Speedway Corp. posts drop in revenue, rise in income

International Speedway Corp. reported Wednesday total revenue fell to $174.9 million in its fiscal second quarter, which ended May 31, from $181 million in the second quarter of 2007. But its net income was up at $25.9 million, from $18.3 million last year.

"We hosted nearly one million paid attendees at our events during the second quarter, which demonstrates that consumers continue to view motorsports, particularly NSACAR, as an important part of their lifestyle despite the current economic environment," John Saunders, ISC's chief operating officer, said during a conference call with analysts Wednesday. "We're pleased with the results."

For the first six months of the fiscal year, both total revenue and net income were up from the same year-earlier period, they said.

Part of the total revenue losses in the second quarter can be attributed to a decline in attendance at some races and less spending by attendees, ISC investor relations spokesman Wes Harris said during the call.

"Clearly, high gasoline prices don't help," Harris said. "But we're still getting fans . . . who are cutting back once they get to the tracks."

Fans spending on food, drinks and merchandise were down nearly $3 million in the quarter.