ISC revenue up, but admissions see dip
International Speedway Corp. released its 2016 third-quarter results last week for the period ended Aug. 31, with the results showing an increase in total revenue but another downtick in admissions revenue.
ISC saw total revenue of $129 million during the quarter. That’s up 3 percent from $125.5 million during the third quarter of 2015, mostly on the back of increased corporate sponsorship revenue, which is up 12 percent for the year, and contractually slated increases in television rights fees.
Admissions revenue was $22.8 million, down about 5 percent from $24 million during the same period last year. ISC claims that’s due in part to this year’s third quarter not including an Xfinity race at Chicagoland Speedway and an IndyCar race at Auto Club Speedway. ISC did see upticks in admission revenue for its July Daytona race and August race at Watkins Glen. For the year, ISC is down about 3 percent in admission revenue, from $87.8 million last year to $85.2 million in 2016.
In the food, beverage and merchandise category, ISC was up about 3 percent during the third quarter, from $10.5 million last year to $10.8 million this year. The category that includes TV money was up 4 percent from $86.6 million last year to $90.2 million this year.
Net income for the year thus far is $43.9 million.
ISC also noted that it has $40 million in capital expenditures slated for 2017 to be spent on the Phoenix International Raceway renovation, which it says will begin next year and is targeted for completion in late 2018.
ISC has one remaining unsold Sprint Cup title sponsorship at Talladega Superspeedway but has already exceeded its corporate-sponsorship revenue target for the year.