DAYTONA BEACH, Fla. (AP) — International Speedway Corp. said Thursday that its fiscal first-quarter net income fell 21 percent, as tough economic conditions continued to hurt attendance and spending at its race tracks.
For the quarter ended Feb. 28, the Daytona Beach, Fla.-based company earned $13.5 million, or 29 cents per share, down from $17.1 million, or 37 cents per share, a year earlier.
The recent quarter's results included carrying costs related to certain property and charges stemming from a drop in the value of some of its assets, along with other one-time items. Excluding those, the company said it posted adjusted earnings of 33 cents per share.
Analysts, on average, expected earnings of 36 cents per share, according to FactSet.
Revenue edged up less than 1 percent to $128.6 million from $127.4 million. The company said revenue got a boost from a successful Budweiser Speedweeks event, which featured increased corporate sponsorship, hospitality and ancillary rights revenue.
Overall, motorsports-related revenue increased 5 percent to $84.6 million, but was largely offset by declines in admissions and food, beverage and merchandise revenue.
International Speedway said it still expects to post fiscal 2013 earnings of $1.35 to $1.55 per share on $610 million to $625 million in revenue. Analysts expect earnings of $1.46 per share on $621.7 million in revenue.
International Speedway shares rose 8 cents to $32.87 in afternoon trading after rising as high as $33.53 earlier in the session. That was its highest level since October 2008, according to FactSet.