ISC's Revenue, Income Fall In Q3 With One Less Cup Race
ISC revenues decreased in Q3, underscoring the challenge the company continues to face in a sluggish economy. Revenues dropped to $115.9M for the period ending Aug. 31, down from $150.3M last year. The decrease was only 3% when scheduling changes were accounted for by the company, which held one less NASCAR Sprint Cup race and one less Nationwide Series race during the period than it did a year ago. Operating income dropped to $700,000 from $20.5M a year ago. Through the first three quarters, ISC reported total revenues of $422.9M, down from $437.7M a year ago. Admissions revenue to date is down 2.7% to 99.5M and motorsports-related revenue decreased by 2.7% to 284.4.
In a statement, ISC CEO Lesa France Kennedy said, "We remain encouraged with many aspects of our business despite the ongoing affects of the sluggish economy, which continues to impact on our attendance-related revenues. Corporate partner support for the industry remains robust. The sports media rights landscape is strong as evidenced last month by Major League Baseball extending its television contract on favorable terms. And, we are seeing certain consumer trends moving in the right direction. These consumer trends need to translate into increased attendance at our events before we can see growth in attendance-related revenues."