8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

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 7, 2009

INTERNATIONAL SPEEDWAY CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Florida	0-2384	59-0709342
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1801 West International Speedway Boulevard, Daytona Beach, Florida	32114
(Address of Principal Executive Offices)	(Zip Code)

(386) 254-2700

(Registrant's Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14-12)

[] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2 - Financial Information

           Item 2.02 Results of Operation and Financial Condition

Section 7 - Regulation FD
           Item 7.01 Regulation FD Disclosure
Section 8 - Other Items
          Item 8.01 Other Items

On April 7, 2009 the Company issued a press release which reported results for the fiscal quarter ended February 28, 2009 and updated full year financial guidance..

Section 9 - Financial Statements and Exhibits
          Item 9.01 Financial Statements and Exhibits

	Exhibit Number	Description of Exhibit	Filing Status
1	(99.1)	Press Release	Attached 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 hereunto duly authorized.

	INTERNATIONAL SPEEDWAY CORPORATION
	(Registrant)
Date: April 7, 2009	By:	/s/ Glenn R. Padgett
		Glenn R. Padgett
		Vice President, Chief Counsel - Operations

EX-99

FOR:	International Speedway Corporation
CONTACT:	Wes Harris
	Senior Director, Corporate and Investor Communications
	(386) 947-6465

INTERNATIONAL SPEEDWAY CORPORATION REPORTS RESULTS
FOR THE FIRST QUARTER OF FISCAL 2009

~Company Updates Full-Year Financial Guidance~

     DAYTONA BEACH, Fla. — April 7, 2009 — International Speedway Corporation (NASDAQ Global Select Market: ISCA; OTC Bulletin Board: ISCB) (“ISC”) today reported results for the fiscal first quarter ended February 28, 2009.

     “While pleased with the level of excitement and competition on the track as well as the fans’ avid support of NASCAR, we are not immune to the broader macroeconomic challenges facing all businesses,” said ISC President Lesa France Kennedy. “We are addressing these challenges on a number of fronts. Most notably, we are making it more affordable for our fans to attend our events by reducing ticket prices, providing value-added opportunities to enhance the guest experience, and working with community partners to further reduce the overall cost of attending a race. Also, given the close scrutiny that is being placed on marketing budgets, we have escalated our efforts to provide our corporate partners with innovative marketing solutions that deliver a clearly measurable return on investment.”

     Ms. France Kennedy continued, “On the expense side, we are aggressively managing our controllable expenses to scale the events appropriately without detrimentally impacting the experience for our fans. We have also undertaken a company-wide initiative to reduce pricing and, when appropriate, scope of services with vendors and suppliers. All of these cost control measures are designed to ensure that our business remains strong and continues to generate substantial cash flow. Lastly, we are maintaining a solid capital structure that allows us to weather any short-term volatility while providing us the flexibility to capitalize on potential opportunities that will increase shareholder value.”

First Quarter Comparison

     Total revenues for the first quarter decreased to $166.1 million, compared to revenues of $193.9 million in the prior-year period. Operating income was $50.0 million during the period compared to $66.9 million in the first quarter of fiscal 2008. In addition to the macroeconomic challenges, quarter-over-quarter comparability was impacted by:

-more-

ISC REPORTS 2009 FIRST QUARTER RESULTS PAGE 2

• Exceptionally strong consumer and corporate demand for the 50th running of the Daytona 500 and surrounding events in the first quarter of 2008. The historic race provided unique opportunities to drive revenue above the otherwise strong appeal of one of sport’s most marquee events.

• The 2008 first quarter also included a non-cash charge of $3.8 million, or $0.07 per diluted share after tax, to correct the carrying value of certain other assets as of November 30, 2007. In addition, the first quarter of 2008 included an impairment charge of $0.7 million, or $0.01 per diluted share after tax, related to charges for the fill removal process on the Company’s Staten Island property and, to a lesser extent, the net book value of certain assets retired from service.

