UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
SCHEDULE 13D/A1
Amendment No. 1
Under the Securities Exchange Act of 1934
INTERNATIONAL SPEEDWAY CORPORATION
(Name of Issuer)
CLASS A COMMON STOCK, $.01 PAR VALUE
(Title of Class of Securities)
460335201
(CUSIP Number)
STEPHEN L. FARLEY
FARLEY CAPITAL L.P.
655 THIRD AVENUE, SUITE 2520
NEW YORK, NEW YORK 10017
(212) 557-7776
(Name, address and telephone number of person
authorized to receive notices and communications)
November 14, 1997
(Date of event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13D,
and is filing this schedule because of Rule 13d-1(b)(3) or (4), check the
following box. [ ].
Check the following box if a fee is being paid with the statement [ ].
(A fee is not required only if the reporting person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent or less of
such class.) (See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be
filed with the Commission. See Rule 13d-1(a) for other parties to whom copies
are to be sent.
The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for purposes of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 12 Pages
<PAGE>
13D/A1
CUSIP NO. 460335201
- ------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Labrador Partners L.P.
- ------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) [x]
(b) [ ]
- ------------------------------------------------------------------------------
(3) SEC USE ONLY
- ------------------------------------------------------------------------------
(4) SOURCE OF FUNDS **
WC
- ------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- ------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ---------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
383,000
OWNED BY ---------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ---------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
383,000
- ------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
383,000
- ------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES * [ ]
- ------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
7.2%
- ------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
PN
- ------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 12 Pages
<page
13D/A1
CUSIP No. 460335201
- ------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Farley Capital L.P.
- ------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x]
(b) [ ]
- ------------------------------------------------------------------------------
(3) SEC USE ONLY
- ------------------------------------------------------------------------------
(4) SOURCE OF FUNDS
00
- ------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- ------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ---------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
51,100
OWNED BY ---------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ---------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
51,100
- ------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
51,100
- ------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- ------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
1.0%
- ------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
PN
- ------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 12 Pages
<page
13D/A1
CUSIP NO. 460335201
- ------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Stephen L. Farley
- ------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [x]
(b) [ ]
- ------------------------------------------------------------------------------
(3) SEC USE ONLY
- ------------------------------------------------------------------------------
(4) SOURCE OF FUNDS
AF
- ------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- ------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
- 0 -
SHARES ---------------------------------------------------------------
BENEFICIALLY (8) SHARED VOTING POWER
434,100
OWNED BY ---------------------------------------------------------------
EACH (9) SOLE DISPOSITIVE POWER
- 0 -
REPORTING ---------------------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
434,100
- ------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
434,100
- ------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
- ------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11)
8.2%
- ------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IN
- ------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 12 Pages
<page
ITEM 1. SECURITY AND ISSUER.
This Amendment No. 1 (the "Amendment") amends the statement on
Schedule 13D (the "Statement") as filed with the Securities and Exchange
Commission (the "Commission") by persons named in Item 2 below on December 10,
1997 relating to the Class A common stock, par value $.01 per share ("Class A
Common Stock"), of International Speedway Corporation, a Florida corporation
(the "Issuer"), with its principal executive offices located at 1801 West
International Speedway Blvd., Daytona Beach, Florida 32114.
Except as specifically provided herein, this Amendment does not
modify any of the information previously reported in the Statement.
ITEM 2. IDENTITY AND BACKGROUND.
This Amendment is filed jointly by (i) Labrador Partners
L.P.("Labrador Partners"), with respect to shares of Class A Common Stock
beneficially owned by it, (ii) Farley Capital L.P.("Farley Capital"), with
respect to shares of Class A Common Stock held in discretionary accounts
managed by it, and (iii) Stephen L. Farley ("Farley"), with respect to shares
of Class A Common Stock beneficially owned by Labrador Partners and Farley
Capital. The foregoing persons are hereinafter sometimes referred to as
Reporting Persons.
Labrador Partners L.P. is a Delaware limited partnership
having its principal address at 655 Third Avenue, Suite 2520, New York, New
York 10017. The principal business of Labrador Partners L.P. is that of a
private investment partnership, engaging in the purchase and sale of
securities for investment for its own account.
Farley Capital L.P. is a Delaware limited partnership having
its principal address at 655 Third Avenue, Suite 2520, New York, New York
10017. The principal business of Farley Capital L.P. is that of a private
investment firm, engaging in the purchase and sale of securities for
investment on behalf of discretionary accounts.
Stephen L. Farley is a U.S. citizen having his principal
address at 655 Third Avenue, Suite 2520, New York, New York 10017. The
principal business activity of Mr. Farley is that of managing general partner
of each of Labrador Partners, Farley Capital and Farley Associates L.P.
("Associates"). The principal business of Associates is as general partner of
Labrador Partners.
