International Speedway Q3 Adj. Profit Tops Estimates, Backs 2013 Outlook

(RTTNews) - Motorsports themed entertainment promoter International Speedway Corp. (ISCA) reported Thursday a loss for the third quarter that widened from last year, reflecting higher charges and expenses. Adjusted earnings per share topped analysts' expectations by six cents. The company reaffirmed its earnings and revenues guidance for the full-year 2013.

"We remain encouraged with our quarter and year-to-date financial results; generating increased total revenue for the periods. Adjusting for comparable events, our attendance revenue, which has been our principal risk, was down less than one percent for the quarter delivering results within our range of expectations and showing further signs of stabilization in our business," CEO Lesa France Kennedy said.

The Daytona Beach, Florida-based company reported a net loss of $7.87 million or $0.17 per share for the third quarter, wider than $1.04 million or $0.02 per share in the prior-year quarter. Excluding certain items, adjusted net income for the quarter was $2.25 million or $0.05 per share, compared to $0.65 million or $0.01 per share in the year-ago quarter.

On average, four analysts polled by Thomson Reuters expected the company to report a loss of $0.01 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter edged up to $117.05 million from $115.93 million in the same quarter last year.

Revenues from admissions decreased to $25.39 million from $26.08 million in the year-ago quarter. Motorsports related revenues were $79.80 million, higher than $77.98 million in the prior-year quarter.

Food, beverage and merchandise revenues edged down to $8.86 million from $8.92 million in the same quarter last year.

"NASCAR signed the largest broadcast rights deals in the sport's 65-year history, providing ISC contracted revenue through 2024. With broadcast revenue representing our largest revenue source, almost 50 percent of total revenue, having this visibility through 2024 places us in an enviable position compared to other industries and will provide us unparalleled long-term cash flow," Kennedy added.

Total expenses for the quarter grew to $130.11 million from $115.23 million in the year-ago quarter.

Looking ahead to fiscal 2013, the company reaffirmed its adjusted earnings guidance in the range of $1.35 to $1.55 per share, on projected revenues between $610 million and $625 million. Street is currently looking for full-year 2013 earnings of $1.47 per share on annual revenues of $617.73. million.

ISCA closed Wednesday's regular trading session at $33.39, up $0.38 on a volume of 0.18 million shares. In the past 52-week period, the stock has been trading in a range of $24.22 to $35.77.