-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MMma2paZvavq25gWJKg0b3oOnZhJNOCNM9VKTiS5YOkhmdkNT6P+DbTq3YRxAvvG EMxvCxr3mJwVcgiMtRAdlQ== 0000925751-00-000002.txt : 20000105 0000925751-00-000002.hdr.sgml : 20000105 ACCESSION NUMBER: 0000925751-00-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990701 ITEM INFORMATION: FILED AS OF DATE: 20000104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERNATIONAL SPEEDWAY CORP CENTRAL INDEX KEY: 0000051548 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-RACING, INCLUDING TRACK OPERATION [7948] IRS NUMBER: 590709342 STATE OF INCORPORATION: FL FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-02384 FILM NUMBER: 501145 BUSINESS ADDRESS: STREET 1: 1801 W INTERNATIONAL SPEEDWAY BLVD CITY: DAYTONA BEACH STATE: FL ZIP: 32114-1243 BUSINESS PHONE: 9042542700 MAIL ADDRESS: STREET 1: 1801 WEST INTERNATIONAL SPEEDWAY CORP CITY: DAYTONA BEACH STATE: FL ZIP: 32114-1243 FORMER COMPANY: FORMER CONFORMED NAME: DAYTONA INTERNATIONAL SPEEDWAY CORP DATE OF NAME CHANGE: 19691130 FORMER COMPANY: FORMER CONFORMED NAME: FRANCE BILL RACING INC DATE OF NAME CHANGE: 19670227 8-K 1 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) January 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 7. Financial Statements and Exhibits. (c) Exhibits. The following Exhibits are provided in accordance with the provisions of Item 601 of Regulation S-K and are filed herewith unless otherwise noted. EXHIBIT INDEX 99.1 Condensed Consolidating Financial Statements of International Speedway Corporation. 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: 1/4/2000 By: /s/ Susan G. Schandel _____________ __________________________________ Susan G. Schandel, Vice President and Chief Financial Officer EX-99.1 2 CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF INTERNATIONAL SPEEDWAY CORPORATION Note 15 CONDENSED CONSOLIDATING FINANCIAL STATEMENTS On October 6, 1999, International Speedway Corporation (the Company) sold $225 million aggregate principal amount of Senior Notes due October 15, 2004 in a private placement offering. The unsecured Senior Notes bear interest at 7.875% and rank equally with all of the Company's other senior unsecured and unsubordinated indebtedness. The Senior Notes require semi-annual interest payments beginning on April 15, 2000 through maturity on October 15, 2004. The Senior Notes may be redeemed in whole or in part, at the option of the Company, at any time or from time to time at a redemption price as defined in the indenture. The Senior Notes are jointly and severally, fully and unconditionally guaranteed by certain of the Company's wholly-owned subsidiaries on a senior unsecured basis, pursuant to guaranties. The Senior Notes also contain various restrictive covenants. In connection with the sale of the Senior Notes, the Company has entered into a registration rights agreement pursuant to which the Company has agreed to exchange the Senior Notes for registered senior notes in a registered exchange offer. Pursuant to the registered exchange offer, the Company is required to provide condensed consolidating financial information for its subsidiary guarantors. The Company has not presented separate financial statements for each of the guarantors, because it has deemed that such financial statements would not provide the investors with any material additional information. Below are condensed consolidating balance sheets as of November 30, 1997 and 1998 and August 31, 1999 (unaudited) and the consolidated statements of income and cash flows for the year ended August 31, 1996, the three months ended November 30, 1996, the years ended November 30, 1997 and 1998 and the nine months ended August 31, 1999 (unaudited), respectively, of: (a) the Parent; (b) the guarantor subsidiaries; (c) the non-guarantor subsidiaries; (d) elimination entries necessary to consolidate Parent with guarantor and non- guarantor subsidiaries; and (e) the Company on a consolidated basis. In the 1997 and 1996 condensed consolidated financial statements all subsidiaries were guarantors. INTERNATIONAL SPEEDWAY CORPORATION CONDENSED CONSOLIDATING BALANCE SHEET August 31, 1999 (Unaudited)
