-----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, Bp+EZ6h2KHkTD6XJl39JjzI7HNOwskOoNkL/h9UTCZppaDp0p1SsKZCdpXb5fLrp Qb7KHXczO6NYP1GVrw7g3Q== 0000925751-00-000009.txt : 20000406 0000925751-00-000009.hdr.sgml : 20000406 ACCESSION NUMBER: 0000925751-00-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000404 ITEM INFORMATION: FILED AS OF DATE: 20000405 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: 593664 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) 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 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 EX-99 2 PRESS RELEASE ANNOUNCING EARNINGS 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)
Consolidated Statements of Income (In thousands, except for share and per share data) Three months ended (Unaudited) 2/28/99 2/29/00 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 =========== ============
Consolidated Balance Sheet Data (In thousands) November 30, February 29, 1999 2000 (Unaudited) ------------ ------------ 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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