International Speedway Announces Significant Capital Projects at Homestead-Miami Speedway And Phoenix International Raceway
April 22 2005 - 10:00AM
PR Newswire (US)
International Speedway Announces Significant Capital Projects at
Homestead-Miami Speedway And Phoenix International Raceway ~
Company Reiterates Fiscal 2005 Financial Guidance ~ DAYTONA BEACH,
Fla., April 22 /PRNewswire-FirstCall/ -- International Speedway
Corporation (NASDAQ:ISCA) (OTC:ISCB) (BULLETIN BOARD: ISCB) ("ISC")
today announced the construction of grandstand seats and luxury
suites at Homestead- Miami Speedway and Phoenix International
Raceway. In addition, the Company reaffirmed its quarterly and full
year fiscal 2005 revenue and earnings guidance. At Homestead-Miami,
the new Turn One Tower will house 16 luxury suites and
approximately 800 club seats. The project, scheduled for completion
in time for the 2005 Ford Championship Weekend in November, will
provide fans and corporate hospitality guests with state-of-the-art
amenities to enjoy the thrill and excitement of all three NASCAR
series finales. In Phoenix, the Bobby Allison grandstand will be
expanded to encompass the entire area behind Turn 1, adding
approximately 14,000 grandstand seats and 25 to 28 luxury suites,
and will replace a structure that currently houses 22 suites. The
project also calls for the removal of temporary wooden bleachers of
approximately 14,000 seats along the backstretch of the track and
Turn 3. The expanded grandstand and suite area will provide fans
with outstanding views of the frontstretch and pit road, and will
be completed in time for Phoenix's 2006 spring NASCAR NEXTEL Cup
Series weekend. ISC reiterates its fiscal 2005 capital spending
guidance of approximately $100 million for its existing facilities.
In addition, the Company reaffirms its previous quarterly and full
year fiscal 2005 financial guidance, including full year revenues
between $715 and $730 million, and earnings between $2.87 and $2.93
per diluted share. "These projects demonstrate the growing
popularity of our facilities and the strong customer demand in
these markets," commented Lesa France Kennedy, President of ISC.
"The increased capacity at Homestead-Miami is a result of the
growing popularity of that facility's events. In addition, the seat
and suite improvements at Phoenix further demonstrate our
commitment to enhancing the guest experience by providing premium
fan amenities. While we maintain our prudent approach to internal
expansion by closely tying growth to demand, we believe strong
prospects remain for future organic growth within our portfolio. We
are confident that our internal prospects, combined with our
external initiatives, position us for ongoing future success."
International Speedway Corporation is a leading promoter of
motorsports activities in the United States, currently promoting
more than 100 events annually. The Company owns and/or operates 11
of the nation's major motorsports facilities, including Daytona
International Speedway in Florida (home of the Daytona 500);
Talladega Superspeedway in Alabama; Michigan International Speedway
located outside Detroit; Richmond International Raceway in
Virginia; California Speedway near Los Angeles; Kansas Speedway in
Kansas City, Kansas; Phoenix International Raceway in Arizona;
Homestead-Miami Speedway in Florida; Martinsville Speedway in
Virginia; Darlington Raceway in South Carolina; Watkins Glen
International in New York. Other track ownership includes an
indirect 37.5% interest in Raceway Associates, LLC, which owns and
operates Chicagoland Speedway and Route 66 Raceway near Chicago,
Illinois. The Company also owns and operates MRN Radio, the
nation's largest independent sports radio network; DAYTONA USA, the
"Ultimate Motorsports Attraction" in Daytona Beach, Florida, the
official attraction of NASCAR; and subsidiaries which provide
catering services, food and beverage concessions, and produce and
market motorsports-related merchandise under the trade name
"Americrown." For more information, visit the Company's Web site at
http://www.iscmotorsports.com/ . Statements made in this release
that express the Company's or management's beliefs or expectations
and which are not historical facts or which are applied
prospectively are forward-looking statements. It is important to
note that the Company's actual results could differ materially from
those contained in or implied by such forward-looking statements.
The Company's results could be impacted by risk factors, including,
but not limited to, weather surrounding racing events, government
regulations, economic conditions, consumer and corporate spending,
military actions, air travel and national or local catastrophic
events. Additional information concerning factors that could cause
actual results to differ materially from those in the forward-
looking statements is contained from time to time in the Company's
SEC filings including, but not limited to, the 10-K and subsequent
10-Qs. Copies of those filings are available from the Company and
the SEC. The Company undertakes no obligation to release publicly
any revisions to these forward-looking statements that may be
needed to reflect events or circumstances after the date hereof or
to reflect the occurrence of unanticipated events. The inclusion of
any statement in this release does not constitute an admission by
International Speedway or any other person that the events or
circumstances described in such statement are material. DATASOURCE:
International Speedway Corporation CONTACT: Wes Harris, Senior
Director, Investor Relations, International Speedway Corporation,
+1-386-947-6465 Web site: http://www.iscmotorsports.com/
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