ISC released '16 FY Q3 results today for the period ended Aug. 31, with the results showing an increase in total revenue but another downtick in the admissions revenue category. ISC, which postponed today's scheduled earnings call in order to prepare for Hurricane Matthew, saw total revenue of $129M during the quarter. That is up 3% from $125.5M in Q3 in ’15, mostly on the back of increased corporate sponsorship revenue, which is up 12% for the year, and contractually slated increases in TV money. Admissions revenue was $22.8M, down about 5% from $24M in the same period last year. ISC claims that is due in part to this year’s Q3 not including an Xfinity race at Chicagoland and IndyCar race at Auto Club Speedway. ISC did see upticks in admission revenue for its July Daytona race and August race at Watkins Glen. For the year so far, ISC is down about 3% in admission revenue, from $87.8M last year to $85.2M in ‘16. In the food, beverage and merchandise category, ISC was up about 3% in Q3, from $10.5M last year to $10.8M this year. The category that includes TV money was up 4% from $86.6M last year to $90.2M this year. In this report, ISC also noted that it has $40M in capital expenditures slated for ’17 to be spent on the Phoenix Int'l Raceway renovation, which it says will begin next year and is targeted for completion in late ’18. Net income or profit for the year so far is $43.9M. ISC has one remaining unsold Sprint Cup entitlement at Talladega but has already exceeded its corporate-sponsorship revenue target for the year.
