Tuesday reported first-quarter earnings that matched the Wall Street consensus and reiterated second-quarter and full-year guidance within range of analysts' projections.
In the quarter ended Feb. 29, the company earned $27.8 million, or 52 cents a share, compared with $25.4 million, or 48 cents a share, in the prior-year period. The company said quarterly results in the prior year included a revenue contribution to the company's food, beverage and merchandise income of $1.6 million after-tax, or 2 cents a share, from its program to audit third-party vendors' sales reports for prior years.
Total revenue in the quarter rose 10% to $144.2 million.
"Domestic television revenue, which is expected to grow at 21% for 2004, continues to drive top-line growth. In addition, increased sponsorship and hospitality revenue, as well as higher attendance at several events, helped drive the quarter's results," the company said in a statement.
The company also said turnout was strong for the Cup Series Daytona 500 as well as for the Craftsman Truck Series Florida Dodge Dealer's 250.
Regarding full-year 2004 results, International Speedway said it is optimistic. "Total advanced ticket sales are trending ahead of 2003 and we have already announced sell-outs at Richmond and Kansas," it said. "We are seeing continued strength in corporate spending for our events, and maintain our expectation of mid- to high-single-digit growth in this category for 2004."
International Speedway reiterated its previous second-quarter outlook for revenue of $125 million to $130 million and EPS of 31 cents to 33 cents. In the full year, sales are still seen at $615 million to $635 million, with a profit of $2.30 a share to $2.38 a share.
Analysts are calling for 32 cents a share in the second quarter and $2.35 a share for the year.
Shares of the Daytona Beach, Fla.-based company closed at a new 52-week high of $49.26 Monday in