International Speedway Q1 Profit Up, Backs FY14 EPS Outlook; Lifts Revenue View

(RTTNews) - Motorsports themed entertainment promoter International Speedway Corp. (ISCA, ISCB.PK) Tuesday reported a higher first-quarter profit, reflecting growth in revenues and lower expenses. For the fiscal year ending November 30, 2014, the company reiterated its adjusted earnings per share outlook, while lifted revenue view, citing consolidation of Motorsports Authentics.

For the first quarter ended February 28, 2014, the company posted net income of $19.9 million or $0.43 per share, up from $13.51 million or $0.29 per share in the previous year.

Excluding certain items, adjusted earnings were $0.33 per share for both the periods. Two analysts polled by Thomson Reuters expected earnings per share of $0.35 for the quarter. Analysts' estimates typically exclude one-time items.

Total revenues for the quarter increased to $131.79 million from $128.55 million a year ago.

Chief Executive Officer Lesa France Kennedy stated, "Despite a forecast of inclement weather leading into Budweiser Speedweeks and a rain delayed DAYTONA 500, first quarter financial results were within our range of expectations..."

Expenses were $103.41 million, down from $109.45 million a year ago.

For the fiscal year, the company reiterated its adjusted earnings per share guidance of $1.30 to $1.50 per share.

The firm currently sees fiscal 2014 revenues to be between $635 million and $650 million, up from the earlier outlook of $615 million to $630 million. Analysts are looking for earnings of $1.45 per share, on revenues of 626.75 million for the fiscal.

ISCA closed Monday's regular trading at $32.39 on the Nasdaq.