COMBINED COMBINED PARENT GUARANTOR NON-GUARANTOR COMPANY SUBSIDIARIES SUBSIDIARIES ELIMINATIONS CONSOLIDATED ------------- ------------ ------------ ------------ ------------ (in thousands) ASSETS Current Assets: Cash and cash equivalents ......................... $ 35,284 $ 22,879 $ 947 $ - $ 59,110 Short-term investments ............................ 681 - - - 681 Receivables, net................................... 14,991 21,609 1,313 (10,191) 27,722 Other current assets .............................. 1,774 14,446 2,742 - 18,962 ------------- ------------ ------------ ------------ ------------ Total Current Assets ................................ 52,730 58,934 5,002 (10,191) 106,475 Property and Equipment, net.......................... 161,997 369,938 82,105 - 614,040 Other Assets: Investment in Subsidiaries......................... 907,977 2,661 - (910,638) - Equity investments......... ....................... - 11,083 - - 11,083 Goodwill........................................... - 514,676 32,189 - 546,865 Restricted investments............................. - - 96,246 - 96,246 Other ............................................. 6,759 1,315 5,803 - 13,877 ------------- ------------ ------------ ------------ ------------ 914,736 529,735 134,238 (910,638) 668,071 ------------- ------------ ------------ ------------ ------------ Total Assets ........................................ $ 1,129,463 $ 958,607 $ 221,345 $ (920,829) $ 1,388,586 ============= ============ ============ ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable and other current liabilities..... $ 2,145 $ 37,275 $ 5,546 $ (10,192) $ 34,774 Deferred income ................................... 58,488 37,264 18,904 - 114,656 ------------- ------------ ------------ ------------ ------------ Total Current Liabilities ........................... 60,633 74,539 24,450 (10,192) 149,430 Long Term Debt ...................................... 176,000 74,620 149,980 (118,060) 282,540 Deferred Income Taxes ............................... 30,950 35,651 (149) - 66,452 Minority Interest ................................... - - 2,178 - 2,178 Shareholders' Equity: Class B Common Stock............................... 303 - - - 303 Class A Common Stock............................... 228 - - - 228 Additional paid-in capital ........................ 687,321 - - - 687,321 Intercompany capital............................... - 765,698 26,001 (791,699) - Retained earnings ................................. 176,131 8,099 18,885 (878) 202,237 ------------- ------------ ------------ ------------ ------------ 863,983 773,797 44,886 (792,577) 890,089 Less unearned compensation......................... (2,103) - - - (2,103) ------------- ------------ ------------ ------------ ------------ Total Shareholders' Equity .......................... 861,880 773,797 44,886 (792,577) 887,986 ------------- ------------ ------------ ------------ ------------ Total Liabilities and Shareholders' Equity .......... $ 1,129,463 $ 958,607 $ 221,345 $ (920,829) $ 1,388,586 ============= ============ ============ ============ ============
INTERNATIONAL SPEEDWAY CORPORATION CONDENSED CONSOLIDATING BALANCE SHEET November 30, 1998 (Audited)
COMBINED COMBINED PARENT GUARANTOR NON-GUARANTOR COMPANY SUBSIDIARIES SUBSIDIARIES ELIMINATIONS CONSOLIDATED ------------- ------------ ------------ ------------ ------------ (in thousands) ASSETS Current Assets: Cash and cash equivalents ......................... $ 27,000 $ 11,543 $ 133 $ - $ 38,676 Short-term investments ............................ 54,127 - - - 54,127 Receivables, net................................... 8,469 1,998 - (1,022) 9,445 Other current assets............................... 5,561 1,272 (637) - 6,196 ------------- ------------ ------------ ------------ ------------ Total Current Assets ................................ 95,157 14,813 (504) (1,022) 108,444 Property and Equipment, net.......................... 144,006 60,311 21,514 - 225,831 Other Assets: Investment in Subsidiaries......................... 128,544 2,661 - (131,205) - Equity investments......... ....................... - 44,087 - - 44,087 Goodwill........................................... - 38,927 - - 38,927 Restricted investments............................. 53,500 - - - 53,500 Other ............................................. 5,937 92 - - 6,029 ------------- ------------ ------------ ------------ ------------ 187,981 85,767 - (131,205) 142,543 ------------- ------------ ------------ ------------ ------------ Total Assets ........................................ $ 427,144 $ 160,891 $ 21,010 $ (132,227) $ 476,818 ============= ============ ============ ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable and other current liabilities..... $ 14,400 $ 5,246 $ 77 $ (1,022) $ 18,701 Deferred income ................................... 56,742 5,511 - - 62,253 ------------- ------------ ------------ ------------ ------------ Total Current Liabilities ........................... 71,142 10,757 77 (1,022) 80,954 Long Term Debt ...................................... - 71,696 13 (68,934) 2,775 Deferred Income Taxes ............................... 21,251 5,013 (30) - 26,234 Shareholders' Equity: Class B Common Stock............................... 316 - - - 316 Class A Common Stock............................... 115 - - - 115 Additional paid-in capital ........................ 198,156 6,933 - - 205,089 Intercompany capital............................... - 40,109 21,284 (61,393) - Retained earnings ................................. 138,030 26,383 (334) (878) 163,201 ------------- ------------ ------------ ------------ ------------ 336,617 73,425 20,950 (62,271) 368,721 Less unearned compensation......................... (1,866) - - - (1,866) ------------- ------------ ------------ ------------ ------------ Total Shareholders' Equity .......................... 334,751 73,425 20,950 (62,271) 366,855 ------------- ------------ ------------ ------------ ------------ Total Liabilities and Shareholders' Equity .......... $ 427,144 $ 160,891 $ 21,010 $ (132,227) $ 476,818 ============= ============ ============ ============ ============
