International Speedway Corporation Reports Financial Results for the Second Quarter of Fiscal 2013

 International Speedway Corporation Reports Financial Results for the Second
                            Quarter of Fiscal 2013

~ Company Reiterates Full-Year Financial Guidance

~~ Groundbreaking Plans for Daytona International Speedway

PR Newswire

DAYTONA BEACH, Fla., July 3, 2013

DAYTONA BEACH, Fla., July3, 2013 /PRNewswire/ --International Speedway
Corporation (NASDAQ Global Select Market: ISCA; OTC Bulletin Board: ISCB)
("ISC") today reported financial results for its fiscal second quarter ended
May31, 2013.

(Logo: http://photos.prnewswire.com/prnh/20091005/FL87045LOGO )

"We are pleased with our financial results for the quarter and year-to-date,"
stated ISC Chief Executive Officer Lesa France Kennedy. "While
consumer-related revenues at our events to-date generated mixed results, in
part due to inclement weather, we remain optimistic that the economy is poised
for stronger growth, which will benefit our fans.

"In a historic step to ensure Daytona International Speedway remains the
unrivaled pinnacle of motorsports entertainment facilities, we are
redeveloping the frontstretch of our legendary speedway. This redevelopment,
branded the Daytona Rising project, is a reimagining of an American icon that
will shape the vision of the speedway for the next generation. The vision
blends modern amenities with the rich heritage race fans expect from
Daytona.

"It is vital that we invest in Daytona International Speedway, home of the
DAYTONA 500, the most prestigious race in all of motorsports. Developing a
state-of-the art facility with first-class amenities will ensure Daytona
International Speedway will continue to flourish as a major sporting event
venue and a significant driver for the regional economy.

"As a result of the Daytona Rising project, we expect Daytona International
Speedway will generate incremental growth in revenue and EBITDA for ISC within
the first year after completion, and we anticipate it to be accretive to ISC's
earnings within three years of completion.

"We are confident that elevating the experience at the most important
motorsports facility in North America will enhance the DAYTONA 500 brand, our
12 other major motorsports facilities' brands and NASCAR's brand. And,
ultimately we expect it will influence attendance trends, corporate
involvement in the sport and the long-term strength of broadcast media rights
revenues."

Second Quarter Comparison

Total revenue for the second quarter ended May31, 2013 was approximately
$178.4 million, compared to revenue of approximately $179.6 million in the
prior-year period. Operating income was approximately $37.1 million during
the period compared to approximately $33.2 million in the second quarter of
fiscal 2012. Year-over-year comparability was impacted by:

  oDuring the second quarter of fiscal 2013, the Company expensed
    approximately $1.1 million, or $0.01 per diluted share, of certain ongoing
    carrying costs related to its Staten Island property. During the second
    quarter of fiscal 2013, the Company expensed approximately $1.0 million,
    or $0.01 per diluted share, of similar costs.
  oDuring the second quarter of fiscal 2012, the Company recognized
    approximately $1.2 million, or $0.02 per diluted share, related to a
    settlement of litigation involving certain ancillary facility operations.
  oDuring the second quarter of fiscal 2013, the Company recognized
    approximately $0.7 million, or $0.01 per diluted share, of losses
    associated with asset retirements primarily attributable to the removal of
    assets not fully depreciated in connection with certain capital
    improvements. Approximately $0.3million was a result of cash
    expenditures related to demolition and/or asset relocation costs for the
    period. In the second quarter of fiscal 2012, the Company recognized
    approximately $5.7million, or $0.07 per diluted share, of losses
    associated with asset retirements primarily attributable to the removal of
    assets not fully depreciated in connection with certain capital
    improvements.
  oDuring the second quarter of fiscal 2013, the Company recognized
    $0.3million in certain costs related to the Daytona Rising project.
  oDuring the second quarter of fiscal 2012, the Company recognized
    approximately $9.1million in expenses, or $0.12 per diluted share,
    related to the redemption of its remaining $87.0 million principal
    5.40percent Senior Notes.

