International Speedway Announces CART Champ Car And NASCAR Winston West Series Events Officially Cancelled At California Speedwa
October 30 2003 - 11:48AM
PR Newswire (US)
International Speedway Announces CART Champ Car And NASCAR Winston
West Series Events Officially Cancelled At California Speedway
DAYTONA BEACH, Fla., Oct. 30 /PRNewswire-FirstCall/ --
International Speedway Corporation (BULLETIN BOARD: ISCB) ("ISC")
announced The King Taco 500 Bridgestone Presents the CART Champ Car
World Series Powered by Ford and the NASCAR Winston West Series
King Taco 200 have been officially cancelled. These events,
originally scheduled to take place November 1st and 2nd at
California Speedway, had been previously postponed due to the state
of emergency declared in San Bernardino County, California, and
surrounding counties as a result of wildfires in the region. The
Company expects the cancellation to negatively impact fourth
quarter total revenue and earnings by $4 million to $5 million and
$0.01 to $0.02 per diluted share, respectively. In addition, fourth
quarter results will be further impacted by a mutually agreeable
amount to cover legitimate expenses reasonably incurred by CART in
preparing for the event. This undetermined amount will be deducted
from the $2.5 million pre-tax organization and rights fee due back
to ISC, which had been previously paid to CART per the terms
specified in the official organizer/promoter agreement.
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 12
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; North Carolina Speedway in
Rockingham; Darlington Raceway in South Carolina; Watkins Glen
International in New York; and Nazareth Speedway in Pennsylvania.
Other track interests include 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
networks; 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/. DATASOURCE:
International Speedway Corporation CONTACT: Wes Harris, Director of
Investor Relations, International Speedway Corporation,
+1-386-947-6465 Web site: http://www.iscmotorsports.com/
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