ISC's Q1 Revenues Decline 2%, But Earnings Beat Expectations
Int'l Speedway Corporation (ISC) today reported Q1 earnings that "exceeded ... expectations" largely because of attendance increases for races at Daytona, Phoenix and Auto Club speedways. The company's Q1 revenues declined 2% from the same period in '10 to $148.7M. Admissions revenue totaled $36M and motorsports related revenue totaled $97.9M. Both of those primary revenue streams were nearly flat with the first quarter of '10. ISC has sold 87% of its targeted sponsorship revenue and has five race entitlements left to sell in the '11 season. At the same time revenues remained flat, expenses decreased $3M to $109M. ISC reported that net income in Q1 '11 was $21.4M compared to $25.4M in '10, but '10 income benefitted from $5M in tax settlements.
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ISC CEO Lesa France Kennedy: "We are pleased to report first quarter results that exceeded our financial expectations. ... Disciplined focus on the cost-side of the business is delivering the expected marked improvement in our operating margin." The company reiterated its expectation that '11 revenues will total $635-650M.