ISC Net Income (Profit) Falls 31 percent

International Speedway Corp.'s fiscal first-quarter net income fell 31% on falling revenue amid price cuts as the racetrack operator cut its fiscal-year outlook, citing a worsening economy. The company has seen attendance at its events fall. The average income of NASCAR fans is below the national median, making them more susceptible to the recession. The company had also said it had begun to see a slowdown in corporate spending for hospitality, making the process of securing deals more time consuming. The company cut its fiscal-year earnings outlook to a range of $1.80 to $2 on revenue of $700 million to $720 million from December's estimate of $2.35 to $2.45 a share on revenue of $745 million to $765 million. It also said it wasn't including its Motorsports Authentics business in that estimate, saying that division's management was re-evaluating it given the challenges of selling licensed sports goods in the current market. President Lesa Kennedy said the company had reduced ticket prices to make it more affordable for fans to come to events. For the period ended Feb. 28, the motorsports promoter reported net income of $25.1 million, or 52 cents a share, down from $36.2 million, or 71 cents a share, a year earlier. Excluding items, earnings fell to 56 cents from 78 cents. Revenue decreased 14 percent to $166.1 million. Wall Street Journal