INTERNATIONAL SPEEDWAY CORPORATION CONDENSED CONSOLIDATING BALANCE SHEET November 30, 1997 (Audited)
COMBINED PARENT GUARANTOR COMPANY SUBSIDIARIES ELIMINATIONS CONSOLIDATED ------------- ------------ ------------ ------------ (in thousands) ASSETS Current Assets: Cash and cash equivalents ......................... $ 3,394 $ 6,580 $ - $ 9,974 Short-term investments ............................ 21,606 1,995 - 23,601 Receivables, net................................... 6,016 1,818 (409) 7,425 Other current assets............................... 3,551 1,392 - 4,943 ------------- ------------ ------------ ------------ Total Current Assets ................................ 34,567 11,785 (409) 45,943 Property and Equipment, net.......................... 114,048 52,030 - 166,078 Other Assets: Investment in Subsidiaries......................... 91,755 2,462 (94,217) - Equity investments......... ....................... - 45,844 - 45,844 Goodwill........................................... - 40,400 - 40,400 Other ............................................. 4,266 292 - 4,558 ------------- ------------ ------------ ------------ 96,021 88,998 (94,217) 90,802 ------------- ------------ ------------ ------------ Total Assets ........................................ $ 244,636 $ 152,813 $ (94,626) $ 302,823 ============= ============ ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable and other current liabilities..... $ 6,092 $ 15,898 $ (409) $ 21,581 Deferred income ................................... 44,434 4,904 - 49,338 ------------- ------------ ------------ ------------ Total Current Liabilities ........................... 50,526 20,802 (409) 70,919 Long Term Debt ...................................... - 53,442 (52,435) 1,007 Deferred Income Taxes ............................... 15,801 5,189 - 20,990 Shareholders' Equity: Class B Common Stock............................... 332 - - 332 Class A Common Stock............................... 53 - - 53 Additional paid-in capital ........................ 79,487 6,950 - 86,437 Intercompany capital............................... - 40,904 (40,904) - Retained earnings ................................. 100,809 25,526 (878) 125,457 ------------- ------------ ------------ ------------ 180,681 73,380 (41,782) 212,279 Less unearned compensation......................... (2,372) - - (2,372) ------------- ------------ ------------ ------------ Total Shareholders' Equity .......................... 178,309 73,380 (41,782) 209,907 ------------- ------------ ------------ ------------ Total Liabilities and Shareholders' Equity .......... $ 244,636 $ 152,813 $ (94,626) $ 302,823 ============= ============ ============ ============
INTERNATIONAL SPEEDWAY CORPORATION CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE NINE MONTHS ENDED AUGUST 31, 1999 (Unaudited)
COMBINED COMBINED PARENT GUARANTOR NON-GUARANTOR COMPANY SUBSIDIARIES SUBSIDIARIES ELIMINATIONS CONSOLIDATED ------------- ------------ ------------ ------------ ------------ (in thousands) Revenues: Admissions, net.................................... $ 66,923 $ 23,227 $ - $ (14) $ 90,136 Motorsports Related Income......................... 55,941 18,745 84 (1,965) 72,805 Food, Beverage and Merchandise Income.............. 7,754 28,349 1 (6,191) 29,913 Other Income....................................... 1,039 4,730 4 (4,530) 1,243 ------------- ------------ ------------ ------------ ------------ Total Revenues................................... 131,657 75,051 89 (12,700) 194,097 Expenses: Direct Expenses: Prize and point fund monies and NASCAR sanction fees 18,727 9,525 - - 28,252 Motorsports Related Expenses....................... 25,642 10,230 59 (3,473) 32,458 Food, Beverage and Merchandise Expenses............ 1,990 22,198 - (8,193) 15,995 General and administrative expenses.................. 21,778 14,840 1,230 (1,034) 36,814 Depreciation and Amortization........................ 7,593 6,109 234 - 13,936 ------------- ------------ ------------ ------------ ------------ Total Expenses.................................. 75,730 62,902 1,523 (12,700) 127,455 ------------- ------------ ------------ ------------ ------------ Operating Income..................................... 