April 8, 2010 / 11:44 AM / 8 years ago

UPDATE 1-International Speedway Q1 misses Street; backs FY view

* Q1 adj EPS $0.45 vs est. $0.53

* Backs FY10 EPS, rev. view

* Q1 revenue $152 mln vs est. $161.7 mln

April 8 (Reuters) - International Speedway Corp’s (ISCA.O) first-quarter profit missed Wall Street expectations, hurt by a steep fall in admissions revenue, but the race track owner backed its 2010 forecast.

For the full year, the company continues to expect earnings of $1.60 a share to $1.80 a share, excluding items, on revenue of $660 million to $680 million.

Analysts on average expect the company to earn $1.70 a share on revenue of $668.2 million, according to Thomson Reuters I/B/E/S.

For the first quarter ended Feb. 28, which included the Daytona 500 race dubbed the sport’s Super Bowl, the company reported net income of $25.4 million, or 53 cents a share, compared with $25.1 million, or 52 cents, a year ago.

Revenue fell 8 percent to $152 million, dragged down by a 19 percent decline in admissions revenue due to lower priced tickets.

    International Speedway has been lowering ticket prices amid the downturn to boost attendance at racetracks and the company said it expects weighted average ticket prices for its Sprint Cup events to decrease in the low-to-mid-single digits this year.

    Excluding items, the company earned 45 cents a share.

    Analysts were expecting the company to earn 53 cents a share, before items, on revenue of $161.7 million.

    Shares of the Daytona Beach, Florida-based company closed at $26.37 Wednesday on Nasdaq. (Reporting by Abhishek Takle in Bangalore; Editing by Jarshad Kakkrakandy)

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