FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 6, 1999
INTERNATIONAL SPEEDWAY CORPORATION
(Exact name of registrant as specified in its charter)
FLORIDA O-2384 59-0709342
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1801 WEST INTERNATIONAL SPEEDWAY BOULEVARD, DAYTONA BEACH,
FLORIDA 32114
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (904) 254-2700
No Change
(Former name or address, if changed since last report)
Item 5. Other Events.
The Company today issued a press release which reported record results
for the second quarter and six months ended May 31, 1999.
Total revenues for the 1999 second quarter increased 17% to $44.6
million compared to $38.2 million in the 1998 second quarter. Operating
income for the second quarter increased 23% to $9.6 million from $7.8
million. Net income increased 13% to $6.8 million, or $0.16 per diluted
share, versus $6.0 million, or $0.16 per diluted share, in the prior-year
period on a 12% increase in the weighted average common shares outstanding.
For the six-month period ended May 31, 1999, revenues grew 20% to
$127.9 million from $106.5 million. Operating income increased 22% to
$49.8 million, and net income rose 25% to $32.8 million, or $0.76 per
diluted share, versus $26.2 million, or $0.68 per diluted share.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit
Number Description of Exhibit Filing Status
1. (99.1) Press Release announcing Earnings filed herewith
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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: 7/6/99 /s/ James C. France
_____________ __________________________________
James C. France, President
Date: 7/6/99 /s/ Susan G. Schandel
_____________ __________________________________
Susan G. Schandel,
Chief Financial Officer
FOR: International Speedway Corporation
APPROVED BY: Wes Harris
Director of Investor Relations
(904) 947-6465
CONTACT: Betsy Brod/Jonathan Schaffer
Media: Merridith Ingram/Heather Fox
Morgen-Walke Associates, Inc.
FOR IMMEDIATE RELEASE (212) 850-5600
INTERNATIONAL SPEEDWAY CORPORATION REPORTS
RECORD SECOND QUARTER RESULTS
DAYTONA BEACH, FLORIDA July 6, 1999 International Speedway
Corporation ("ISC") (Nasdaq/NM: ISCA; OTC Bulletin Board: ISCB) today
reported record results for the second quarter and six months ended May 31,
1999.
Total revenues for the 1999 second quarter increased 17% to $44.6
million compared to $38.2 million in the 1998 second quarter. Operating
income for the second quarter increased 23% to $9.6 million from $7.8
million. Net income increased 13% to $6.8 million, or $0.16 per diluted
share, versus $6.0 million, or $0.16 per diluted share, in the prior-year
period on a 12% increase in the weighted average common shares outstanding.
For the six-month period ended May 31, 1999, revenues grew 20% to
$127.9 million from $106.5 million. Operating income increased 22% to
$49.8 million, and net income rose 25% to $32.8 million, or $0.76 per
diluted share, versus $26.2 million, or $0.68 per diluted share.
During the quarter, ISC held successful events at all four of the
Company's superspeedway's. The two NASCAR Winston Cup Series events during
the quarter were the Transouth Financial 400 on March 21st at Darlington
Raceway, and the DieHard 500 on April 25th at Talladega Superspeedway.
"Our record results for the quarter were driven by our continued
success in developing the potential of our facilities and events," said
William C. France, Chairman and Chief Executive Officer of ISC. "The
DieHard 500, held at the Talladega Superspeedway, attracted a record crowd
to witness Dale Earnhardt's thrilling split-second victory. The event was
sold out as more than 124,000 spectators filled the stands, including an
additional 16,000 grandstand seats added since last year's event. The
record crowds on hand for the weekend's events saw spectacular finishes
with a combined margin of victory for the three races of just 0.214
seconds.
"In addition to the success at our existing facilities, ISC
continues to make progress in the development projects we have underway.
Mass excavation continues in Kansas City and the design of the 75,000-seat
superspeedway is beginning to take shape with racing at the facility
targeted for 2001.
"Continuing our efforts in Chicago, in May the Motorsports Alliance
('MSA'), which is equally owned by ISC and the Indianapolis Motor Speedway,
formed a new company, Raceway Associates, with the owners of Route 66
Raceway. Raceway Associates, which is 75% owned by MSA, now owns the Route
66 Raceway and has purchased 930 acres of land adjacent to the facility
which will be used for the development of the planned 75,000-seat
superspeedway. Construction is set to begin by the early fall, with racing
slated for 2001.
"ISC's coordinated efforts with the Trump Organization to enter the
metro New York market continue as preliminary evaluations are underway at
several sites. We remain excited about our prospects in the New York area
as it represents the largest media market in the country.
