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 4, 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 results for the
first quarter which ended February 29, 2000.
Total revenues for the 2000 first quarter increased to $111.6 million
versus $83.2 million in the 1999 first quarter. Net income was $16.1 million,
or $0.30 per diluted share, compared to $25.9 million, or $0.60 per diluted
share, in the prior-year period. Operating income for the first quarter was
$35.2 million compared to $40.2 million in 1999. ISC's results for the two
periods are not comparable due to the Company's acquisition of Richmond
International Raceway on December 1, 1999, and the merger with Penske
Motorsports, Inc. completed in the third quarter of 1999.
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: 4/4/2000 /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
INTERNATIONAL SPEEDWAY CORPORATION REPORTS FIRST QUARTER RESULTS
DAYTONA BEACH, FLORIDA - April 4, 2000 - International Speedway
Corporation ("ISC") (Nasdaq/NM: ISCA; OTC Bulletin Board: ISCB) today reported
results for the first quarter ended February 29, 2000.
Total revenues for the 2000 first quarter increased to $111.6 million
versus $83.2 million in the 1999 first quarter. Net income was $16.1 million,
or $0.30 per diluted share, compared to $25.9 million, or $0.60 per diluted
share, in the prior-year period. Operating income for the first quarter was
$35.2 million compared to $40.2 million in 1999. ISC's results for the two
periods are not comparable due to the Company's acquisition of Richmond
International Raceway on December 1, 1999, and the merger with Penske
Motorsports, Inc. completed in the third quarter of 1999.
ISC's first quarter featured the Company's Speedweeks events held at
Daytona International Speedway from February 3rd to 20th. This year's events
generated record revenues for the 18 days of motorsports activity, which
culminated with the Daytona 500, NASCAR's most prestigious event. The 2000
running of the sold-out Daytona 500 attracted a record crowd as the speedway's
more than 165,000 grandstand seats and vast infield were packed for the event.
This included approximately 8,100 net grandstand seats added since last year's
race.
William C. France, Chairman and Chief Executive Officer of International
Speedway Corporation, said, "As expected, our strong first quarter results
reflect continued tremendous fan support for the Daytona 500 as well as the
other events held during Speedweeks. Fans experienced a diverse racing
schedule during this year's events, which included the facility's first NASCAR
Craftsman Truck Series race and the debut of the Grand American Road Racing
Series. In addition, the record-breaking attendance for the Daytona 500
combined with the $18 million CBS Sports paid to broadcast this year's race,
the highest fee ever paid for a stock car racing event, further demonstrates
the event's popularity and justifies its position as the 'Great American
Race.'"
Mr. France continued, "During the first quarter, we continued to
progress with our development projects in Kansas City and Chicago.
Construction on both speedways continues with the erection of grandstand
structures and crash wall barrier systems at both sites. Both projects remain
on budget and on schedule for completion by 2001. In New York, our
feasibility study on the development of a motorsports facility at the
Meadowlands Sports Complex is in progress and is expected to be complete by
the end of the year."
"ISC's expansion projects, combined with the Company's addition of
Richmond International Raceway and the Penske Motorsports facilities, has
created a strong national network. To maximize revenue and profitability, we
recently regionalized our operations into five geographic areas. This is
expected to allow ISC's facilities to more effectively share operating
strategies as well as leverage their sales and marketing efforts. As a result
of the regionalization of our operations and the implementation of other
strategic initiatives, the integration process continues to proceed smoothly
and efficiently."
Mr. France concluded, "Our second quarter includes a full slate of
major racing events at our facilities highlighted by Winston Cup and Busch
Series weekends at Darlington Raceway, Talladega Superspeedway, California
Speedway and Richmond International Raceway. In addition to promoting
exciting motorsports events, ISC will continue with our expansion projects and
strategic initiatives that are expected to position the Company to continue to
deliver strong results."
The management of ISC will host a conference call today with investors
at 9:00 a.m. Eastern Time which may also be accessed via the Internet at:
http://www.vcall.com.
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.
(Tables Follow)
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Consolidated Statements of Income
(In thousands, except for share and per share data)
Three months ended
(Unaudited)
2/28/99 2/29/00
<S> <C> <C>
REVENUES:
Admissions, net $ 37,614 $ 48,594
Motorsports related income 34,444 45,774
Food, beverage, and merchandise income 10,834 16,237
Other income 344 990
-------- ---------
83,236 111,595
EXPENSES:
Direct race expenses:
NASCAR direct expenses 12,804 18,792
Motorsports related expenses 11,080 17,142
Food, beverage, and merchandise expenses 5,239 8,553
General and administrative expenses 10,254 19,081
Depreciation and amortization 3,626 12,840
--------- ---------
Total Expenses: 43,003 76,408
--------- ---------
Operating income 40,233 35,187
Interest income 2,086 1,549
Interest expense (297) (8,062)
Equity in net income (loss) from equity investments 25 (552)
Minority interest -- 263
--------- ---------
Income before income taxes 42,047 28,385
Income taxes 16,108 12,288
Net income $ 25,939 $ 16,097
========= =========
Basic earnings per share $ 0.61 $ 0.30
========= =========
Diluted earnings per share $ 0.60 $ 0.30
========= =========
Dividends per share $ 0.00 $ 0.00
========= =========
Basic weighted average shares outstanding 42,858,839 52,948,817
=========== ============
Diluted weighted average shares outstanding 42,994,673 53,040,684
=========== ============
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Consolidated Balance Sheet Data
(In thousands)
November 30, February 29,
1999 2000
(Unaudited)
------------ ------------
<S> <C> <C>
Cash, cash equivalents and short-term investments $ 38,501 $ 80,340
Current assets 64,975 125,140
Restricted investments 295,929 76,483
Total assets 1,599,127 1,666,341
Deferred income 77,119 113,771
Current liabilities 116,872 168,224
Long-term debt 496,067 493,604
Shareholders' equity 902,470 918,786
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