• The first quarter of 2009 included a $1.6 million, or $0.03 per diluted share after tax, charge for equity in net loss from equity investments related to Motorsports Authentics, LLC (“MA”), the Company’s motorsports-related merchandise 50/50 joint venture with Speedway Motorsports Inc. The 2008 first quarter included equity income of $1.1 million, or $0.02 per diluted share after tax, due to the strong product sales primarily associated with a new team, car number and sponsor for Dale Earnhardt, Jr., NASCAR’s most significant licensee. In addition, merchandise sales from the 50th running of the Daytona 500 drove strong results for the prior year period.

     Net income was $25.1 million, or $0.52 per diluted share, compared to net income of $36.2 million, or $0.71 per diluted share, in the prior year. Excluding the aforementioned correction of certain other assets’ carrying value amounts; impairment charges; operating results from the Company’s equity investment; and, accelerated depreciation of $0.5 million, or $0.01 per diluted share after tax, for certain office and related buildings in Daytona Beach associated with the Company’s previously announced Daytona Live! project (the 2008 first quarter also included similar accelerated depreciation charges), non-GAAP (defined below) net income for the first quarter of 2009 was $27.2 million, or $0.56 per diluted share. Non-GAAP net income for the first quarter of 2008 was $39.7 million, or $0.78 per diluted share.

GAAP to Non-GAAP Reconciliation

     The following financial information is presented below using other than generally accepted accounting principles (“non-GAAP”), and is reconciled to comparable information presented using GAAP. Non-GAAP net income and diluted earnings per share below are derived by adjusting amounts determined in accordance with GAAP for certain items presented in the accompanying selected operating statement data, net of taxes.

     The 2008 adjustments relate to: a benefit for equity in net income from equity investment; accelerated depreciation for certain office and related buildings in Daytona Beach; the impairment of long-lived assets associated with the fill removal process on the Staten Island property and the net book value of certain assets retired from service; and, a non-cash charge to correct the carrying value of certain other assets.

ISC REPORTS 2009 FIRST QUARTER RESULTS PAGE 3

     The adjustments for 2009 relate to: a charge for equity in net loss from equity investment; accelerated depreciation for certain office and related buildings in Daytona Beach; and, the impairment of long-lived assets associated with the net book value of certain assets retired from service,.

     The Company believes such non-GAAP information is useful and meaningful to investors, and is used by investors and ISC to assess core operations. This non-GAAP financial information may not be comparable to similarly titled measures used by other entities and should not be considered as an alternative to operating income, net income or diluted earnings per share, which are determined in accordance with GAAP.

	(In Thousands, Except Per Share Amounts)
	(Unaudited)
	Three Months Ended
	February 29, 2008			February 28, 2009
Net income	$	36,211		$	25,146
Loss from discontinued operations, net of tax		31			42
Income from continuing operations		36,242			25,188
Equity in net (income) loss from equity investment, net of tax		(1,102	)		1,639
Consolidated income from continuing operations excluding equity in net (income) loss from equity investment		35,140			26,827
Adjustments, net of tax:
Additional depreciation		320			309
Impairment of long-lived assets		448			33
Correction of certain other assets’ carrying value		3,758			—
Non-GAAP net income	$	39,666		$	27,169
Per share data:
Diluted earnings per share	$	0.71		$	0.52
Loss from discontinued operations, net of tax		—			—
Income from continuing operations		0.71			0.52
Equity in net (income) loss from equity investment		(0.02	)		0.03
Consolidated earnings per share from continuing operations excluding equity in net (income) loss from equity investment		0.69			0.55
Adjustments, net of tax:
Additional depreciation		0.01			0.01
Impairment of long-lived assets		0.01			—
Correction of certain other assets’ carrying value		0.07			—
Non-GAAP diluted earnings per share	$	0.78		$	0.56

Recent Events

     For the start of the motorsports season, Daytona hosted its annual lineup of events branded DIRECTV Speedweeks^®, which combines the best sports car, truck and stock car racing in the world, and culminates with the Daytona 500^®. The multi-week lineup began with the prestigious Grand-Am Rolex 24, which was highlighted by the closest finish in the 47-year history of the event.

