International Speedway Corporation Reports Financial Results for the Third Quarter of Fiscal 2009

International Speedway Corporation Reports Financial Results for the Third
Quarter of Fiscal 2009

DAYTONA BEACH, Fla., Oct. 8 /PRNewswire-FirstCall/ -- International Speedway
Corporation (Nasdaq Global Select Market: ISCA; OTC Bulletin Board: ISCB)
("ISC") today reported results for its fiscal third quarter ended August 31,
2009.

(Logo: http://www.newscom.com/cgi-bin/prnh/20091005/FL87045LOGO )

"We remain encouraged by the strength of our Company and the results of our
events held to date," stated ISC Chief Executive Officer Lesa France Kennedy.
"The year-over-year comparison for the quarter was impacted by Auto Club
Speedway's fall NASCAR race weekend being moved from the 2008 fiscal third
quarter into the Company's 2009 fiscal fourth quarter. The protracted
macroeconomic downturn continues to impact our business. However, as a result
of the success of many innovative strategies such as our lowered pricing for
entry level tickets, coupled with focused cost containment initiatives, we
anticipate achieving full-year earnings per share within our previously issued
guidance."

Ms. France Kennedy continued, "Based on the challenging economic outlook for
next year and its potential impact on our fan base, we have expanded our
reduced pricing initiatives for the 2010 season to include over a half million
NASCAR Sprint Cup tickets. Also for next year, our ticket pricing initiatives
will focus on and reward our best customers, those that renew early. We will
continue our long standing philosophy to maintain price integrity and not
reduce pricing once in the sales cycle. We believe, based on experience,
research and analysis, that we have priced our events appropriately to meet
demand."

Third Quarter Comparison

Total revenues for the third quarter decreased to $172.9 million, compared to
revenues of $213.2 million in the prior-year period. Operating income was
$15.6 million during the period compared to $61.0 million in the third quarter
of fiscal 2008. In addition to the macroeconomic challenges,
quarter-over-quarter comparability was impacted by:

-- An IndyCar® series event held at Chicagoland in the fourth quarter of
fiscal 2008 was conducted in the third quarter of fiscal 2009.

-- The fall NASCAR Sprint Cup and Nationwide events at Auto Club Speedway
held in the third quarter of fiscal 2008 which will be conducted in
the
fourth quarter of fiscal 2009.

-- As a result of executing certain purchase and lease agreements, the
operations of Stock-Car Montreal are now reflected in the Company's
consolidated financial statements, compared to the prior year's
results
recognized in net income from equity investments when the Company
promoted the events with its partner Group Motorise International. In
the fiscal third quarter 2009, Stock-Car Montreal successfully hosted
NASCAR Nationwide, Grand-Am Sports Car, and NASCAR Canadian Tire
series
events at Circuit Gilles-Villeneuve.

-- During the third quarter of fiscal 2009, the Company recorded a $13.7
million, or $0.17 per diluted share after-tax, impairment charge of
long-lived assets. Approximately $13.0 million, or $0.16 per diluted
share after tax, was associated with the Company adjusting its current
carrying value of its Staten Island property to a fair market value
based on its understanding of the metro New York real estate market
and
ongoing discussions with interested parties.

Net income for the third quarter was $4.4 million, or $0.09 per diluted share,
compared to net income of $38.8 million, or $0.79 per diluted share, in the
prior year. Excluding discontinued operations; the operating results from the
Company's equity investment; and, impairment of long-lived assets, non-GAAP
(defined below) net income for the third quarter of 2009 was $15.9 million, or
$0.33 per diluted share. Non-GAAP net income for the third quarter of 2008
was $35.6 million, or $0.73 per diluted share.

Year-to-Date Comparison

For the nine months ended August 31, 2009, total revenues were $491.4 million,
compared to $582.0 million in 2008. Operating income for the nine-month
period was $97.3 million compared to $170.9 million in the prior year.

Year-over-year comparability was impacted by:

-- Exceptionally strong consumer and corporate demand for the 50th
running
of the DAYTONA 500 and surrounding events in the first quarter of
2008.
The historic race provided unique opportunities to drive revenue above
the otherwise strong appeal of one of sport's most marquee events.

-- An IndyCar® and Grand-Am Rolex Sports Car series weekend held at
Homestead-Miami Speedway in the second quarter of 2008 which will be
held in ISC's fiscal fourth quarter 2009.

