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International Speedway Sustains $13.1M Loss

|Includes:International Speedway Corporation (ISCA)

Originally published at www.seclive.com

International Speedway Corp. (NASDAQ:ISCA) announced its third quarter financial results for the fiscal year 2013, reporting a $13.1M operating loss. The company owns and operates 13 major motorsports entertainment facilities including Daytona, Talladega, Richmond, and several other notable speedways. Revenue for the quarter was up slightly from $115.9M to $117.0M, while its operating loss grew from $0.7M a year ago to $13.1M. During the quarter the company recognized some charges and accelerated depreciation, which led to a greater operating loss. If these charges were excluded, International Speedway would have reported net income of $2.3M, or $0.05 earnings per share. CEO Lesa Kennedy commented that results were within expectations, attendance was down less than one percent, and the charges and transactions this quarter are helping to better position the company for the long term.

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Stocks: ISCA