ISC REPORTS 2009 FIRST QUARTER RESULTS PAGE 4

     DIRECTTV Speedweeks^® continued with several exciting stock car and truck racing events, culminating with the 51^st running of the Daytona 500^®. While this year’s “The Great American Race^®” featured some of the most thrilling competition in recent memory, unfortunately the event was rained shortened to only 152 of the scheduled 200 laps. The weekend following, NASCAR’s Sprint Cup, Nationwide and Camping World Truck series returned to Auto Club Speedway, which is located near Los Angeles, the nation’s second largest media market.

     Subsequent to the fiscal first quarter, Daytona hosted a successful week of motorcycle racing that included the Daytona Supercross and the 68th running of the Daytona 200^®. Auto Club Speedway also held a weekend of exciting motorcycle racing. Finally, the NASCAR Sprint Cup and Camping World Truck series raced at the historic half-mile short track of Martinsville Speedway.

     For the remainder of the second quarter, the Company will host four Sprint Cup and Nationwide series weekends at Phoenix International Raceway, Talladega Superspeedway, Richmond International Raceway and Darlington Raceway. The Talladega weekend will also include an ARCA/RE-MAX event. In addition, Kansas Speedway will host an IRL IndyCar and NASCAR Camping World Truck weekend.

     From a marketing partnership perspective, ISC recently signed event entitlement positions for its NASCAR Sprint Cup races at Watkins Glen International, Darlington and Kansas. As a result, ISC has only one Sprint Cup and three Nationwide title sponsorships that are either open or not announced. Even more significantly, the Company continues to have success in securing multi-year agreements for official status positions. This combination has resulted in ISC’s ability to have agreements in place for 90 percent of its current gross marketing partnership revenue target for fiscal 2009.

External Growth, Financing-Related and Other Initiatives

     The Company in a joint venture partnership with The Cordish Company (“Cordish”) resubmitted a revised joint proposal for the development of a Hard Rock Casino and certain dining and entertainment options on property adjacent to the Kansas Speedway on March 30, 2009. The revised proposal contemplates the development, depending upon market conditions and demand, of a hotel, convention facility, and a retail and entertainment district.

     The initial phase of the project, which is planned to comprise approximately 190,000 square feet, would include a 100,000 square foot casino gaming floor with approximately 2,300 slot machines and 86 table games, a high-energy center bar, and dining and entertainment options, and is projected to cost approximately $390 million. The full budget of all potential phases is projected at approximately $700 million, and would be financed by the joint venture between ISC and Cordish. Depending upon market conditions, the 50/50 joint venture anticipates funding the development with between 20 and 40 percent equity. The remaining portion is expected to be funded by secured project debt financing obtained by the joint venture.

ISC REPORTS 2009 FIRST QUARTER RESULTS PAGE 5

     The Lottery Commission will evaluate the proposals and will then seek to negotiate management agreements with those managers it intends to recommend to the Gaming Commission. The timeline for the Lottery Commission negotiations and review process is defined as 90 days followed by a review by the Kansas Lottery Gaming Facility Review Board and background checks by the Kansas Racing and Gaming Commission. The entire process is expected to be completed by October 2009.

     Daytona Live!, a mixed-use entertainment destination development that the Company is also pursuing in a 50/50 joint venture with Cordish, is expected to have the ISC and NASCAR headquarters building completed and open in the fourth quarter of 2009. The retail, dining, and entertainment component of Daytona Live! is being actively marketed by Cordish. Final design plans that will include local market studies and further project analysis for the development of the retail, dining and entertainment, and hotel components are being completed. These phases of the development will be market driven, and no construction will begin until the timing is appropriate.

