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

This Daytona 500 ranks as the most-watched 500 in FOX broadcast history, with more than 36.5 million unique viewers. While its ratings were below 2011, ISC, NASCAR and FOX are thrilled with the results. It is too early to say if other Sprint Cup events will run on primetime. But the results certainly make a compelling case for consideration.

Subsequent Sprint Cup events have also remained among the top 2 most-watched sports on television, outpacing strong competition against Marquee NBA matchups. The lone exception is Auto Club's rain-shortened event.

The Nationwide Series is seeing solid growth in viewership today. The impact of Danica Patrick running NASCAR full time and exciting racing are influencing viewership and continues to be a positive for the sport. These factors on top of last year's strong broadcast results as well as other dynamics breathe optimism regarding the prospect of NASCAR's next broadcast rights agreement.

Entering into the heart of the NASCAR season, we remain optimistic that economic recovery will continue and not once again be derailed by systemic forces.

We have seen some good news on the economic front: improving job numbers, a strong stock market, better housing market. Yet people's incomes lag behind the buying power experienced 2 or 3 years ago. The current trend with the consumer confidence is slowly moving in the right direction, but further improvements are needed before we see meaningful recovery in discretionary spending.

As we expected, our advanced ticket sales for our Sprint Cup events remained soft, off approximately 8% from last year in both units and revenue. This is encouraging, notable improvement in the declines from a year ago when Sprint Cup advanced sales were off 11% and 12% in units and revenue, respectively. Deferred revenue is up year-over-year when adjusting for the Phoenix event in the second quarter.

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