ISC profits plunge almost 20%

International Speedway Corp. today reported lower revenue and earnings for its first fiscal quarter that ended Feb. 28, with officials citing lower television rights fees.

Total revenues for the first quarter decreased to $185.2 million, compared to $193.9 million in the prior-year period, while operating income was $65.8 million in the period down 16.2%, compared to $78.5 million in the first quarter of fiscal 2006. Net income was $35.8 million down 19%, or 67 cents per diluted share, compared to net income of $44.1 million, or 83 cents per diluted share, in the prior year.

"We are pleased to report solid revenue and earnings for the first quarter, despite the year-over-year decline in broadcast revenue due to the start of NASCAR's new eight-year combined television agreements," ISC President Lesa France Kenned said. "We hosted several successful events during the first quarter and posted a nearly double-digit increase in corporate sponsorship revenue.