     On Staten Island, ISC continues to have discussions with interested buyers for the 676 acre parcel, and remains hopeful that a transaction will occur in 2009. The Company is also continuing through the audit appeals process with the Internal Revenue Service (“IRS”) and is having very productive conversations concerning a settlement.

     Once ISC sells the Staten Island property and/or secures a favorable settlement with the IRS, the Company will evaluate opportunities to reduce debt and further invest in the business, including additional share repurchases. ISC ceased repurchasing shares in September 2008 as a result of the turbulent credit markets and its desire to conserve cash.

     As it relates to the Company’s $150 million Senior Note mid-April 2009 maturity (the “Maturity”), ISC remains in a favorable financial position and does not need to access the current turbulent credit markets. As such, the Maturity will be funded by available cash from its revolving credit facility borrowings that it drew down in October 2008. The Company plans to pay down the balance on the credit facility by mid-2010, which is one year prior to its maturity.

Capital Spending

     Given its desire to continue to build on its significant cash position, the Company anticipates spending between $50 million and $55 million on capital expenditures at its existing facilities. This is viewed as the minimum amount of investment necessary for maintenance cap-ex, safety and regulatory requirements, and preserving the guest experience. Excluded from this estimate is approximately $45 million in spending for ISC’s headquarters building as part of Daytona Live!, of which approximately $41 million is funded by the construction loan secured in July 2008. Also excluded is $2 million to $3 million of capitalized costs, including property taxes, for Staten Island.

ISC REPORTS 2009 FIRST QUARTER RESULTS PAGE 6

Financial Guidance

     The Company is revising its full year guidance as a result of further weakening of the macroeconomic environment. ISC now expects 2009 full year total revenue will range between $700 million to $720 million and full year non-GAAP earnings of $1.80 to $2.00 per diluted share. As it is still early in the year, the Company is more comfortable at the low end of these ranges. The non-GAAP earnings per share estimates exclude additional depreciation associated with the Daytona Live! project, impairment of long-lived assets associated with the net book value of assets retired from service, and the operating results from ISC’s equity investment in MA.

     MA’s management team is currently doing a thorough re-evaluation of the business given the unique challenges facing the sales of licensed goods in sports as a result of the current economic landscape. As MA currently has less visibility than ISC’s core business of promoting motorsports events, the Company is not including MA’s results in its 2009 non-GAAP earnings guidance. ISC currently expects MA will post an operating loss for 2009.

     As it relates to margins, ISC currently anticipates the following:

	Year
	Ending
	11/30/09
EBITDA (1)	33% — 35%
Operating	23% — 25%

(1) EBITDA is a non-GAAP financial measure used by the Company as an important indicator of its operating margin. It is defined as earnings before interest, taxes, depreciation and amortization.

Outlook

     “Although we expect our business will continue to be impacted by a challenging macroeconomic environment throughout 2009, we enjoy a business model that benefits from strong consumer support and a solid foundation of contracted revenues,” stated Ms. France Kennedy. “These significant top-line visibilities combined with undertaken cost containment measures help ensure that our business will continue to generate substantial cash flow.”

     Ms. France Kennedy concluded, “Our success is also predicated on NASCAR racing which continues to be healthy and popular not only with the tens of millions of passionate fans but also with corporate America. It remains the largest spectator sport, second highest rated sport on television, and leads all major sports properties in sponsor satisfaction. For the past 60 years, NASCAR racing has offered its participants one of the most stable and growth-oriented business models in all of sports, and we expect that trend to continue well into the future.”

Conference Call Details

     The management of ISC will host a conference call today with investors at 9:00 a.m. Eastern Time. To participate, dial toll free (888) 694-4641 five to ten minutes prior to the scheduled start time and request to be connected to the ISC earnings call, ID number 92154372. A live Webcast will also be available at that time on the Company’s Web site, www.iscmotorsports.com, under the “Investor Relations” section.

ISC REPORTS 2009 FIRST QUARTER RESULTS PAGE 7

     A replay will be available two hours after the end of the call through midnight Tuesday, April 14, 2009. To access, dial toll free (800) 642-1687 and enter the code 92154372, or visit the “Investor Relations” section of the Company’s Web site.

