -- Three
weekends of exciting IRL IndyCar racing at Watkins Glen
International, Richmond International Raceway, and Michigan
International Speedway. -- Route 66 Raceway hosted a successful
weekend of NHRA POWERade Nationals racing. -- Michigan hosted a
NASCAR NEXTEL Cup, NASCAR Craftsman Truck and ARCA event weekend in
June that posted lower than anticipated attendance- related revenue
due to weak economic conditions in the region. In addition to
thrilling on-track competition, highlights of the weekend included
the implementation of several fan-friendly initiatives and a
reduction in post-race traffic to approximately two hours following
the Citizens Bank 400. -- Daytona International Speedway hosted a
NEXTEL Cup, Busch and Grand-Am racing weekend, highlighted by the
second closest finish in Cup history. While the racing was
outstanding, attendance-related revenues were lower than
anticipated. The Pepsi 400 weekend has experienced inclement
weather over the last few years. These recent weather issues
coupled with the more regional consumer selling area for this event
impacted ticket sales. -- Chicagoland Speedway hosted a successful
NEXTEL Cup and Busch series weekend in mid-July. Recently, the
track announced it will install lighting in time for its 2008
NEXTEL Cup and Busch weekend. Lighting will allow events to be run
later in the day when temperatures are cooler, further enhance the
atmosphere of the races, and provide a hedge against the potential
for inclement weather conditions. -- Watkins Glen hosted a
successful NEXTEL Cup, Busch and Grand-Am series weekend,
highlighted by increased attendance of more than five percent over
the prior year. -- The Company, with its partners Group Motorise
International, hosted a successful Busch and Grand-Am series
weekend at the historic Circuit Gilles Villeneuve in Montreal,
Canada, anchored by the inaugural NAPA 200 Busch race. A strong
crowd was on-hand for the weekend's events and ISC looks forward to
building upon the success of its first international event. --
NEXTEL Cup and Busch series racing returned to Michigan in August.
Despite a considerable increase in attendance over the facility's
June event weekend, inclement weather forced the postponement of
the 3M Performance 400 until Tuesday. This marked the first time a
Michigan Cup race had been postponed due to weather in 30 years.
Corporate partner spending remains strong for ISC, highlighted by
the sold out inventory of NEXTEL Cup and Busch series race
entitlements. During the quarter, the Company secured its remaining
Cup entitlements with LifeLock at Kansas Speedway and Sharp Aquos
at California. Also, as previously announced, ISC signed a
comprehensive 10-year multi-track sponsorship agreement with
Coca-Cola. This milestone agreement debuts in 2008 with the 50th
running of the Daytona 500(R). "Corporate partners continue to be
drawn to ISC's strong collection of assets and premier events,"
continued Ms. France Kennedy. "Leading up to the 50th running of
the Daytona 500, we have partnered with Kroger to launch the
largest in-store retail promotion in the history of motorsports,
reaching nearly all 2,500 Kroger and subsidiary stores nationwide
including Fry's, Ralph's, King Sooper and others. In addition,
companies representing more than 40 brands, including Holiday Inn,
UPS and others, are spending a combined $100 million in activation
during our year-long promotion. The high level of corporate
participation in this comprehensive and broad-reaching campaign
further demonstrates the strength and value delivered by an ISC
partnership." Recent Developments To date in the fourth quarter: --
California Speedway hosted a NEXTEL Cup and Busch event weekend on
Labor Day weekend. Despite very exciting racing, the weekend posted
less than anticipated results primarily due to inclement weather.
The region experienced an intense heat wave with temperatures of
100 degrees and higher during the week leading up to the races. In
addition, the temperature on the day of the Cup race was a record
113 degrees and marked the hottest day of the year. By comparison,
weather in the area during this time of the year usually measures
in the low to mid 90's. -- Richmond hosted a weekend of exciting
NEXTEL Cup and Busch series racing, anchored by the Chevy Rock and
Roll 400. The facility posted its 32nd consecutive NEXTEL Cup
sellout for the race before the Chase for the Championship,
including the additional grandstands added for 2007. Also,
attendance for the Emerson Radio 250 Busch Series race posted a
solid increase over the prior year. -- Chicagoland hosted an
exciting season finale weekend for the IRL IndyCar Series. Dario
Franchitti narrowly passed Scott Dixon for the victory and the 2007
series championship. -- Last weekend, ISC hosted its first race in
the NEXTEL Cup Chase for the Championship at Kansas Speedway. The
facility once again recorded sold-out attendance for both its
NEXTEL Cup and Busch events, despite a rain-shortened LifeLock 400.
