International Speedway Completes Acquisition of Martinsville Speedway
July 13 2004 - 5:23PM
PR Newswire (US)
International Speedway Completes Acquisition of Martinsville
Speedway DAYTONA BEACH, Fla., July 13 /PRNewswire-FirstCall/ --
International Speedway Corporation (NASDAQ:ISCA)(OTC:ISCB)
(BULLETIN BOARD: ISCB) ("ISC") today announced it has completed the
previously announced acquisition of Martinsville Speedway
("Martinsville"). Located in southern Virginia, the half-mile
speedway seats 63,000 grandstand spectators and provides premium
guest accommodations in its 25 suites. Martinsville hosts two
NASCAR NEXTEL Cup Series events annually, along with two NASCAR
Craftsman Truck Series races and a Late Model Stock Car event.
"Today we add a storied facility to the ISC portfolio and increase
our roster of premium NEXTEL Cup events," commented Lesa France
Kennedy, President of ISC. "In addition, Martinsville offers
several growth opportunities over the long term. We are pleased to
have Martinsville join the ISC family and look forward to a
successful future." Clay Campbell, President of Martinsville
Speedway, stated, "Martinsville has long been a popular stop on the
NEXTEL Cup circuit for fans, demonstrated by the facility's
sold-out attendance for Cup races over the past decade. The
opportunity to tap ISC's significant resources and expertise will
enable us to continue providing fans with a premium race
experience." The total purchase price of approximately $192
million, excludes an immaterial amount for post-closing prorations
of working capital. The acquisition was funded by approximately
$100 million received from the sale of North Carolina Speedway, and
an additional $92 million in cash. Including an estimated $3
million for acquisition-related costs, approximately $148 million
will be allocated to the sanction agreement assets of Martinsville,
$34 million to property, plant and equipment, and the remaining $13
million to goodwill. 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; Martinsville Speedway in Virginia; 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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