SBD/Issue 90/Finance

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  • Side-Tracked: ISC’s Q4, FY ’05 Profits Increase Slightly

    International Speedway Corp.’s (ISC) Q4 profit, “grew only” 1%, while FY ’05 earnings increased 2% from ’04, according to Thomas Brown of the Daytona Beach NEWS-JOURNAL. For the quarter ended November 30, ISC’s 11 tracks posted a profit of $55M, or $1.03 per share, up from $54.37M, or $1.02 per share, in the year-ago period. For the year, ISC’s net income was $159.4M, or $2.99 per share, compared to $156.3M, or $2.94 per share, in ’04. Revenue was $740M, up from $648M last year. ISC Treasurer & CFO Susan Schandel said that the Q4 figures were “skewed by schedule changes that eliminated the Darlington race weekend.” Brown notes when “those races held in both years are considered, revenue grew 11[%] and operating profit jumped” 15%. Saunders “blamed a $4.8[M] drop in ticket sales last fall on Hurricane Katrina, which discouraged Gulf Coast fans from traveling to” races at Talladega Superspeedway. For the year, ticket revenue rose 5.5% to $234.7M. TV fees and corporate sponsorships accounted for $408.5M in revenue, up over 22% from last year (Daytona Beach NEWS-JOURNAL, 1/27).

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