For the remainder of the fourth quarter, Talladega will host a
NEXTEL Cup, Truck and ARCA weekend. Advanced ticket sales are
trending slightly behind the prior year due to certain unique
factors for the 2006 race weekend. In addition, nearly 75 percent
of ticket holders travel from out of state for Talladega's race
weekends, making them more susceptible to challenges in consumer
spending and high fuel prices. Nonetheless, the facility expects to
host a crowd in 2007 significantly higher than 2005 and the Company
remains positive in the long-term trends for this facility. Also in
the fourth quarter, Martinsville Speedway will host a weekend of
NEXTEL Cup and Craftsman Truck racing, followed by consecutive
weekends of NEXTEL Cup, Busch and Craftsman Truck series racing at
Phoenix International Raceway and the Ford Championship Weekend at
Homestead-Miami Speedway. External Growth Initiatives The Company,
in a 50/50 joint venture with The Cordish Company, continues to
pursue a commercial mixed-use development project on 71 acres it
owns across from Daytona International Speedway. Local market
studies and further project analysis are ongoing and, if results of
these analyses are favorable and the joint venture proceeds with
the development, it is expected that certain existing corporate
headquarter offices, which are not fully depreciated, and other
buildings will be razed during the next three to 21 months. The
Company also continues to pursue the possibility of developing
motorsports entertainment facilities in the metropolitan markets of
Denver and New York, as well as in the Pacific Northwest. ISC
believes these regions represent an attractive long-term
opportunity for future growth. On Staten Island, ISC has recently
entered into negotiations with ProLogis for the sale of the
676-acre property the Company currently owns. ProLogis is the
world's largest owner, manager and developer of distribution
facilities, with a proven track record of developing projects that
positively impact the communities in which they are located. The
Company will provide more information upon execution of any
definitive agreement, and hopes to close the transaction by
calendar year-end. In the interim, ISC is continuing clean-up
efforts on the property in accordance with the consent order signed
with the New York Department of Environmental Conservation ("DEC").
All outstanding issues have been resolved with the DEC concerning
non-compliant fill, and fill removal from the property is underway.
Other Developments Regarding the Kentucky Speedway, LLC, civil
action filed in July 2005 against NASCAR and ISC, the Company is
proceeding with the preparation of its defense. ISC continues to
expect fiscal 2007 litigation costs related to its defense will
range between $6.0 million and $7.0 million, or $0.07 to $0.08 per
diluted share after tax. Pretrial discovery in the case was
recently concluded and, based on all of the evidentiary materials
reviewed, ISC believes more strongly than ever that the vague
allegations of the complaint are totally without merit. At this
point the Company also believes the likelihood of a materially
adverse result appears to be remote, although there is always a
level of uncertainty in litigation. ISC will continue to vigorously
defend itself in this matter. Regarding Motorsports Authentics, the
Company's 50/50 merchandising joint venture with Speedway
Motorsports, newly appointed President and Chief Executive Officer
Mark Dyer and his management team have made important changes to
the business and are finalizing plans for 2008. In July, their
preliminary review indicated a loss for MA for 2007 of between $15
million and $20 million, the primary contributor of which was the
impact of Dale Earnhardt Jr.'s decision to leave Dale Earnhardt,
Inc. at the end of the 2007 racing season. This change resulted in
a significant reduction and cancellations of pending and
anticipated merchandise orders. Since July, several additional
significant team and driver changes for 2008 have been announced,
which have further negatively affected the salability of existing
merchandise. The combined impact of the additional changes and
better visibility on the full impact of Dale Earnhardt Jr.'s move
to Hendrick Motorsports has resulted in a revised estimate of a
non-GAAP loss between $20 million and $25 million for MA in 2007.