-- An IndyCar® series event held at Chicagoland in the fourth quarter of
fiscal 2008 was conducted in the third quarter of fiscal 2009.

-- The fall NASCAR Sprint Cup and Nationwide events at Auto Club Speedway
held in the third quarter of fiscal 2008 which will be conducted in
the
fourth quarter of fiscal 2009.

-- The aforementioned operations of Stock-Car Montreal being reflected in
the Company's consolidated financial statements, compared to prior
year's results recognized in net income from equity investments when
the
Company promoted the events with its partner Group Motorise
International.

-- The 2009 second quarter results include interest income, net of tax,
of
approximately $8.9 million, or $0.18 per diluted share after tax, for
interest earned on the deposited funds which were ultimately returned
to
the Company as a result of the definitive settlement agreement entered
into with the Internal Revenue Service in connection with the
previously
disclosed federal income tax examination for its 1999 through 2005
fiscal years.

-- Accelerated depreciation of approximately $1.0 million, or $0.01 per
diluted share after tax, in 2009 as compared to approximately $1.6
million, or $0.02 per diluted share after tax in 2008 for certain
office
and related buildings in Daytona Beach associated with the Company's
previously announced Daytona Live! project.

-- The $13.8 million, or $0.17 per diluted share after-tax, impairment
charge of long-lived assets in its results of operations substantially
related to the aforementioned 2009 fiscal third quarter Staten Island
property carrying value adjustment. 2008 impairment charges of $1.9
million, or $0.02 per diluted share after tax, associated with the
fill
removal costs on Staten Island and net book value of certain assets
retired from service.

-- The 2008 third quarter recognition of a tax benefit of $3.5 million,
or
$0.07 per diluted share after tax, associated with certain
restructuring
initiatives.

-- A 2008 first quarter non-cash charge of $3.8 million, or $0.08 per
diluted share after tax, to correct the carrying value of certain
other
assets as of November 30, 2007.

-- The nine months ended August 31, 2009, included a $62.2 million, or
$1.28 per diluted share after tax, charge for equity in net loss from
equity investments related to Motorsports Authentics ("MA"), which
includes a previously announced impairment on MA. The same period in
2008, included equity income of approximately $3.0 million, or $0.06
per
diluted share after tax.

Net loss for the nine months ended August 31, 2009, was $2.2 million, or $0.04
per diluted share, compared to net income of $101.0 million, or $2.02 per
diluted share in 2008. Excluding discontinued operations, the operating
results from the Company's equity investment including the related impairment
taken by ISC in its 2009 fiscal second quarter; the interest income from the
IRS settlement; accelerated depreciation for certain office and related
buildings in Daytona Beach; and impairment of long-lived assets, non-GAAP
(defined below) net income for the nine months ended August 31, 2009, was
$60.1 million, or $1.24 per diluted share. This is compared to non-GAAP net
income for the first nine months of 2008 of $100.5 million, or $2.01 per
diluted share.

GAAP to Non-GAAP Reconciliation

The following financial information is presented below using other than
generally accepted accounting principles ("non-GAAP"), and is reconciled to
comparable information presented using GAAP. Non-GAAP net income and diluted
earnings per share below are derived by adjusting amounts determined in
accordance with GAAP for certain items presented in the accompanying selected
operating statement data, net of taxes.

The 2008 adjustments relate to: net income from equity investment; accelerated
depreciation for certain office and related buildings in Daytona Beach; the
impairment of long-lived assets associated with the fill removal process on
the Staten Island property and the net book value of certain assets retired
from service; a tax benefit associated with certain restructuring initiatives;
and, a non-cash charge to correct the carrying value of certain other assets.

The adjustments for 2009 relate to: a loss from equity investment; interest
earned on the deposited funds returned to the Company as a result of the
definitive settlement agreement it entered into with the Internal Revenue
Service; accelerated depreciation for certain office and related buildings in
Daytona Beach; and, the impairment of long-lived assets associated with the
Staten Island property and other net book value of certain assets retired from
service.

The Company believes such non-GAAP information is useful and meaningful to
investors, and is used by investors and ISC to assess core operations. This
non-GAAP financial information may not be comparable to similarly titled
measures used by other entities and should not be considered as an alternative
to operating income, net income or diluted earnings per share, which are
determined in accordance with GAAP.