Net income for the second quarter ended May31, 2013 was approximately $22.4
million, or $0.48 per diluted share, compared to net income of approximately
$13.7 million, or $0.30 per diluted share, in the prior year period.
Excluding certain carrying costs related to the Staten Island property; legal
judgment; losses associated with the retirements of certain other long-lived
assets; and certain costs incurred associated with Daytona Rising, non-GAAP
(defined below) net income for the second quarter of 2013 was $23.7million,
or $0.51 per diluted share. Non-GAAP net income for the fiscal second quarter
of 2012 was $24.0million, or $0.52 per diluted share.

Year-to-Date Comparison

For the six months ended May31, 2013, total revenues were $306.9million,
compared to $307.0million in 2012. Operating income for the six-month period
was $62.2million compared to $62.9million in the prior year. Year-over-year
comparability was impacted by:

  oDuring the six months ended May31, 2013, the Company expensed
    approximately $1.9million, or $0.03 per diluted share, of certain ongoing
    carrying costs related to its Staten Island property. During the six
    months ended May31, 2012, the Company expensed approximately
    $1.7million, or $0.02 per diluted share, of certain ongoing carrying
    costs related to its Staten Island property.
  oDuring the six months ended May31, 2013, the Company recognized
    approximately $0.6million, or $0.01 per diluted share, related to a
    judgment following litigation involving certain ancillary facility
    operations. For the comparable period in 2012, the Company recognized
    approximately $1.2million, or $0.02 per diluted share, related to a
    settlement of litigation involving certain ancillary facility operations.
  oDuring the six months ended May31, 2013, the Company recognized
    approximately $2.3million, or $0.03per diluted share, of losses
    associated with asset retirements primarily attributable to the removal of
    assets not fully depreciated in connection with certain capital
    improvements. Approximately $1.1million was a result of cash expenditures
    related to demolition and/or asset relocation costs. During the six months
    ended May31, 2012, the Company recognized approximately $5.7million, or
    $0.07 per diluted share, of losses associated with asset retirements
    primarily attributable to the removal of assets not fully depreciated in
    connection with certain capital improvements.
  oDuring the six months ended May31, 2013, the Company recognized
    $0.7million, or $0.01 per diluted share, in certain costs related to the
    Daytona Rising project.
  oDuring the six months ended May31, 2012, the Company recognized
    approximately $9.1million in expenses, or $0.12 per diluted share,
    related to the redemption of its remaining $87.0 million principal
    5.40percent Senior Notes.
  oDuring the six months ended May31, 2012, the Company recorded
    approximately $0.9million, or $0.01 per diluted share, net gain on the
    sale of certain assets.

Net income for the six months ended May31, 2013 was $36.0million, or $0.77
per diluted share, compared to a net income of $30.9million, or $0.67 per
diluted share in 2012. Excluding certain carrying costs related to the Staten
Island property; judgment following litigation; losses associated with the
retirement of certain other long-lived assets; and certain costs associated
with Daytona Rising, non-GAAP (defined below) net income for the for the six
months ended May31, 2013, was $39.3million, or $0.85 per diluted share.
This is compared to non-GAAP net income for the first six months of 2012 of
$41.1million, or $0.89 per diluted share.

GAAP to Non-GAAP Reconciliation

The following financial information is presented below using other than U.S.
generally accepted accounting principles ("non-GAAP") and is reconciled to
comparable information presented using GAAP. Non-GAAP net income and diluted
earnings per share below are derived by adjusting amounts determined in
accordance with GAAP for certain items presented in the accompanying selected
operating statement data, net of taxes.

The adjustments for 2012 relate to carrying costs of ISC's Staten Island
property, settlement of litigation, losses associated with the retirements of
certain other long-lived assets, loss on early retirement of debt, and net
gain on sale of certain assets.

The adjustments for 2013 relate to carrying costs of ISC's Staten Island
property, legal judgment, losses associated with the retirements of certain
other long-lived assets, and certain costs incurred associated with the
Daytona Rising project.

