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International Speedway Corporation (NASDAQ:ISCA)

F3Q08 Earnings Call

October 9, 2008 9:00 am ET

Executives

Wes Harris - Senior Director, Corporate and Investor Communications

John Saunders - Executive Vice President and Chief Operating Officer

Dan Houser - Vice President and Chief Financial Officer

Analysts

Paul Swinand – Stephens Inc.

Alvin Concepcion – Citi

Tim Conder – Wachovia

Bob Simonson – William Blair

Edward Williams – BMO Capital Markets

Operator

Welcome to the International Speedway Corporation 2008 third quarter conference call. (Operator Instructions) I would now like to turn the conference over to Wes Harris, Senior Director of Corporate and Investor Communications for International Speedway.

Wes Harris

Welcome to the International Speedway Corporation Conference Call. We are here to discuss the company’s results for the Third Quarter ended August 31, 2008. With us on this mornings call are John Saunders, Executive Vice President and Chief Operating Officer and Dan Houser, Vice President and Chief Financial Officer. After John and Dan have provided their formal remarks a question and answer period will follow. The operator will instruct you on procedure at that time.

Before we get started I’d like to remind everyone that statements made in the course of this conference call that express the company’s or management’s beliefs and expectations and which are not historical facts or applied prospectively are considered forward looking statements. It’s important to note that our actual results may 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. Copies of these 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 occurrence of unanticipated events.

Inclusion of any statement in this call does not constitute an admission by ISC or any other person that events or circumstances described in such statements are material. With those formalities out of the way I’d like to turn the call over to John Saunders.

John Saunders

Given the challenging economic backdrop we are operating in we are pleased with the results of our third quarter. The quarter is our second most active for the year in terms of events having hosted 21 major races including six NASCAR Sprint Cup events. Our results for the ’08 third quarter benefited from Auto Club Speedway’s Labor Day Sprint Cup and Nationwide race which was held in the fourth quarter 2007.

Partially offsetting the positive impact of Auto Club’s race weekend in the 2008 third quarter was Michigan International Speedway’s discontinuation of its July IndyCar series weekend following the 2007 season.

Looking at our year over year third quarter results on a comparable event basis total revenues were down slightly from 2007. This is encouraging given the broader macro economic environment combined with the challenges we have faced for our Michigan event given the current state of the auto industry. We also did a great job of holding our collective event and administrative expenses in line with last year on a comparable event basis.

Looking at the specific events for the third quarter, Watkins Glen hosted a successful weekend of sports car racing in June highlighted by the 27th running of the Sahlen's Six Hours of The Glen. At Route 66 Raceway fans were treated to four days of exciting drag racing competition as part of the 11th Annual Torco Racing Fuels NHRA National.

Michigan hosted the Sprint Craftsman Truck and ARCA RE/MAX series in mid-June. A paid crowd of well over 100,000 guests was on hand to see Dale Earnhardt Jr. win the LifeLock 400. At Richmond International Raceway’s IndyCar Series weekend Tony Kannan won the SunTrust Indy Challenge and we posted record attendance.

The Glen also hosted an exciting weekend of open wheel racing and reported increased attendance for the Camping World Grand Prix at The Glen. Daytona International Speedway hosted Sprint Cup, Nationwide and Grand-Am Rolex Series racing highlighted by a fiercely competitive Coke Zero 400 that ended with Kyle Busch capturing his first Sprint Cup victory at the historic facility.

The following weekend at Chicagoland Speedway Kyle Busch built on his impressive racing stat for the 2008 season by winning both the Nationwide Dollar General 300 Powered by Coca-Cola and the Sprint Cup LifeLock.com 400. Sold out crowds for both events enjoyed the first ever night race at the track following the installation of lights at the facility during the off season.

A festive weekend of Nationwide and Grand-Am racing was held in Montreal highlighted by the Nationwide NAPA Auto Parts 200 presented by Dodge. Ron Fellows captured the victory in a rain shortened event over fellow Canadian Patrick Carpentier. Watkins Glen hosted a great weekend of Sprint Cup, Nationwide and Grand-Am racing. Kyle Busch scored his eighth Sprint Cup win of 2008 with the victory Kyle became the first driver in NASCAR history to win three road course events in a single season.

In August at Michigan, Carl Edwards captured a rare weekend sweep with victories in both the Sprint Cup 3M Performance 400 and the Nationwide CARFAX 250. Despite a challenging economic backdrop further exacerbated by the woes facing the auto industry a paid crowd of well over 120,000 fans were on hand for Sunday’s Sprint Cup race.

Finally, Auto Club Speedway hosted a Labor Day weekend of Sprint Cup and Nationwide racing highlighted by Jimmie Johnson’s win in the Sprint Cup Pepsi 500. Approximately two weeks prior to the race weekend we were pleased to announce that beginning in 2009 Auto Club’s fall race weekend will move to mid-October. The Speedway benefits by moving the event later in the year when the Southern California weather is more comfortable and the Pepsi 500 will become part of the 10 race chase for the NASCAR Sprint Cup.

Looking to our fourth quarter event, in spite of the postponement due to Tropical Storm Hannah the field for the chase was set in Richmond with another exciting Chevy Rock and Roll 400. Two time defending Sprint Cup Series champion, Jimmie Johnson held off a hard charging Tony Stewart in a thrilling side by side dual over the final 15 laps of the race.

Chicagoland was host to the season ending IndyCar Series race with Scott Dixon winning his second IndyCar Series Championship in the closest race finish in series history. We are pleased to record a sold out attendance for both days of racing. Late last month Kansas City hosted a successful Sprint Cup and Nationwide series weekend highlighted by Jimmie Johnson winning his fifth Sprint Cup race of the year in the Camping World RV 400.

This past weekend Talladega hosted exciting NASCAR and ARCA racing that is the hallmark for the track. Sunday’s Sprint Cup and Energy 500 was an exciting race from the start. The lead was swapped a series record 64 times among 28 drivers with Tony Stewart holding on to first place for the final 17 laps to secure his first Sprint Cup victory at the historic facility.

For the remainder of the quarter, Martinsville Speedway will host a Sprint Cup and Craftsman Truck Series weekend. Phoenix International Raceway will host a NASCAR triple-header weekend anchored by a Sprint Cup Series. Finally, Homestead-Miami Speedway will host the Ford Championship Weekend, where season champions will be crowned for all of NASCAR's national touring series.

