International Speedway Enters Into Definitive Agreement to Sell Nazareth Speedway Real Property
June 01 2005 - 3:36PM
PR Newswire (US)
International Speedway Enters Into Definitive Agreement to Sell
Nazareth Speedway Real Property ~ Expects to Record $6 to $7
Million After-Tax Gain on Sale ~ DAYTONA BEACH, Fla., June 1
/PRNewswire-FirstCall/ -- International Speedway Corporation
(NASDAQ:ISCA) (OTC:ISCB) (BULLETIN BOARD: ISCB) ("ISC") announced
today that Pennsylvania International Raceway, Inc., an indirect
wholly-owned subsidiary of ISC, has entered into an agreement with
Brookside Realty, Inc. ("Brookside") for the sale of 158 acres on
which Nazareth Speedway is located for approximately $19 million.
Upon closing the transaction, ISC expects to record an after-tax
gain from discontinued operations of approximately $6 to $7
million, or $0.11 to $0.13 per diluted share after tax. Closing of
the transaction is expected no later than November 30, 2005, and is
contingent upon, among other items, Brookside's right to terminate
the agreement if it determines that timely and financially
reasonable governmental approval of its proposed redevelopment of
the real property is either unlikely or not feasible. Located in
Lower Nazareth Township in Northampton County, Nazareth Speedway
suspended major motorsports event operations after the completion
of the track's 2004 events and its results of operations are
presented as discontinued operations in ISC's consolidated
financial statements. Beginning with the 2005 race season,
Nazareth's NASCAR Busch and IRL IndyCar series events were
realigned to ISC's Watkins Glen International. International
Speedway Corporation is a leading promoter of motorsports
activities in the United States, currently promoting more than 100
racing events annually as well as numerous other
motorsports-related activities. The Company owns and/or operates 11
of the nation's major motorsports entertainment 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; and Watkins Glen International in New York. Other
motorsports entertainment facility 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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