Increases in "television broadcast licensing revenues and in sales of food, beverages and merchandise at its tracks contributed to a double-digit increase in third-quarter revenues for International Speedway Corp.,” according to Clayton Park of the Daytona Beach NEWS-JOURNAL. That increase “resulted in a $191,000 net profit” for ISC for the quarter ending Aug. 31, “despite costs it continues to incur” related to its $400M Daytona Rising project. CEO Lesa France Kennedy pointed to both the "increase in revenues from television broadcasting rights as well as ‘stabilizing admissions,’ which in the third quarter dipped slightly" to $25.4M, compared with $26.3M the same quarter last year. Sales of food, beverages and merchandise in the Q3 “rose to nearly” $17.5M, up from $8.8M in Q3 '13. Total revenues for ISC in the quarter rose to $130.1M, up 11% from $117M “in revenues generated the same period last year.” ISC CFO Dan Houser said that the increase in food, beverage and merchandise sales “resulted in part from ISC’s taking over in January of the entire operations for Motorsports Authentics.” He added that “contributing to the revenue bump was a music festival” at Michigan Int’l Speedway. Meanwhile, ISC "plans to soon announce a second Daytona Rising sponsor, described as a 'founding partner,' following the signing on in February of Toyota." The company also "expects to soon announce a general contractor" for the $800M One Daytona mixed-use development (
Daytona Beach NEWS-JOURNAL, 10/8). At presstime, shares of ISC were trading at $30.05 per share, down 0.27% from the close of business on Tuesday (
THE DAILY).
