UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended May 31, 1995.
Commission file Number 0-2384
International Speedway Corporation
(Exact name of registrant as specified in its charter.)
Florida, U.S.A. 59-0709342
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1801 West International Speedway Boulevard, Daytona Beach, Florida 32114-1243
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (904) 254-2700
Indicate by check mark whether the registrant(1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. YES [X] NO [ ]
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practical date:
Common Stock, $0.10 Par Value - 2,293,213 shares as of June 30, 1995.
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PART I. - FINANCIAL INFORMATION
Item 1. - Financial Statements
INTERNATIONAL SPEEDWAY CORPORATION
Condensed Consolidated Balance Sheets
May 31, August 31,
1995 1994
(Unaudited)
_______________________
(In Thousands)
ASSETS
Current Assets:
Cash and cash equivalents $ 10,083 $ 5,227
Short-term investments 30,823 21,920
Receivables, less allowance of $35 3,741 1,347
Inventories 1,134 1,069
Prepaid expenses and other current assets 1,229 1,800
________________________
Total Current Assets 47,010 31,363
Property and Equipment - at cost - less accumulated
depreciation of $31,674 ($28,320 at August 31) 66,479 58,579
Other Assets:
Cash surrender value of life insurance 481 459
Equity investment 1,895 2,628
Long-term investments 3,303 3,187
Other 216 185
_______________________
5,895 6,459
_______________________
Total Assets $119,384 $ 96,401
=======================
See accompanying notes and accountants' review report.
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May 31, August 31,
1995 1994
(Unaudited)
_______________________
(In Thousands)
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 1,866 $ 1,452
Deferred income 23,329 17,150
Income taxes payable 1,362 52
Other current liabilities 1,860 870
_______________________
Total Current Liabilities 28,417 19,524
Deferred income taxes 9,730 8,600
Shareholders' Equity:
Common stock, $.10 par value, 5,000,000 shares
authorized; 3,502,733 and 3,498,768 issued
at May 31 and August 31, respectively 350 350
Capital in excess of par value 2,350 1,861
Retained earnings 85,057 72,290
_______________________
87,757 74,501
Less: Treasury stock - at cost, 1,209,520 shares 5,599 5,599
Unearned compensation - restricted stock 921 625
(Note 5)
_______________________
Total Shareholders' Equity 81,237 68,277
_______________________
Total Liabilities and Shareholders' Equity $119,384 $ 96,401
=======================
See accompanying notes and accountants' review report.
<PAGE>
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INTERNATIONAL SPEEDWAY CORPORATION
Condensed Consolidated Statements of Operations
Three Months ended
May 31
1995 1994
(Unaudited) (Unaudited)
_________________________
(In Thousands, Except
for Per Share Amounts)
REVENUES:
Admissions, net $10,640 $ 9,164
Food, beverage and souvenir income 4,081 3,538
Other related income 6,589 4,208
Interest income 432 293
_________________________
21,742 17,203
EXPENSES:
Direct expenses:
Prize and point fund monies
and NASCAR sanction fees 2,672 1,989
Food, beverage and souvenir expenses 2,958 2,486
Other direct expenses 3,308 3,271
_________________________
8,938 7,746
Promotion, general and administrative expenses 4,515 3,490
Other related expenses 904 843
Depreciation 1,174 989
_________________________
15,531 13,068
_________________________
Income before income taxes 6,211 4,135
Income taxes 2,558 1,635
_________________________
Net Income $ 3,653 $ 2,500
=========================
Earnings per share (Note 2) $ 1.59 $ 1.09
=========================
Dividends per share $ .70 $ .60
=========================
See accompanying notes and accountants' review report.
<PAGE>
<PAGE>
INTERNATIONAL SPEEDWAY CORPORATION
Condensed Consolidated Statements of Operations
Nine Months ended
May 31
1995 1994
(Unaudited) (Unaudited)
_________________________
(In Thousands, Except
for Per Share Amounts)
REVENUES:
Admissions, net $32,373 $27,701
Food, beverage and souvenir income 11,421 9,533
Other related income 18,811 14,723
Interest income 1,065 695
_________________________
63,670 52,652
EXPENSES:
Direct expenses:
Prize and point fund monies
and NASCAR sanction fees 8,752 7,046
Food, beverage and souvenir expenses 7,336 6,443
Other direct expenses 6,783 6,721
_________________________
22,871 20,210
Promotion, general and administrative expenses 11,570 9,453
Other related expenses 2,035 2,027
Depreciation 3,436 2,724
_________________________
39,912 34,414
_________________________
Income before income taxes 23,758 18,238
Income taxes 9,304 7,081
_________________________
Net Income $14,454 $11,157
=========================
Earnings per share (Note 2) $ 6.31 $ 4.88
=========================
Dividends per share $ .70 $ .60
=========================
See accompanying notes and accountants' review report.
