International Speedway Corporation (NASDAQ:ISCA) fell backward Wednesday, after reporting quarterly earnings.
Total revenues for the three months ended May 31, 2019 were approximately $168.1 million, compared to revenues of approximately $171.7 million for the same period in fiscal 2018.
Operating income was approximately $15.5 million during the period compared to approximately $17.3 million for the same period in fiscal 2018.
During the three months, ISCA recognized revenue and expense recorded in the respective food, beverage and merchandise accounts related to the acquisition of Racing Electronics, for which there was no comparable activity in the same period of the prior year.
Net income for the quarter was approximately $15.1 million, or $0.35 per diluted share, compared to approximately $16.7 million, or $0.38 per diluted share, in the prior year period.
"Financial results for the second quarter are in line with our 2019 outlook," stated CEO Lesa France Kennedy. "During the quarter, we hosted six successful Monster Energy NASCAR Cup weekends and Bike Week at Daytona. We continue our consumer-focused sales and marketing initiatives, providing segmented experiences desired by fans for a good value.
"In April, we opened the Marriott Autograph Collection hotel, The DAYTONA, to great success, and commenced construction of the ICON Lifestyle Apartments, both part of the greater ONE DAYTONA project. We anticipate these components will greatly assist in providing the momentum needed to drive this development to stabilization."
ISCA shares dipped 30 cents to $44.86