(In Thousands, Except Per Share Amounts)
(Unaudited)

Three Months Ended Nine Months Ended
Aug. 31, Aug. 31, Aug. 31, Aug. 31,
2008 2009 2008 2009
-------- -------- -------- --------

Net income (loss) $38,791 $4,413 $100,974 $(2,181)
Loss from discontinued operations,
net of tax 51 43 118 130
-- -- --- ---
Income (loss) from continuing
operations 38,842 4,456 101,092 (2,051)

Equity in net (income) loss from
equity investments, net of tax (120) 3,239 (3,039) 62,152
---- ----- ------ ------
Consolidated income from continuing
operations excluding equity in net
(income) loss from equity
investments 38,722 7,695 98,053 60,101

Adjustments, net of tax:
Interest income from IRS
Settlement - - - (8,923)
Additional depreciation 320 - 960 638
Impairment of long-lived assets 20 8,229 1,175 8,281
Tax benefit associated with
restructuring initiatives (3,477) - (3,477) -
Correction of certain other
assets' carrying value - - 3,758 -
--- --- ----- ---
Non-GAAP net income $35,585 $15,924 $100,469 $60,097
======= ======= ======== =======

Per share data:
Diluted earnings (loss) per share $0.79 $0.09 $2.02 $(0.04)
Loss from discontinued operations,
net of tax - - - -
--- --- --- ---
Income (loss) from continuing
operations 0.79 0.09 2.02 (0.04)

Equity in net (income) loss from
equity investments - 0.07 (0.06) 1.28
--- ---- ----- ----
Consolidated income from continuing
operations excluding equity in net
(income) loss from equity
investments 0.79 0.16 1.96 1.24
Adjustments, net of tax:
Interest income from IRS
Settlement - - - (0.18)
Additional depreciation 0.01 - 0.02 0.01
Impairment of long-lived assets 0.00 0.17 0.02 0.17
Tax benefit associated with
restructuring initiatives (0.07) - (0.07) -
Correction of certain other
assets' carrying value - - 0.08 -
--- --- ---- ---
Non-GAAP diluted earnings per share $0.73 $0.33 $2.01 $1.24
===== ===== ===== =====

Recent Events

Fiscal Third Quarter Events

Facility Dates Major Event Hosted
-------- ----- ------------------

Watkins Glen International June 5-6 Grand-Am Rolex Sports Car
Michigan International Speedway June 12-14 NASCAR Sprint Cup; NASCAR
Camping World Truck; and,
RE/MAX ARCA
Richmond International Raceway June 27 IndyCar
Daytona International Speedway July 2-4 NASCAR Sprint Cup; NASCAR
Nationwide; and,
Grand-Am Rolex Sports
Car
Watkins Glen International July 3-5 IndyCar
Chicagoland Speedway July 10-11 NASCAR Sprint Cup and
NASCAR Nationwide
Watkins Glen International Aug. 6-9 NASCAR Sprint Cup; NASCAR
Nationwide; and,
Grand-Am Rolex Sports
Car
Michigan International Speedway Aug. 15-16 NASCAR Sprint Cup and
NASCAR Nationwide
Chicagoland Speedway Aug. 28-29 IndyCar; NASCAR Camping
World Truck ; and,
RE/MAX ARCA
Circuit Gilles Villeneuve,
Montreal Aug. 29-30 NASCAR Nationwide;
Grand-Am Rolex Sports
Car; and, NASCAR
Canadian Tire

Fiscal Fourth Quarter Events

Facility Dates Major Event Hosted
-------- ----- ------------------

Richmond International Raceway Sept. 11-12 NASCAR Sprint Cup and
NASCAR Nationwide
Kansas Speedway Oct. 1-4 NASCAR Sprint Cup; NASCAR
Nationwide; and,
RE/MAX ARCA
Homestead Miami Speedway Oct. 9-10 IndyCar and Grand-Am
Rolex Sports Car
Auto Club Speedway Oct. 10-11 NASCAR Sprint Cup and
NASCAR Nationwide
Martinsville Raceway Oct. 24-25 NASCAR Sprint Cup and
NASCAR Camping World
Truck
Talladega Superspeedway Oct. 31-Nov. 1 NASCAR Sprint Cup and
NASCAR Camping World
Truck
Phoenix International Raceway Nov. 13-15 NASCAR Sprint Cup; NASCAR
Nationwide; and NASCAR
Camping World Truck
Homestead Miami Speedway Nov. 20-22 NASCAR Sprint Cup; NASCAR
Nationwide; and NASCAR
Camping World Truck

From a marketing partnership perspective, the Company has agreements in place
for substantially its entire revised gross marketing partnership revenue
target for fiscal 2009. In addition, ISC has sold all of its 2009 NASCAR
Sprint Cup and Nationwide series event entitlements.

