ISC profit declines 95%

According to a report in the Orlando Business Journal this past Friday, International Speedway Corporation – the parent of NASCAR – totaled $6.8 million in profit during the 2009 fiscal year that ended November 30. That total was down a staggering 95 percent compared to the $134.6 million in profit ISC posted in 2008.

That’s right – 95 percent.

Despite the financial free fall, ISC was still expected to pay a stock dividend. Of course, NASCAR’s typical response was that everything was rosy and that the sky wasn’t falling.

"We are excited about the upcoming 2010 motorsports season, despite the economic issues we still face which had a definite effect on our revenue last year," ISC Chief Executive Officer Lesa France Kennedy was quoted as saying in the OBJ story. "We are optimistic that the economic recovery underway will continue to strengthen and we will begin to see positive changes in consumer and corporate spending. Benefiting our company is the fact that we remain in excellent financial shape highlighted by significant contracted revenue from media income and a solid balance sheet."

That balance sheet showed that ISC is in fact in ‘excellent financial shape’ as France Kennedy indicated as ISC tilted for $693.2 million in revenue in 2009 (down from $787.3 million in 2008).