International Speedway Q1 Profit Down; Backs FY15 Outlook - Quick Facts

(RTTNews) - Motorsports themed entertainment promoter International Speedway Corp. (ISCA) reported that its net income for the first quarter ended February 28, 2015 declined to approximately $15.0 million, or $0.32 per share, from $19.9 million or $0.43 per diluted share, in the prior year period.

Excluding certain marketing and consulting costs incurred associated with DAYTONA Rising, accelerated depreciation, losses associated with the retirements of certain other long-lived assets, DAYTONA Rising project capitalized interest, and net gain on sale of certain assets, non-GAAP net income for the first quarter of 2015 was $16.9 million or $0.36 per share, compared to Non-GAAP net income of $15.5 million, or $0.33 per share in the fiscal first quarter of 2014. Analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share for the quarter. Analysts' estimates typically exclude special items.

Operating income was approximately $21.6 million during the period compared to an operating income of approximately $22.3 million in the first quarter of fiscal 2014.

Total revenue for the first quarter grew to $136.6 million, from $131.8 million in the prior-year period. Wall Street expected revenues of $127.92 million for the quarter.

ISC reiterated its 2015 full year non-GAAP guidance. It still expects 2015 non-GAAP earnings per share to be in the range of $1.10 to $1.30, and revenue of $615.0 million to $630.0 million. Wall Street currently is looking for fiscal year 2015 earnings of $1.38 per share on annual revenues of $630.23 million.