"We are pleased with this performance given the state of the economy," stated
Ms. France Kennedy. "We are confident that sponsorship in NASCAR provides our
partners with a strong return on investment. However, looking ahead into next
year, we expect to continue to face a difficult climate regarding the sales
and renewals of corporate sponsorships. Our team is doing a great job of
managing this process by active prospecting and working with existing partners
to ensure their ROI and keep them involved in the sport."

Motorsports Authentics

During the fiscal third quarter, MA, the Company's 50/50 merchandising joint
venture with Speedway Motorsports, for various strategic purposes to improve
its operations, ceased paying certain guaranteed royalties under several
license agreements where estimated royalties payable based on projected sales
were less than stipulated guaranteed minimum royalties payable. All earned
royalties that were due have been paid. MA has received notices from certain
licensors alleging default under the license agreements if it does not pay
unearned royalties within stipulated cure periods. MA's management team is
attempting to obtain extensions from licensors where cure periods, including
any subsequent extension, have lapsed or are near termination.

External Growth and Other Initiatives

Last month, ISC announced that Penn National Gaming, Inc. ("Penn") has entered
into an agreement with The Cordish Company ("Cordish") to acquire Cordish's 50
percent interest in Kansas Entertainment, LLC for the development of a
Hollywood-themed casino and hotel at Kansas Speedway. Penn will serve as the
managing member and will be responsible for the development and operation of
the casino and hotel. The development of future phases of the project will
depend on market demand.

The Kansas Lottery Gaming Facility Review Board has requested that the
Governor grant an extension of 60 days for its final selection of the gaming
facility operator in the Northeast Zone (Wyandotte County). A final decision
by the Kansas Lottery Gaming Facility Review Board is expected when that body
meets on December 1, 2009. Thereafter, the Kansas Racing and Gaming
Commission must complete its background investigation of the gaming facility
manager before the contract with the Kansas Lottery Commission becomes
effective. The Company expects the entire process to be completed in December
2009 or in early January 2010.

The initial phase of the project, which is planned to comprise approximately
190,000 square feet, includes a 100,000 square foot casino gaming floor with
approximately 2,300 slot machines and 86 table games, a high-energy center
bar, and dining and entertainment options and is projected to cost
approximately $390 million. The full budget of all potential phases is
projected at over $800 million, and would be financed by the joint venture.

Regarding Daytona Live!, a mixed-use entertainment destination development
that the Company is also pursuing in a 50/50 joint venture, the headquarters
building component is nearing completion and will be ready for occupancy later
this month.

"The retail, dining and entertainment portion of this development is expected
to move forward once we feel the economy makes this project more feasible and
we can reach sufficient leasing levels," stated Ms. France Kennedy.
"Obviously given the current environment, we are taking a more measured
approach as we are not under a mandatory timetable to get this project
completed."

On Staten Island, ISC continues to have discussions with interested buyers for
its 676 acre parcel, and remains hopeful that a transaction will take place in
the near future.

Capital Spending
Capital expenditures totaled approximately $65.5 million for the nine months
ended August 31, 2009, compared to approximately $87.4 million for the nine
months ended August 31, 2008. Capital expenditures during the nine months
ended August 31, 2009, included approximately $24.1 million related to
construction of the new ISC headquarters in Daytona Beach, Florida which is
funded from long-term restricted cash and investments provided by the
headquarters financing; the balance of the spending for the period relates to
grandstand seating enhancements at Michigan; grandstand seating enhancements
and new vehicle parking areas at Daytona; and, a variety of other improvements
and renovations to ISC's facilities.

