UPDATE 1-International Speedway posts Q2 loss

* Q2 adj EPS 35 cents vs est. of 31 cents * Q2 loss 65 cents vs profit 52 cents

* Rev down 13 pct

* Sees 2009 non-gaap earnings at lower end of range

July 7 (Reuters) - Race track owner International Speedway Corp (ISCA.O) swung to a quarterly loss weighed down by impairment charges and slow demand for ticket sales.

For the second quarter ended May 31, the company reported net loss of $31.7 million, or 65 cents per share, versus net income of $26 million, or 52 cents per share, a year-ago.

The quarter included a non-cash impairment charge of $1.17 per share for loss on its equity investment in Motorsports Authentics, its merchandise joint venture.

Excluding discontinued operations, impairment charges and a settlement from the Internal Revenue Service (IRS), the company earned $17 million, or 35 cents per share.

Revenue fell 13 percent to $152.4 million.

Analysts, on average, were expecting the company to earn 31 cents per share on revenue of $152.9 million, according to Reuters Estimates.

The company, which along with Speedway Motorsports (TRK.N) dominates the NASCAR racing landscape, also said it would use $112 million it received from a settlement with the Internal Revenue Service to reduce debt and make share repurchases.

For the year 2009, the company said it was more comfortable with the lower end of the earnings range of $1.80 to $2.00 per share, before items. [ID:nWNAB4811]

Shares of the Daytona Beach, Florida-based company closed at $25.29 Monday on Nasdaq. (Reporting by Viraj Nair; Editing by Kavita Chandran)