July 8, 2010 / 11:53 AM / 7 years ago

UPDATE 1-International Speedway Q2 lags Street, cuts FY view

* Q2 adj EPS $0.22 vs est $0.29

* Revenue $142.2 mln vs est $144.7 mln

* Cuts FY adj EPS view to $1.50-$1.60 * Cuts FY rev view to $650 mln-$660 mln

July 8 (Reuters) - International Speedway Corp (ISCA.O) posted lower-than-expected quarterly results as bad weather during a couple of key race events hurt attendance, and the race-track owner cut its full-year outlook as it expects attendance revenue to continue to fall.

Second-quarter results, hurt by a still-troubled economy, were “compounded by weather issues, which further impacted attendance-related revenues at our Martinsville Speedway and Talladega Superspeedway race weekends,” Chief Executive Lesa France Kennedy said in a statement.

The company posted second-quarter net income of $10.3 million, or 21 cents a share, compared with a net loss of $31.7 million, or 65 cents a share, in the year-ago period.

Excluding items, it earned 22 cents a share, missing analysts’ average estimate of 29 cents a share, according to Thomson Reuters I/B/E/S.

Total revenue fell 7 percent to $142.2 million.

The Daytona Beach, Florida-based company expects full-year profit of $1.50 to $1.60 a share, excluding items, down from its previous view of $1.60 to $1.80 a share.

Shares of the company closed at $25.01 Wednesday on Nasdaq.

For the alerts, double click [nASA00I86] (Reporting by Mihir Dalal in Bangalore; Editing by Anne Pallivathuckal)

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