DAYTONA BEACH, Fla., Oct. 7, 2011 /PRNewswire/ -- International Speedway Corporation (NASDAQ Global Select Market: ISCA; OTC Bulletin Board: ISCB) ("ISC") today announced that its Board of Directors has authorized the repurchase of an incremental $80 million of the Company's Class A Common Stock. This authorization is in addition to the $4.8 million remaining under the Company's existing $250 million Stock Purchase Plan as of October 6, 2011.
Lesa France Kennedy, Chief Executive Officer of ISC, stated, "We remain confident in the strength of the motorsports industry, in particular NASCAR, and this new authorization signals confidence in our business strategies both today and looking forward. ISC's business model with a foundation of solid contracted revenues, combined with cost containment measures, ensures that its business remains strong and continues to generate substantial cash flow. Returning capital, through repurchasing shares and an annual dividend payment, is an important component of our long-term capital allocation strategy."
The timing and amount of any shares repurchased under the program will depend on a variety of factors, including: price, corporate and regulatory requirements, capital availability and other market conditions. The repurchase program may be suspended or discontinued at any time without prior notice. No shares will be knowingly purchased from Company insiders or their affiliates.International Speedway Corporation is a leading promoter of motorsports activities, currently promoting more than 100 racing events annually as well as numerous other motorsports-related activities. The Company owns and/or operates 13 of the nation's major motorsports entertainment facilities, including Daytona International Speedway® in Florida (home of the DAYTONA 500®); Talladega Superspeedway® in Alabama; Michigan International Speedway® located outside Detroit; Richmond International Raceway® in Virginia; Auto Club Speedway of Southern California(SM) near Los Angeles; Kansas Speedway® in Kansas City, Kansas; Phoenix International Raceway® in Arizona; Chicagoland Speedway® and Route 66 Raceway(SM) near Chicago, Illinois; Homestead-Miami Speedway(SM) in Florida; Martinsville Speedway® in Virginia; Darlington Raceway® in South Carolina; and Watkins Glen International® in New York. In addition, ISC promotes major motorsports activities in Montreal, Quebec, through its subsidiary, Stock-Car Montreal. The Company also owns and operates MRN® Radio, the nation's largest independent sports radio network and Americrown Service Corporation(SM), a subsidiary that provides catering services, food and beverage concessions, and produces and markets motorsports-related merchandise. For more information, visit the Company's Web site at www.internationalspeedwaycorporation.com. SOURCE International Speedway Corporation
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