     International Speedway Corporation is a leading promoter of motorsports activities, currently promoting more than 100 racing events annually as well as numerous other motorsports-related activities. The Company owns and/or operates 13 of the nation’s major motorsports entertainment facilities, including Daytona International Speedway® in Florida (home of the Daytona 500®); Talladega Superspeedway® in Alabama; Michigan International Speedway® located outside Detroit; Richmond International Raceway® in Virginia; Auto Club Speedway of Southern California^SM near Los Angeles; Kansas Speedway® in Kansas City, Kansas; Phoenix International Raceway® in Arizona; Chicagoland Speedway® and Route 66 Raceway^SM near Chicago, Illinois; Homestead-Miami Speedway^SM in Florida; Martinsville Speedway® in Virginia; Darlington Raceway® in South Carolina; and Watkins Glen International® in New York. In addition, ISC promotes major motorsports activities in Montreal, Quebec, through its wholly owned subsidiary, Stock-Car Montreal.

     The Company also owns and operates MRN® Radio, the nation’s largest independent sports radio network; the Daytona 500 Experience^SM, the “Ultimate Motorsports Attraction” in Daytona Beach, Florida, and official attraction of NASCAR®; and Americrown Service Corporation^SM, a subsidiary that provides catering services, food and beverage concessions, and produces and markets motorsports-related merchandise. In addition, ISC has an indirect 50 percent interest in Motorsports Authentics®, which markets and distributes motorsports-related merchandise licensed by certain competitors in NASCAR racing. For more information, visit the Company’s Web site at www.iscmotorsports.com.

     Statements made in this release that express the Company’s or management’s beliefs or expectations and which are not historical facts or which are applied 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. The Company’s results could be impacted by risk factors, including, but not limited to, weather surrounding racing events, government regulations, economic conditions, consumer and corporate spending, military actions, air travel and national or local catastrophic events. 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-Qs. Copies of those filings are available from the Company and the SEC. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be needed to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by International Speedway or any other person that the events or circumstances described in such statement are material.

(Tables Follow)

ISC REPORTS 2009 FIRST QUARTER RESULTS PAGE 8

Consolidated Statements of Operations
(In Thousands, Except Per Share Amounts)

	Three Months Ended
	February 29, 2008			February 28, 2009
	(Unaudited)
REVENUES:
Admissions, net	$	56,113		$	47,836
Motorsports related		112,845			102,534
Food, beverage and merchandise		22,690			13,409
Other		2,211			2,340
		193,859			166,119
EXPENSES:
Direct expenses:
Prize and point fund monies and NASCAR sanction fees		33,053			34,142
Motorsports related		35,336			29,109
Food, beverage and merchandise		12,784			9,477
General and administrative		27,711			24,935
Depreciation and amortization		17,317			18,391
Impairment of long-lived assets		731			70
		126,932			116,124
Operating income		66,927			49,995
Interest income and other		(3,060	)		464
Interest expense		(3,593	)		(6,270	)
Minority interest		—			171
Equity in net income (loss) from equity investments		1,794			(1,639	)
Income from continuing operations before income taxes		62,068			42,721
Income taxes		25,826			17,533
Income from continuing operations		36,242			25,188
Discontinued operations		(31	)		(42	)
Net income	$	36,211		$	25,146
Basic earnings per share:
Income from continuing operations	$	0.71		$	0.52
Loss from discontinued operations		—			—
Net income	$	0.71		$	0.52
Diluted earnings per share:
Income from continuing operations	$	0.71		$	0.52
Loss from discontinued operations		—			—
Net income	$	0.71		$	0.52
Basic weighted average shares outstanding		50,928,554			48,548,395
Diluted weighted average shares outstanding		51,038,079			48,677,666

ISC REPORTS 2009 FIRST QUARTER RESULTS PAGE 9

Consolidated Balance Sheets
(In Thousands)

