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Last $33.88 USD
Change Today -0.39 / -1.14%
Volume 80.1K
As of 8:10 PM 08/3/15 All times are local (Market data is delayed by at least 15 minutes).

intl speedway corp-cl a (ISCA) Key Developments

International Speedway Corp. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended May 31, 2015; Raises Earnings Guidance for Full Year 2015

International Speedway Corp. announced unaudited consolidated earnings results for the second quarter and six months ended May 31, 2015. For the quarter, the company reported revenues of $164,010,000 compared to $190,311,000 a year ago. Operating income was $19,217,000 compared to $34,739,000 a year ago. Income before income taxes was $21,769,000 compared to $34,804,000 a year ago. Net income was $13,355,000 or $0.29 per basic and diluted share compared to $21,469,000 or $0.46 per basic and diluted share a year ago. Non-GAAP net income was $16,526,000 or $0.35 per diluted share compared to $23,385,000 or $0.50 per diluted share a year ago. For the six months, the company reported revenues of $300,562,000 compared to $322,100,000 a year ago. Operating income was $40,808,000 compared to $57,078,000 a year ago. Income before income taxes was $45,181,000 compared to $61,110,000 a year ago. Net income was $28,308,000 or $0.61 per basic and diluted share compared to $41,364,000 or $0.89 per basic and diluted share a year ago. Net cash provided by operating activities was $96,860,000 compared to $105,426,000 a year ago. Capital expenditures were $75,928,000 compared to $74,708,000 a year ago. Non-GAAP net income was $33,411,000 or $0.72 per diluted share compared to $38,891,000 or $0.84 per diluted share a year ago. The company is narrowing its previously announced 2015 full year non-GAAP guidance toward the upper range, reflecting the positive momentum from its consumer and corporate marketing strategies and favorable results from its equity investment in the Hollywood Casino at Kansas Speedway. The company expects revenue to be in the range of $625.0 million to $635.0 million, EBITDA margin to be in the range of 29.5% to 30.5%, operating margin to be in the range of 15.5% to 16.5%, effective tax rate to be in the range of 38.5% to 39.5% and diluted earnings per share to be in the range of $1.20 to $1.30. The company is also updating guidance for EBITDA to range between $185.0 million to $195.0 million.

International Speedway Seeks Acquisitions

Chief Executive Officer of International Speedway Corp. (NasdaqGS:ISCA), Lesa France Kennedy said, "We are confident about our financial condition and our strategic initiatives to grow our business. We maintain a solid balance sheet that makes possible strategic developments and acquisitions that build shareholder value. As well we are executing consumer and corporate programs that complement our industry's long-term broadcast agreements, all supporting revenue growth."

International Speedway Corp., Q2 2015 Earnings Call, Jul 02, 2015

International Speedway Corp., Q2 2015 Earnings Call, Jul 02, 2015

International Speedway Corporation Announces New Strategic Partnership with AEG

International Speedway Corporation announced an extension of their strategic partnership with AEG. The relationship further solidifies two organizations focused on facility ownership and management, sporting properties, live event promotion, and media production and distribution. The new partnership will include AEG's live-entertainment division, AEG Live, as ISC examines opportunities to develop music and other live events at many of its 13 motorsports entertainment facilities throughout the U.S.

International Speedway Corp. Announces Management Changes

International Speedway Corp. reported the appointment of Larree M. Renda and the promotion of seven members of the executive management team and appointment of one executive officer. The Company noted that Renda will hold office until the 2017 annual meeting of shareholders, completing the term of Lloyd Reuss, who did not stand for re-election in 2014. Renda will serve as a member of the Audit and Compensation Committees. ISC said that it promoted seven key executives for their significant contributions and achievements including Dan Houser to Executive Vice President, CFO and Treasurer; Gary Crotty to Executive Vice President, Chief Administration Officer and Chief Legal Counsel; Craig Neeb to Executive Vice President, Chief Development and Digital Officer; Daryl Wolfe to Executive Vice President, Chief Marketing Officer; Joie Chitwood to Executive Vice President, ISC and President, Daytona International Speedway; Laura Jackson to Senior Vice President, Corporate Services and Chief Human Resources Officer; and Brett Scharback to Senior Vice President, Legal and Chief Compliance Officer. ISC appointed Greg Motto to Vice President, Finance and Accounting and ISC Controller. Motto, first employed by ISC in 2000, previously served as ISC Managing Director of Finance and Controller. As Vice President, he will continue to manage integrated financial planning and reporting while overseeing the Company's accounting operations and internal controls.

 

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Industry Analysis

ISCA

Industry Average

Valuation ISCA Industry Range
Price/Earnings 29.4x
Price/Sales 2.5x
Price/Book 1.2x
Price/Cash Flow 6.7x
TEV/Sales 0.7x
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