International Speedway Announces Management Promotions and Additional Capital Expenditures
April 07 2004 - 6:27PM
PR Newswire (US)
International Speedway Announces Management Promotions and
Additional Capital Expenditures - Declares Annual Dividend Of $0.06
Per Share - - Shareholders Re-Elect Four Directors - DAYTONA BEACH,
Fla., April 7 /PRNewswire-FirstCall/ -- International Speedway
Corporation (BULLETIN BOARD: ISCB) ("ISC") today announced the
promotion of several members of senior management. Officer New
Position Previous Position John R. Saunders, 47 Executive Vice
Senior Vice President and President and Chief Chief Operating
Officer Operating Officer Susan G. Schandel, 40 Senior Vice Vice
President - President,Chief Administrative Services, Financial
Officer and Chief Financial Officer Treasurer and Treasurer W.
Garrett Crotty, 40 Senior Vice President, Vice President, Secretary
Secretary and General and General Counsel Counsel Paul D. H.
Phipps, 57 Vice President and Vice President - Chief Marketing
Sales and Marketing Officer Daniel W. Houser, 52 Vice President,
Controller, Chief Controller, Chief Accounting Officer Accounting
Officer and and Assistant Assistant Treasurer Treasurer Glenn R.
Padgett, 53 Vice President, Chief Counsel - Chief Counsel -
Operations and Operations, Assistant Secretary Assistant Secretary
and Chief Compliance Officer "These promotions reflect the
increased responsibility of these individuals within the Company,"
commented Lesa France Kennedy, President of ISC. "Their commitment
and hard work has contributed to the overall success and growth of
ISC and further displays the depth and talent of our entire senior
management team. I look forward to their continued service to the
Company." In addition, ISC announced that its Board of Directors
has also approved an additional $48 million for capital projects.
Including the $48 million approved today, the Company expects
capital expenditures for fiscal year 2004 to be between $130 and
$140 million. A substantial majority of this total amount has been
allocated to the previously announced infield renovation at Daytona
International Speedway and the purchase of additional acreage
around ISC's facilities to support future growth. Also included is
capital spending for the installation of Steel and Foam Energy
Reducing (SAFER) barriers at the Company's facilities. ISC
anticipates future capital spending to be in the range of $80 to
$90 million per year, with some years being higher or lower
depending on the size and timing of specific projects. The Company
also announced the declaration of an annual dividend of $0.06 per
share, payable on June 30, 2004, to common stockholders of record
on May 31, 2004, marking the 31st consecutive year that the Company
has paid a dividend to its shareholders. Separately, at the annual
meeting of shareholders held this morning, the following members of
ISC's Board of Directors were re-elected to a three-year term:
Chairman William C. France, 71; William P. Graves, 51; Christy F.
Harris, 58; and Gregory W. Penske, 41. 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 thenation'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
theCompany's SEC filings including, but not limited to, the 10-K
and subsequent 10-Q's. 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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