SBD/Issue 19/Finance

ISC Reports Sharp Drop In Third Quarter Revenue, Earnings

ISC reported a “sharp decline in revenue and earnings in its fiscal third quarter,” according to the Daytona Beach NEWS-JOURNAL. Revenue in Q3 declined to $172.9M from $213.2M during the same period last year, while net income was $4.4M, or $0.09 per share, down from $38.8M, or $0.79 a share, last year. The decline was “partially blamed on a big race weekend” at Auto Club Speedway moving from Q3 last year to Q4 this year. But the “sagging economy also brought down overall ticket sales,” and Motorsports Authentics (MA), a joint venture between ISC and SMI, “continues to suffer” (NEWS-JOURNALONLINE.com, 10/8). MA "had failed to pay some royalties this quarter, although all royalties that were due have now been paid." A survey of analysts by Thomson Reuters expected earnings of $0.38 a share on revenue of $179M. Meanwhile, ISC "continued the stock-buyback program it revived in June, and in the most recent period purchased about 112,000 shares" for $2.8M, bringing the total number of shares purchased from December '06-August '09 to "about 4.8 million shares." There are "about 49 million shares outstanding" (DOW JONES NEWSWIRES, 10/8). At presstime, shares of ISC were trading at $27.83, down 1.21% from yesterday's close of $28.17 (THE DAILY).

Return to top

Related Topics:

Finance

Video Powered By - Castfire CMS Powered By - Sitecore

Report a Bug