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UPDATE 1-International Speedway Q3 lags Street
October 7, 2010 / 12:12 PM / 7 years ago

UPDATE 1-International Speedway Q3 lags Street

* Q3 adj EPS $0.25 vs est $0.28

* Revenue $160.2 mln vs est $163.8 mln

* Attendance revenue down 19 pct

* Keeps FY adj EPS view $1.50-$1.60

Oct 7 (Reuters) - Racetrack operator International Speedway Corp’s (ISCA.O) quarterly profit fell short of market expectations as the company struggled with falling attendance at its racetracks.

The company said it was more comfortable at the low end of its previous outlook for full-year adjusted earnings of $1.50-$1.60 a share, on revenue of $650-$660 million.

Analysts on average expect the company to earn $1.50 a share, before items, on revenue of $651.0 million, according to Thomson Reuters I/B/E/S.

For June-August, the company posted net income of $3.6 million, or 8 cents a share, compared with $4.4 million, or 9 cents a share, last year.

Excluding items, the company earned 25 cents a share, falling short of expectations for earnings of 28 cents a share.

Revenue for the quarter fell 7 percent to $160.2 million as attendance revenue fell 19 percent to $42.5 million.

The company, which owns the Daytona International Speedway, has been battling falling attendance levels at its racetracks amid a still-troubled economy and has been lowering ticket prices to boost attendance. The company said it expects to maintain these pricing strategies into the 2011 season.

Shares of the Daytona Beach, Florida-based company, which in August announced cost reduction measures including job cuts, closed at $25.36 Wednesday on Nasdaq. The stock has lost nearly a fifth of its value since touching a 52-week high of $31.12 in April. (Reporting by Abhishek Takle in Bangalore; Editing by Anne Pallivathuckal)

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