International Speedway Q3 Adj. Profit Tops Estimates, Backs 2014 Outlook

(RTTNews) - Motorsports themed entertainment promoter International Speedway Corp. (ISCA) reported Tuesday a profit for the third quarter compared to a loss last year, reflecting lower charges and revenue growth. Adjusted earnings per share topped analysts' expectations by a penny. The company reaffirmed its earnings and revenues guidance for the full-year 2014.

"We are pleased to report higher revenues on a comparable basis for our third quarter driven by contractual increases in television broadcast rights and stabilizing admissions. The second annual Faster Horses music festival at Michigan International Speedway was a success, paving the way for more value building ancillary events, and along with the IndyCar event at Auto Club Speedway and consolidation of Motorsports Authentics pushed revenues even higher," CEO Lesa France Kennedy said in a statement.

The Daytona Beach, Florida-based company reported net income of $0.19 million or breakeven per share for the third quarter, compared to a net loss of $7.87 million or $0.17 per share in the prior-year quarter.

Excluding certain items, adjusted net income for the quarter was $0.95 million or $0.02 per share, compared to $2.08 million or $0.05 per share in the year-ago quarter.

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

Total revenues for the quarter grew to $130.08 million from $117.05 million in the same quarter last year, driven by contractual increases in television broadcast rights and stabilizing admissions.

Revenues from admissions increased to $26.27 million from $25.39 million in the year-ago quarter. Motorsports related revenues were $81.99 million, higher than $79.80 million in the prior-year quarter.

Food, beverage and merchandise revenues nearly doubled $17.49 million from $8.86 million in the same quarter last year.

Total expenses for the quarter grew to $133.61 million from $130.11 million in the year-ago quarter.

Looking ahead to fiscal 2014, the company reaffirmed its adjusted earnings guidance in the range of $1.30 to $1.50 per share, on projected revenues between $635 million and $650 million. Street is currently looking for full-year 2014 earnings of $1.41 per share on annual revenues of $642.28. million.

ISCA closed Monday's regular trading session at $31.93, down $0.11 on a volume of 0.16 million shares. In the past 52-week period, the stock has been trading in a range of $29.67 to $38.01.