Turning our attention to the economy, as we have discussed on previous calls we are not immune to what is happening with the broader economic landscape. Our financial results have been primarily impacted through lower attendance and at track spending by fans. Partially offsetting this consumer led downturn has been healthy spending by corporate marketing partners. Over the past few months, however, we have begun to see a slowdown in corporate spending for hospitality.

In addition, securing sponsorship deals has become more time consuming as corporations are closely scrutinizing their marketing budgets. These factors, combined with the accelerated slowdown in the economy since our last call in July have resulted in a reevaluation of our financial expectations for 2008 as well as 2009.

Despite these challenges it’s important to point out that our core business remains sound. We continue to host the largest crowds in all of sports on any given weekend. This stands as a testament to the strength, avidity and loyalty of a huge core fan base that views NASCAR as a lifestyle choice and crave attending live events.

Another bright spot, television ratings are up year to date even with the focus on the Olympics for three weekends in August. This tells us that fans remain very actively involved in the sport even if their unable to attend events in person driven by personal spending constraints. Television and ancillary media rights are a significant contributor to our operating cash flow. Media rights fees account for approximately a third of our total revenue and its high margin drives more than 75% of our earnings per share.

We also benefit from significant earnings and cash flow visibility as NASCAR’s domestic broadcast rights are contracted through 2014. That includes escalators for the remaining years of the contract of between 3% and 4% annually.

Corporate marketing partnerships remain a key component of our business. We are in a unique position to deliver year round value in these relationships. No other Motorsports company can offer as many varied marketing solutions across a wide front of assets. Our sponsorship agreements are typically multi-year agreements. We actively manage the terms of these agreements so that we have no more than one third or so up for renewal during any one year.

Similar to television and ancillary media rights this earnings and cash flow visibility is especially important in more challenging economic times. While economic conditions are currently making the process of securing deals more time consuming it is important to note that the spending by our partners remains healthy. As a result we continue to expect year over year growth in sponsorship revenue for 2008.

Looking specifically at race entitlements we secured title sponsors for all of our major events in 2008 and have agreements in place for more than 75% of our 2009 events. This is a solid start for next year. On the expense side we are aggressively managing controllable expenses particularly G&A. Maintaining event margins remains a key focus.

It is critical that we balance any potential reductions in Motorsports related expenses with the risk that we will impair the quality of the fan experience. This would have a detrimental effect on ticket renewals and customer retention which would drive up our future costs of customer acquisition.

Our cost containment measures have been undertaken to ensure our business continues to generate strong cash flow. We maintain a solid balance sheet that provides significant financial flexibility which allows us to take advantage when prudent of growth opportunities and unlock value in our assets. In that regard last month we announced that the Hard Rock Hotel & Casino proposal was awarded the right to operate a casino in Wyandotte County, Kansas. The hotel and casino will be built outside turn two at Kansas Speedway.

It is being developed in a 50/50 joint venture with the Cordish Company who is also our joint venture partner in the Daytona Live! project. The 1.5 million square foot Hard Rock Hotel & Casino will include a 300 room luxury hotel; a state of the art casino with 3,000 slot machines and 140 gaming tables; 275,000 square feet of destination retail, dining and entertainment including a live music venue; first class resort amenities; and extensive meeting and convention facilities.

In addition to building a first class gaming and entertainment destination we have also committed to petition NASCAR to realign its second date to Kansas from one of our existing facilities by the time the Hard Rock development opens in 2011. To attract Grand-Am and Par Club events we also plan to build a state of the art rope course in the infield of Kansas Speedway.

The total hotel and casino development is expected to cost approximately $705 million. Depending upon market conditions, the 50/50 joint venture anticipates funding the development with between 20% and 40% equity. The remaining portion is expected to be funded through non-recourse, secured debt financing.

During construction of the hotel and casino destination development, the joint venture will operate a first phase casino that is fitting of the premier Hard Rock brand. While we are still early in the scope and design process we currently expect that the initial phase casino will cost between $80 and $90 million to construct. This spending is included in the estimated total project costs of $705 million.

Under this current scenario ISC’s 50% cash contribution to construct the initial phase casino would be between $40 and $45 million with construction beginning in January or February of next year. I would also note that any ISC investment in the initial phase casino will be part of our total equity outlay for the project. The first phase casino currently is expected to open in late 2009 and would include approximately 2,000 slot machines and 75 gaming tables operating in a high end environment.

We are currently working through the final steps of approval with the Kansas City Racing and Gaming Commission which includes completing the technical licensure process by early December. We are also in the process of determining the estimated timing of necessary debt financing and funding of our remaining equity contribution beyond any 2009 investment in the initial phase casino.

It is important to note that the construction for the full development will take at most 24 months. As a result, draw down of any external debt financing for the permanent facility would not be required until the second half of 2009 under any scenario. This development is an excellent opportunity for Kansas Speedway. In addition, once its up and running it is expected to significantly contribute to ISC’s bottom line financial results.

As part of the approval process with the Kansas Racing and Gaming Commission, financial projections were provided for the project. At that point it was estimated that the joint venture would generate in excess of $100 million in EBITDA per year beginning in 2011 with the opening of a permanent gaming and entertainment development. This estimate does not take into account depreciation and interest expense which will lower the amount of pre-tax income to be recognized by ISC through its 50% equity investment in the joint venture.

Turning to our Daytona Live! Project, the office building is currently under construction with a scheduled opening for late in the fourth quarter of 2009. The retail, dining and entertainment portion is being actively marketed by Cordish. It is early in the process but we remain encouraged by the discussions with potential tenants despite the current economic environment.

As we announced earlier this year Cobb Theaters has committed to a state of the art 65,000 square feet theater that is currently being designed. Another bright spot for the company is the continued successful turnaround at Motorsports Authentics; our Motorsports related merchandise 50/50 joint venture with Speedway Motorsports. During 2008 MA has benefited from sales surrounding the historic 50th running of the Daytona 500 as well as Dale Earnhardt Jr.’s move to a new team sponsor and car number.

These unique opportunities are expected to help drive between $2 and $3 million in equity earnings from MA for ISC in 2008 which is a far cry from last year when we recorded a $10 million loss to reflect our 50% portion of MA’s operating loss. While we were very pleased with the ongoing turn around of the business and the positive impact it’s had on ISC’s year to date reported results in 2008 we are tampering our enthusiasm for 2009. We expect MA will face difficult sales environment given the broader economy and they will not benefit from the unique driver change and event opportunities of 2008.

