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) April 25, 2000
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 the outcome of
the dissenter's valuation action concerning the North Carolina Motor Speedway
(NCMS) acquisition by Penske Motorsports, Inc. (PMI)in 1997.
Jurors found that dissenting shareholders were entitled to $23.47 per
share, an amount $3.86 to $6.70 higher than the original consideration. The
Company's wholly-owned subsidiary, 88 Corp., which merged with PMI in 1999, is
financially responsible for the payment.
Shareholders who held approximately 30 percent of the NCMS shares
outstanding prior to the acquisition will receive the difference between the
amount originally paid -- $19.61 per share or $16.77 per share -- and the
amount determined by the court. Consideration will be made as instructed by
the court.
The Company intends to account for the payment as a charge to earnings of
approximately $5 million or $0.09 per share in the current fiscal quarter.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit
Number Description of Exhibit Filing Status
1. (99.1) Press Release 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: 4/25/2000 /s/ Susan G. Schandel
_____________ __________________________________
Susan G. Schandel, Vice President
& Chief Financial Officer
FOR: International Speedway Corporation
APPROVED BY: Wes Harris
Director of Investor Relations
(904) 947-6465
CONTACT: Betsy Brod/Keith Curtis
Media: Michael McMullan/Jennifer Kirksey
Morgen-Walke Associates, Inc.
FOR IMMEDIATE RELEASE (212) 850-5600
COURT SETS PRICE FOR NORTH CAROLINA SPEEDWAY DISSENTERS;
INTERNATIONAL SPEEDWAY CORPORATION TO ACCEPT TERMS OF DECISION
MECKLENBURG COUNTY, N.C. - April 25, 2000 - International Speedway
Corporation ("ISC") (Nasdaq/NM: ISCA; OTC Bulletin Board: ISCB) announced
today that the jurors in the North Carolina Motor Speedway ("NCMS") case
returned a verdict slightly higher than the original price paid by Penske
Motorsports Inc. ("PMI") in December of 1997 when PMI acquired NCMS.
Jurors found that dissenting shareholders were entitled to $23.47 per
share, an amount $3.86 to $6.70 higher than the original consideration. ISC's
wholly-owned subsidiary, 88 Corp., which merged with PMI in 1999, is
financially responsible for the payment.
"We had a judicial determination that the price paid to stockholders in
1997 was fair and we continue to believe that," said ISC Vice President and
General Counsel, W. Garrett Crotty. "Although this price is slightly higher,
we feel this de minimus adjustment to the consideration is an acceptable
outcome and not worth the cost, time, and resources of initiating an appeal."
Shareholders who held approximately 30 percent of the NCMS shares
outstanding prior to the acquisition will receive the difference between the
amount originally paid -- $19.61 per share or $16.77 per share -- and the
amount determined by the court. Consideration will be made as instructed by
the court.
ISC intends to account for the payment as a charge to earnings of
approximately $5 million or $0.09 per share in the current fiscal quarter.
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COURT SETS PRICE FOR NORTH CAROLINA SPEEDWAY DISSENTERS Page -2-
International Speedway Corporation is a leading promoter of motorsports
activities in the United States, currently promoting more than 100 events
annually. The Company owns and/or operates 11 major motorsports facilities,
including Daytona International Speedway in Florida (home of the Daytona 500);
Talladega Superspeedway in Alabama; Michigan Speedway located outside Detroit,
Michigan; California Speedway near Los Angeles, California; Homestead-Miami
Speedway in Florida; Phoenix International Raceway in Arizona; Richmond
International Raceway in Virginia; Darlington Raceway in South Carolina; North
Carolina Speedway in Rockingham, North Carolina; Watkins Glen International in
New York, and Nazareth Speedway in Pennsylvania. In addition, the Company is
developing a superspeedway in Kansas City, Kansas. Other track interests
include the operation of Tucson (Arizona) Raceway Park and an indirect 37.5%
interest in Raceway Associates, LLC, which owns the Route 66 Raceway and is
developing a superspeedway in the Chicago area. The Company also owns and
operates MRN Radio, the nation's largest independent sports radio network;
DAYTONA USA, the "Ultimate Motorsports Attraction" in Daytona Beach, Florida,
the official attraction of NASCAR; Americrown Service Corporation, a provider
of catering services, food and beverage concessions, and merchandise
sales, and Motorsports International, a producer and marketer of
motorsports-related merchandise. For more information, visit the Company's
Web site 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.
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