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International Speedway Corporation
Condensed Consolidated Statements of Shareholders' Equity
Unearned
Compen- Total
Capital in sation - Share-
Common Excess of Retained Treasury Restricted holders'
Stock Par Value Earnings Stock Stock Equity
______________________________________________________________
(In Thousands)
Balance at
August 31, 1993 $349 $1,103 $59,383 $(5,599) $ - $55,236
Activity 9/1/93-
5/31/94:
Net Income -
Unaudited - - 11,157 - - 11,157
Cash dividends
($.60 per share)
- unaudited - - (1,374) - - (1,374)
Reacquisition of
previously issued
stock - unaudited - (1) (242) - - (243)
Restricted stock
granted-unaudited 1 759 - - (760) -
Amortization of
unearned compensa-
tion - unaudited - - - - 84 84
_____________________________________________________________
Balance at
May 31, 1994
- - Unaudited 350 1,861 68,924 (5,599) (676) 64,860
Activity 6/1/94-
8/31/94:
Net income -
Unaudited - - 3,409 - - 3,409
Reacquisition of
previously issued
stock - unaudited - - (43) - - (43)
Amortization of
unearned compensa-
tion - unaudited - - - - 51 51
____________________________________________________________
Balance at
August 31, 1994 350 1,861 72,290 (5,599) (625) 68,277
Activity 9/1/94-
5/31/95:
Net income -
Unaudited - - 14,454 - - 14,454
Dividends declared
($.70 per share)
- unaudited - - (1,605) - - (1,605)
Reacquisition of
previously issued
stock - unaudited - - (82) - - (82)
Restricted stock
granted-unaudited - 489 - - (489) -
Amortization of
unearned compensa-
tion - unaudited - - - - 193 193
_____________________________________________________________
Balance at
May 31, 1995
- - Unaudited $350 $2,350 $85,057 $(5,599) $(921) $81,237
==============================================================
See accompanying notes and accountants' review report.
<PAGE>
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International Speedway Corporation
Condensed Consolidated Statements of Cash Flows
Nine Months ended
May 31
1995 1994
(Unaudited) (Unaudited)
______________________________
(In Thousands)
OPERATING ACTIVITIES
Net income $14,454 $11,157
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation 3,436 2,724
Amortization of unearned compensation 193 84
Deferred income taxes 1,130 910
Undistributed loss of affiliate 733 653
Loss on disposition of property and equipment 7 -
Changes in operating assets and liabilities:
Receivables (2,394) (1,016)
Inventories (65) (117)
Prepaid expenses and other current assets 571 445
Cash surrender value of life insurance (22) (25)
Other assets (43) 48
Accounts payable 414 369
Deferred income 6,179 4,423
Income taxes payable 1,310 238
Other current liabilities (615) (256)
_______________________________
Net cash provided by operating activities 25,288 19,637
INVESTING ACTIVITIES
Acquisition of investments (64,735) (53,276)
Proceeds from maturities of investments 55,716 51,331
Capital expenditures (11,352) (15,452)
Proceeds from sale of assets 21 7
_______________________________
Net cash used in investing activities (20,350) (17,390)
FINANCING ACTIVITIES
Reacquisition of previously issued
common stock (82) (243)
______________________________
Net cash used in financing activities (82) (243)
______________________________
Net increase in cash and cash equivalents 4,856 2,004
Cash and cash equivalents at
beginning of period 5,227 6,123
______________________________
Cash and cash equivalents at end of period $10,083 $8,127
===============================
See accompanying notes and accountants' review report.