Turning to capital spending, for the nine months ended August 31, 2008, we spent approximately $74 million on capital expenditures at our existing facility. For the full year we anticipate spending between $90 and $95 million on capital expenditures at those existing facilities. The significant majority of this spending is focused on adding fan enhancements and amenities that enable us to effectively compete with other sports venues for consumer and corporate spending.

It is important to note that approximately $5 million of this year’s estimated spending is associated with certain projects that resulted in a shift of timing of spending from 2007 to 2008. Excluded from our full year CapEx guidance for 2008 is between $10 and $15 million in estimated spending for our new headquarters building as part of the Daytona Live! Project. I would note that we spent approximately $7 million through the end of the 2008 third quarter.

Also excluded from our CapEx guidance is between $8 and $9 million of spending for Staten Island of which we spent almost $7 million through the end of the third quarter. The spending for Staten Island is associated with ongoing site work and capitalized interest.

With that I’d like to turn the call over to Dan Houser for the financial review.

Dan Houser

While somewhat short of our expectations given the increasingly challenging macro economic environment we were pleased with our results for the 2008 third quarter. Year over year comparability for the three month period ended August 31, was impacted by the following. First, as John mentioned the 2008 third quarter significantly benefited from Auto Club’s fall Sprint Cup and Nationwide race weekend which was held in the fourth quarter 2007.

Second, the 2007 third quarter included an IRL weekend at Michigan, the race weekend was discontinued after the 2007 season. Third, our 2008 third quarter included a charge of $521,000 or $0.01 per diluted share after tax for accelerated depreciation related to our Daytona Live! Project. This is compared to the 2007 third quarter in which we recognized similar accelerated depreciation of $6.9 million or $0.08 per diluted share after tax.

Also included in the 2007 third quarter was a charge of $12.4 million or $0.24 per diluted share to reflect our portion of MA’s write down of certain inventory and related balances. In addition, the third quarter of 2007 included a $1.6 million or $0.03 per diluted share after tax and deferred income tax expense attributable to enactment of an income based tax system in the State of Michigan.

Finally, in the 2008 third quarter we recognized a tax benefit of $3.5 million or $0.07 per diluted share after tax associated with restructuring initiatives that positively impact our tax liability and certain state tax jurisdictions.

Looking at the detailed income statement, admissions revenue for the third quarter decreased slightly to $62.7 million despite the sold out NASCAR weekend at Chicagoland, primarily due to lower attendance for other major events. Hardest hit were events in Florida and Michigan where economic conditions have been severe. This impact was significantly offset by the timing of the fall event at Auto Club Speedway.

Motorsports related revenue for the quarter increased to $129.6 million. Included in this amount was NASCAR media revenue of $66.5 million for domestic broadcast rights and $3.1 million for ancillary media rights. The collective $16.6 million increase in Motorsports related revenue was primarily attributable to the timing of the fall events at Auto Club, an increase in television broadcast and ancillary rights for NASCAR events and higher sponsorship revenues for certain NASCAR events conducted at Daytona, Watkins Glen and Michigan.

The year over year increase in Motorsports related revenue was partially offset by the impact of Michigan’s IndyCar Series weekend that was discontinued after the 2007 third quarter as well as other lower sponsorship, hospitality and other revenues for certain events conducted during the 2008 third quarter.

The increase in food, beverage and merchandise revenue to $18.4 million for the 2008 third quarter was primarily attributable to the previously noted timing of the fall events at Auto Club. This increase was offset by the previously mentioned attendance decreases and the 2007 IRL weekend. The increase in NASCAR direct expense to $44.1 million is largely attributable to the timing of Auto Club’s fall race weekend. In addition, higher television broadcast rights fees, a percentage of which are paid as fair prize money as well as higher point fund monies contributed to the year over year increase.

Motorsports related expense rose to $50.9 million for the third quarter. The increase was primarily attributable to the net impact of the previously noted timing of fall events at Auto Club and Michigan’s 2007 IndyCar weekend. Food, beverage and merchandise expense increased to $11.7 million for the quarter primarily due to the timing of Auto Club’s fall race weekend. The increase was partially offset by a decrease in variable costs associated with lower attendance.

As we are pleased to report general and administrative expenses of $27.7 million for the 2008 third quarter. As John mentioned earlier this represents a 12% decrease as compared to 2007. When you exclude legal fees for the Kentucky litigation we still posted an almost 10% decrease year over year. Our focused efforts on company wide cost containment played a significant role in this reduction.

Depreciation and amortization during the third quarter decreased to $17.9 million. The decrease is primarily attributable to lower net accelerated deprecation of $6.4 million associated with our Daytona Live! Project. Partially offsetting the decrease was increased depreciation expense attributable to ongoing capital improvement at our Motorsports facilities.

Now to look below operating income, the decrease in interest income to $398,000 is primarily due to lower cash and short term investment balances driven by the use of cash for our share repurchase program. Interest expense was flat year over year at $4 million with higher capitalized interest offset by interest expense associated with financing for the new headquarters building.

The $140,000 loss in equity investments represents the combined impact of our 50% equity investment in Motorsports Authentic and our 50% limited partnership investment in the NASCAR Nationwide and Grand-Am race in Montreal. As John discussed earlier we are pleased with the progress to date for the ongoing turnaround at MA. During the first nine months of fiscal 2008 MA earned a profit of $10 million which resulted in a contribution of $5 million in equity income to ISC’s pre-tax results.

To put MA’s improvement in perspective MA lost approximately $16 million in the first nine months of fiscal 2007, $8 million of which was ISC’s portion. This equates to a $26 million swing in profitability for MA when comparing the two nine month periods.

Our effective tax rate for the 2008 third quarter was 32.3%. The substantial decrease in the effective tax rate was due to the tax treatment associated with earnings and losses incurred at Motorsports Authentic, changes in the Michigan tax law recognized in the 2007 third quarter and previously discussed 2008 restructuring initiatives that positively impact our tax liability in certain state jurisdictions. Excluding these items our effective tax rate for the third quarter of 2008 was 38.4% and we continue to anticipate that our 2008 full year effective tax rate on a non-GAAP basis will range between 38% and 39%.