The Company believes such non-GAAP information is useful and meaningful and is
used by investors to assess its core operations, which consist of the ongoing
promotion of racing events at its major motorsports entertainment facilities.
Such non-GAAP information adjusts for items that are not considered to be
reflective of the Company's continuing core operations at its motorsports
entertainment facilities. The Company believes that such non-GAAP information
improves the comparability of its operating results and provides a better
understanding of the performance of its core operations for the periods
presented. The Company uses this non-GAAP information to analyze the current
performance and trends and make decisions regarding future ongoing operations.
This non-GAAP financial information may not be comparable to similarly titled
measures used by other entities and should not be considered as an alternative
to operating income, net income or diluted earnings per share, which are
determined in accordance with GAAP. The presentation of this non-GAAP
financial information is not intended to be considered independent of or as a
substitute for results prepared in accordance with GAAP. The Company uses both
GAAP and non-GAAP information in evaluating and operating its business and as
such deemed it important to provide such information to investors.

                                Three Months Ended          Six Months Ended
                                May 31, 2012  May 31, 2013  May 31,   May 31,
                                                            2012      2013
                                (Unaudited)
                                ( In Thousands, Except Per Share Amounts )
Net income                      $   13,740    $   22,440    $ 30,879  $ 35,953
Adjustments, net of tax:
Carrying costs related to       622           643           1,038     1,176
Staten Island
Legal settlement/judgment       716           5             716       351
Losses on asset retirements     3,443         456           3,473     1,395
Daytona Rising project          —             204           —         398
Loss on early redemption of     5,568         —             5,568     —
debt
Net gain on sale of certain     (47)          (1)           (557)     (1)
assets
Non-GAAP net income             $   24,042    $   23,747    $ 41,117  $ 39,272
Per share data:
Diluted earnings per share      $   0.30      $   0.48      $ 0.67    $ 0.77
Adjustments, net of tax:
Carrying costs related to       0.01          0.01          0.02      0.03
Staten Island
Legal settlement/judgment       0.02          —             0.02      0.01
Losses on asset retirements     0.07          0.01          0.07      0.03
Daytona Rising project          —             0.01          —         0.01
Loss on early redemption of     0.12          —             0.12      —
debt
Net gain on sale of certain     —             —             (0.01)    —
assets
Non-GAAP diluted earnings per   $   0.52      $   0.51      $ 0.89    $ 0.85
share

From a marketing partnership perspective, the Company has agreements in place
for approximately 94.0 percent of its gross marketing partnership revenue
target. All of the Company's available NASCAR Sprint Cup and Nationwide
Series entitlements have been sold for the year. Accordingly, the Company
expects to achieve its revenue target for the year.

The Company is encouraged that the number of Fortune 500 companies invested in
NASCAR remains higher than any other sport. Nearly one-in-four Fortune 500
companies use NASCAR as part of their marketing mix. ISC's family of Fortune
500 companies is significant, with approximately one-third of its top 50
contracted partners being Fortune 500 companies. ISC also has a number of
other blue-chip brands involved significantly in the sport, including
MillerCoors and Toyota.

External Growth and Other Initiatives

Capital Spending

The Company competes for the consumers' discretionary dollar with many
entertainment options such as concerts and other major sporting events, not
just other motorsport events. To better meet its customer's expectations, ISC
is committed to improving the guest experience at its facilities through
on-going capital improvements that position it for long-term growth.

For the six months ended May31, 2013, the Company spent approximately $21.6
million on capital expenditures for projects at its existing facilities. In
comparison, capital expenditures for the six months ended May31, 2012,
totaled approximately $26.1 million for projects at its existing facilities.

Subsequent to the quarter ended May31, 2013, ISC's board of directors
endorsed a capital allocation plan for fiscal 2013 to fiscal 2017 to not
exceed $600.0 million over that period. This is consistent with the Company's
previous guidance on ISC's average annual capital expenditures range of
between $100.0 million to $120.0 million for the next several years. The
five-year capital expenditure plan encompasses all the capital expenditures
for ISC's 13 major motorsports facilities, including the Daytona Rising
project, as well as any equity commitments to undertake a proposed mixed-use
entertainment destination development across from Daytona, which is still in
the planning stage and subject to a number of approvals, including potential
public incentives.

