International Speedway Corporation Reports Financial Results For The Third Quarter Of Fiscal 2013

Third Quarter Comparison

Total revenue for the third quarter ended August 31, 2013 was approximately $117.0 million, compared to revenue of approximately $115.9 million in the prior-year period.  Operating loss was approximately $13.1 million during the period compared to operating income of approximately $0.7 million in the third quarter of fiscal 2012.  Year-over-year comparability was impacted by:

• The NASCAR Camping World Truck Series event held at Chicagoland Speedway in the third quarter of fiscal 2012 was held in the fourth quarter of fiscal 2013.
• During the third quarter of fiscal 2013, the Company expensed approximately $0.9 million, or $0.01 per diluted share, of certain ongoing carrying costs related to its Staten Island property. During the third quarter of fiscal 2012, the Company expensed approximately $1.4 million, or $0.01 per diluted share, of similar costs.
• During the third quarter of fiscal 2013, the Company recognized $0.5 million in marketing and consulting costs that is included in general and administrative expense related to DAYTONA Rising.
• Accelerated depreciation of $7.4 million, or $0.10 per diluted share, in the fiscal third quarter of 2013 was recorded due to shortening the service lives of certain assets associated with DAYTONA Rising and capacity management initiatives. 
• During the third quarter of fiscal 2013, the Company recognized approximately $8.1 million, or $0.11 per diluted share, of losses associated with asset retirements primarily attributable to the removal of assets not fully depreciated in connection with DAYTONA Rising, capacity management initiatives and other capital improvements.  In the third quarter of fiscal 2012, the Company recognized approximately $1.4 million, or $0.02 per diluted share, of losses associated with asset retirements primarily attributable to the removal of assets not fully depreciated in connection with certain capital improvements.

Net loss for the third quarter ended August 31, 2013 was approximately $7.9 million, or $0.17 per diluted share, compared to net loss of approximately $1.0 million, or $0.02 per diluted share, in the prior year period.  Excluding certain carrying costs related to the Staten Island property, legal judgment, marketing and consulting costs incurred with DAYTONA Rising, accelerated depreciation and losses associated with the retirements of certain other long-lived assets, non-GAAP (defined below) net income for the third quarter of 2013 was $2.3 million, or $0.05 per diluted share.  Non-GAAP net income for the fiscal third quarter of 2012 was $0.6 million, or $0.01 per diluted share. 

Year-to-Date Comparison

For the nine months ended August 31, 2013, total revenues were $424.0 million, compared to $422.9 million in 2012.  Operating income for the nine-month period was $49.2 million compared to $63.6 million in the prior year.  Year-over-year comparability was impacted by:

• The aforementioned NASCAR Camping World Truck Series event held at Chicagoland Speedway in the third quarter of fiscal 2012 was held in the fourth quarter of fiscal 2013.
• During the nine months ended August 31, 2013, the Company expensed approximately $2.8 million, or $0.04 per diluted share, of certain ongoing carrying costs related to its Staten Island property.  During the nine months ended August 31, 2012, the Company expensed approximately $3.1 million, or $0.04 per diluted share, of certain ongoing carrying costs related to its Staten Island property.
• During the nine months ended August 31, 2013, the Company recognized approximately $0.5 million, or $0.01 per diluted share, related to a judgment following litigation involving certain ancillary facility operations. For the comparable period in 2012, the Company recognized approximately $1.2 million, or $0.02 per diluted share, related to a settlement of litigation involving certain ancillary facility operations.
• During the nine months ended August 31, 2013, the Company recognized $1.1 million, or $0.01 per diluted share, in marketing and consulting costs that is included in general and administrative expense related to DAYTONA Rising.
• Accelerated depreciation of $7.4 million, or $0.10 per diluted share, in the fiscal third quarter of 2013 was recorded due to shortening the service lives of certain assets associated with DAYTONA Rising and capacity management initiatives. 
• During the nine months ended August 31, 2013, the Company recognized approximately $10.4 million, or $0.13 per diluted share, of losses associated with asset retirements primarily attributable to the removal of assets not fully depreciated in connection with DAYTONA Rising, capacity management initiatives and other capital improvements.  During the nine months ended August 31, 2012, the Company recognized approximately $7.1 million, or $0.09 per diluted share, of losses associated with asset retirements primarily attributable to the removal of assets not fully depreciated in connection with certain capital improvements.
• During the nine months ended August 31, 2012, the Company recognized approximately $9.1 million in expenses, or $0.12 per diluted share, related to the redemption of its remaining $87.0 million principal 5.40 percent Senior Notes.
• During the nine months ended August 31, 2012, the Company recorded approximately $0.9 million, or $0.01 per diluted share, net gain on the sale of certain assets.   

