Int'l Speedway 1Q Profit Declines 31 Percent

DAYTONA BEACH, Fla. (AP) — International Speedway Corp. said Tuesday that its fiscal first-quarter profit dropped 31 percent on a consumer spending pullback. The motor sports company said it will cut ticket costs to help lure fans back.

International Speedway, like many leisure-oriented companies, has struggled as consumers tighten their discretionary spending to contend with economic and job concerns. Aside from lowering ticket prices, the company said it will also trim pricing for vendors and suppliers.

The Daytona Beach, Fla.-based company earned $25.1 million, or 52 cents per share for the quarter. It reported a profit of $36.2 million, or 71 cents per share, in the same period a year ago.

Excluding a charge related to Motorsports Authentics LLC and other items, net income was $27.2 million, or 56 cents per share, in the latest quarter.

Motorsports Authentics is International Speedway's joint venture with Speedway Motorsports Inc.

Analysts polled by Thomson Reuters, whose estimates generally exclude one-time items, forecast profit of 61 cents per share.

Revenue for the period ended Feb. 28 slipped 14 percent to $166.1 million from $193.9 million as admissions declined and cost-conscious consumers spent less on food, beverages and merchandise.

The results missed Wall Street's estimate of $179.7 million.

International Speedway also reduced its full-year outlook, citing softening economic conditions.