ISC profit up

Net income edged slightly higher in the first quarter at International Speedway Corp., but results came sharply below Wall Street expectations as admissions revenue fell. Profit was $25.4 million, or 53 cents per share, in the three months ended Feb. 28, up 1 percent from $25.1 million, or 52 cents per share, in the same quarter a year ago. However, excluding unusual items, earnings were 45 cents per share, down from 56 cents. Analysts, who typically exclude one-time items from their estimates, were looking for 53 cents, according to Thomson Reuters. Revenue also fell short. While company boasted a capacity crowd at its marquee event, NASCAR's Daytona 500, overall revenue for the quarter slipped 8 percent to $152 million from $166.1 million, as admissions revenue fell about 19 percent. Analysts expected revenue of $161.7 million. AP