Income from continuing operations for the three months ended August 31st was $38.8 million or $0.79 per diluted share on 49.1 million shares outstanding. However, when you exclude the additional depreciation associated with the Daytona Live! development and the income tax benefit from the restructuring initiatives I just discussed we posted earnings of $0.73 per diluted share for the 2008 third quarter. As described in the release this is compared to non-GAAP net income for the 2007 third quarter of $0.53 per diluted share of 52.6 million shares outstanding.

Now let’s take a look at the balance sheet, at August 31st our combined non-restricted cash in short term investments totaled $51.8 million. Current deferred income was $151.7 million and shareholders equity was $1.1 million. Total debt at quarter end was approximately $426 million including $300 million in senior notes, $67 million in TIFF funds associated with Kansas and $8 million in debt associated with Chicagoland and Route 66.

Also included in total debt at August 31st was approximately $51 million of financing associated with the construction of our headquarters building component of the Daytona Live! Project. The project financing is non-recourse and secured by our lease payments to the joint venture. The unexpended portion of the loan proceeds are recorded as restricted cash. In accordance with FASB’s interpretation we have determined that the headquarters building should be accounted for as a variable interest entity for which we are considered to be the primary beneficiary.

As a result, we have consolidated this variable interest entity into our financial statements as of August 31, 2008. The construction loan for the headquarters building was entered into in July, is financed at an interest rate of 6.25% and matures 25 years after the completion of the headquarters building which is expected in late 2009.

Our current portion of long term debt at August 31st includes $150 million in senior notes due in April 2009 that we plan to refinance. In anticipation of this we discussed on our last earnings call in June 2008 we entered into a spot agreement to effectively lock in a substantial portion of the interest rate on the $150 million notional amount.

We anticipate that credit markets will be open on acceptable terms for investment grade rated companies when we plan to refinance the senior notes early next year. However, given the recent credit market turmoil and uncertainty last week we drew down $150 million on our $300 million credit facility as a safeguard. We estimate that we will incur $1.2 million in net interest expense over the 90 day period of the current draw down.

Turning our attention to our share repurchase program, during the 2008 third quarter we purchased approximately 743,000 shares of our Class A stock for $29.5 million, brining the total number of shares purchased from December 2006 through August 2008 to approximately 4.5 million shares. This left approximately $50 million in remaining capacity on our $250 million authorization as of quarter end.

In terms of our 2008 financial outlook, as we have discussed at length since our last call in July we have been further impacted by challenging economic conditions. Most economists expect these trends to continue in the coming months. As a result we are adjusting our 2008 full year total revenue guidance to a range of $780 to $785 million. In addition, we are revising our 2008 full year non-GAAP earnings guidance to a range of $2.80 to $2.85 per diluted share.

Taking a look out 2009, as we do typically we will provide revenue, margin and earnings guidance in December after our Board of Directors approves budget. However, given the current state of the economy and some expected differences for certain items below operating income we believe it is prudent to provide some preliminary guidance for next year.

As discussed throughout today’s call our attendance related revenues continue to be impacted by the consumer led economic downturn. In addition, we have begun to see a slow down in corporate spending for hospitality and marketing partnership agreements are taking longer to secure. Given current economic forecasts we expect the start of our broad based recovery will not occur until well into next year.

We’ve incorporated this viewpoint into our budgeting process for fiscal 2009. As a result, we currently expect our total revenues could be down as much as 3% to 4% compared to our revised 2008 full year guidance. In response to a lower revenue outlook we plan to keep our 2009 controllable event and administrative expenses flat with 2008 which will help keep our EBITDA margin comparable to 2008.

Echoing on John’s comments, while we have the ability to take additional costs out of the business it’s critical that we balance any cost cutting initiatives with the risk that we may damage the quality of the fan experience by lowering the entertainment value. This would have a detrimental effect on ticket renewals and customer retention which will drive up our future costs of customer acquisition.

Taking a look below EBITDA we currently anticipate 2009 full year depreciation expense could be approximately 5% higher than 2008. This guidance excludes accelerated depreciation for our Daytona Live! Project of approximately $1 million in 2009 and $2 million in 2008.

In terms of full year 2009 interest expense there are a couple of significant factors that will result in higher interest expense as compared to 2008. First, we currently anticipate that the interest rate on any borrowings to refinance our $150 million senior notes due in April 2009 could be in the range of 6.5% to 7.5%. This is compared to the 4.2% coupon we pay on the current borrowings. Given our solid investment grade rating we are in a better position than many others in terms of ability to access credit markets.

Second, we will no longer capitalize interest on the Staten Island project. We expect to see site work by the end of 2008 and in anticipation of selling the property. For the full year 2008 we will have capitalized approximately $4 million in interest expense as it relates to our efforts on Staten Island.

Turning our attention to equity investments, we’re very excited about the long term opportunities for the Hard Rock Hotel & Casino development. However, since the initial phase facility is not expected to open until late in the year we do not believe it’s prudent to forecast equity income from the joint venture until the beginning of fiscal 2010.

As it relates to our equity investment in Motorsports Authentics we expect MA to post solid profit in 2008. Contributing to strong results for 2008 are sales for the historic 50th running of the Daytona 500 and Dale Earnhardt Jr.’s move to Hendrick Motorsports at the beginning of the 2008 race season. While we expect MA management will continue to practice financial responsibility and superior execution as part of the ongoing turn around of the business MA will likely face a difficult sales environment given the macro economic outlook. Accordingly, at this point we’re tempering our outlook for MA and do not expect they will post financial results in 2009 that are as strong as 2008.

From a capital allocation perspective, during 2009 we will continue to balance spending on improvements at our existing facilities with investment and other value creation opportunities. This includes continuing share repurchases and providing for the equity investment in the Hard Rock Hotel & Casino development and the Daytona Live! Project.

Of course, once we sell the Staten Island property and/or secure a settlement as part of our appeals process with the IRS we will evaluate opportunities to further invest in our business including additional repurchases of shares. I’d like to note that we are having productive conversations with the IRS and potential buyers for our Staten Island property. As such we remain hopeful for resolution on both fronts during 2009.

Looking at full year earnings for 2009 the potential for slightly lower revenues next year combined with other factors I have discussed could result in an earnings per share that are 5% to 10% lower than our revised 2008 full year guidance.

In conclusion, while these are clearly difficult times ISC remains a dynamic company with a solid financial outlook. We operate in a vibrant and established industry that is more than capable than weathering through this challenging period. NASCAR enters its seventh decade as one of the worlds most recognized sports profits. It remains the second highest rated sport on television and number one in terms of fan avidity and brand loyalty.