<PAGE>
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International Speedway Corporation
Notes to Condensed Consolidated Financial Statements
May 31, 1995 and August 31, 1994
(Unaudited - See Accountants' Review Report)
1. Basis of Presentation
The accompanying condensed consolidated financial statements have been prepared
in compliance with Rule 10-01 of Regulation S-X and generally accepted
accounting principles but do not include all of the information and disclosures
required for complete financial statements. The statements should be read in
conjunction with the consolidated financial statements and notes thereto
included in the Company's latest annual report on Form 10-K. The statements
have been reviewed by the Company's independent accountants. In management's
opinion, the statements include all adjustments which are necessary for a fair
presentation of the results for the interim periods. All such adjustments are
of a normal recurring nature. Certain reclassifications have been made to
conform to the financial presentation at May 31, 1995.
Because of the seasonal concentration of racing events, the results of
operations for the three-month and nine-month periods ended May 31, 1995 and
1994 are not indicative of the results to be expected for the year.
2. Earnings Per Share
Earnings per share have been computed on the weighted average total number of
common shares outstanding during the respective periods. Weighted average
shares outstanding for the three-month and nine-month periods ended May 31,
1995 were 2,293,365 and 2,291,510, respectively. Weighted average shares
outstanding for the three-month and nine-month periods ended May 31, 1994
were 2,289,766 and 2,287,301, respectively.
3. Related Party Disclosures and Transactions
All of the racing events that take place during the Company's fiscal year are
sanctioned by various racing organizations such as the Sports Car Club of
America (SCCA), Automobile Racing Club of America (ARCA), American Motorcyclist
Association (AMA), International Motor Sports Association (IMSA), World Karting
Association (WKA), Federation Internationale de l'Automobile (FIA), Federation
Internationale Motorcycliste (FIM), and the National Association for Stock Car
Auto Racing, Inc. (NASCAR). NASCAR, which sanctions some of the Company's
principal racing events, is a member of the France Family Group which controls
in excess of 60% of the outstanding stock of the Company and some members of
which serve as directors and officers. Standard NASCAR sanction agreements
require racetrack operators to pay sanction fees and prize and point fund
monies for each sanctioned event conducted. The prize and point fund monies are
distributed by NASCAR to participants in the events. Prize and point fund
monies paid by the Company to NASCAR for disbursement to competitors totaled
approximately $7.4 million and $2.2 million for the nine-month and three-month
periods ended May 31, 1995, respectively, and approximately $6.1 million and
$1.8 million for the nine-month and three-month periods ended May 31, 1994,
respectively.
4. Supplemental Disclosures of Cash Flow Information
Cash paid for income taxes for the nine months ended May 31, 1995 and 1994 is
as follows:
1995 1994
______________________________
(Thousands of Dollars)
Income taxes paid $6,856 $5,933
==============================
5. Long-Term Incentive Restricted Stock
On January 1, 1995 and 1994, a total of 4,694 and 7,841 restricted shares of
the Company's common stock, respectively, were awarded to certain officers and
managers under the Company's Long Term Incentive Plan. The market value of
shares awarded on January 1, 1995 and 1994 amounted to approximately $489,000
and $760,000, respectively, and has been recorded as unearned compensation -
restricted stock, which is shown as a separate component of shareholders'
equity in the accompanying condensed consolidated balance sheets. The
unearned compensation is being amortized over the vesting period of the
shares. The total expense charged against operations during the nine months
ended May 31, 1995 and 1994 was approximately $193,000 and $84,000,
respectively.
<PAGE>
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Financial Condition
Liquidity
Management believes that a high degree of liquidity is desirable due to the
inherent insurance and weather risks associated with the production of large
outdoor sporting and entertainment events. The trend during the past several
years has been for the Company to have increasing liquidity. This trend has
been due to a general increase in interest in motor sports, reflected in
increased live and broadcast audiences, and generally favorable weather
conditions for the events conducted at the Company's facilities. However, the
Company is expected to experience decreasing liquidity as it begins to
utilize its liquid assets to finance the capital projects described below
under the caption "Capital Resources".
The Company's combined position in cash and cash equivalents and short-term
investments at May 31, 1995 increased from August 31, 1994 primarily as a
result of increased income and cash flows from operations. The increased
cash flows were offset in part by payments made for capital projects.
The Company's working capital at May 31, 1995 also increased from August 31,
1994 due primarily to the increase in cash and cash equivalents and short-term
investments described above, as well as to an increase in accounts receivable
related to increased revenues described below under the caption "Revenues".
