Vince Martin
Long/short equity, value, gambling

International Speedway Still Needs To Fix Its Attendance Problem

ISCA data by YCharts

I've leaned toward the bearish side on International Speedway (NASDAQ:ISCA) for most of the past year-plus. My argument really hasn't changed much: The company's TV deal is great, but there's not going to be any real upside without some strength from live event attendance and revenue.

Despite the post-earnings enthusiasm Tuesday (shares gained 4.5%), I don't think fourth quarter earnings established that bottom just yet. ISCA had a solid 2015, and guidance for a long-awaited increase in EPS plus expanded shareholder returns bode well for 2016.

But - still - attendance is flat, and far as long as that continues, and likely offsets some of the yearly increases in high-margin media revenue, there's not

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