ISC profits up International Speedway Corp. (ISCA, ISCB.OB), a promoter of motor sports entertainment activities, on Wednesday reported a slight rise in its first quarter, reflecting income from joint venture and higher revenues, partly offset by higher one-time charges. On an adjusted basis, profit per share increased 14.3% and topped the Street consensus by seven cents. Further, the Daytona Beach, Florida-based company reiterated its fiscal 2008 earnings and revenue forecast, and said it remains more comfortable at the lower end of the earnings range.
International Speedway, or ISC, posted first-quarter net income of $36.21 million, 1.1% higher than net income of $35.82 million in the prior year. However, earnings per share rose 6% to $0.71 from prior year's $0.67, on lower share count.
The 2008-first quarter results included loss from discontinued operations of $31 thousand, wider than loss of $20 thousand a year ago. Income from continuing operations rose to $36.24 million from last year's $35.84 million.
The company noted that its results for the first quarter 2008 were negatively impacted by accelerated depreciation of $0.5 million or $0.01 per share for certain office and related buildings in Daytona Beach associated with the company's previously announced Daytona Live! Project, compared to accelerated depreciation charges of $2.6 million or $0.03 per share in the previous year.
The most recent first quarter results also included impairment charge of $0.7 million or $0.01 per share and a non-cash charge of $3.8 million or $0.07 per share.
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