These working capital increases were offset in part by the use of cash to
finance capital improvements, an increase in accounts payable related to
construction in progress, a reduction in prepaid expenses due to recognition
of expenses related to the 1994 Darlington event and by an increase in income
taxes payable as a result of income from operations and the timing of
estimated tax deposits.
Receivables increased for the nine months ended May 31, 1995, as compared to
the nine months ended May 31, 1994, primarily due to an increase in other
related income as described below under the caption "Revenues". The increase
in deferred revenue for the nine months ended May 31, 1995, as compared to
the same period of 1994, is due primarily to an increase in seating capacity
and certain ticket prices for future motorsports events to be held at the
Company's Daytona, Talladega and Darlington facilities.
The increase in other current liabilities is due to dividends declared but
unpaid as of May 31, 1995, partially offset by a decrease in the payment of
compensation accrued at August 31, 1994.
The Company intends to continue to maintain the policy of investing excess
cash primarily in short-term investments. The staggered maturities of these
short-term investments would provide the Company with sufficient cash to cover
the expenses arising from a delay, postponement or cancellation of an event
due to poor weather conditions or other contingencies.
The increase in proceeds from and acquisitions of investments during the nine
months ended May 31, 1995, as compared to the corresponding period of 1994, is
due to increased short-term investment activity. This increased activity
resulted from increased cash flows from operations and fewer capital
expenditures in the current year-to-date period.
Management believes that the Company has the ability to generate adequate
amounts of cash through operations and outside financing, if necessary, to
meet the Company's operational needs on both a long- and short-term basis.
Capital Resources
The Company continues to invest in the general improvement and expansion of its
aging facilities. The amount of capital expenditures, however, can materially
change from year to year based on approved projects and the availability of
working capital resources.
During the nine months ended May 31, 1994, significant additions to spectator
capacity were made. The increase in spectator capacity which has been made to
date in fiscal 1995 was smaller. However, approximately $3.5 million has been
spent in the current fiscal year related to the "Daytona USA"(R) project
described below.
The Company's Board of Directors has approved general improvement and expansion
projects with an estimated cost to complete of approximately $13 million at May
31, 1995. These projects consist primarily of additions and renovations to
spectator capacity, paving, concession facilities and equipment. Management
anticipates the completion of these projects within the next 24 months based on
the availability of working capital resources.
In addition to the general capital projects described above, the Company's
Board of Directors approved two significant new capital expenditures in
fiscal 1994 - an addition to the Winston Tower at the Daytona facility, and
the development of a motorsports themed amusement complex at the Daytona
facility to be called "Daytona USA"(R).
The Winston Tower addition will encompass additional grandstands and suites,
as well as catering and concession facilities. Construction began in July 1995.
The project is expected to be completed in the fall of 1996. The total
anticipated cost of this project is approximately $10 million.
"Daytona USA"(R) will combine interactive mediums, theaters and numerous
historical memorabilia and exhibits to form a motorsports themed amusement
complex. The complex will be constructed adjacent to the existing Visitors
Center at Daytona International Speedway. The design and development of Daytona
USA(R) is near completion. Construction began in July 1995 and opening is
scheduled for the summer of 1996. Total remaining costs related to this project
are expected to approximate $14.5 million.
Based on the Company's current liquidity, cash and investment positions, as
well as the Company's unused lines of credit of approximately $16 million,
management believes that its present capital resources are sufficient to meet
anticipated financing requirements in fiscal 1995. As both the Winston Tower
addition and "Daytona USA"(R) projects are under construction concurrently,
the Company may negotiate outside financing as needed. In management's
opinion, financing resources are available to provide sufficient liquidity
for continuing operations.
Equity investments decreased from August 31, 1994 as a result of the
recognition of the Company's 50% share of the current loss from operations at
Watkins Glen International. The Company uses the equity method to account for
its investment in Watkins Glen. Due to the concentration of Watkins Glen's
events during the summer months, the results at May 31, 1995 are not
indicative of the results to be expected for the year.
Income Taxes
Income taxes payable at May 31, 1995 have increased since August 31, 1994 due
to the seasonal nature of the Company's business and the timing of estimated
tax deposits. As a result of higher earnings in the nine months ended May 31,
1995, as compared to the nine months ended May 31, 1994, the increase in
income taxes payable is greater in the current year than in the comparable
period of the prior year.