NASCAR also leads all major sports properties and sponsor satisfaction and offers its constituents one of the most stable and growth oriented business models in all of sports. With more than 85% of our total revenue driven by hosting NASCAR events ISC is the unmatched leader in the industry. By reinvesting in fan enhancements at our premier facilities hosting major events in key markets across the country we are in a unique position to attract consumers as well as corporate partners that wish to tap our broad array of marketing assets.

Finally, we enjoy a proven business model that results in significant long term cash flow and earnings visibility. We also had a pristine balance sheet that provides maximum flexibility for us to capitalize on opportunities to further unlock the value of our assets. This unique combination will allow us to succeed despite the current economic environment while always keeping a watchful eye on improving shareholder returns and enhancing value.

With that I’ll turn it back over to the operator who will lead us through the Q&A portion of the call.

Question-and-Answer Session

Operator

(Operator Instructions) Your first question comes from Paul Swinand – Stephens Inc.

Paul Swinand – Stephens Inc.

I would have thought in July the Michigan race you had 120,000 fans versus 100,000 earlier in the year, I would have thought that $150 a barrel oil affected the NASCAR fans more than the Wall Street investment decline but are you seeing something in the last four weeks that’s led to this change in guidance, is it something that you’re seeing now in the fourth quarter with three events already under your belt?

John Saunders

What we’re seeing is continued pressure on the consumer. We did have some, other than economic stresses facing us going in the fourth quarter. One was the storm going up through the Eastern seaboard during the Richmond weekend which really wiped out our late event week sales and our walk up sales there that compounded that. In the Gulf Coast area we’ve had rough storm season there and leading up to the Talladega weekend gas was unavailable in the area there. Those have been things that even outside of the economic pressure have contributed.

We continue to see that pressure and as we mentioned in the scripted remarks that we’re now seeing pressure on hospitality, those types of things that are driving down. There are other ancillary things like track rentals and things like that on the margin that are also softer. We still have three major events through the rest of the quarter to conduct; Phoenix is an area of the country that’s one of the hardest hit economically. We still have sales to make there for the Cup event and as well we rely on a good deal of walk up for the support events there.

Homestead-Miami we’ve got a ways to go to a sell out down there. Florida is a hard hit sector of the country. Those are the types of things that we’re looking at. Is there a possibility we’ll come in better than that guidance? There’s a possibility but what we have seen through the course of the year is things have continued to, the curve has been dropping. We haven’t lowered our revenue guidance through the year on the lower end of the range and we want to make sure that we give prudent guidance here going out.

Paul Swinand – Stephens Inc.

To try to be clear on the Motorsports Authentics expectations, you said the company will make $10 million a year this year and you’re lowering your expectations, are you expecting a loss next year?

John Saunders

Let me clarify that the business there through the third quarter had made about $10 million. Half of that, or $5 million is what we record. Traditionally their business is very strong, very weighted toward first two quarters because a lot of their business is not necessarily at track its mass retail, etc. We expect that they could have a lower profitability in the fourth quarter. We expect that we’re probably looking at for what we record as $3 to $4 million this year for 2008 and that it may not be as robust next year because we had some pretty significant boosts with Dale Jr.’s change and the 50th running of the Daytona 500.

Paul Swinand – Stephens Inc.

I’m just wondering from a long term perspective even if it shrinks to $200 million business wouldn’t you still want to do at least a 5% net on that. You’re still restructuring it but.

John Saunders

They haven’t completed their business planning for the year. We’re not giving formal guidance at this point. They are working very, very hard on looking at fixed costs and they’ve done a great job on that here in fiscal 2008. Yes, we’re hopeful that there will be break even or positive but not being through all that process at this point we’re just being cautious.

Paul Swinand – Stephens Inc.

When you say sponsorships are 75% sold are you excluding hospitality and the same question on the sponsorships being sold out for 2008.

Wes Harris

What we’re talking about is just in terms of the number of race entitlements. We’re not talking about a dollar value we’re just talking about the quantity of number of races. It’s important to note that while we talk about race entitlements it’s about 30% of our total gross sponsorship sales. The biggest thing is that we have is official status relationships. We’ve got a lot of visibility going into next year but it’s definitely going to be more challenging than this year. We’ve got sales to go so the guys are working hard, people are taking calls, people are talking to us it’s just taking longer to get deals done.

Operator

Your next question comes from Alvin Concepcion – Citi.

Alvin Concepcion – Citi

I wanted to get a sense for what the actual attendance trends were in the quarter. I think before they were trending in the high single digits, a decline for advance ticket sales I wanted to see what they were in the quarter?

Wes Harris

On a comparable event basis, what that means is I’m going to exclude out Auto Club weekend for this year as well as adjust out for the Michigan IRL weekend in 2007. We were down almost 10% on a unit basis.

Alvin Concepcion – Citi

Where are the advance ticket sales trending now?

Wes Harris

Advance sales right now are farther behind than we typically talked about. We’re down probably 10% to 15% as compared to this same time last year.

Alvin Concepcion – Citi

Would you expect that at all to improve as it gets closer to the race events or is that sort of what you’re expecting?

Wes Harris

We think that its going to improve but part of the thing you’ve got to remember we had a 50th running in Daytona which is huge. It allowed us to sell that event out early. We were able to sell a lot more tickets to other events because we can turn our promotional efforts there as soon as we sold out the big Cup race. We’re going to be challenged in Daytona from that perspective. These fans, they’re still coming, they love this stuff. It’s just harder to get there and they’re taking longer to make purchase decisions.

Alvin Concepcion – Citi

I wanted to get a little bit more color on; you threw out an ’09 revenue number maybe down 3% to 4%. What kind of attendance sales does that incorporate?

Dan Houser

The reduction, we’re figuring that we could probably low to mid single digits further decline in attendance numbers next year. Looking at the way things seem to be trending on the economic outlook.

Alvin Concepcion – Citi

On the entitlements I think 75% of it is secured, are there any general changes in the pricing structure of those entitlements, are they pretty much the same?

Wes Harris

They’re pretty comparable. We’re having to be a lot more creative in terms of really getting in there and we’ve always done this but explaining to these partners how we can really drive more value for them, doing an even better job of understanding exactly what they’re trying to accomplish and providing a solution that makes a lot of sense. The nice thing is we’ve got a lot of great assets to be able to sell media assets, online, print and all of those different types of things. The conversations they just take longer to get the deals done.

