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International Speedway (ISCA) Tops Q2 EPS by 10c; Boosts FY15 Outlook

July 2, 2015 7:31 AM EDT

(Updated - July 2, 2015 7:39 AM EDT)

International Speedway (NASDAQ: ISCA) reported Q2 EPS of $0.50, $0.10 better than the analyst estimate of $0.40. Revenue for the quarter came in at $164 million versus the consensus estimate of $172.6 million.

Outlook

ISC is narrowing its previously announced 2015 full year non-GAAP guidance toward the upper range, reflecting the positive momentum from its consumer and corporate marketing strategies and favorable results from its equity investment in the Hollywood Casino at Kansas Speedway:

  • Revenue: $625.0 million to $635.0 million (Prior $615 to $630 million)
  • EBITDA margin: 29.5% to 30.5%
  • Operating margin: 15.5% to 16.5%
  • Effective tax rate: 38.5% to 39.5%
  • Diluted earnings per share: $1.20 to $1.30 (Prior $1.10 to $1.30)

*** Consensus estimates call for FY15 revenue of $634.5 million and EPS of $1.40. ***

Included in the Company's fiscal 2015 non-GAAP earnings guidance, in addition to approximately $12.0 million to $14.0 million in depreciation expense for assets placed in service during 2015 related to DAYTONA Rising, are non-recurring revenue and expenses related to the transition of merchandising operations. For fiscal 2015 we expect a net decline in food, beverage and merchandise revenue and expense of approximately $27.0 million to $28.0 million and $23.0 million to $24.0 million. This includes non-recurring revenue of $10.0 million, related to sales of inventory to Fanatics and wholesale transactions, and $12.0 million of expense, including product costs associated with the non-recurring transactions, other non-recurring costs related to the transition of trackside merchandise operations to Fanatics, as well as partial period operating expenses incurred prior to the transition of Americrown and MA merchandise operations for which there was no related revenue.

The Company is also updating guidance for EBITDA to range between $185.0 million to $195.0 million. Incremental to ISC's EBITDA estimate are cash distributions from its equity investment in the Hollywood Casino, estimated to range between $30.0 million to $31.0 million.

For earnings history and earnings-related data on International Speedway (ISCA) click here.



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