Capital expenditures for projects at existing facilities, including costs
related to the Daytona Rising project, will be approximately $90.0million for
ISC's 2013 fiscal year. The majority of the capital expenditures for the
Daytona Rising project will occur in fiscal 2014 and fiscal 2015. The Company
is still working through the construction schedule for the Daytona Rising
project, but it currently estimates ISC's total capex, exclusive of
capitalized interest, will be approximately $215.0 million for fiscal 2014 and
approximately $175.0 million for fiscal 2015. With a target completion date
for Daytona Rising in January 2016, spending will then decrease significantly
with an expectation of capital expenditures for projects at all of ISC's
existing facilities, exclusive of capitalized interest, to be approximately
$60.0 million in fiscal 2016 and fiscal 2017.

The Company reviews its capital expenditure program periodically and modifies
it as required to meet current business needs.

Daytona Rising: Reimagining an American Icon
The Company recently announced that it is redeveloping the frontstretch of
Daytona International Speedway, ISC's 54-year-old flagship motorsports
facility, to enhance the event experience for our fans, marketing partners,
broadcasters and the motorsports industry. The redevelopment of Daytona has
been branded the Daytona Rising project.

The Company currently anticipates the Daytona Rising project to cost between
$375.0 million to $400.0 million, excluding capitalized interest. Total
expenditures incurred for the Daytona Rising project through May 31, 2013 were
approximately $15.0 million. The Company expects to fund the Daytona Rising
project from cash on hand, cash from its operations and may use borrowings on
its credit facility for a limited period of time.

As part of the Daytona Rising project, the Company entered into a Design-Build
Agreement with Barton Malow Company ("Barton Malow"), which obligates ISC to
pay Barton Malow approximately $316.0 million for the completion of the work
described in the Design-Build Agreement. The amount is a stipulated sum to be
paid for the work, which may not change unless ISC requests a change in the
scope of work.

The vision for the Daytona Rising project places an emphasis on enhancing the
complete fan experience, beginning with five expanded and redesigned fan
entrances, or injectors. Each injector will lead directly to a series of
escalators and elevators that will transport fans to any of three different
concourse levels, each featuring spacious and strategically-placed social
"neighborhoods" along the nearly mile-long frontstretch.

A total of 11 neighborhoods, each measuring the size of a football field, will
enable fans to meet and socialize during events without ever missing any
on-track action, thanks to an open-sight line design throughout each concourse
and dozens of added video screens in every neighborhood. The central
neighborhood, dubbed the "World Center of Racing," will celebrate the history
of Daytona International Speedway and its many unforgettable moments
throughout more than 50 years of racing.

Every seat in the Speedway frontstretch will be replaced with wider, more
comfortable seating that will provide pristine sight lines. There will also
be more restrooms and concession stands per customer throughout the facility.
At the conclusion of the redevelopment, Daytona International Speedway will be
comprised of approximately 101,000 permanent seats with the potential to
increase permanent seating to 125,000. Despite having fewer permanent seats on
completion, the Company estimates that admissions revenue for all events at
Daytona Intentional Speedway will generate a low single-digit compounded
annual growth rate.

The Company expects that by providing its fans with a better experience as
well as an expansive platform for its marketing partners including an elevated
hospitality experience, the Daytona Rising project, upon completion in 2016,
will provide an immediate incremental lift in Daytona International Speedway's
revenues of approximately $20.0 million, and earnings before interest, taxes,
depreciation and amortization ("EBITDA") lift of approximately $15.0 million
with a mid-single-digit growth rate. The Company also currently anticipates
the project to be accretive to its net income per share within three years of
completion.

The Company is moving forward on this project immediately so it can be
completed before the start of the 2016 motorsports season.

