International Speedway Q2 Profit Down - Quick Facts

(RTTNews) - International Speedway Corp. (ISCA) reported that its net income for the second quarter ended May 31, 2015 decreased to about $13.4 million or $0.29 per share, from $21.5 million, or $0.46 per 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 second quarter of 2015 was $16.5 million, or $0.35 per diluted share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.40 per share for the quarter. Analysts' estimates typically exclude special items. Non-GAAP net income for the fiscal second quarter of 2014 was $23.4 million, or $0.50 per share.

The year-over-year decrease was non-GAAP net income and earnings per share was driven primarily by the change in timing of the Darlington NASCAR events, non-recurring net revenues and expenses related to the transition of merchandise operations to Fanatics and depreciation expense for assets placed in service during 2015 related to DAYTONA Rising prior to the completion of renovations in 2016.

Total revenue for the second quarter declined to $164.0 million, from $190.3 million in the prior-year period. Wall Street analysts had a consensus revenue estimate of $172.60 million for the quarter.