None of the persons referred to in this Item 2 has, during the last
five years, (a) been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors) or (b) been a party to a civil proceeding
of a judicial or administrative body of competent jurisdiction and as a result
of such proceeding was or is subject to a judgment, decree or final order
enjoining future violations of, or prohibiting or mandating activities subject
to, Federal or state securities laws or finding any violation with respect to
such laws.
Page 5 of 12 Pages
<PAGE>
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The aggregate number of shares of Class A Common Stock purchased and
the net investment cost of such Class A Common Stock is as follows:
Aggregate Number
of Shares of
Reporting Person Class A Common Stock Net Investment Cost
Labrador Partners L.P. 383,000 $8,291,077
Farley Capital L.P. 51,100 $1,109,712
The Class A Common Stock purchased by Labrador Partners was
purchased with its working capital. The Class A Common Stock purchased by
Farley Capital was purchased with the investment capital of each discretionary
account under its management.
A portion of the Class A Common Stock beneficially owned by Labrador
Partners and Farley Capital may be held in margin accounts at Goldman, Sachs &
Co. which may, from time to time, have debit balances. Since other securities
are held in such margin accounts, it is not possible to determine the amount
of margin, if any, used with respect to the purchases of the Class A Common
Stock. Currently, the interest rate charged on such margin accounts is 6.75%
per annum.
ITEM 4. PURPOSE OF TRANSACTION.
The purpose of the acquisition of the Class A Common Stock by the
Reporting Persons is for investment. The Reporting Persons reserve the right
to buy additional securities of the Issuer or sell securities of the Issuer
from time to time. The Reporting Persons have no present plans or proposals
which relate to, or could result in, any of the actions enumerated in
paragraphs (a) through (j) of Item 4 of the instructions to Schedule 13D.
Such entities and persons may, at any time and from time to time, review or
reconsider their position with respect to the Issuer, and formulate plans or
proposals with respect to any of such matters, but have no present intention
of doing so.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The following is the aggregate amount of Class A Common Stock
that is beneficially owned by each Reporting Person:
Aggregate Number
of Shares of Percentage of
Name Class A Common Stock Class A Common Stock
Labrador Partners L.P. 383,000 7.2%
Farley Capital L.P. 51,100 1.0%
Farley does not directly own any Class A Common Stock. Pursuant to
Rule 13d-3 of the Securities Exchange Act of 1934, Farley may be deemed an
indirect beneficial owner of 434,100 shares of Class A Common Stock by virtue
of his position as managing general partner of Labrador Partners (383,000
shares) and Farley Capital (51,100 shares).
Page 6 of 12 Pages
<PAGE>
Associates does not beneficially own any Class A Common Stock.
In the aggregate, the Reporting Persons beneficially own a total of
434,100 shares of Class A Common Stock, constituting approximately 8.2% of the
outstanding shares of Class A Common Stock of the Issuer.
The approximate aggregate percentage of Class A Common Stock
reported beneficially owned by each person herein is based upon 5,293,551
Class A Common Stock shares outstanding, which is the total number of Class A
shares of Common Stock outstanding as of August 31, 1997, as reflected in the
Issuer's quarterly report on Form 10-Q filed with the Commission for the
quarter ended August 31, 1997 (which is the most recent Form 10-Q on file).
(b) Each of Labrador Partners and Farley Capital have the power
to vote and dispose of the shares of Class A Common Stock beneficially owned
by them, which power may be exercised exclusively by Farley.
(c) The trading dates, number of shares of Class A Common Stock
purchased or sold and price per share for all transactions in the Class A
Common Stock by Labrador Partners and Farley Capital from the 60th day prior
to November 14, 1997 and from November 14, 1997 through December 10, 1997 are
set forth in Schedule A and Schedule B hereof. All such transactions were
open market transactions effected through over the counter transactions.
During such period neither Farley nor Associates entered into any transactions
in the Class A Common Stock.
(d) Except as set forth above, no other person is known to have
the right to receive or the power to direct the receipt of dividends from, or
the proceeds from the sale of the Class A Common Stock.
(e) Not applicable.
* * * * *
Page 7 of 12 Pages
<PAGE>
SIGNATURES
After reasonable inquiry and to the best knowledge and belief of
each of the Reporting Persons, each such person or entity certifies that the
information set forth in this statement is true, complete and correct and
agrees that this statement is filed on behalf of each of them.
Dated: December 10, 1997
-----------
By: /s/ Stephen L. Farley
--------------------------------------
Stephen L. Farley, individually and as
managing general partner of each of
Labrador Partners L.P. and Farley
Capital L.P.
Page 8 of 12 Pages
<PAGE>
Schedule A
----------
Labrador Partners L.P.