Hollywood Casino at Kansas Speedway
The Hollywood Casino at Kansas Speedway, a 50/50 joint venture with Penn
National Gaming, Inc., which opened in February 2012, features a 95,000
square-foot casino with 2,000 slot machines and 52 table games, a 1,253 space
parking structure as well as a sports-themed bar, dining and entertainment
options. Penn National Gaming, Inc. is responsible for the operations of the
casino.

For the first six months of the Company's 2013 fiscal year, it has received
distributions from the casino totaling approximately $9.5million. For the
Company's 2013 fiscal year, it currently expects cash distributions from the
casino to ISC to be approximately $20.0 million.

The Company estimates its equity income related to the operations of the
casino to be approximately $8.0 million for its 2013 fiscal year. In June 2013
the casino received a property tax credit as a result of the casino
successfully negotiating a resolution to its property tax appeal. The
Company's share of the resolution of the appeal attributable to prior year's
property taxes will contribute approximately $1.0 million of the fiscal 2013
estimate.

Return of Capital
The Company has authorized its agent to purchase shares under certain
opportunistic parameters, which encompass price, corporate and regulatory
requirements, capital availability and other market conditions.ISC did not
purchase any shares of its Class A common shares during its fiscal 2013 second
quarter. From December 2006 through May 2013, the Company purchased
approximately 7.1million shares. At the end of fiscal 2013 second quarter,
the Company had approximately $61.7million in remaining capacity on its
$330.0million authorization. On a quarterly basis and pursuant to the
trading plan under Rule10b5-1, the Company reviews and adjusts, if necessary,
the parameters of its Stock Purchase Plans.

Outlook
ISC reiterates its 2013 total revenue guidance range of $610.0 million to
$625.0 million. In addition, the Company is maintaining its fiscal 2013 full
year non-GAAP earnings range of $1.35 to $1.55 per diluted share after-tax.

ISC's fiscal 2013 non-GAAP earnings per share guidance excludes any
accelerated depreciation and futureimpairments / losses on disposals of
certain long-lived assets which could be recorded as part of capital
improvements, resulting in removal of assets prior to the end of their actual
useful life; any income statement impact attributable to the Daytona Rising
project; legal judgments/settlements; certain carrying costs as well as any
gain or loss on the sale of its Staten Island property and unanticipated
further impairment of the property.

In closing, Ms. France Kennedy stated, "Enhancing the fan experience, which is
at the heart of NASCAR's Industry Action Plan, is central to our growth
strategy. An engaged customer, one who understands the sport and has a good
at-track experience is more likely to be retained. To accomplish this we are
evaluating ways to ensure our fans have equal access to the facilities'
amenities as well as good sight lines to the track and also to pit row, where
much of the strategy of the sport is revealed. Consequently, we are in the
process of evaluating certain of our facilities to remove sections of seats
that do not provide sufficient level of fan engagement. The benefit of
increasing a fan's affinity for the sport is significant, and we expect it
will translate into increased long-term cash flow, earnings visibility and
value for our shareholders."

Conference Call Details
The management of ISC will host a conference call today with investors at 9:00
a.m. Eastern Time. To participate, dial toll free (888) 694-4641 five to ten
minutes prior to the scheduled start time and request to be connected to the
ISC earnings call, ID number 94031291.

A live Webcast will also be available at that time on the Company's Web site,
www.internationalspeedwaycorporation.com, under the "Investor Relations"
section. A replay will be available two hours after the end of the call
through midnight Wednesday, July 17, 2013. To access, dial (855) 859-2056 and
enter the code 94031291, or visit the "Investor Relations" section of the
Company's Web site.

