ISC reports tracks’ admissions revenue declines in second quarter; total revenues increase

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During a conference call Tuesday for second-quarter results, International Speedway Corp. announced admissions revenue fell 8 percent between March and May from $33.3 million to $30.5 million.

For the year, admissions revenue has dipped slightly more than 2% from $63.8 million to $62.3 million.

ISC owns 12 tracks that play host to NASCAR Sprint Cup races: Daytona International Speedway, Talladega Superspeedway, Michigan International Speedway, Richmond International Raceway, Auto Club Speedway, Kansas Speedway, Phoenix International Raceway, Chicagoland Speedway, Homestead-Miami Speedway, Martinsville Speedway, Darlington Raceway and Watkins Glen International.

Total revenues for the second quarter were $167.6 million, an increase from $164 million during the second quarter of 2015. The gains were driven by an increase in broadcasts TV rights fees and the closing of the sale of the Staten Island, New York, property where ISC had intended to build a racetrack.

“We are pleased with our results for the second quarter,” ISC chief executive officer Lesa France Kennedy said in a release. “Revenues increased year over year driven by contracted broadcast rights increases and strong corporate partnerships. While we experienced attendance related revenue challenges at some events, we remain confident that our consumer marketing initiatives are working and positioning ISC for continued growth.”

France Kennedy said the sale of Staten Island resulted in a gain of $13.6 million and cash received of $67 million. She also announced a 58 percent increase in quarterly dividend.

ISC’s total revenues for the six months ending May 31, 2016, were approximately $310.2 million, up from $300 million through the first six months of 2015, and operating income rose to $54.8 million from $40.8 million a year ago.

Factors for the increase in revenue included:

–Phoenix played host to an IndyCar event in April after an absence of several years by the series at the track.

–A new Country 500 music festival at Daytona, which brought in a facility rental and fees.

–The absence of costs related to the Daytona Rising project that had its grand opening in February.

–The gain of $13.6 million from the sale of Staten Island.