Key Developments For International Speedway Corporation
International Speedway Corporation (ISCA.O) (Nasdaq)
International Speedway Corporation and KB Marine Sign Agreement For Sale Of Staten Island Property
International Speedway Corporation announced that it entered into a definitive agreement (the Agreement) to sell its 676-acre parcel of property located in Staten Island, New York, to KB Marine Holdings LLC (KB Marine). The Agreement contemplates KB Marine's purchase of 100% of the outstanding equity membership interests of 380 Development LLC (380 Development), a wholly owned indirect subsidiary of ISC and owner of the Staten Island property, for a total sales price of $80 million. The agreement also calls for the transaction to close no later than February 25, 2010; the closing would be subject to certain conditions. Upon execution of the Agreement, the Company received a $1 million initial payment, which is non-refundable subject to limited conditions of ISC performance. KB Marine has the opportunity to receive a $5 million credit to the sales price if the closing date occurs on or before December 31, 2009. The Company expects the proceeds from the sale, net of applicable broker commissions and other closing costs to be consistent with its current carrying value, resulting in an immaterial gain or loss on the transaction upon closing.
International Speedway Corporation Reiterates FY 2009 Outlook-Conference Call
International Speedway Corporation announced that it still anticipate fiscal 2009 total revenues of approximately $700 million and non-GAAP earnings per share (EPS) between $1.80 and $1.90 per share. According to Reuters Estimates, analysts on an average are expecting the Company to report revenue of $697 million for the same period.
International Speedway Corporation Lowers High End Of Prior FY 2009 Outlook; Revenue Outlook To A Range Above Analysts' Estimates
International Speedway Corporation revised its fiscal 2009 outlook and expects total revenue of $700-$710 million and non-GAAP earnings per diluted share (EPS) of $1.80-$1.90. According to Reuters Estimates, analysts were expecting the Company to report revenues of $698 million and non-GAAP EPS of $1.82 for the same period.
International Speedway Corporation And Penn National Gaming, Inc To Jointly Develop Hollywood Casino and Resort
Penn National Gaming, Inc.'s subsidiary Penn Hollywood Kansas, Inc announced that it has entered into an agreement, with principals of The Cordish Company, the managing member of Kansas Entertainment, LLC, whereby Penn National has agreed to acquire Cordish`s 50% interest in Kansas Entertainment, LLC and their role as managing member. As a result of the agreement with Cordish, Penn National will join Kansas Speedway Development Corporation, a wholly owned subsidiary of International Speedway Corporation (which owns the other 50% of Kansas Entertainment, LLC) in its pending application with the Kansas Lottery Commission to develop and operate a Hollywood-themed entertainment destination facility overlooking Turn 2 at Kansas Speedway in the North East Gaming Zone in Wyandotte County, Kansas. Penn National and International Speedway Corporation will share equally the cost of developing and constructing the proposed facility and intend to jointly seek third party financing for the project. If such third party financing cannot be obtained on satisfactory terms, Penn National and International Speedway Corporation have committed to fully finance the project on such terms and conditions upon which they mutually agree. Penn National and International Speedway Corporation are currently finalizing certain operating and economic terms of their partnership and intend to provide additional disclosure about financial and project terms once they are completed.
International Speedway Corporation Joins Forces with Premiere Global Sports to License and Operate myRacetravel.com
International Speedway Corporation and Chicago-based Premiere Global Sports announced a multi-year licensing agreement. In the five and a half year deal, Premiere Global Sports will license and operate International Speedway Corporation's travel brand myRacetravel.com.