At August 31, 2009, we had approximately $90.5 million in capital projects
currently approved of which approximately $45.6 million is expected to be
incurred during the remainder of fiscal 2009. Included in this amount is the
installation of a new prototype leader board in Homestead; grandstand seating
enhancements and infield improvements at Michigan; grandstand seating
enhancements and parking improvements at Daytona; acquisition of land and land
improvements at various facilities for expansion of parking, camping capacity
and other uses; and, a variety of other improvements and renovations to our
facilities that enable us to effectively compete with other sports venues for
consumer and corporate spending. In addition to the approved capital
projects noted above, the Company expects to spend the remaining long-term
restricted cash and investments on its headquarters building, of which
approximately $8.3 million is expected to be spent in fiscal 2009.

As a result of these currently approved projects and anticipated additional
approvals in fiscal 2009 as well as the long-term restricted cash and
investments related to the headquarters office building, the Company expects
its total fiscal 2009 capital expenditures will be approximately $115 million
to $125 million, depending on the timing of certain projects. The Company
expects approximately $68 million in spending for existing facilities; $32.4
million on its headquarters building; and the balance in land purchases,
Staten Island and Stock Car Montreal spending. The Company reviews its capital
expenditure program periodically and modifies it as required to meet current
business needs.

Share Repurchase Program

In June 2009, ISC reactivated its Stock Purchase Plans and authorized its
agent to purchase shares under certain opportunistic parameters, which
encompass price, corporate and regulatory requirements, capital availability
and other market conditions. During the 2009 fiscal third quarter, the
Company purchased approximately 112,000 shares of its Class A stock for $2.8
million, bringing the total number of shares purchased from December 2006
through August 2009 to approximately 4.8 million shares. ISC currently has
approximately $39 million in remaining capacity on its $250 million
authorization. On a quarterly basis and pursuant to the trading plan under
Rule10b5-1, the Company reviews and adjusts, if necessary, the parameters of
its Stock Purchase Plans.

Outlook

ISC has narrowed its financial guidance for fiscal 2009. The Company
reiterates the lower range of its 2009 full year total revenue guidance of
$700 million and revises the top end range to $710 million. ISC also
reiterates its lower range non-GAAP earnings per diluted share guidance for
2009 of $1.80 and revises the top-end range to $1.90. The non-GAAP earnings
per share estimates exclude interest earned on the deposited funds returned to
the Company as a result of the definitive settlement agreement it entered into
with the Internal Revenue Service; additional depreciation associated with the
Daytona Live! project; the impairment of long-lived assets associated with the
Staten Island property and net book value of assets retired from service; and,
the operating results and impairment charge from ISC's equity investment in
MA.

ISC expects non-GAAP earnings before interest, taxes, depreciation and
amortization ("EBITDA")(1) margins, operating margins, and effective income
tax rates for the 2009 full year to range as follows:

Year
Ending
11/30/2009
----------
EBITDA margin 33% - 35%
Operating margin 22% - 24%
Effective tax rate 38% - 39%

1. EBITDA is a non-GAAP financial measure used by the Company as an
important indicator of its operating margin.

The Company expects consumer and corporate spending trends to continue to be
impacted by challenging economic conditions well into next year. ISC will
provide 2010 guidance during the January release of its fourth quarter and
full-year 2009 results. This is approximately one month later than it has
provided guidance in previous years. In January, the Company expects to have
greater visibility as to its expected 2010 performance, particularly in light
of the late buying trends that have persisted through 2009.

In closing, Ms. France Kennedy added, "We are encouraged by the modestly
improving economic environment but remain cautious as to how quickly the
economy will recover. Unfortunately, unemployment is expected to remain high
through next year. In light of this outlook, I feel confident that the ticket
pricing initiatives we are undertaking will help our fans to continue to be
able to experience live NASCAR racing, which benefits the sport and
ultimately, ISC."

Conference Call Details

The management of ISC will host a conference call today with investors at 9:00
a.m. Eastern Time. To participate, dial toll free (888) 694-4641 five to ten
minutes prior to the scheduled start time and request to be connected to the
ISC earnings call, ID number 32194911. A live Webcast will also be available
at that time on the Company's Web site, www.iscmotorsports.com, under the
"Investor Relations" section.

A replay will be available two hours after the end of the call through
midnight Thursday, October 22, 2009. To access, dial toll free (800) 642-1687
and enter the code 32194911, or visit the "Investor Relations" section of the
Company's Web site.