The deferred income tax liability at May 31, 1995 and 1994 increased from
August 31, 1994 and 1993, respectively, primarily as a result of differences
between financial and tax accounting treatments relating to depreciation
expense.
Inflation
Management does not believe that inflation has had a material impact on
operating costs and earnings of the Company. The Company has demonstrated the
ability to appropriately adjust prices in reaction to changing costs and has
aggressively pursued an ongoing cost improvement effort.
Results of Operations
Revenues
Admission income increased during the current year due to increased attendance
and increases in certain ticket prices. Attendance at NASCAR Winston Cup events
conducted at the Company's facilities during the three months and nine months
ended May 31, 1995 increased approximately 10% and 9%, respectively, over
attendance at the comparable events in the prior year. This increased
attendance is due to both the continued overall increased interest in
motorsports and increased seating capacity at the Company's Daytona,
Talladega and Darlington facilities.
During the current fiscal year, the Company's wholly-owned subsidiary,
Americrown Service Corporation ("Americrown"), increased its catering operation
at the Daytona International Speedway. In addition, Americrown expanded its
operations by providing food and beverage services at two outdoor sporting
events unrelated to International Speedway Corporation. These two contracts
were for one year periods. The revenue generated by these new business
opportunities accounted for approximately one-half and one-third of the
increase in food, beverage, and souvenir income during the three-month and
nine-month periods ended May 31, 1995, respectively. Americrown intends to
pursue renewal of these contracts in 1996.
The remaining increase in food, beverage and souvenir income for the three
months and nine months ended May 31, 1995 was relatively balanced between
increased food service and souvenir merchandise revenue. Management believes
increased attendance at events conducted at the Company's facilities
contributed to increases in both food service and souvenir merchandise sales.
In addition, per capita food service revenue increased 12% and 19% during the
three and nine months ended May 31, 1995, respectively, as a result of
changes to menus and pricing.
The increased interest in motorsports is reflected in both live and broadcast
audiences. This continued interest has enabled the Company to successfully
negotiate favorable current year contracts for broadcast rights, promotional
fees and advertising. The combined effect of these contracts accounted for
more than one-half of the increase in other related revenue for both the
three and nine months ended May 31, 1995.
Substantially all of the remaining increase in other related revenue for the
third quarter of fiscal 1995, and approximately 70% of the remaining increase
for the corresponding nine month period resulted from royalties received from
the Company's trademark licenses. The majority of this increase results from
fees received from a single licensee which manufactures home entertainment
products.
The Company conducted eight events at its Tucson facility which were promoted as
"Winter Heat." Promotional and broadcast revenues related to these new events
accounted for the remaining increase in other related income for the nine month
period ended May 31, 1995. At this time, the Company is uncertain concerning
the renewal of the Winter Heat series in fiscal 1996.
The Company's average cash balances have increased as operations expanded.
This increase in average cash balances, combined with generally higher average
interest rates resulted in increased interest income during the three- and
nine-month periods ended May 31, 1995.
Expenses
Standard NASCAR sanction agreements require a percentage of broadcast revenues
be paid as prize money to participants in the events. As a result of increased
broadcast revenues, the Company experienced a corresponding increase in prize
money. This increased prize money, combined with increased point fund money,
accounted for approximately 73% and 81% of the increase in prize and point fund
monies and NASCAR sanction fees for the three- and nine-month periods ended May
31, 1995.
As food, beverage and souvenir revenue increase, the Company experiences a
corresponding increase in related expenses. The overall cost of sales for food,
beverage and souvenirs was reduced by 2% for the nine months ended May 31,
1995. In addition, during the current fiscal year, the Company discontinued
the mail order catalog developed and distributed during the previous year.
The elimination of promotional costs associated with the catalog reduced food,
beverage and souvenir expenses an additional 2% during the current nine-month
period. These decreases were partially offset by increased monies spent by
Americrown for business development as it continues to seek new business
opportunities.
Food, beverage and souvenir expenses, as a percent of revenue, are slightly
higher during the three months ended May 31 than in the corresponding
nine-month period due to the seasonal concentration of events during the
second quarter of the Company's fiscal year and the constant level of
overhead expenses throughout the year. Aside from the increased monies spent
on business development in the third quarter, the level of food, beverage and
souvenir expenses remained constant at approximately 70% of revenue during
the three months ended May 31, 1995 and 1994.
