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Pepsi Extends Deal With ISC
ISC reported Q3 ‘04 net income of $68.1M, or $1.28 per share, up from $36M, or $0.68 per share, in the year-ago period. Q3 net income includes a $36.3M gain from the sale of North Carolina Speedway. Q3 revenue was $156.5M, down from $160.5M in Q3 ‘03, but Labor Day weekend races were recorded in Q3 last year and in Q4 this year. ISC also announced a renewal of its multi-year, multi-track agreement with PepsiCo, which is the official soft drink of ISC’s facilities and title sponsor of the Pepsi 400 at Daytona Int’l Speedway in July (ISC). In Daytona Beach, Jim Haug reports that the “lucrative” extension with PepsiCo runs through ’07. ISC CFO Susan Schandel indicated that other than Nextel, the new Pepsi deal is ISC’s “single largest marketing partnership.” ISC Dir of Investor Relations Wes Harris said the deal is “worth millions of dollars annually and will increase in value annually by a small percentage” (Daytona Beach NEWS-JOURNAL, 10/8).