ISC Reports Net Income Of $69.4M For FY '11 Despite Total Revenue Decrease
Despite seeing total revenues decrease by $15.6M last year, Int'l Speedway Corporation today reported net income of $69.4M for FY '11. Admissions revenue decreased 10% from '10 to $144.4M, but ISC did not host IndyCar Series events at its Kansas, Chicagoland, Watkins Glen or Homestead tracks, as it did in '10. The company's motorsports related revenue increased 1% to $425.6M. Total expenses fell from $523.2M in '10 to $496.5M in '11. Total revenue in '11 was $629.7M. Looking ahead to '12, the company expects total revenues for the year to be between $610-630M. The decrease in revenues is largely because NASCAR cut a less lucrative renewal with SirusXM Radio, which will reduce the amount of ancillary rights revenue ISC receives in '12. ISC did not specify how much less SiriusXM will pay. The company reported the NASCAR industry in '11 earned $17M in total ancillary rights fees, which includes the satellite radio, international TV and online revenues. Of that, ISC took $8M. ISC said it expects to earn an "immaterial amount" of ancillary revenue in '12. At presstime, shares of ISC were trading at $26.40, down .35% from yesterday's close of $26.75.