International Speedway Corporation is a leading promoter of motorsports
activities, currently promoting more than 100 racing events annually as well
as numerous other motorsports-related activities. The Company owns and/or
operates 13 of the nation's major motorsports entertainment facilities,
including Daytona International Speedway® in Florida (home of the DAYTONA
500®); Talladega Superspeedway® in Alabama; Michigan International Speedway®
located outside Detroit; Richmond International Raceway® in Virginia; Auto
Club Speedway of Southern California^SM near Los Angeles; Kansas Speedway® in
Kansas City, Kansas; Phoenix International Raceway® in Arizona; Chicagoland
Speedway® and Route 66 Raceway^SM near Chicago, Illinois; Homestead-Miami
Speedway^SM in Florida; Martinsville Speedway® in Virginia; Darlington
Raceway® in South Carolina; and Watkins Glen International® in New York.

The Company also owns and operates Motor Racing Network^SM, the nation's
largest independent sports radio network, and Americrown Service
Corporation^SM, a subsidiary that provides catering services, food and
beverage concessions, and produces and markets motorsports-related
merchandise. In addition, the Company has a 50 percent interest in the
Hollywood Casino at Kansas Speedway. For more information, visit the
Company's Web site at www.internationalspeedwaycorporation.com.

Statements made in this release that express the Company's or management's
beliefs or expectations and which are not historical facts or which are
applied prospectively are forward-looking statements. It is important to note
that the Company's actual results could differ materially from those contained
in or implied by such forward-looking statements. The Company's results could
be impacted by risk factors, including, but not limited to, weather
surrounding racing events, government regulations, economic conditions,
consumer and corporate spending, military actions, air travel and national or
local catastrophic events. Additional information concerning factors that
could cause actual results to differ materially from those in the
forward-looking statements is contained from time to time in the Company's SEC
filings including, but not limited to, the 10-K and subsequent 10-Qs. Copies
of those filings are available from the Company and the SEC. The Company
undertakes no obligation to release publicly any revisions to these
forward-looking statements that may be needed to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. The inclusion of any statement in this release does not
constitute an admission by International Speedway or any other person that the
events or circumstances described in such statement are material.



(Tables Follow)




Consolidated Statements of Operations
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)


                        Three Months Ended          Six Months Ended
                        May31, 2012  May31, 2013  May31, 2012  May31, 2013
REVENUES:
Admissions, net         $   37,344    $   35,778    $   69,870    $   66,515
Motorsports related     125,759       126,046       206,505       210,651
Food, beverage and      12,724        12,734        23,769        22,908
merchandise
Other                   3,768         3,816         6,849         6,852
                        179,595       178,374       306,993       306,926
EXPENSES:
Direct:
 Prize and point
fund monies and NASCAR  48,855        50,144        74,107        76,489

 sanction fees
 Motorsports related  34,759        34,889        56,724        57,191
 Food, beverage and   10,130        9,492         17,867        16,775
merchandise
General and             27,862        26,363        51,098        52,451
administrative
Depreciation and        19,167        19,658        38,626        39,500
amortization
Losses on asset         5,653         748           5,703         2,293
retirements
                        146,426       141,294       244,125       244,699
Operating income        33,169        37,080        62,868        62,227
Interest income         31            19            58            39
Interest expense        (2,904)       (3,879)       (6,341)       (7,841)
Loss on early           (9,144)       —             (9,144)       —
redemption of debt
Equity in net income
from equity             1,395         3,231         1,094         4,251
investments
Other                   77            2             916           2
Income before income    22,624        36,453        49,451        58,678
taxes
Income taxes            8,884         14,013        18,572        22,725
Net income              $   13,740    $   22,440    $   30,879    $   35,953
Dividends per share     $   0.20      $   0.22      $   0.20      $   0.22
Earnings per share:
Basic and diluted       $   0.30      $   0.48      $   0.67      $   0.77
Basic weighted average  46,306,147    46,446,993    46,348,345    46,435,289
shares outstanding
Diluted weighted
average shares          46,316,419    46,464,051    46,358,458    46,450,567
outstanding
Comprehensive income    $   13,885    $   22,605    $   31,207    $   36,282



Consolidated Balance Sheets
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)