55,927 12,149 (1,434) - 66,642 Interest Income...................................... 8,197 461 3,084 (4,959) 6,783 Interest Expense..................................... (999) (3,336) (3,135) 4,959 (2,511) Equity in net income (loss ) from equity investments. - (1,472) - - (1,472) Minority interest.................................... - - 77 - 77 ------------- ------------ ------------ ------------ ------------ Income (loss) before income taxes 63,125 7,802 (1,408) - 69,519 Income taxes (benefit) 21,954 5,475 (328) - 27,101 ------------- ------------ ------------ ------------ ------------ Net income (loss).................................... $ 41,171 $ 2,327 $ (1,080) $ - $ 42,418 ============= ============ ============ ============ ============
INTERNATIONAL SPEEDWAY CORPORATION CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED NOVEMBER 30, 1998 (Audited)
COMBINED COMBINED PARENT GUARANTOR NON-GUARANTOR COMPANY SUBSIDIARIES SUBSIDIARIES ELIMINATIONS CONSOLIDATED ------------- ------------ ------------ ------------ ------------ (in thousands) Revenues: Admissions, net.................................... $ 66,653 $ 20,295 $ - $ (2) $ 86,946 Motorsports Related Income......................... 52,348 20,412 - (967) 71,793 Food, Beverage and Merchandise Income.............. 8,727 27,058 - (7,188) 28,597 Other Income....................................... 1,174 5,369 - (4,911) 1,632 ------------- ------------ ------------ ------------ ------------ Total Revenues................................... 128,902 73,134 - (13,068) 188,968 Expenses: Direct Expenses: Prize and point fund monies and NASCAR sanction fees 18,289 10,478 - - 28,767 Motorsports Related Expenses....................... 24,283 12,019 25 (3,044) 33,283 Food, Beverage and Merchandise Expenses............ 2,393 21,434 - (8,802) 15,025 General and administrative expenses.................. 26,415 12,312 337 (1,222) 37,842 Depreciation and Amortization........................ 8,342 4,795 - - 13,137 ------------- ------------ ------------ ------------ ------------ Total Expenses.................................. 79,722 61,038 362 (13,068) 128,054 ------------- ------------ ------------ ------------ ------------ Operating Income..................................... 49,180 12,096 (362) - 60,914 Interest Income...................................... 15,758 565 - (11,909) 4,414 Interest Expense..................................... - (4,304) (1) 3,723 (582) Equity in net income (loss ) from equity investments. - (905) - - (905) Gain on sale of equity investments................... - 1,245 - - 1,245 ------------- ------------ ------------ ------------ ------------ Income (loss) before income taxes 64,938 8,697 (363) (8,186) 65,086 Income taxes (benefit) 24,472 452 (30) - 24,894 ------------- ------------ ------------ ------------ ------------ Net income (loss).................................... $ 40,466 $ 8,245 $ (333) $ (8,186) $ 40,192 ============= ============ ============ ============ ============
INTERNATIONAL SPEEDWAY CORPORATION CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED NOVEMBER 30, 1997 (Audited)
COMBINED PARENT GUARANTOR COMPANY SUBSIDIARIES ELIMINATIONS CONSOLIDATED ------------- ------------ ------------ ------------ (in thousands) Revenues: Admissions, net.................................... $ 53,245 $ 16,244 $ (2) $ 69,487 Motorsports Related Income......................... 35,911 11,490 (751) 46,650 Food, Beverage and Merchandise Income.............. 6,915 22,774 (6,281) 23,408 Other Income....................................... 1,030 4,772 (3,973) 1,829 ------------- ------------ ------------ ------------ Total Revenues................................... 97,101 55,280 (11,007) 141,374 Expenses: Direct Expenses: Prize and point fund monies and NASCAR sanction fees 12,388 8,179 - 20,567 Motorsports Related Expenses....................... 18,373 6,745 (2,043) 23,075 Food, Beverage and Merchandise Expenses............ 2,124 19,189 (7,878) 13,435 General and administrative expenses.................. 21,623 8,949 (1,086) 29,486 Depreciation and Amortization........................ 6,912 2,998 - 9,910 ------------- ------------ ------------ ------------ Total Expenses.................................. 61,420 46,060 (11,007) 96,473 ------------- ------------ ------------ ------------ Operating Income..................................... 35,681 9,220 - 44,901 Interest Income...................................... 4,873 448 (2,125) 3,196 Interest Expense..................................... (28) (2,056) 1,575 (509) Equity in net income (loss ) from equity investments. - 366 - 366 ------------- ------------ ------------ ------------ Income (loss) before income taxes 40,526 7,978 (550) 47,954 Income taxes (benefit) 17,472 686 - 18,158 ------------- ------------ ------------ ------------ Net income (loss).................................... $ 23,054 $ 7,292 $ (550) $ 29,796 ============= ============ ============ ============
