Race tracks owner International Speedway Corp. (ISCA) reported Thursday a decline in third-quarter profit, reflecting a sharp decrease in revenues as well as a hefty asset impairment charge. On an adjusted basis, earnings per share came in below analysts' estimate by 5 cents. The company also lowered the top-end range of its earlier guidance for fiscal 2009.
For the third quarter, net income dropped to $4.41 million or $0.09 per share from $38.79 million or $0.79 per share in the previous year.
The results of the latest quarter included $13.7 million after-tax impairment charge of long-lived assets. About $13.0 million was associated with the company adjusting its current carrying value of its Staten Island property to a fair market value. The prior-year results included asset impairment of $33 thousand.
For the three-month period, non-GAAP net income slid to $15.9 million or $0.33 per share from $35.6 million or $0.73 per share in the year-ago period. On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.38 per share for the third quarter. Analysts' estimates typically exclude special items.
Revenues for the third quarter dropped to $172.91 million from $213.21 million. Four analysts were expecting revenue of $179.07 million.
Admissions revenue dipped to $52.35 million from $62.69 million, while motorsports related revenue came down to $105.96 million from $129.57 million. Revenue from food, beverage and merchandise declined year-over-year to $12.62 million from $18.39 million.
International Speedway noted that an IndyCar series event held at Chicagoland in last year's fourth quarter was conducted in the third quarter of fiscal 2009. Further, Lesa France Kennedy International Speedway's Chief Executive, said, "The year-over-year comparison for the quarter was impacted by Auto Club Speedway's fall NASCAR race weekend being moved from the 2008 fiscal third quarter into the Company's 2009 fiscal fourth quarter."
For the nine-month period, International Speedway recorded net loss of $2.18 million or $0.04 per share, compared to profit of $100.97 million or $2.02 per share in fiscal 2008. Core earnings declined to $60.1 million or $1.24 a share from $100.5 million or $2.01 a share in the past year. Revenue decreased to $491.41 million from $582.00 million in the same period of the prior fiscal year.
Looking ahead, for the full year, the company maintained the lower range of its non-GAAP earnings guidance of $1.80 per share and lowered the top-end range to $1.90 from $2.00 per share. The company also reiterated the lower range of its total revenue guidance of $700 million and lowered the top-end range to $710 million from $720 million. Analysts estimate earnings of $1.84 per share on revenues of $698.37 million for the year.
Kennedy also said, "Based on the challenging economic outlook for next year and its potential impact on our fan base, we have expanded our reduced pricing initiatives for the 2010 season to include over a half million NASCAR Sprint Cup tickets. Also for next year, our ticket pricing initiatives will focus on and reward our best customers, those that renew early."
ISCA closed Wednesday's regular trading hours at $28.17 on the NASDAQ.
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