International Speedway Corporation is a leading promoter of motorsports
activities, currently promoting more than 100 racing events annually as well
as numerous other motorsports-related activities. The Company owns and/or
operates 13 of the nation's major motorsports entertainment 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; Auto
Club Speedway of Southern California(sm) near Los Angeles; Kansas Speedway® in
Kansas City, Kansas; Phoenix International Raceway® in Arizona; Chicagoland
Speedway® and Route 66 Raceway(sm) near Chicago, Illinois; Homestead-Miami
Speedway(sm) in Florida; Martinsville Speedway® in Virginia; Darlington
Raceway® in South Carolina; and Watkins Glen International® in New York. In
addition, ISC promotes major motorsports activities in Montreal, Quebec,
through its wholly owned subsidiary, Stock-Car Montreal.

The Company also owns and operates MRN® Radio, the nation's largest
independent sports radio network; the DAYTONA 500 Experience(sm), the
"Ultimate Motorsports Attraction" in Daytona Beach, Florida, and official
attraction of NASCAR®; and Americrown Service Corporation(sm), a subsidiary
that provides catering services, food and beverage concessions, and produces
and markets motorsports-related merchandise. In addition, ISC has an indirect
50 percent interest in Motorsports Authentics®, which markets and distributes
motorsports-related merchandise licensed by certain competitors in NASCAR
racing. For more information, visit the Company's Web site at
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.

Consolidated Statements of Operations
(In Thousands, Except Share and Per Share Amounts)

Three Months Ended Nine Months Ended
August 31, August 31, August 31, August 31,
2008 2009 2008 2009
---------- ---------- ---------- ----------
(Unaudited)

REVENUES:
Admissions, net $62,697 $52,354 $172,242 $143,870
Motorsports related 129,572 105,965 343,657 301,407
Food, beverage and
merchandise 18,393 12,625 58,821 39,426
Other 2,546 1,969 7,284 6,707
----- ----- ----- -----
213,208 172,913 582,004 491,410

EXPENSES:
Direct:
Prize and point fund
monies and NASCAR
sanction fees 44,076 41,228 111,857 110,760
Motorsports related 50,888 49,135 124,912 110,197
Food, beverage and
merchandise 11,670 8,857 36,201 27,583
General and
administrative 27,651 26,521 83,631 77,025
Depreciation and
amortization 17,865 17,888 52,618 54,768
Impairment of long-lived
assets 33 13,716 1,914 13,801
-- ------ ----- ------
152,183 157,345 411,133 394,134
------- ------- ------- -------

Operating income 61,025 15,568 170,871 97,276
Interest income and other 398 237 (2,278) 932
Interest expense (4,012) (3,793) (10,899) (15,572)
Equity in net (loss) income
from equity investments (140) (3,239) 4,614 (62,152)
Minority interest 130 97 130 430
--- -- --- ---
Income from continuing
operations before income
taxes 57,401 8,870 162,438 20,914
Income taxes 18,559 4,414 61,346 22,965
------ ----- ------ ------

Income (loss) from
continuing operations 38,842 4,456 101,092 (2,051)
Loss from discontinued
operations, net of
income tax benefits (51) (43) (118) (130)
--- --- ---- ----
Net income (loss) $38,791 $4,413 $100,974 $(2,181)
------- ------ -------- -------

Basic earnings per share:
Income (loss) from
continuing operations $0.79 $0.09 $2.02 $(0.04)
Loss from discontinued
operations - - - -
--- --- --- ---
Net income (loss) $0.79 $0.09 $2.02 $(0.04)
----- ----- ----- ------

Diluted earnings per share:
Income (loss) from
continuing operations $0.79 $0.09 $2.02 $(0.04)
Loss from discontinued
operations - - - -
--- --- --- ---
Net income (loss) $0.79 $0.09 $2.02 $(0.04)
----- ----- ----- ------

Dividends per share $- $- $0.12 $0.14
--- --- ----- -----

Basic weighted average
shares outstanding 49,035,405 48,523,495 49,929,943 48,545,757
---------- ---------- ---------- ----------

Diluted weighted average
shares outstanding 49,123,363 48,627,020 50,025,969 48,545,757
---------- ---------- ---------- ----------

Consolidated Balance Sheets
(In Thousands, Except Share and Per Share Amounts)