This estimate excludes the previously discussed 2007 third quarter
charges to reflect the write-down of certain inventory and related
balances primarily associated with the previously mentioned team
and driver changes, and other excess 2007 merchandise on-hand. The
Company believes this revised estimate addresses the significant
operating issues related to 2007 for MA. In addition, it is
important to note that 2007 has been very unusual in the total
number of high-profile driver and team changes, the timing of which
is earlier than usual and exacerbates current year sales and
inventory issues. Lastly, while MA continues to find ways to
optimize results for 2007, their efforts are primarily focused on
ensuring that the company is on solid footing to begin 2008. "While
we are clearly disappointed with the challenges at Motorsports
Authentics for 2007, we are encouraged by the efforts underway to
position MA for future long-term success," added Ms. France
Kennedy. "These efforts include implementing more rigorous buying
and inventory control systems, improved distribution models and
limiting future exposure to changing market dynamics. We continue
to believe the sale of licensed merchandise represents a
significant opportunity for the Company, and expect that MA has the
potential for generating solid growth in earnings and cash flow for
ISC." Share Repurchase Program In the third quarter, the Company
purchased 495,000 shares of its Class A Common Stock for $25.0
million, bringing the total number of shares purchased to one
million since the program was initiated in December 2006. ISC
believes its capital allocation strategy reflects a balanced
approach that will enhance shareholder value and further position
the Company for long-term success. Outlook ISC has further refined
its financial guidance for fiscal 2007. The Company now expects
full year total revenues to range between $810 million and $815
million. ISC also expects non-GAAP earnings for fiscal 2007 to
range between $2.70 and $2.75 per diluted share. This estimate
excludes the previously discussed additional depreciation,
impairment charges, deferred income tax expense and
inventory-related equity investment charges. ISC expects earnings
before interest, taxes, depreciation and amortization ("EBITDA")(1)
and operating margins for the 2007 fourth quarter and full year to
range as follows: Quarter Year Ending Ending 11/30/2007 11/30/2007
EBITDA margin 43% - 44% 40% - 41% Operating margin 36% - 37% 32% -
33% 1. EBITDA is a non-GAAP financial measure used by the Company
as an important indicator of its operating margin. "Looking ahead
to 2008, several key indicators are pointing to the start of a
successful year for ISC," Ms. France Kennedy concluded. "Both
corporate and consumer demand for the 50th running of the Daytona
500 are very strong, and renewal trends for other events are
positive. We continue to closely monitor consumer spending and
broader macro-economic factors, and remain focused on providing a
premium experience to our fans. From an industry perspective, the
full-time introduction of the Car of Tomorrow and the series name
changes to the Sprint Cup and the Nationwide Series should continue
to drive overall awareness for the sport. We remain very positive
on the outlook of our business and are focused on building
long-term value for our shareholders." Conference Call Details The
management of ISC will host a conference call today with investors
at 9:00 a.m. Eastern Time. To participate, dial toll free
866-406-5408 five to ten minutes prior to the scheduled start time
and request to be connected to the ISC earnings call, ID number
9240956. A live Webcast will also be available at that time on the
Company's Web site, http://www.iscmotorsports.com/, under the
"Investor Relations" section. A replay will be available one hour
after the end of the call through midnight Thursday, October 11,
2007. To access, dial toll free 877-519-4471 and enter the code
9240956, or visit the "Investor Relations" section of the Company's
Web site. International Speedway Corporation is a leading promoter
of motorsports activities, currently promoting more than 100 racing
events annually as well as numerous other motorsports-related
activities. The Company owns and/or operates 13 of the nation's
