Int'l Speedway 2Q profit rises, revenue dips
Int'l Speedway 2Q profit rises, revenue dips as money made from admissions declines
DAYTONA BEACH, Fla. (AP) -- International Speedway's second-quarter net income rose 64 percent compared with last year, when the company took a hit on early debt redemption.
For the period ended May 31, the Daytona Beach, Fla., company earned $22.4 million, or 48 cents per share. That's up from $13.7 million, or 30 cents per share, a year earlier.
The year-ago period included 12 cents per share related to the redemption of some senior notes.
Stripping out a loss on asset retirements and other items, earnings were 51 cents per share.
Revenue dipped 1 percent to $178.4 million from $179.6 million as money made from admissions declined.
The racing industry has struggled since the recession with core audience pulling back on spending until the employment picture looks more solid.
International Speedway Corp. CEO Lesa France Kennedy said Wednesday that the company is optimistic about the economy's growth prospects.
International Speedway still expects 2013 adjusted earnings of $1.35 to $1.55 per share on revenue of $610 million to $625 million.
The company's stock added 15 cents to $32.66 in premarket trading on a largely down day for major markets.
International Speedway owns or runs 13 of the country's major motorsports entertainment facilities, including Daytona International Speedway in Florida and Talladega Superspeedway in Alabama.
