Despite unemployed fans, ISC profit healthy

ISC today reported total revenues of $160.2M for the third quarter, down 7.9% from the $172.9M in revenues the company generated in the same period last year. It attributed the decline in revenues to the economy, the loss of an IndyCar race at Richmond and the loss of a NASCAR Camping World Truck Series race in Darlington, among other factors. Ticket revenues during the quarter fell to $42.5M from $52.3M.

Despite the decline in revenues, operating income during the period increased to $21.6M from $15.6M. The company plans to cut an additional $20-30M in expenses beginning in '11. Net income for the quarter was $3.6M compared to $4.4M a year ago. Net income for the nine months ending Aug. 31 was $39.3M compared to a loss of $2.2M a year ago. Ticket revenues year-to-date are $116.75M, down 18% from $143.8M during the same period in '09.