Alvin Concepcion – Citi

For ’09 you’re expecting to have 100%, that’s what’s in the guidance for next year?

Wes Harris

Clearly we anticipate being able to sell out all of those race entitlements but again remember that that’s about 30% of our gross sponsorship revenue. We’ve got a big chunk of our gross sponsorship revenues in official status and things like that. The nice thing is we’ve got the significant majority of our total sponsorship revenue is already contracted for us so we’re in great shape. It’s the stuff on the margin that we’re working hard on.

Operator

Your next question comes from Tim Conder – Wachovia.

Tim Conder – Wachovia

On the Motorsports Authentics, you guys plan this year was to stabilize Motorsports Authentics and get everything cleaned up which you’ve done a great job. Obviously you’ve got the hard comps looking into next year versus what Jr. and the 50th Daytona 500 this year. Can you help me on where the plan was as far as it seemed like you were going to make a larger push into some of the retail customers, larger retail customers for ’09? Has that changed in any way? I’m getting the sense that could have change, if you could expand on that.

John Saunders

We still feel strongly about the long term prospects for this business. What we have seen at track and as well for the retail end is the amount of wallet we’re able to access is tightening up. This ultimately is a consumer business. You’re selling either; you’ve got to have sell through at the mass retail end and other outlets as well as at track. We really see this as an end reaction to the larger economic situation. We’ve definitely seen per caps down as well as attendance down and at track for souvenir merchandise.

We’re being prudent as we look out to next year. You’re absolutely right, this was a stabilizing year for us to regain confidence, execution, and we’ve accomplished that. We also had some pretty significant assets to promote. While Dale Jr. will still be strong next year it isn’t like he’s coming into a brand new paint job and brand new sponsor. The 50th was also a big at track boost for him this year.

We believe in the business model, we’re really working on the cost side of the business but we do have some fixed costs, guarantees in royalties under some of these licensing agreements that are big dollars that you can’t cut those costs by just getting more efficient.

Tim Conder – Wachovia

The part I’m having a little trouble with is you do have those headwinds but if you would look to expand with some major retailers it would seem like it would offset it minimum even given the economy and flattish might not be too far out of a realm of reasonable assumption or is that expansion going to go slower maybe not to the degree that it seems it could.

Wes Harris

Really it’s the economy. That’s what’s impacting us. The team up there at MA has done just outstanding work. Rebuilding the confidence in the garage area with the team owners, the drivers, what they’ve done at mass builds more integrity into the system. Clearly if we were in a neutral to positive economy we’d be talking about some different things here.

For them to have performed so well through a tough economy all this year that’s great news. I’m sure they’re going to come in with some aggressive work that they’re going to be targeting but at this point given the broader impact on our business we just want to try to give the best information that we have right now and be prudent about that.

Tim Conder – Wachovia

Looking at your expectations going forward then, looking at the categories of your businesses it would appear that MA would continue to be as a percentage off of the ’08 base that would be continuing to get hit the hardest, is that fair, your souvenir related businesses?

Wes Harris

We don’t record it as revenue; we record it as an equity investment.

Tim Conder – Wachovia

Also if you would look at the other stuff that you do, still keep a little bit on your own on track. If you look at the different categories; admissions, sponsorship, and just souvenirs whether it’s MA or the little pieces that you guys do on your own. Are those three big categories, percentage wise year over year it appears that the souvenir piece is getting hit the hardest, will continue to get hit the hardest?

Dan Houser

I think that’s true. What we have seen in the past is that folks, they’ll cut down on their souvenir merchandise spend. Where every year they’ve come and bought a hat and a t-shirt they may just get the shirt this year. They generally will still have a few beers and a hot dog and a hamburger or two. Our per cap is a little more stable there. Folks are drawing up the belt on all points. A lot of folks are thinking, gee I’m going to make sandwiches at home. We do allow folks to bring stuff into the event, a certain amount of food.

Tim Conder – Wachovia

A clarification were you saying in the fourth quarter your incremental interest expense due to the revolver draw down will be about $1.2 million?

Dan Houser

It will be that over the three month period, about two thirds of it.

Tim Conder – Wachovia

Ongoing issues, you touched on these a little bit but IRS any type of guestimate in ’09 as to potentially what could be available there, if you could just remind us what your total expectations are for the Kentucky litigation costs for ’08 and ’09?

John Saunders

On the IRS we’ve actually had very positive conversations with the agent on our appeals proposal. Where we didn’t have much traction for almost a year now we’ve got good traction there. We’re very optimistic about reaching some form of a settlement that would result; we’re hopeful that some cash will come back to us.

In that process we deal with the first level appeals officer, he’s a senior officer and has a good deal of discretion here but he does have to go to, he has a supervisor who also has to concur with his decision and if you remember that as part of this whole process there was a technical advise memorandum that came out of the national office so there may be some sign off that they’ll need to get and comfort at the national office level with this issue.

I’m optimistic, things don’t move rapidly on a private business timeline with the Government. I think that 2009 is a reasonable timeframe but we’ll keep you updated.

Wes Harris

Following up on that, I don’t know if we had this in our script remarks, if we did I’m sorry I’m repeating it. Last week with the passage of the financial rescue bill it’s been in the media but I want to make sure everybody understands. This whole IRS audit is associated with the seven year life for tax depreciation. Back in October 2004 Congress codified that that was the appropriate method to use. That provision went through the end of January 1, 2008.

In last weeks financial rescue bill that provision was extended and so they have extended for all of calendar ’08 and calendar ’09. Its Congress intent that the way that this was supposed to be handled. We think that bodes well.

In terms of Kentucky we will spend between $1 and $2 million this year on it. For next year this is going to be ongoing. The litigation probably won’t get resolved until at least the mid point of next year, the latter part. The attorney’s fees are going to continue to ring up. I don’t have a number for you but I wouldn’t think it would be any more than what we’re doing this year $1 to $2 million.

Tim Conder – Wachovia

The amount on deposit with the IRS could all of that money be potentially freed up in a best case scenario?

John Saunders

I would doubt that. There’s going to be some agreement that we would be reaching a split. One of the things we have talked about is because it’s a timing issues, treating it as a present value rather than the way that the deposits have been put down is that whatever the difference is in the current period assuming that you’ve got the future deductions. It’s certainly plausible that some meaningful money would come back to us.

