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) May 3, 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 announced that its Board
of Directors had approved an additional $47 million for capital projects and
announced the declaration of an annual dividend of $0.06 per share, payable on
June 30, 2000 to common stockholders of record on May 31, 2000.
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: 5/3/2000 /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 ANNOUNCES INCREASE IN CAPITAL SPENDING
PLANS
~ Company Declares Annual Dividend ~
DAYTONA BEACH, FLORIDA May 3, 2000 International Speedway Corporation
("ISC") (Nasdaq/NM:ISCA; OTC Bulletin Board: ISCB), a leading promoter of
motorsports activities, announced that its Board of Directors has approved an
additional $47 million for capital projects.
The $47 million has been allocated for projects including additional
seating, land acquisitions for future expansion projects at existing
facilities, and other value-added projects designed to enhance the overall
motorsports experience. In sum, the Company currently has approximately $96
million approved for capital expenditures at its existing facilities.
Approximately $64 million of this total amount is expected to be spent during
the remainder of fiscal 2000, from the period of March 1st through November
30th.
William C. France, Chairman and Chief Executive Officer of ISC,
commented, "The approval of an additional $47 million in capital spending by
our Board demonstrates our commitment to provide the highest quality of
motorsports entertainment. The Company is constantly seeking to improve the
guest experience at our facilities in order to maintain a high level of
satisfaction that is synonymous with ISC-promoted events."
Separately, the Company announced the declaration of an annual dividend
of $0.06 per share, payable on June 30, 2000 to common stockholders of record
on May 31, 2000.
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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