ISC Racing To Record Earnings For The Second Quarter

Int'l Speedway Corp. (ISC) posted a 49% increase in 2Q '01 profit yesterday compared to 2Q '00, but it "cautioned that an uncertain economy may halt" further race track expansion next year, according to Thomas Brown of the Daytona Beach NEWS-JOURNAL. ISC reported $13.3M, or $0.25 per share, in net income for the quarter compared with $3.7M, or $0.07 per share it earned during the same period last year. Revenue for the quarter was $112M, a 13% gain from the $98.7M in revenue for the 2Q '00. Ticket sales for 2Q '01 produced $44.7M in revenue, up from $43M the same quarter last year. Motorsports-related income, which includes income from TV nets, rose 37% to $52.2M. ISC President Jim France said, "While there has been concern over the impact of the economy on our business, to date we have not seen a significant pullback from consumers or corporate partners." France added the company will maintain a "conservative position" on seating expansion and ticket pricing in the near future. ISC VP/Operations Lee Combs said that the company has "decided not to add any seats to its 12 tracks" through mid-'02. A proposed 6,200-seat expansion of ISC's Richmond Int'l Speedway is "in limbo" (Daytona Beach NEWS-JOURNAL, 7/11). Legg Mason motorsports analyst Breck Wheeler said that ISC "struck the right chord" with its earnings report. Wheeler: "Given the economy ... they're certainly holding their own." Meanwhile, in Orlando, Todd Pack reports ISC is sill has not found sponsors for upcoming races in Talladega and K.C., and is looking for a sponsor to replace Dura Lube for the October 28 Winston Cup race in Phoenix (ORLANDO SENTINEL, 7/11).