Wes Harris

We’re not envisioning any settlement where they don’t get some money.

Operator

Your next question comes from Bob Simonson – William Blair.

Bob Simonson – William Blair

You mentioned that TV ratings are up; do you have some numbers on that?

Wes Harris

The Cup year to date 2% on households, 4% on the nationwide and the Truck Series is going great they’re up 20%. It’s important to note, I know we put it in their scripted remarks that’s with three weekends of Olympics coverage in the middle of August. We would have done better than that without that. We’re very pleased. We’re pleased with the quality of the broadcasts, how they’re portraying the sport. We think there’s been a lot of good progress this year.

Bob Simonson – William Blair

Did you say the ratings are up two percentage points?

Wes Harris

Average households, yes, just a blend of the network and cable rating. It’s easier to be able do it. Proper year over year comparison you need to look at household so you can get to viewer ship.

Bob Simonson – William Blair

Much discussion about the auto industry, what have you lost, what’s in negotiation that’s the toughest part? Can you give some thoughts as to the impact of the auto industries problems on your sponsorships and naming rights etc.?

John Saunders

We’ve been notified by GM that they don’t intend to renew at Daytona and Martinsville. Having said that, we do have conversations ongoing with them and other manufacturers. We fully expect something to be in place should they exit but as I said the sales and marketing team are still working with GM and we have relationships with them at other properties and so we’ll see. It would be premature to see where it’s all going to end up. I’m confident that those deals, if they do in fact exit, that those deals will be replaced.

Bob Simonson – William Blair

In your discussion of equity line next year is there anything plus or minus in your expectations at this point for the casino or for the development?

Wes Harris

At this point it’s not an equity line but we’ll have some lost interest income from putting $40 to $50 million in cash in there to build that initial phase casino. We’re still evaluating those plans exactly what that will look like. We want to have a great product out of the gate. There is a chance; we’re working toward trying to see if we can get that casino open for the September race weekend, that’s our goal. At this point we think it’s prudent not to put anything in there.

Bob Simonson – William Blair

The earnings per share in the third quarter came in pretty close to what I think most people were thinking it would be. The full year came down a lot. Can you talk about the things with the biggest impacts in the production in your expectations for the fourth quarter?

Wes Harris

I’d like to remind everyone that we do not give quarterly guidance. We really don’t comment on what people had versus where we landed or anything like that.

Dan Houser

One of the things to remember is we got a pretty significant timing difference with that Auto Club weekend. I’m not sure how much of the consensus on all points had that timing recognized there but we had, as I said in the scripted remarks we had some challenges during the third quarter particularly in Florida and Michigan as well on the revenue side we going in the fourth quarter we’ve got challenges and we’re watching day by day what’s happening with the ticket sales for the upcoming events.

In addition, we got a little more in interest expense with the draw down of $150 million which we feel was very prudent defensive play. We may have a flat to a small loss on Motorsports Authentics in the fourth quarter as we anticipated that timing through the year. Those are some of the things that will impact the earnings per share.

On the cost side we’ve really worked hard all year to get costs down. Most of our revenue shortfalls are going to fall way down at this point. In this short of term there’s just not a lot of variable expense that we can escape.

Wes Harris

We could do some really stupid stuff; screw up what the promotions for the event, dumb down the quality of a lot of the ancillary events that are part of what makes up an event weekend. We know that’s the wrong thing to do to try to chase a few million dollars, we’re just not going to do that.

Bob Simonson – William Blair

Your guidance now for the year is $0.25 in a range, its $0.25 lower than the range you had three months ago. Can you talk about how much of that reduction was due to the third and fourth quarters, for the second half you’re down now $0.25 in your expectations? Is most of that in the fourth quarter?

Wes Harris

You’ve got to remember guidance and revenues coming down about $20 million so if you assume all of that pretty much falls to the bottom line, tax affected that’s about $0.25. That’s the reality we’re facing. The significant majority of that is going to be in admissions of course, I say attendance related. It’s going to be admissions, food and beverage and merchandise as well as hospitality pull back, sponsorship has come back a little bit we’re still going to grow there this year a little bit. Those are the big changes since July.

Bob Simonson – William Blair

You answered one question that was talking about attendance what it’s down, the revenues would be down 3% to 4% overall next year regarding attendance low to mid single digits which is kind of the same as the overall. I would have thought that admissions would have been a bigger drag on the total and being offset by the modest increases in broadcast and flat to up, maybe it’s not flat to up in sponsorships.

Dan Houser

Attendance related revenues are definitely going to be a significant part of that and not only just attendance but other things driven around that. We think that hospitality is still going to be probably soft but we think our partnership revenues have a good chance of staying flat. We do have low single digit growth in the broadcast rights not sure at this point what ancillary rights are going to do going forward we haven’t had any formal disclosure from NASCAR there. It’s largely going to be, so I may have understated that definitely in the mid single digits and possibly above on admissions.

Bob Simonson – William Blair

At the track indeed is going to be points weaker than a possible 3% to 4% overall decline.

Dan Houser

Yes.

Bob Simonson – William Blair

Could you detail the event changes on a quarterly basis next year?

Wes Harris

The biggest change is going to be the California weekend will not be in the third quarter of course it’s going to be in the fourth quarter and it’s also going to be later in the fourth quarter it’s going to be in October now as Dan talked about. I believe that is the most significant change.

Operator

Your next question comes from Edward Williams – BMO Capital Markets.

Edward Williams – BMO Capital Markets

Can you give us some color as to what the renewal rates are like for your sponsorship negotiations at this point?

Wes Harris

We really haven’t seen a lot of people that are just walking away from the sport. When we see people that have decided that are no going to come back it’s not a sport related issue it’s an economy related issue. They recognize that this sport offers the best ROI in terms of investment. It’s just there’s less dollars to invest. The same guys are coming back; they may come back in a little bit smaller role.

That means we’ve got to do a better job of prospecting which we do a great job of that now but the challenge is where a deal might have taken six to nine months to get through prospect it’s taking well over a year now. It’s tough out there but we got the right guys to do it.

Edward Williams – BMO Capital Markets

Can you give us some color as how much the G&A expenses could come down, what sort of room you have there for ’09?