major motorsports entertainment facilities, including Daytona
International Speedway(R) in Florida (home of the Daytona 500(R));
Talladega Superspeedway(R) in Alabama; Michigan International
Speedway(R) located outside Detroit; Richmond International
Raceway(R) in Virginia; California Speedway(SM) near Los Angeles;
Kansas Speedway(R) in Kansas City, Kansas; Phoenix International
Raceway(R) in Arizona; Chicagoland Speedway(R) and Route 66
Raceway(SM) near Chicago, Illinois; Homestead-Miami Speedway(SM) in
Florida; Martinsville Speedway(R) in Virginia; Darlington
Raceway(R) in South Carolina; and Watkins Glen International(R) in
New York. In addition, ISC is a limited partner with Group Motorise
International in the organization and promotion of certain events
at Circuit Gilles Villeneuve in Montreal, Canada. The Company also
owns and operates MRN(R) Radio, the nation's largest independent
sports radio network; the Daytona 500 Experience(SM), the "Ultimate
Motorsports Attraction" in Daytona Beach, Florida, the official
attraction of NASCAR(R); and Americrown Service Corporation, a
subsidiary that provides catering services, food and beverage
concessions, and produces and markets motorsports-related
merchandise. In addition, ISC has an indirect 50 percent interest
in a business called Motorsports Authentics(R), which markets and
distributes motorsports-related merchandise licensed by certain
competitors in NASCAR racing. For more information, visit the
Company's Web site at http://www.iscmotorsports.com/. Statements
made in this release that express the Company's or management's
beliefs or expectations and which are not historical facts or which
are applied prospectively are forward-looking statements. It is
important to note that the Company's actual results could differ
materially from those contained in or implied by such
forward-looking statements. The Company's results could be impacted
by risk factors, including, but not limited to, weather surrounding
racing events, government regulations, economic conditions,
consumer and corporate spending, military actions, air travel and
national or local catastrophic events. 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-Qs. Copies of those
filings are available from the Company and the SEC. The Company
undertakes no obligation to release publicly any revisions to these
forward-looking statements that may be needed to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. The inclusion of any statement in this
release does not constitute an admission by International Speedway
or any other person that the events or circumstances described in
such statement are material. Consolidated Statements of Operations
(In Thousands, Except Per Share Amounts) (Unaudited) Three Months
Ended Nine Months Ended August 31, August 31, August 31, August 31,
2006 2007 2006 2007 REVENUES: Admissions, net $56,918 $62,970
$161,718 $175,518 Motorsports related 100,541 113,689 316,788
324,095 Food, beverage and merchandise 19,410 17,663 59,435 57,028
Other 2,023 1,978 6,969 6,380 178,892 196,300 544,910 563,021
EXPENSES: Direct expenses: Prize and point fund monies and NASCAR
sanction fees 30,320 35,067 99,422 101,341 Motorsports related
41,620 47,099 104,886 116,886 Food, beverage and merchandise 12,430
10,605 37,000 33,506 General and administrative 28,391 31,383
79,589 90,127 Depreciation and amortization 14,323 23,825 41,565
62,973 Impairment of long-lived assets - 108 - 9,184 127,084
148,087 362,462 414,017 Operating income 51,808 48,213 182,448
149,004 Interest income 1,363 1,402 3,384 3,699 Interest expense
(2,713) (4,041) (9,613) (11,781) Equity in net income (loss) from
equity investments 5,451 (17,145) 768 (21,756) Income from
continuing operations before income taxes 55,909 28,429 176,987
119,166 Income taxes 21,610 18,882 67,829 55,384 Income from
continuing operations 34,299 9,547 109,158 63,782 Loss from
discontinued operations, net of income tax benefits of $60 and $40,
and $208 and $126, respectively (27) (30) (146) (56) Net income
$34,272 $9,517 $109,012 $63,726 Basic earnings per share: Income
from continuing operations $0.64 $0.18 $2.05 $1.21 Loss from
discontinued operations - - - - Net income $0.64 $0.18 $2.05 $1.21
Diluted earnings per share: Income from continuing operations $0.64
