Leisure/Arts
International Speedway admissions revenue falls
By Allison Prang
Published: July 5, 2018 8:22 a.m. ET
AllisonPrang
Net admissions revenue declined at International Speedway Corp. ISCA, +0.44% in the company's latest quarter, as the company's CEO noted there has been "a general trend of lower sales at live sporting events."
International Speedway still reported a 3.9% increase in total revenue to $171.7 million. Analysts polled by Thomson Reuters were expecting $169.1 million.
But net admissions revenue--which made up 15% of the company's topline during the quarter--declined 10% to $25.7 million. Revenue from food, beverages and merchandise fell 27% to $6.9 million.
Chief Executive Lesa France Kennedy also said that construction at the ISM Raceway and weather hurt events revenue.
At the same time, motorsports and other event-related revenue--where most of the company's topline comes from--rose 9% to $133.3 million.
International Speedway's profit rose 26% to $16.7 million, or 38 cents a share, up from the $13.2 million, or 29 cents a share that the company made in the comparable quarter last year. On an adjusted basis, the company earned 37 cents a share, up from 30 cents. Analysts were expecting adjusted earnings of 36 cents a share.
Shares, up 14% year to date, were unchanged premarket.
Write to Allison Prang at allison.prang@wsj.com
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International Speedway Corp. Cl A U.S.: Nasdaq: ISCA
Market Cap 2.0B