International Speedway Corporation Reports Financial Results For The Fourth Quarter And Full-Year Of Fiscal 2013

Total revenues for the fourth quarter ended November 30, 2013 were approximately $188.7 million, compared to revenues of approximately $189.4 million in the prior-year period.  Operating income was approximately $29.5 million during the period compared to approximately $41.4 million in the fourth quarter of fiscal 2012.  In addition to the macroeconomic challenges, quarter-over-quarter comparability was impacted by:

• Chicagoland Speedway held a NASCAR Camping World Truck Series event in the fourth quarter of fiscal 2013. The corresponding event was held in the third quarter of fiscal 2012.
• During the fourth quarter of fiscal 2012, the Company expensed approximately $1.5 million, or $0.02 per diluted share, of certain ongoing carrying costs related to its Staten Island property. Similar costs in the fourth quarter of 2013 were diminimus.
• During the fourth quarter of fiscal 2013, we recognized approximately $0.4 million in marketing and consulting costs that are included in general and administrative expense related to DAYTONA Rising.
• Accelerated depreciation of $8.0 million, or $0.10 per diluted share, in the fourth quarter of fiscal 2013 was recorded due to shortening the service lives of certain assets associated with DAYTONA Rising and capacity management initiatives.
• During the fourth quarter of fiscal 2013, the Company recognized charges of approximately $6.3 million, or $0.08 per diluted share, for 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. Included in these losses were approximately $3.0 million of expenditures related to demolition and/or asset relocation costs, the remaining charges were non-cash. In the fourth quarter of fiscal 2012, the Company recognized approximately $4.1 million, of similar non-cash charges.
• During the fourth quarter of fiscal 2013, the Company recognized approximately $0.5 million in capitalized interest related to DAYTONA Rising. There was no comparable amount in fiscal 2012.

Net income for the fourth quarter was approximately $17.2 million, or $0.37 per diluted share, compared to net income of approximately $24.7 million, or $0.53 per diluted share, in the prior year period.  Excluding marketing and consulting costs as well as capitalized interest 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 fourth quarter of 2013 was $25.8 million, or $0.55 per diluted share.  Non-GAAP net income for the fourth quarter of fiscal 2012 was $28.3 million, or $0.61 per diluted share.

Full-Year Comparison

For the year ended November 30, 2013, total revenues were $612.6 million, compared to $612.4 million in 2012.  Operating income for the full-year period was $78.7 million compared to $105.0 million in the prior year. 

Year-over-year comparability was impacted by:

• In fiscal 2013, we expensed approximately $2.8 million, or $0.04 per diluted share, of certain ongoing carrying costs related to our Staten Island property. During fiscal 2012, we expensed approximately $4.6 million of similar costs.
• During fiscal 2013, we recognized a charge relating to a legal judgment of litigation involving certain ancillary facility operations of approximately $0.5 million, or $0.01 per diluted share. During fiscal 2012, we recognized a charge relating to a settlement of a litigation involving certain ancillary facility operations of approximately $1.2 million. There was no relationship between the judgment in 2013 and the settlement in 2012.
• In fiscal 2013, we recognized approximately $1.5 million, or $0.02 per diluted share, in marketing and consulting costs that are included in general and administrative expense related to DAYTONA Rising. During fiscal 2012, we recognized approximately $0.4 million of similar costs.
• During fiscal 2013, we recognized non-cash charges of approximately $15.4 million, or $0.20 per diluted share, of accelerated depreciation that was recorded due to shortening the service lives of certain assets associated with DAYTONA Rising and capacity management initiatives. There were no comparable amounts in fiscal 2012.
• In fiscal 2013, we recognized charges of approximately $16.6 million, or $0.21 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. Included in these losses were approximately $6.6 million of expenditures related to demolition and/or asset relocation costs, the remaining charges were non-cash. During fiscal 2012, we recognized approximately $11.1 million of similar charges.
• In fiscal 2013, we recognized approximately $0.8 million, or $0.01 per diluted share, in capitalized interest related to DAYTONA Rising. There was no comparable amount in fiscal 2012.
• During fiscal 2012, we recognized approximately $9.1 million in expenses, or $0.12 per diluted share, related to the redemption of the remaining $87.0 million principal 5.40 percent Senior Notes maturing in 2014.
• In fiscal 2013, we recorded approximately $0.1 million, or less than $0.01 per diluted share, net gain on the sale of certain assets. In fiscal 2012, we recognized approximately $0.9 million of similar gains.
• During fiscal 2013 , we recognized approximately $9.4 million of income from equity investments associated with a full year of operations for our Hollywood Casino at Kansas Speedway, which included a $1.1 million credit representing our equity interest share for previously paid property taxes related to resolution of amounts under appeal. During fiscal 2012, we recognized income of approximately $2.8 million from this equity investment, which included results of operations beginning in February 2012, net of charges related to certain start up costs through the opening.

Net income for the year-ended November 30, 2013, was $45.3 million, or $0.97 per diluted share, compared to a net income of $54.6 million, or $1.18 per diluted share in 2012.  Excluding certain carrying costs related to the Staten Island property, legal judgment, marketing and consulting costs as well as capitalized interest incurred with DAYTONA Rising, accelerated depreciation, losses associated with the retirements of certain other long-lived assets, and the net gain on sale of certain assets, non-GAAP (defined below) net income for fiscal 2013, was $67.2 million, or $1.44 per diluted share.  This is compared to non-GAAP net income for fiscal 2012 of $70.1 million, or $1.51 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 the Company's Staten Island property, settlement of litigation, marketing and consulting costs incurred associated with DAYTONA Rising, 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 the Company's Staten Island property, legal judgment, marketing and consulting costs incurred associated with DAYTONA Rising, accelerated depreciation associated with DAYTONA Rising and capacity management initiatives, losses on retirements of certain other long-lived assets, capitalized interest associated with DAYTONA Rising 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								Year Ended
		November 30, 2012				November 30, 2013				November 30, 2012				November 30, 2013
						(Unaudited)
		( In Thousands, Except Per Share Amounts )
Net income		$	24,736			$	17,205			$	54,578			$	45,292
Adjustments, net of tax:
Carrying costs related to Staten Island		919				8				2,780				1,728
Legal settlement/judgment		—				—				714				310
DAYTONA Rising project costs		206				230				229				913
Accelerated depreciation		—				4,848				—				9,358
Impairments / losses on retirements of long-lived assets		2,457				3,801				6,775				10,097
DAYTONA Rising project capitalized interest		—				(297)				—				(467)
Loss on early redemption of debt		—				—				5,560				—
Net gain on sale of certain assets		(9)				36				(566)				(46)
Non-GAAP net income		$	28,309			$	25,831			$	70,070			$	67,185
Per share data:
Diluted earnings per share		$	0.53			$	0.37			$	1.18			$	0.97
Adjustments, net of tax:
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