International Speedway Q2 Profit Down; But Adj. EPS Tops View; Backs FY14 View

(RTTNews) - Motorsports themed entertainment promoter International Speedway Corp. (ISCA, ISCB.PK) reported that its net income for the second quarter ended May 31, 2014 declined to $21.5 million or $0.46 per share, from $22.4 million or $0.48 per share, in the prior year quarter.

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 loss on sale of certain assets, non-GAAP net income for the second quarter of 2014 was $23.4 million, or $0.50 per share. Non-GAAP net income for the fiscal second quarter of 2013 was $23.7 million or $0.51 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.49 per share for the quarter. Analysts' estimates typically exclude special items.

However, total revenue for the second quarter grew to $190.3 million, from approximately $178.4 million in the prior-year period.

"We are pleased to report higher revenues for our second quarter driven by contractual increases in television broadcast rights and stabilizing admissions," said ISC Chief Executive Officer Lesa France Kennedy.

The company reiterated its fiscal year 2014 adjusted earnings per share guidance in a range of $1.30 to $1.50 per share and revenue of $635 million to $650 million. Street currently is looking for fiscal year 2014 earnings of $1.40 per share on annual revenues of $637.30 million.