ISC today reported '10 year-end results that showed a drop in net income and continued revenue declines driven in part by significant decreases in ticket sales. Net income for the year ending Nov. 30, excluding discontinued operations, depreciation and other accounting methods, was approximately $73.2M, or $1.52 per share. That was down from $90.7M, or $1.86, per share for FY '09. ISC Vice Chair & CEO Lesa France Kennedy said, "We do believe conditions are getting better. Most importantly, the fundamentals of our business remain sound."
Ticket sales revenue in '10 dropped to $160.4M, an 18% decrease from the $195.5M generated in '09. Motorsports-related revenues declined by 2.6% to $420.9M, and concession and merchandise revenues declined by 6.9% to $52.5M. ISC cut total expenses to $523.1M, a 4.1% decrease from '09. ISC President John Saunders: "We are still seeing challenges in consumer spending but remain encouraged by many corporate spending trends."
Saunders said ISC will not adjust ticket prices in '11. Advance ticket sales for '11 Sprint Cup races at ISC tracks are 5-6% below '09 sales in both volume and revenue. The retention rate for season-ticket holders is in the 50% range, Saunders said. Saunders: "We expect our customer to make purchasing decisions late in the buying cycle."