"During the quarter, ISC accelerated its external growth initiatives
by reaching an agreement and announcing definitive merger plans with Penske
Motorsports. Since the announcement on May 10th, we have received early
termination of the waiting period under the Hart-Scott-Rodino Act, and the
Joint Proxy Statement/Prospectus for the transaction has been mailed to the
stockholders of Penske Motorsports and International Speedway. With these
favorable developments, we now expect the transaction to be completed by July
26th, which is earlier than we previously expected. If the transaction closes
on this date, we now expect the transaction to be slightly accretive to our
fiscal third quarter earnings and neutral to our fourth quarter earnings. We
are extremely excited about working with the Penske team as they will provide
additional industry expertise at the Board, executive, and operating levels
and will assist our current management team in furthering the Company's plans
for existing and developing facilities."
Mr. France concluded, "This past weekend's Pepsi 400 at Daytona was a
great success. The CBS broadcast of the race marked the first time a
network televised a motorsports event live during primetime. Even with
approximately 13,000 seats added since last year's race, all permanent
grandstand seating for the nighttime event was sold out for the second year in
a row. Prior to lighting the track and rescheduling the event to the evening,
the Pepsi 400 had never sold out. The race's heightened popularity 'under the
lights' is a testament to our strategy of maximizing the profitability of
our existing facilities and events."
International Speedway Corporation is a leading promoter of
motorsports activities in the United States, currently promoting more than
80 events annually. The Company currently owns and/or operates five
motorsports facilities, including Daytona International Speedway in Florida
(home of the Daytona 500), Talladega Superspeedway in Alabama, Phoenix
International Raceway in Arizona, Darlington Raceway in South Carolina and
Watkins Glen International in New York. Other track interests include the
operation of Tucson (Arizona) Raceway Park, a 45% stake in Miami-Homestead
Speedway, and an approximate 12% holding in Penske Motorsports, Inc. The
Company also owns and operates MRN Radio, the nation's largest independent
sports radio network, and DAYTONA USA, the "Ultimate Motorsports
Attraction" in Daytona Beach, Florida, and the official attraction of
NASCAR. For more information, visit the Company's website at
www.iscmotorsports.com.
Statements made in this release that state the Company's or
management's beliefs or expectations and which are not historical facts or
which apply 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.
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-Q's. Copies of those filings are
available from the Company and the SEC.
(Tables Follow)
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INTERNATIONAL SPEEDWAY CORPORATION
Consolidated Statements of Income
(Unaudited)
(In thousands, except for share and per share data)
<TABLE>
<CAPTION>
Three months ended Six months ended
May 31, May 31,
1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
REVENUES:
Admissions, net $ 20,665 $ 17,359 $ 58,279 $ 49,248
Motorsports related income 16,005 13,752 50,449 40,917
Food, beverage, and souvenir income 7,479 6,646 18,313 15,612
Other income 486 434 830 698
------- ------- ------- -------
44,635 38,191 127,871 106,475
EXPENSES:
Direct race expenses:
Nascar direct expenses 6,645 6,192 19,449 17,284
Motorsports related expenses 10,420 8,516 21,500 16,670
Food, beverage, and souvenir expenses 4,126 3,639 9,365 8,108
General & administrative expenses 9,952 8,817 20,206 17,345
Depreciation & amortization 3,905 3,243 7,531 6,284
------- ------- ------- -------
35,048 30,407 78,051 65,691
------- ------- ------- -------
Operating income 9,587 7,784 49,820 40,784
Interest income 2,627 628 4,713 1,069
Interest expense (628) (128) (925) (441)
Equity in net income (loss) from
equity investments (491) 179 (466) (242)
Gain on sale of equity investment 0 1,245 0 1,245
------- ------- -------- --------
Income before income taxes 11,095 9,708 53,142 42,415
Provision for income taxes 4,251 3,662 20,359 16,220
------- ------- -------- --------
Net income $ 6,844 $ 6,046 $ 32,783 $ 26,195
======== ======= ======== ========
Basic earnings per share $ 0.16 $ 0.16 $ 0.76 $ 0.69
======== ======= ======== ========
Diluted earnings per share $ 0.16 $ 0.16 $ 0.76 $ 0.68
======== ======= ======== ========
Dividends per share $ 0.06 $ 0.06 $ 0.06 $ 0.06
======== ======= ======== ========
Basic weighted average shares
outstanding 42,883,332 38,212,217 42,871,220 38,208,374
========== ========== ========== ==========
Diluted weighted average shares
outstanding 43,000,904 38,369,699 42,997,923 38,366,990
========== ========== ========== ==========
</TABLE>
Consolidated Balance Sheet Data
(In Thousands)
May 31, November 30,
1999 1998
(Unaudited)
---------- --------
Cash, cash equivalents and
short-term investments $96,625 $92,803
Current assets 114,419 108,444
Restricted investments 105,567 53,500
Total assets 582,376 476,818
Deferred income 68,092 62,253
Current liabilities 81,805 80,954
Long-term debt 71,745 2,775
Shareholders' equity 397,527 366,855
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