Kennedy (r) expects consumer revenue will continue to reflect the U.S.' economic state
ISC today reported a modest increase in revenues for the first half of the year but said admissions revenue continues to be challenged by the economy. Total revenues for the first six months of the year increased to $307M from $287.4M over the same period last year. Net income was relatively flat at $62.9M when compared to $63.4M in '11. ISC Vice Chair & CEO Lesa France Kennedy said, "While generally pleased with our financial results, attendance-related revenues at our events generated mixed results. Our core fan demographic, which is Middle America, still lacks confidence due to slow job and income growth. Until these trends change, we expect our consumer revenues will remain under pressure.” Admissions revenue for the first half of the year increased by $3.8M from a year ago and motorsports-related revenue from TV rights and sponsorship sales increased $13.2M over the same period. The company reported higher Q2 revenue ($179.6M) and operating income ($33.2M) this year because it had two more NASCAR Sprint Cup Series races than it did during the same period in '11, when it reported revenues of $138.8M and income of $24.1M. ISC said it has hit 92% of its sponsorship sales goal for the year and secured all but two of its Sprint Cup race entitlements, which it expects to sell. ISC said it still expects annual revenue to be in the $610-630M range.