International Speedway Corp (NASDAQ: ISCA) shares took some spark from quarterly earnings released Thursday.
Total revenues for the third quarter ended August 31, 2017 were approximately $131.9 million, compared to revenues of approximately $129.0 million in the third quarter of fiscal 2016. Operating income was approximately $2.2 million during the period compared to approximately $3.7 million in the third quarter of fiscal 2016.
Said Executive Officer Lesa France Kennedy, “We are pleased with the financial results for the third quarter.
"Revenue for comparable events increased, driven by contracted broadcast rights and corporate partnerships. During the quarter, admissions revenue increased for the Coke Zero 400 and we announced the third consecutive sellout of reserved grandstands for the Monster Energy NASCAR Cup Series event at Watkins Glen."
Net income for the third quarter was approximately $0.3 million, or $0.01 per diluted share, compared to approximately $2.2 million, or $0.05 per diluted share, in the prior year period.
Moreover, says Kennedy, “the Phoenix Raceway Project powered by DC Solar is progressing nicely. Last week we announced a partnership with ISM Connect for a multi-year agreement that includes naming rights for the Raceway. Beginning in 2018, the ISM Raceway will be one of only two motorsports facilities with partnership naming rights.
“At completion, the modernized facility will feature ISM's groundbreaking digital fan engagement experience, a great complement to the many world-class fan amenities being constructed at the facility. We expect components of the project to be in service as early as November 2017."
Shares in ISCA revved up $1.30, or 3.6%, to $37.95, approaching noon ET on Thursday.
