ISC third quarter profit down 89 percent

International Speedway Corp. fiscal third-quarter earnings fell 89% amid property write-downs as results fell short of analysts' estimates. The company also cut the top end of the year's profit target 10 cents a share. International Speedway has seen attendance slide as consumers cut back on discretionary purchases and companies slow their hospitality spending. The problems prompted the company earlier this year to reduce prices, which it said Thursday was the right move, saying its experience, research and analysis show it has priced events appropriately to meet demand. Next year, International Speedway wants target-price promotions on customers who renew early, as it expands the price reductions to include more than 500,000 Sprint Cup tickets. For the quarter ended Aug. 31, International Speedway posted a profit of $4.4 million, or 9 cents a share, down from $38.8 million, or 79 cents a share, a year earlier. Revenue decreased 19% to $172.9 million. Wall Street Journal