Thursday, International Speedway Corp. (ISCA, ISCB) reported a decline in earnings for the fourth quarter due to a decline in revenues and an increase in expenses. The company also provided its full year earnings and revenue forecast.
International Speedway's fourth quarter net income dropped to $8.99 million or $0.19 per share from $33.62 million or $0.69 per share in the year-ago period.
Non-GAAP net income for the quarter declined to $30.56 million or $0.63 per share from $38.96 million or $0.80 per share in the year-ago period.
On average, 6 analysts polled by Thomson Reuters expected the company to earn $0.59 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter declined to $201.75 million from $205.25 million a year-ago. Four Wall Street analysts estimated a revenue of $207.68 million for the quarter.
Revenue from admissions, net, declined to $51.63 million from $63.86 million a year-ago and revenues from food, beverage and merchandise declined to $16.97 million from $19.29 million in the year-ago period. However, motorsports related revenues increased to $130.81 million from $119.17 million in the year-ago period.
Expenses for the quarter including direct expenses related to prize and point fund monies and NASCAR sanction fees, motorsports related direct expenses and food, beverage and merchandise expenses along with general and administrative expenses, depreciation and amortization and the impairment of long-lived assets increased to $151.20 million from $140.31 million in the year-ago period.
For fiscal year 2009, the company purchased approximately 184,000 shares of its Class A stock for $4.7 million, bringing the total number of shares purchased from December 2006 through November 2009 to approximately 4.9 million shares. ISC currently has approximately $37 million in remaining capacity on its $250 million authorization.
Looking forward, full year non-GAAP earnings are expected to range between $1.60 and $1.80 per share after-tax. For fiscal 2010, ISC anticipates total revenues for the full year will range between $660 million and $680 million. The Street estimates earnings of $1.88 per share on a revenue of 694.05 million for the entire year.
Net income for the year declined to $6.81 million or $0.14 per share from $134.59 million or $2.71 per share in the year-ago period. Non-GAAP net income for the year declined to $90.66 million or $1.86 per share from $138.13 million or $2.78 per share a year-ago.
For the year-ended ended November 30, 2009, total revenues were $693.2 million, compared to $787.3 million in 2008.
The Street estimated earnings of $1.81 per share on a revenue of $697.06 million for the year.
ISCA is currently trading at $28.32, down $1.00 or 3.41%, on a volume of 92 thousand shares on the Nasdaq.
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