ISC profits plunge almost 20%
Total revenues for the first quarter decreased to $185.2 million, compared to $193.9 million in the prior-year period, while operating income was $65.8 million in the period down 16.2%, compared to $78.5 million in the first quarter of fiscal 2006. Net income was $35.8 million down 19%, or 67 cents per diluted share, compared to net income of $44.1 million, or 83 cents per diluted share, in the prior year.
"We are pleased to report solid revenue and earnings for the first quarter, despite the year-over-year decline in broadcast revenue due to the start of NASCAR's new eight-year combined television agreements," ISC President Lesa France Kenned said. "We hosted several successful events during the first quarter and posted a nearly double-digit increase in corporate sponsorship revenue.