INTERNATIONAL SPEEDWAY CORPORATION CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE THREE MONTHS ENDED NOVEMBER 30, 1996 (Audited)
COMBINED PARENT GUARANTOR COMPANY SUBSIDIARIES ELIMINATIONS CONSOLIDATED ------------- ------------ ------------ ------------ (in thousands) Revenues: Admissions, net.................................... $ 820 $ 3,371 $ - $ 4,191 Motorsports Related Income......................... 2,344 1,680 (52) 3,972 Food, Beverage and Merchandise Income.............. 123 1,929 (109) 1,943 Other Income....................................... 480 497 (587) 390 ------------- ------------ ------------ ------------ Total Revenues................................... 3,767 7,477 (748) 10,496 Expenses: Direct Expenses: Prize and point fund monies and NASCAR sanction fees - 1,301 - 1,301 Motorsports Related Expenses....................... 2,291 755 (232) 2,814 Food, Beverage and Merchandise Expenses............ 177 1,587 (228) 1,536 General and administrative expenses.................. 4,277 1,068 (288) 5,057 Depreciation and Amortization........................ 1,859 494 - 2,353 ------------- ------------ ------------ ------------ Total Expenses.................................. 8,604 5,205 (748) 13,061 ------------- ------------ ------------ ------------ Operating Income..................................... (4,837) 2,272 - (2,565) Interest Income...................................... 478 21 (169) 330 Interest Expense..................................... (69) (169) 169 (69) Equity in net income (loss ) from equity investments. - (304) - (304) ------------- ------------ ------------ ------------ Income (loss) before income taxes (4,428) 1,820 - (2,608) Income taxes (benefit) (857) 116 - (741) ------------- ------------ ------------ ------------ Net income (loss).................................... $ (3,571) $ 1,704 $ - $ (1,867) ============= ============ ============ ============
INTERNATIONAL SPEEDWAY CORPORATION CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED AUGUST 31, 1996 (Audited)
COMBINED PARENT GUARANTOR COMPANY SUBSIDIARIES ELIMINATIONS CONSOLIDATED ------------- ------------ ------------ ------------ (in thousands) Revenues: Admissions, net.................................... $ 42,470 $ 7,674 $ (4) $ 50,140 Motorsports Related Income......................... 24,034 3,926 (527) 27,433 Food, Beverage and Merchandise Income.............. 2,292 16,266 (1,053) 17,505 Other Income....................................... 1,375 2,848 (3,259) 964 ------------- ------------ ------------ ------------ Total Revenues................................... 70,171 30,714 (4,843) 96,042 Expenses: Direct Expenses: Prize and point fund monies and NASCAR sanction fees 10,043 3,822 - 13,865 Motorsports Related Expenses....................... 13,950 2,697 (1,311) 15,336 Food, Beverage and Merchandise Expenses............ 1,612 11,071 (2,405) 10,278 General and administrative expenses.................. 16,967 5,090 (1,127) 20,930 Depreciation and Amortization........................ 4,465 1,837 - 6,302 ------------- ------------ ------------ ------------ Total Expenses.................................. 47,037 24,517 (4,843) 66,711 ------------- ------------ ------------ ------------ Operating Income..................................... 23,134 6,197 - 29,331 Interest Income...................................... 7,715 3,703 (10,546) 872 Interest Expense..................................... - (546) 546 - Equity in net income (loss ) from equity investments. - 1,441 - 1,441 ------------- ------------ ------------ ------------ Income (loss) before income taxes 30,849 10,795 (10,000) 31,644 Income taxes (benefit) 11,792 171 - 11,963 ------------- ------------ ------------ ------------ Net income (loss).................................... $ 19,057 $ 10,624 $ (10,000) $ 19,681 ============= ============ ============ ============
INTERNATIONAL SPEEDWAY CORPORATION CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED AUGUST 31, 1999 (Unaudited)
