International Speedway Initiates 2004 Financial Guidance
December 18 2003 - 7:30AM
PR Newswire (US)
International Speedway Initiates 2004 Financial Guidance DAYTONA
BEACH, Fla., Dec. 18 /PRNewswire-FirstCall/ -- International
Speedway Corporation (BULLETIN BOARD: ISCB) ("ISC") today initiated
financial guidance for the fiscal year ending November 30, 2004.
Overview: For the twelve months ending November 30, 2004, the
Company anticipates total revenues to range between $615 and $635
million, and earnings to range between $2.30 and $2.38 per diluted
share. Revenues and Earnings per Share: Quarter Quarter Quarter
Quarter Year Ending Ending Ending Ending Ending 02/29/04 05/31/04
08/31/04 11/30/04 11/30/04 Total Revenues (in millions) $140-$145
$125-$130 $145-$150 $205-$210 $615-$635 Diluted Earnings per Share
$0.51-$0.53 $0.31-$0.33 $0.57-$0.59 $0.91-$0.93 $2.30-$2.38
Operating Income Margin: The Company currently anticipates its
Operating Income margin will be between 35% and 36% of total
revenues for the full year, with the four quarters ranging from a
low of approximately 26% to a high of approximately 40% of total
revenues. Conference Call Scheduled: The management of ISC will
host a conference call today with investors at 9:00 a.m. Eastern
Time, which may also be accessed via the Internet at the Company's
Web site, http://www.iscmotorsports.com/, under the "Investor
Relations" section. 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
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, Director of Investor Relations,
International Speedway Corporation, +1-386-947-6465 Web site:
http://www.iscmotorsports.com/
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