International Speedway Corp. (ISCA, ISCB.OB) said it has decided to no longer pursue development of a motorsports entertainment facility in Kitsap County, Washington. Due to the increased risk that the collective modifications would have a significant negative impact on the project's financial model, ISC felt it was in its best long-term interest to discontinue the speedway development at this site.
As a result of its decision, ISC expects to record a non-cash, pre-tax charge in the second quarter of fiscal 2007 of about $5.5 million to $6.5 million, or $0.07 to $0.08 per share after-tax. The charge reflects the write-off of certain capitalized costs including legal, consulting, capitalized interest and other site-specific costs.
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