COMBINED COMBINED PARENT GUARANTOR NON-GUARANTOR COMPANY SUBSIDIARIES SUBSIDIARIES ELIMINATIONS CONSOLIDATED ------------- ------------ ------------ ------------ ------------ (in thousands) OPERATING ACTIVITIES Net income ........................................... $ 41,171 $ 2,327 $ (1,080) $ - $ 42,418 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization ........................ 7,593 6,109 234 - 13,936 Amortization of unearned compensation ................ 798 - - - 798 Deferred income taxes ................................ 9,699 (4,510) (119) - 5,070 Undistributed (income) loss from equity investment................................... - 1,472 - - 1,472 Minority Interest..................................... - (77) - - (77) Changes in Operating Assets and Liabilities: Receivables, net.................................... (6,522) (8,628) (16) 9,169 (5,997) Other current assets................................ 3,787 (3,074) (2,209) - (1,496) Other assets ....................................... 6,008 (1,427) (5,953) - (1,372) Accounts payable and other current liabilities...... (11,126) 20,732 1,055 (9,169) 1,492 Deferred income .................................... 1,746 2,688 7,938 - 12,372 ------------- ------------ ------------ ------------ ------------ Net Cash Provided by (Used in ) Operating Activities .. 53,154 15,612 (150) - 68,616 INVESTING ACTIVITIES Change in short term investments, net................. 53,446 500 - - 53,946 Capital expenditures ................................. (25,550) (19,997) (29,840) - (75,387) Equity investments ................................... - (11,038) - - (11,038) Increase in restricted investments, net............... 53,500 - (96,246) - (42,746) Acquisition net of cash acquired ..................... - (134,274) - - (134,274) Intercompany investing, net........................... (224,912) 161,536 63,376 - - Other, net............................................ (179) (106) - - (285) ------------- ------------ ------------ ------------ ------------ Net Cash Used in Investing Activities ................ (143,695) (3,379) (62,710) - (209,784) FINANCING ACTIVITIES Payment of long term debt............................. (73,479) (1,397) - - (74,876) Reacquisition of previously issued common stock ...... (1,110) - - - (1,110) Cash dividends paid ................................... (2,586) - - - (2,586) Proceeds from long term debt........................... 176,000 500 63,674 - 240,174 ------------- ------------ ------------ ------------ ------------ Net Cash Provided by (Used in) Financing Activities..... 98,825 (897) 63,674 - 161,602 ------------- ------------ ------------ ------------ ------------ Net Increase in Cash and Cash Equivalents .............. 8,284 11,336 814 - 20,434 Cash and Cash Equivalents at Beginning of Period ....... 27,000 11,543 133 - 38,676 ------------- ------------ ------------ ------------ ------------ Cash and Cash Equivalents at End of Period .............$ 35,284 $ 22,879 $ 947 $ - $ 59,110 ============= ============ ============ ============ ============
INTERNATIONAL SPEEDWAY CORPORATION CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED NOVEMBER 30, 1998 (Audited)
COMBINED COMBINED PARENT GUARANTOR NON-GUARANTOR COMPANY SUBSIDIARIES SUBSIDIARIES ELIMINATIONS CONSOLIDATED ------------- ------------ ------------ ------------ ------------ (in thousands) OPERATING ACTIVITIES Net income ........................................... $ 40,466 $ 8,245 $ (333) $ (8,186) $ 40,192 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization ........................ 8,342 4,795 - - 13,137 Amortization of unearned compensation ................ 1,076 - - - 1,076 Deferred income taxes ................................ 5,746 (171) (30) - 5,545 Undistributed (income) loss from equity investment................................... - 905 - - 905 Gain on sale of equity investment..................... - (1,245) - - (1,245) Changes in Operating Assets and Liabilities: Receivables, net.................................... (2,453) (180) - 613 (2,020) Other current assets ............................... (2,010) 120 637 - (1,253) Other assets ....................................... (376) 200 - - (176) Accounts payable and other current liabilities...... 8,504 2,468 77 (613) 10,436 Deferred income .................................... 12,308 607 - - 12,915 ------------- ------------ ------------ ------------ ------------ Net Cash Provided by (Used in) Operating Activities .. 71,603 15,744 351 (8,186) 79,512 INVESTING ACTIVITIES Change in short term investments, net................. (86,021) 7,265 - - (78,756) Capital expenditures ................................. (38,220) (12,124) (21,514) - (71,858) Equity investments ................................... - (410) - - (410) Intercompany investing, net........................... (37,628) 16,332 21,296 - - Other, net............................................ (1,323) - - - (1,323) ------------- ------------ ------------ ------------ ------------ Net Cash Provided by (Used in) Investing Activities.... (163,192) 11,063 (218) - (152,347) FINANCING ACTIVITIES Payment of long term debt............................. (13,658) - - (13,658) Reacquisition of previously issued common stock ...... (195) - - - (195) Cash dividends paid .................................. (2,310) (8,186) - 8,186 (2,310) Issuance of Class A Common Stock...................... 117,700 - - - 117,700 ------------- ------------ ------------ ------------ ------------ Net Cash Provided by (Used in) Financing Activities.... 115,195 (21,844) - 8,186 101,537 ------------- ------------ ------------ ------------ ------------ Net Increase in Cash and Cash Equivalents ............. 23,606 4,963 133 - 28,702 Cash and Cash Equivalents at Beginning of Period ...... 3,394 6,580 - - 9,974 ------------- ------------ ------------ ------------ ------------ Cash and Cash Equivalents at End of Period .............$ 27,000 $ 11,543 $ 133 $ - $ 38,676 ============= ============ ============ ============ ============