-------------------
Transactions in the Class A Common Stock
----------------------------------------
Price Per Share
Date of No. of Shares (Excluding
Transaction Purchased Commissions)
----------- ---------------- ---------------
10/2/97 5,000 $19.7500
10/2/97 2,500 19.7500
10/3/97 4,000 20.2500
10/3/97 4,000 20.3750
10/3/97 6,000 21.0000
10/3/97 4,000 21.0000
10/6/97 3,000 20.7500
10/6/97 5,500 20.7500
10/6/97 5,000 20.7500
10/7/97 6,000 20.9375
10/7/97 3,000 20.8750
10/7/97 3,000 20.8750
10/7/97 5,000 21.0000
10/7/97 2,000 20.8750
10/7/97 2,000 21.0000
10/8/97 2,000 21.5000
10/8/97 2,000 21.6250
10/8/97 4,000 21.8750
10/8/97 3,000 21.8750
10/8/97 1,000 21.7500
10/8/97 5,000 21.8750
10/8/97 3,000 21.8750
10/9/97 3,000 21.8750
10/9/97 7,000 21.6610
10/10/97 3,000 22.0000
10/13/97 3,000 22.0000
10/13/97 4,000 22.0000
10/13/97 4,000 22.0000
10/13/97 3,000 22.0000
10/13/97 4,000 22.0000
10/14/97 5,000 22.1250
10/15/97 5,000 22.0000
10/15/97 4,000 22.0000
10/15/97 1,500 22.0000
10/16/97 20,000 22.1250
10/16/97 5,000 21.9375
10/20/97 1,000 21.8750
10/22/97 4,000 21.0000
10/22/97 5,500 20.6250
10/22/97 6,000 20.6250
Page 9 of 12 Pages
<PAGE>
Schedule A
----------
Labrador Partners L.P.
-------------------
Transactions in the Class A Common Stock
----------------------------------------
Price Per Share
Date of No. of Shares (Excluding
Transaction Purchased Commissions)
----------- ---------------- ---------------
10/23/97 3,000 $20.5000
10/24/97 4,000 20.3750
10/24/97 3,000 20.3750
10/27/97 4,000 20.2500
10/27/97 1,000 19.6250
10/27/97 4,000 19.7500
10/27/97 5,000 19.8750
10/28/97 2,000 17.5000
10/28/97 1,000 18.1250
10/28/97 3,000 19.2500
10/28/97 4,000 19.2500
10/30/97 2,500 19.6250
11/5/97 1,900 21.3355
11/5/97 8,300 21.5000
11/5/97 7,000 21.5000
11/7/97 2,700 21.3750
11/12/97 5,600 20.0560
11/14/97 6,000 19.9375
11/14/97 2,000 20.1250
11/14/97 3,000 20.0000
11/17/97 2,000 20.1250
11/18/97 2,000 19.9375
11/18/97 2,000 20.0625
11/18/97 3,000 20.2500
11/18/97 5,000 20.2500
11/18/97 2,000 20.2500
11/19/97 10,800 20.4213
11/19/97 200 20.1250
11/19/97 3,000 20.7500
11/26/97 3,000 20.7500
11/26/97 3,000 20.5000
11/26/97 3,000 20.7500
12/1/97 4,000 21.5000
12/1/97 1,000 21.6250
12/2/97 6,000 22.1250
12/2/97 3,000 22.3750
12/2/97 3,000 22.2500
12/2/97 4,000 22.3750
12/3/97 6,000 22.9979
Page 10 of 12 Pages
<PAGE>
Schedule A
----------
Labrador Partners L.P.
-------------------
Transactions in the Class A Common Stock
----------------------------------------
Price Per Share
Date of No. of Shares (Excluding
Transaction Purchased Commissions)
----------- ---------------- ---------------
12/3/97 3,000 $23.0000
12/3/97 3,000 23.0000
12/3/97 5,000 23.0750
12/3/97 3,000 23.7500
12/3/97 1,000 23.8750
12/3/97 3,000 24.0000
12/3/97 3,000 24.2500
12/3/97 55,000 24.1534
Page 11 of 12 Pages
<PAGE>
Schedule B
----------
Farley Capital L.P.
-------------------
Transactions in the Class A Common Stock
----------------------------------------
Price Per Share
Date of No. of Shares (Excluding
Transaction Purchased Commissions)
----------- ---------------- ---------------
10/13/97 2,000 $22.2500
10/14/97 2,000 22.1250
10/15/97 2,000 22.1250
10/16/97 5,400 22.1250
10/17/97 3,000 22.0000
10/21/97 2,000 22.0000
10/21/97 1,000 21.8750
10/27/97 4,000 20.2500
10/29/97 2,000 20.0000
10/30/97 2,700 19.6250
11/5/97 1,000 21.3750
11/14/97 3,000 20.1250
11/19/97 4,000 20.7500
11/19/97 3,000 20.5000
11/21/97 1,600 21.5000
11/28/97 1,000 21.3750
12/1/97 2,000 21.8750
12/4/97 7,200 24.0000
12/4/97 1,300 24.0000
12/4/97 900 24.0000
Page 12 of 12 Pages
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