Promotion, general and administrative expenses have remained constant at
approximately 26% and 22% of combined admission income and other related
revenue for the three and nine months ended May 31, 1995, respectively, as
compared to the corresponding periods of the prior year. The higher relative
percentage of promotion, general and administrative expenses in the third
quarter is the result of the seasonal concentration of events during the
second quarter of the Company's fiscal year and the constant level of
promotion, general and administrative expenses throughout the year.
Because of the seasonal concentration of racing events, the results of
operations for the three-month and nine-month periods ended May 31, 1995 and
1994 are not indicative of the results to be expected for the year.
<PAGE>
<PAGE>
Review Report of Independent Certified Public Accountants
The Board of Directors
International Speedway Corporation
We have reviewed the accompanying condensed consolidated balance sheet of
International Speedway Corporation as of May 31, 1995, and the related
condensed consolidated statements of operations for the three-month and nine-
month periods ended May 31, 1995 and 1994, and the condensed consolidated
statements of shareholders' equity and cash flows for the nine-month periods
ended May 31, 1995 and 1994. These financial statements are the
responsibility of the Company's management.
We conducted our reviews in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements taken as a whole. Accordingly, we
do not express such an opinion.
Based on our reviews, we are not aware of any material modifications that
should be made to the accompanying condensed consolidated financial
statements referred to above for them to be in conformity with generally
accepted accounting principles.
We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet of International Speedway Corporation
as of August 31, 1994, and the related consolidated statements of income,
shareholders' equity and cash flows for the year then ended (not presented
separately herein) and in our report dated October 14, 1994, we expressed an
unqualified opinion on those consolidated financial statements. In our opinion,
the information set forth in the accompanying condensed consolidated balance
sheet as of August 31, 1994, is fairly stated in all material respects, in
relation to the consolidated balance sheet from which it has been derived.
/s/ Ernst & Young, LLP
Jacksonville, Florida
July 6, 1995
<PAGE>
<PAGE>
PART II - OTHER INFORMATION
Item #6 Exhibits and Reports on Form 8-K
a. Exhibits
I. (27) - Article 5 Fin. Data Schedule for 3rd Qtr 10-Q
B. Reports on Form 8-K
No reports have been filed on Form 8-K during this quarter.
<PAGE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
INTERNATIONAL SPEEDWAY CORPORATION
(Registrant)
Date July 12, 1995 /s/ Harry Lee Combs
Harry Lee Combs, CPA, Vice President
and Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE ACCOMPANYING CONDENSED CONSOLIDATED BALANCE SHEET OF INTERNATIONAL
SPEEDWAY CORPORATION AS OF MAY 31, 1995, AND THE RELATED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE-MONTH AND NINE-MONTH
PERIODS ENDED MAY 31, 1995 AND 1994, AND THE CONDENSED CONSOLIDATED
STATEMENTS OF SHAREHOLDERS' EQUITY AND CASH FLOWS FOR THE NINE-MONTH PERIODS
ENDED MAY 31, 1995 AND 1994 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
<MULTIPLIER> 1,000
<S> <C>
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-START> Sep-01-1994
<PERIOD-END> May-31-1995
<PERIOD-TYPE> 9-MOS
<CASH> 10,083
<SECURITIES> 30,823
<RECEIVABLES> 3,776
<ALLOWANCES> 35
<INVENTORY> 1,134
<CURRENT-ASSETS> 47,010
<PP&E> 98,153
<DEPRECIATION> 31,674
<TOTAL-ASSETS> 119,384
<CURRENT-LIABILITIES> 28,417
<BONDS> 0
0
0
<COMMON> 350
<OTHER-SE> 80,887
<TOTAL-LIABILITY-AND-EQUITY> 119,384
<SALES> 43,794
<TOTAL-REVENUES> 63,670
<CGS> 22,871
<TOTAL-COSTS> 24,906
<OTHER-EXPENSES> 15,006
<LOSS-PROVISION> 37
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 23,758
<INCOME-TAX> 9,304
<INCOME-CONTINUING> 14,454
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 14,454
<EPS-PRIMARY> 6.31
<EPS-DILUTED> 6.31
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