INTERNATIONAL SPEEDWAY CORPORATION CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED NOVEMBER 30, 1997 (Audited)
COMBINED PARENT GUARANTOR COMPANY SUBSIDIARIES ELIMINATIONS CONSOLIDATED ------------- ------------ ------------ ------------ (in thousands) OPERATING ACTIVITIES Net income ........................................... $ 23,054 $ 7,292 $ (550) $ 29,796 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization ........................ 6,912 2,998 - 9,910 Amortization of unearned compensation ................ 1,063 - - 1,063 Deferred income taxes ................................ 1,138 3,287 - 4,425 Undistributed (income) loss from equity investment................................... 3,290 (3,656) - (366) Changes in Operating Assets and Liabilities: Receivables, net.................................... (1,357) 367 323 (667) Other current assets ............................... (609) 530 (125) (204) Other assets ....................................... (3) (201) - (204) Accounts payable and other current liabilities...... 2,370 2,218 (198) 4,390 Deferred income .................................... 10,809 (4,018) - 6,791 ------------- ------------ ------------ ------------ Net Cash Provided by (Used in ) Operating Activities . 46,667 8,817 (550) 54,934 INVESTING ACTIVITIES Change in short term investments, net................. 52,836 (880) - 51,956 Capital expenditures ................................. (30,194) (8,433) - (38,627) Equity investments ................................... (112) (17,613) - (17,725) Acquisition of PIR, net of cash acquired.............. - (43,868) - (43,868) Acquisition of WGI, net of cash acquired.............. - (996) - (996) Intercompany investing, net........................... (66,667) 66,667 - - Other, net............................................ (1,253) - - (1,253) ------------- ------------ ------------ ------------ Net Cash Used in Investing Activities ................ (45,390) (5,123) - (50,513) FINANCING ACTIVITIES Reacquisition of previously issued common stock ...... (148) - - (148) Additional expense of Class A Common Stock offering... (46) - - (46) Cash dividends paid .................................. (2,310) (550) 550 (2,310) ------------ ------------ ------------ ------------ Net Cash Provided by (Used in) Financing Activities... (2,504) (550) 550 (2,504) ------------ ------------ ------------ ------------ Net Increase (Decrease) in Cash and Cash Equivalents .. (1,227) 3,144 - 1,917 Cash and Cash Equivalents at Beginning of Period ....... 4,621 3,436 - 8,057 ------------ ------------ ------------ ------------ Cash and Cash Equivalents at End of Period ............. $ 3,394 $ 6,580 - 9,974 ============ ============ ============ ============
INTERNATIONAL SPEEDWAY CORPORATION CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED NOVEMBER 30, 1996 (Audited)
COMBINED PARENT GUARANTOR COMPANY SUBSIDIARIES ELIMINATIONS CONSOLIDATED ------------- ------------ ------------ ------------ (in thousands) OPERATING ACTIVITIES Net income ........................................... $ (3,571) $ 1,704 $ - $ (1,867) Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization ........................ 1,859 494 - 2,353 Amortization of unearned compensation ................ 122 - - 122 Deferred income taxes ................................ (786) 20 - (766) Undistributed (income) loss from equity investment................................... 45 259 - 304 Changes in Operating Assets and Liabilities: Receivables, net.................................... (1,090) 1,118 (1,433) (1,405) Other current assets ............................... (842) 1,525 125 808 Other assets ....................................... 2 (1) - 1 Accounts payable and other current liabilities...... (895) (5,917) 5,288 (1,524) Deferred income .................................... 12,472 (2,675) - 9,797 ------------- ------------ ------------ ------------ Net Cash Provided by (Used in ) Operating Activities .. 7,316 (3,473) 3,980 7,823 INVESTING ACTIVITIES Change in short term investments, net................. (66,687) (501) - (67,188) Capital expenditures ................................. (14,775) (89) - (14,864) Investment in Subsidiaries............................ 