Wes Harris

That’s a little bit more granular than I think we’re ready to give at this point. We’ll be able to talk a lot more about that in December. That is a big focus and it’s going to continue to be a big focus. Clearly we’re going to be looking for some amount of reduction there. It’s not going to be 10% or something like that but it will be healthy.

Edward Williams – BMO Capital Markets

Can you remind me what your maintenance CapEx is the minimum maintenance CapEx for the tracks?

Wes Harris

It’s probably in total about $20 to $25 million bare bones but then you’ve got another probably $20 to $25 million of stuff you’ve got to do to keep the top line from eroding. From a financial calculation I would use that $40 to $50 million.

Edward Williams – BMO Capital Markets

Looking at the Kansas City JV what are your thoughts at this point on a preliminary basis as to how much of this $100 million EBITDA actually might make it to ISCA’s income statement.

John Saunders

It’s a 50/50 joint venture. This phase one facility actually will be a great return on that because you don’t have a lot of the other overheads its just gaming pouring out of that. This is another thing where we’ve just had this project really awarded to us for a few weeks here, there’s a lot of detail work going on with our development partner and it would be probably preliminary for us to say at this point what all depreciation and other operating costs are going to factor into that tax and etc.

Wes Harris

Clearly we’re going to have a financing component it’s going to be driven by; we still don’t know exactly what that financing is going to look like. We’ve got a lot of time because don’t have to do anything until late into the second half of next year. That will be a big determiner what that interest expense will look like.

From a depreciation perspective you’ve got $700 million development so if it’s going to be depreciated over 25 or 30 years you’re talking well north of $20 million a year of depreciation expense. I think the most important thing to understand is this thing is very, very lucrative project for the joint venture and for ISC. We’re talking about an internal rate of return on an un-levered after tax basis that’s going to be north of 15%.

This is a big deal not just for ISC from a financial perspective but what its going to do for Kansas Speedway and helping them to do other things for their ticket sales, their sponsorship. As John has said, they’re going to have a whole new facility to sell from here on out.

Edward Williams – BMO Capital Markets

What is the assumed tax approximately that you’ll be paying to Kansas for it?

Wes Harris

It’s about 28% of whatever the gross revenues are, it tiers up a little bit when you make more revenue. We’ll be able to spend a little bit more time talking in detail about that in the coming months. They take about 28% of the gross revenue. Actually all of the revenue goes to them, they take their cut then we get it back.

Edward Williams – BMO Capital Markets

What are your expectations as far as competitive facilities around that one in Kansas?

Wes Harris

We really don’t believe, in terms of the stuff that’s across the river in Missouri what we’re developing is just completely hands down at a different level. This is going to have a lot more amenities, a land based operation. It will be similar to what Cordish did down here in Florida with the Hard Rock development in Hollywood. I think it’s the most profitable casino in North America. I would think the guys on the other side of the river are worried about this. We’re not worried about them.

Dan Houser

As well there were additional licenses awarded as part of this process in Kansas. The way they’re set up are in the various corners of the state so their widely geographically dispersed. The other thing is that the other projects that have been awarded are very short of the scope of what we’re doing.

Edward Williams – BMO Capital Markets

When do you think we’ll get more color on this? Is this something kind of in the middle of ’09 that you may have more visibility on the financial structure of it?

Wes Harris

When we give our guidance in December we’ll be able to give a better idea of exactly how the initial phase casino, we’re still in the design process there. Clearly it didn’t make any sense for us before we secured the contract to go spend tens of millions of dollars doing a bunch of architectural and engineering and design work on that so we’ve got some work to do there and what we’re really focused on is what are some other bells and whistles we can bring to that initially to really start generating a lot more revenue earlier in the process.

I would say over the next six to eight months especially on the financing we’ll be able to have a better discussion. Clearly we wouldn’t want to be going out and trying to finance it right now. That’s what we’re trying to have everybody understand it’s a very unique project it’s got a lot of sex appeal, it’s not another casino next to another casino next to another casino in Vegas so we think there’s going to be a lot of interest in that. We need to wait on that, and we don’t need the money right now anyway.

John Saunders

I think we’ve got a great partner with experience in project financing and these type of financings and as well we pride ourselves on being able to put together pretty creative financing for things like the Kansas Speedway in the past. We’ve definitely got our thinking caps on and preparing to put together a lucrative and cost effective financing.

Edward Williams – BMO Capital Markets

Do you know how big the Hard Rock facility is in Florida if this one is larger or comparably sized to it?

Wes Harris

I will have to get that information for you it’s probably pretty comparable I’m not exactly sure though. I don’t know the answer to that sitting here.

Operator

Your last question comes from Paul Swinand – Stephens Inc.

Paul Swinand – Stephens Inc.

On the $150 million draw down that’s in the fourth quarter so it’s not represented in your financial statements just presented?

Dan Houser

Correct.

Paul Swinand – Stephens Inc.

On the cash flow for 2009 is there any reason, although you’ve lowered your EPS estimates are you going to adjusted CapEx or anything else that would make the cash flow go up disproportionately to what your reported earnings are going to be cut?

Wes Harris

Remember on the reductions and our expectations are all going to be cash driven so it’s going to have an impact on our operating cash flow. We are definitely taking a very hard look at all capital spending across the board. Clearly we want to make sure that we’re not beholding to the markets to have to be able to fund anything. We’re looking across the board at everything.

Operator

At this time there are no further questions.

John Saunders

I would like first of all to thank everybody for joining us on the third quarter call. This company has been in business for over 50 years and it’s been built for the long term. In spite of the challenges that the economy is throwing at us our fundamentals are sound. We’ve got significant visibility and cash and earnings. We’ve got a strong flexible balance sheet and we’re taking costs out of the business where it makes sense to take costs out and we will continue to do that. As Wes touched on we’re not going to do things that are going to negatively impact the fans experience.

We’re still seeing even in places like Michigan very large crowds attending these events and as we touched on TV is doing well this year as well. We’re very, very excited about the Kansas casino opportunity not just from the JV perspective but it is a real game changer for the company. It’s a game changer for the speedway. They’re going to be able to rewrite their history with a realigned date going in there with the casino so there’s a great opportunity, a great growth opportunity for our shareholders with this development.

Once again I want to thank everybody for joining us on the call and we look forward to talking to you on the next fourth quarter call. Thank you.

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Source: International Speedway Corporation F3Q08 (Qtr End 08/31/08) Earnings Call Transcript
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