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International Speedway's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: ISCA

So with these formalities out of the way, I'll turn the call over to Lesa Kennedy. Lesa?

Lesa France Kennedy

Good morning, and thank you, everyone, for participating on today's call. We have another terrific motorsports season that's now under way. We've been very pleased with Speedway so far and feel like we're off to a great start. We've been following our focused business plan, and we're consistently generating solid financial results. And our first quarter results are no different. With a strengthening economy, we have a great opportunity to grow our business through consumer and corporate spending trends. In addition, we believe the targeted improvements at our motorsports facilities will enhance the guest experience and even further support our growth.

In addition, our highly anticipated Hollywood Casino at Kansas Speedway opened on February 3, and we've been very pleased with the performance to date. Not only does this strategic investment complement our core business, but it's another innovative way that we are building shareholder value.

So with that, I'd like to thank all of you, and I'll now turn it over to John Saunders.

John R. Saunders

Thank you, Lesa, and good morning, everyone. During our fiscal first quarter, due to the scheduling of the Daytona 500 a week later in February, our Phoenix NASCAR Sprint Cup and Nationwide events were moved to our fiscal second quarter. Other quarter-over-quarter comparisons are outlined in the earnings news release.

We are very pleased with the energy generated from the start of the motorsports season, beginning with the 50th running of the Rolex 24 at Daytona, followed by Speedweeks and culminating with the Daytona 500. All of the events surrounding Daytona were excelling, then the rain-postponed 500 had the potential to dampen enthusiasm.

As it turned out, the decision to schedule the event for the first ever primetime running of the Daytona 500 confirmed what we know about NASCAR. The fan passion and enthusiasm is unsurpassed. We estimated 85% to 95% of ticket holders return for the Monday night must-see event. The television viewing audience was impressive. Without significant promotion, the 500 won the night during primetime among adults 18 to 49, a tremendous achievement on a very competitive night of programming entertainment. The Great American Race outperformed NBC's The Voice, ABC's The Bachelor and CBS's How I Met Your Mother.

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