	November 30, 2008			February 28, 2009
				(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$	218,920		$	241,011
Short-term investments		200			200
Restricted cash		2,405			1,603
Receivables, less allowance of $1,200 in 2008 and 2009		47,558			119,128
Inventories		3,763			4,317
Deferred income taxes		1,838			2,059
Prepaid expenses and other current assets		7,194			14,596
Total Current Assets		281,878			382,914
Property and Equipment, net		1,331,231			1,336,357
Other Assets:
Long-term restricted cash and investments		40,187			36,394
Equity investments		77,613			76,104
Intangible assets, net		178,841			178,815
Goodwill		118,791			118,791
Deposits with Internal Revenue Service		117,936			117,936
Other		34,342			21,487
		567,710			549,527
Total Assets	$	2,180,819		$	2,268,798
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Current portion of long-term debt	$	153,002		$	152,994
Accounts payable		26,393			32,146
Deferred income		103,549			148,472
Income taxes payable		8,659			13,523
Other current liabilities		18,035			21,606
Total Current Liabilities		309,638			368,741
Long-Term Debt		422,045			421,809
Deferred Income Taxes		104,172			106,977
Long-Term Tax Liabilities		161,834			162,669
Long-Term Deferred Income		13,646			13,878
Other Long-Term Liabilities		28,125			29,113
Commitments and Contingencies		—			—
Shareholders’ Equity:
Class A Common Stock, $.01 par value, 80,000,000 shares authorized; 27,397,924 and 27,741,939 issued and outstanding in 2008 and 2009, respectively		274			277
Class B Common Stock, $.01 par value, 40,000,000 shares authorized; 21,150,471 and 20,806,456 issued and outstanding in 2008 and 2009, respectively		211			208
Additional paid-in capital		497,277			497,881
Retained earnings		665,405			690,380
Accumulated other comprehensive loss		(21,808	)		(23,135	)
Total Shareholders’ Equity		1,141,359			1,165,611
Total Liabilities and Shareholders’ Equity	$	2,180,819		$	2,268,798

ISC REPORTS 2009 FIRST QUARTER RESULTS PAGE 10

Consolidated Statements of Cash Flows
(In Thousands)

	Three Months Ended
	February 29, 2008			February 28, 2009
	(Unaudited)
OPERATING ACTIVITIES
Net income	$	36,211		$	25,146
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		17,317			18,391
Minority interest		—			(171	)
Stock-based compensation		937			604
Amortization of financing costs		129			129
Deferred income taxes		4,418			2,898
(Income) loss from equity investments		(1,794	)		1,639
Impairment of long-lived assets, non-cash		328			70
Other, net		3,707			(3	)
Changes in operating assets and liabilities:
Receivables, net		(71,395	)		(71,570	)
Inventories, prepaid expenses and other assets		(5,774	)		(8,296	)
Accounts payable and other liabilities		5,744			6,021
Deferred income		42,631			45,155
Income taxes		15,188			5,385
Net cash provided by operating activities		47,647			25,398
INVESTING ACTIVITIES
Capital expenditures		(37,981	)		(20,042	)
Proceeds from affiliate		—			12,500
Advance from affiliate		—			(200	)
Decrease in restricted cash		—			4,595
Proceeds from short-term investments		41,300			—
Purchases of short-term investments		(2,250	)		—
Other, net		(781	)		10
Net cash provided by (used in) investing activities		288			(3,137	)
FINANCING ACTIVITIES
Proceeds under credit facility		20,000			—
Payments under credit facility		(1,126	)		—
Payments of long-term debt		—			(170	)
Reacquisition of previously issued common stock		(50,000	)		—
Net cash used in financing activities		(31,126	)		(170	)
Net increase in cash and cash equivalents		16,809			22,091
Cash and cash equivalents at beginning of period		57,316			218,920
Cash and cash equivalents at end of period	$	74,125		$	241,011

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