International Speedway Corp. yesterday posted its financial results for the fourth quarter and fiscal year ended November 30, 2009. Despite a rough year impacted by the recession, CEO Lesa France Kennedy said the company anticipates a stronger 2010.
“We are excited about the upcoming 2010 motorsports season, despite the economic issues we still face which had a definite effect on our revenue last year,” Kennedy stated in the press release. “We are optimistic that the economic recovery underway will continue to strengthen and we will begin to see positive changes in consumer and corporate spending. Benefiting our Company is the fact that we remain in excellent financial shape highlighted by significant contracted revenue from media income and a solid balance sheet.”
The company reported total revenues for the fourth quarter decreased to $201.8 million, compared to revenues of $205.3 million for the fourth quarter of 2008; operating income was $50.5 million during the period compared to $64.9 million in the fourth quarter the year prior; net income for the fourth quarter was $9.0 million, or $0.19 per diluted share, compared to net income of $33.6 million, or $0.69 per diluted share, the same quarter the year prior.
For the full-year ended November 30, 2009, International Speedway posted total revenues of $693.2 million, down from $787.3 million in 2008; operating income for the year was $147.8 million, as compared to $235.8 million the 12 months prior; net income for the year was $6.8 million, or $0.14 per diluted share, as compared to net income of $134.6 million, or $2.71 per diluted share, in 2008.
Kennedy said the company will aim at fan satisfaction and lowering ticket costs for the upcoming race season.
“As we move into the new season, our primary focus is on ensuring that the millions of fans who attend our events receive great entertainment value coupled with an unforgettable at-track experience. To make attending our events even more affordable, we have taken the ticket pricing strategy so successful last year and expanded it to encompass value pricing on over 500,000 NASCAR Sprint Cup tickets. We remain encouraged by the recent signs of increased ticket buying volume for the DAYTONA 500 versus last year.”