Net income for the nine months ended August 31, 2013 was $28.1 million, or $0.60 per diluted share, compared to a net income of $29.8 million, or $0.64 per diluted share in 2012.  Excluding certain carrying costs related to the Staten Island property, legal judgment, marketing and consulting costs incurred with DAYTONA Rising, accelerated depreciation and losses associated with the retirement of certain other long-lived assets, non-GAAP (defined below) net income for the for the nine months ended August 31, 2013, was $41.5 million, or $0.89 per diluted share.  This is compared to non-GAAP net income for the first nine months of 2012 of $41.8 million, or $0.90 per diluted share.

GAAP to Non-GAAP Reconciliation

The following financial information is presented below using other than U.S. generally accepted accounting principles ("non-GAAP") and is reconciled to comparable information presented using GAAP.  Non-GAAP net income and diluted earnings per share below are derived by adjusting amounts determined in accordance with GAAP for certain items presented in the accompanying selected operating statement data, net of taxes.

The adjustments for 2012 relate to carrying costs of ISC's Staten Island property, settlement of litigation, losses associated with the retirements of certain other long-lived assets, loss on early redemption of debt, and net gain on sale of certain assets.

The adjustments for 2013 relate to carrying costs of ISC's Staten Island property, legal judgment, marketing and consulting costs incurred associated with DAYTONA Rising, accelerated depreciation, losses associated with the retirements of certain other long-lived assets and net gain on sale of certain assets. 

The Company believes such non-GAAP information is useful and meaningful and is used by investors to assess its core operations, which consist of the ongoing promotion of racing events at its major motorsports entertainment facilities. Such non-GAAP information adjusts for items that are not considered to be reflective of the Company's continuing core operations at its motorsports entertainment facilities. The Company believes that such non-GAAP information improves the comparability of its operating results and provides a better understanding of the performance of its core operations for the periods presented. The Company uses this non-GAAP information to analyze the current performance and trends and make decisions regarding future ongoing operations. This non-GAAP financial information may not be comparable to similarly titled measures used by other entities and should not be considered as an alternative to operating income, net income or diluted earnings per share, which are determined in accordance with GAAP. The presentation of this non-GAAP financial information is not intended to be considered independent of or as a substitute for results prepared in accordance with GAAP. The Company uses both GAAP and non-GAAP information in evaluating and operating its business and as such deemed it important to provide such information to investors.

		Three Months Ended								Nine Months Ended
		August 31, 2012				August 31, 2013				August 31, 2012				August 31, 2013
						(Unaudited)
		( In Thousands, Except Per Share Amounts )
Net (loss) income		$	(1,037)			$	(7,866)			$	29,842			$	28,087
Adjustments, net of tax:
Carrying costs related to Staten Island		825				542				1,864				1,718
Legal settlement/judgment		—				(41)				716				310
DAYTONA Rising project		—				285				—				683
Accelerated depreciation		—				4,511				—				4,511
Losses on asset retirements		858				4,902				4,330				6,297
Loss on early redemption of debt		—				—				5,568				—
Net gain on sale of certain assets		—				(81)				(557)				(82)
Non-GAAP net income		$	646			$	2,252			$	41,763			$	41,524
Per share data:
Diluted (loss) earnings per share		$	(0.02)			$	(0.17)			$	0.64			$	0.60
Adjustments, net of tax:
Carrying costs related to Staten Island		0.01				0.01				0.04				0.04
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