November 30, August 31,
2008 2009
------------ ------------
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $218,920 $217,408
Short-term investments 200 200
Restricted cash 2,405 534
Receivables, less allowance of $1,200
in 2008 and 2009, respectively 47,558 46,267
Inventories 3,763 3,802
Deferred income taxes 1,838 2,316
Prepaid expenses and other current assets 7,194 14,066
----- ------
Total Current Assets 281,878 284,593

Property and Equipment, net 1,331,231 1,319,838
Other Assets:
Long-term restricted cash and investments 40,187 17,072
Equity investments 77,613 15,586
Intangible assets, net 178,841 178,765
Goodwill 118,791 118,791
Deposits with Internal Revenue Service 117,936 -
Other 34,342 20,955
------ ------
567,710 351,169
------- -------
Total Assets $2,180,819 $1,955,600
---------- ----------

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of long-term debt $153,002 $3,182
Accounts payable 26,393 22,730
Deferred income 103,549 111,638
Income taxes payable 8,659 1,575
Other current liabilities 18,035 19,475
------ ------
Total Current Liabilities 309,638 158,600

Long-Term Debt 422,045 370,227
Deferred Income Taxes 104,172 233,575
Long-Term Tax Liabilities 161,834 22,181
Long-Term Deferred Income 13,646 13,043
Other Long-Term Liabilities 28,125 25,414
Commitments and Contingencies - -
Shareholders' Equity:
Class A Common Stock, $.01 par value,
80,000,000 shares authorized; 27,397,924
and 27,831,416 issued and outstanding in
2008 and 2009, respectively 274 278
Class B Common Stock, $.01 par value,
40,000,000 shares authorized; 21,150,471
and 20,630,432 issued and outstanding in
2008 and 2009, respectively 211 206
Additional paid-in capital 497,277 495,199
Retained earnings 665,405 656,274
Accumulated other comprehensive loss (21,808) (19,397)
------- -------
Total Shareholders' Equity 1,141,359 1,132,560
--------- ---------
Total Liabilities and Shareholders' Equity $2,180,819 $1,955,600
---------- ----------

Consolidated Statements of Cash Flows
(In Thousands)
Nine Months Ended
August 31, August 31,
2008 2009
---------- ----------
(Unaudited)
OPERATING ACTIVITIES
Net income (loss) $100,974 $(2,181)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization 52,618 54,768
Minority interest (130) (430)
Stock-based compensation 2,291 1,663
Amortization of financing costs 387 431
Translation loss - (347)
Deferred income taxes 15,845 6,296
(Income) loss from equity investments (4,614) 62,152
Excess tax benefits relating to stock-based
compensation (7) -
Impairment of long-lived assets, non-cash 308 13,801
Other, net 3,826 136
Changes in operating assets and liabilities:
Receivables, net (13,825) 1,250
Inventories, prepaid expenses and other
assets (13,540) (6,833)
Deposits with the Internal
Revenue Service - 111,984
Accounts payable and other liabilities 5,090 7,736
Deferred income 22,428 7,486
Income taxes 5,638 (18,340)
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Net cash provided by operating activities 177,289 239,572

INVESTING ACTIVITIES
Capital expenditures (87,422) (65,519)
Proceeds from affiliate 4,700 12,500
Advance to affiliate (16,572) (632)
(Increase) decrease in restricted cash and
investments (46,585) 24,986
Proceeds from short-term investments 41,500 -
Purchases of short-term investments (2,450) -
Purchases of equity investments (81) -
Other, net 850 (1,027)
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Net cash used in investing activities (106,060) (29,692)

FINANCING ACTIVITIES
Proceeds under credit facility 20,000 -
Payments under credit facility (20,000) (50,000)
Proceeds from long-term debt 51,300 -
Payment of long-term debt (2,369) (151,550)
Cash dividend paid (5,960) (6,822)
Excess tax benefits relating to stock-based
compensation 7 -
Reacquisition of previously issued common
stock (119,913) (3,020)
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Net cash used in financing activities (76,935) (211,392)
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Net decrease in cash and cash equivalents (5,706) (1,512)
Cash and cash equivalents at beginning of period 57,316 218,920
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Cash and cash equivalents at end of period $51,610 $217,408
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SOURCE International Speedway Corporation

Charles N. Talbert, Director, Investor and Corporate Communications,
International Speedway Corporation, +1-386-947-6465