$0.18 $2.05 $1.20 Loss from discontinued operations - - - - Net
income $0.64 $0.18 $2.05 $1.20 Dividends per share $- $- $0.08
$0.10 Basic weighted average shares outstanding 53,177,570
52,473,146 53,162,611 52,791,267 Diluted weighted average shares
outstanding 53,272,124 52,583,820 53,262,895 52,905,851
Consolidated Balance Sheets (In Thousands) (Unaudited) November 30,
August 31, 2006 2007 ASSETS Current Assets: Cash and cash
equivalents $59,681 $57,009 Short-term investments 78,000 39,250
Receivables, less allowance of $1,000 in 2006 and 2007 52,699
57,886 Inventories 3,976 6,195 Deferred income taxes 995 1,311
Prepaid expenses and other current assets 8,251 35,466 Total
Current Assets 203,602 197,117 Property and Equipment, net of
accumulated depreciation of $371,219 and $412,194, respectively
1,157,313 1,281,383 Other Assets: Equity investments 175,915
112,201 Intangible assets, net 149,314 179,019 Goodwill 99,507
118,605 Deposits with Internal Revenue Service 110,813 117,936
Other 25,595 27,644 561,144 555,405 Total Assets $1,922,059
$2,033,905 LIABILITIES AND SHAREHOLDERS' EQUITY Current
Liabilities: Current portion of long-term debt $770 $2,565 Accounts
payable 29,577 21,257 Deferred income 124,254 192,319 Income taxes
payable 22,477 19,723 Other current liabilities 19,226 28,068 Total
Current Liabilities 196,304 263,932 Long-Term Debt 367,324 375,654
Deferred Income Taxes 191,642 206,705 Long-Term Deferred Income
10,808 16,070 Other Long-Term Liabilities 866 5,744 Commitments and
Contingencies - - Shareholders' Equity: Class A Common Stock, $.01
par value, 80,000,000 shares authorized; 31,078,307 and 30,603,208
issued and outstanding in 2006 and 2007, respectively 311 306 Class
B Common Stock, $.01 par value, 40,000,000 shares authorized;
22,100,263 and 21,646,210 issued and outstanding in 2006 and 2007,
respectively 221 216 Additional paid-in capital 698,396 650,709
Retained earnings 456,187 514,569 Total Shareholders' Equity
1,155,115 1,165,800 Total Liabilities and Shareholders' Equity
$1,922,059 $2,033,905 Consolidated Statements of Cash Flows (In
Thousands) (Unaudited) Nine Months Ended August 31, August 31, 2006
2007 OPERATING ACTIVITIES Net income $109,012 $63,726 Adjustments
to reconcile net income to net cash provided by operating
activities: Depreciation and amortization 41,565 62,973 Stock-based
compensation 2,019 3,233 Amortization of financing costs 410 388
Deferred income taxes 13,462 16,004 (Income) loss from equity
investments (768) 21,756 Impairment of long-lived assets, non-cash
- 6,143 Excess tax benefits relating to stock-based compensation
(185) (169) Other, net (105) 1,314 Changes in operating assets and
liabilities: Receivables, net (9,844) (3,315) Inventories, prepaid
expenses and other assets (23,866) (28,737) Deposits with Internal
Revenue Service - (7,123) Accounts payable and other liabilities
6,957 9,465 Deferred income 55,996 58,515 Income taxes (325)
(2,576) Net cash provided by operating activities 194,328 201,597
INVESTING ACTIVITIES Capital expenditures (81,282) (70,439)
Proceeds from asset disposals 161 - Purchase of equity investments
(124,565) - Acquisition of business, net of cash acquired -
(87,111) Proceeds from affiliate 128 67 Proceeds from short-term
investments 52,050 105,120 Purchases of short-term investments
(124,150) (66,370) Other, net (374) 58 Net cash used in investing
activities (278,032) (118,675) FINANCING ACTIVITIES Proceeds under
credit facility 80,000 65,000 Payments under credit facility
(80,000) (65,000) Payment of long-term debt - (29,311) Exercise of
Class A common stock options 145 357 Cash dividends paid (4,270)
(5,292) Excess tax benefits relating to stock-based compensation
185 169 Reacquisition of previously issued common stock (460)
(51,517) Deferred financing costs (368) - Net cash used in
financing activities (4,768) (85,594) Net decrease in cash and cash
equivalents (88,472) (2,672) Cash and cash equivalents at beginning
of period 130,758 59,681 Cash and cash equivalents at end of period
$42,286 $57,009 DATASOURCE: International Speedway Corporation
CONTACT: Wes Harris, Senior Director, Corporate and Investor
Communications, +1-386-947-6465, for International Speedway
Corporation Web site: http://www.iscmotorsports.com/
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