3,980 - (3,980) - Other, net............................................ (1,123) - - (1,123) ------------- ------------ ------------ ------------ Net Cash Used in Investing Activities ................. (78,605) (590) (3,980) (83,175) FINANCING ACTIVITIES Issuance of Class A Common Stock...................... 74,367 - - 74,367 Short-term borrowings................................. 7,800 - - 7,800 Repayment of short-term borrowings.................... (7,800) - - (7,800) ------------ ------------ ------------ ------------ Net Cash Provided by Financing Activities.............. 74,367 - - 74,367 ------------ ------------ ------------ ------------ Net Increase (Decrease) in Cash and Cash Equivalents .. 3,078 (4,063) - (985) Cash and Cash Equivalents at Beginning of Period ...... 1,543 7,499 - 9,042 ------------ ------------ ------------ ------------ Cash and Cash Equivalents at End of Period ............ $ 4,621 $ 3,436 $ - $ 8,057 ============ ============ ============ ============
INTERNATIONAL SPEEDWAY CORPORATION CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED AUGUST 31, 1996 (Audited)
COMBINED PARENT GUARANTOR COMPANY SUBSIDIARIES ELIMINATIONS CONSOLIDATED ------------- ------------ ------------ ------------ (in thousands) OPERATING ACTIVITIES Net income ........................................... $ 19,057 $ 10,624 $ (10,000) $ 19,681 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization ........................ 4,465 1,837 - 6,302 Amortization of unearned compensation ................ 606 - - 606 Deferred income taxes ................................ 1,440 60 - 1,500 Undistributed (income) loss from equity investment................................... (310) (1,141) - (1,451) Changes in Operating Assets and Liabilities: Receivables, net.................................... (1,939) (1,125) 1,403 (1,661) Other current assets ............................... 710 (214) (37) 459 Other assets ....................................... (89) (26) - (115) Accounts payable and other current liabilities...... 1,188 21,185 (21,122) 1,251 Deferred income .................................... 5,224 887 - 6,111 ------------- ------------ ------------ ------------ Net Cash Provided by (Used in ) Operating Activities . 30,352 32,087 (29,756) 32,683 INVESTING ACTIVITIES Change in short term investments, net................. 22,191 637 - 22,828 Capital expenditures ................................. (32,401) (2,383) - (34,784) Equity investments.................................... - (15,287) - (15,287) Intercompany investing, net........................... (19,835) 79 19,756 - Other, net............................................ (725) - - (725) ------------- ------------ ------------ ------------ Net Cash Provided by (Used in) Investing Activities ... (30,770) (16,954) 19,756 (27,968) FINANCING ACTIVITIES Reacquisition of previously issued common stock....... (1,708) - - (1,708) Cash dividends paid................................... (1,836) (10,000) 10,000 (1,836) ------------- ------------ ------------ ------------ Net Cash Provided by (Used in) Financing Activities.... (3,544) (10,000) 10,000 (3,544) ------------- ------------ ------------ ------------ Net Increase (Decrease) in Cash and Cash Equivalents .. (3,962) 5,133 - 1,171 Cash and Cash Equivalents at Beginning of Period ...... 5,505 2,366 - 7,871 ------------- ------------ ------------ ------------ Cash and Cash Equivalents at End of Period ............ $ 1,543 $ 7,499 $ - $ 9,042 ============= ============ ============ ============
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS The Board of Directors and Shareholders International Speedway Corporation We have audited the consolidated balance sheets of International Speedway Corporation and subsidiaries as of November 30, 1997 and 1998, and the related consolidated statements of income, shareholders' equity and cash flows for the year ended August 31, 1996, the three month period ended November 30, 1996, and the years ended November 30, 1997 and 1998 included in the Company's Form 10-K filed with the SEC for the year ended November 30, 1998 (not presented herein). Our audits also included the financial statement schedule listed in the index at Item 14(a). These financial statements and schedule are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of International Speedway Corporation and subsidiaries at November 30, 1997 and 1998, and the consolidated results of their operations and their cash flows for the year ended August 31, 1996, the three month period ended November 30, 1996 and the years ended November 30, 1997 and 1998, in conformity with generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein. Ernst & Young LLP Jacksonville, Florida January 22, 1999, except for Note 15, as to which the date is December 30, 1999. -----END PRIVACY-ENHANCED MESSAGE-----