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.
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.
