International Speedway Announces Stock Buyback Plan
December 21 2006 - 11:43AM
PR Newswire (US)
DAYTONA BEACH, Fla., Dec. 21 /PRNewswire-FirstCall/ --
International Speedway Corporation (NASDAQ:ISCA)(OTC:ISCB)
(BULLETIN BOARD: ISCB) ("ISC") today announced that its Board of
Directors has authorized a share repurchase program, under which
the Company may purchase up to $50 million of the Company's
outstanding Class A Common Shares. "Our decision to repurchase
shares is testament to our confidence in ISC's strong financial
position and the significant visibility of our future operating
results," said ISC Chief Executive Officer James C. France.
"Combined with the continued successful execution of strategic
initiatives designed to capitalize on both internal and external
growth opportunities, we believe our capital allocation strategy
reflects a balanced approach that will enhance shareholder value
and further position the Company for long-term success." The timing
and amount of any shares repurchased under the program will depend
on a variety of factors, including: price, corporate and regulatory
requirements, capital availability and other market conditions. The
repurchase program may be suspended or discontinued at any time
without prior notice. No shares will be knowingly purchased from
Company insiders or their affiliates. International Speedway
Corporation is a leading promoter of motorsports activities,
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 percent interest in Raceway Associates, LLC, which owns and
operates Chicagoland Speedway and Route 66 Raceway near Chicago,
Illinois. In addition, ISC is a limited partner with Group Motorise
International in the organization and promotion of certain events
at Circuit Gilles Villeneuve in Montreal, Canada. 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." In addition, ISC has
an indirect 50 percent interest in a business called Motorsports
Authentics, which markets and distributes motorsports-related
merchandise licensed by certain competitors in NASCAR racing. 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, Corporate and Investor Communications, of International
Speedway Corporation, +1-386-947-6465 Web site:
http://www.iscmotorsports.com/
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