                                 November30, 2012  May31, 2012  May31, 2013
ASSETS
Current Assets:
Cash and cash equivalents        $   78,379         $ 104,068     $ 162,577
Receivables, less allowance      30,830             48,188        48,774
Inventories                      3,020              4,274         3,940
Income taxes receivable          6,202              5,471         3,857
Deferred income taxes            2,029              2,345         2,047
Prepaid expenses and other       7,159              14,592        14,967
current assets
Total Current Assets             127,619            178,938       236,162
Property and Equipment, net      1,362,186          1,356,557     1,344,299
Other Assets:
Equity investments               146,378            152,787       141,129
Intangible assets, net           178,649            178,667       178,635
Goodwill                         118,791            118,791       118,791
Other                            8,118              7,245         7,596
                                 451,936            457,490       446,151
Total Assets                     $   1,941,741      $ 1,992,985   $ 2,026,612
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current Liabilities:
Current portion of long-term     $   2,513          $ 2,284       $ 2,532
debt
Accounts payable                 12,630             17,894        10,390
Deferred income                  42,818             86,206        85,198
Income taxes payable             1,507              4,610         4,715
Current tax liabilities          434                817           440
Other current liabilities        16,849             23,156        30,486
Total Current Liabilities        76,751             134,967       133,761
Long-Term Debt                   274,419            296,563       274,100
Deferred Income Taxes            328,223            322,063       330,267
Long-Term Tax Liabilities        1,790              2,033         1,960
Long-Term Deferred Income        10,455             11,464        9,160
Other Long-Term Liabilities      1,293              1,500         1,681
Shareholders' Equity:
ClassA Common Stock, $.01 par
value,                           260                261           261

80,000,000 shares authorized
ClassB Common Stock, $.01 par
value,                           200                199           200

40,000,000 shares authorized
Additional paid-in capital       442,474            442,075       443,293
Retained earnings                811,172            787,473       836,896
Accumulated other comprehensive  (5,296)            (5,613)       (4,967)
loss
Total Shareholders' Equity       1,248,810          1,224,395     1,275,683
Total Liabilities and            $   1,941,741      $ 1,992,985   $ 2,026,612
Shareholders' Equity



Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)
                                                    Six Months Ended
                                                    May 31, 2012  May 31, 2013
OPERATING ACTIVITIES
Net income                                          $  30,879     $  35,953
 Adjustments to reconcile net income to net cash

 provided by operating activities:
 Depreciation and amortization                 38,626        39,500
 Stock-based compensation                      809           1,088
 Amortization of financing costs               889           718
 Deferred income taxes                         6,711         1,876
 Income from equity investments                (1,094)       (4,251)
 Distribution from equity investee             —             5,000
 Loss on asset retirements, non-cash           5,703         1,184
 Other, net                                    (898)         (33)
 Changes in operating assets and liabilities:
  Receivables, net                           (12,090)      (17,944)
  Inventories, prepaid expenses and other    (7,447)       (8,530)
assets
  Accounts payable and other liabilities     (7,098)       296
  Deferred income                            41,374        41,085
  Income taxes                               1,778         5,819
Net cash provided by operating activities           98,142        101,761
INVESTING ACTIVITIES
 Capital expenditures                             (26,092)      (21,632)
 Distribution from equity investee and affiliate  —             4,500
 Equity investments and advances to affiliate     (51,556)      —
 Other, net                                       1,408         111
Net cash used in investing activities               (76,240)      (17,021)
FINANCING ACTIVITIES
 Payment under credit facility                    (60,000)      —
 Proceeds from credit facility                    130,000       —
 Payment of long-term debt                        (87,356)      (334)
 Exercise of Class A common stock options         —             51
 Reacquisition of previously issued common stock  (10,556)      (259)
Net cash used in financing activities               (27,912)      (542)
Net (decrease) increase in cash and cash            (6,010)       84,198
equivalents
Cash and cash equivalents at beginning of period    110,078       78,379
Cash and cash equivalents at end of period          $  104,068    $  162,577



SOURCE International Speedway Corporation

Website: http://www.internationalspeedwaycorporation.com
Contact: Charles N. Talbert, Senior Director, Investor and Corporate
Communications, (386) 681-4281
 
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