International Speedway (ISCA) Tops Q1 EPS by 2c

International Speedway (NASDAQ: ISCA) reported Q1 EPS of $0.47, $0.02 better than the analyst estimate of $0.45. Revenue for the quarter came in at $148 million versus the consensus estimate of $143.84 million.

• In the first quarter of fiscal 2017, we hosted the Ferrari World Finals at Daytona International Speedway ("Daytona"), for which there was no comparable event in fiscal 2016;
• During the three months ended February 28, 2017, we recognized approximately $0.2 million, or less than $0.01 per diluted share, in non-recurring pre-opening costs that are included in general and administrative expense related to the Phoenix Redevelopment project. During the three months ended February 29, 2016, we recognized approximately $0.8 million, or $0.01 per diluted share, in non-recurring pre-opening costs that are included in general and administrative expense related to DAYTONA Rising;
• During the three months ended February 28, 2017, we recognized approximately $0.6 million, or $0.01 per diluted share, of accelerated depreciation due to shortening the service lives of certain assets associated with the Phoenix Redevelopment project. There were no similar costs during the three months ended February 29, 2016;
• During the three months ended February 28, 2017, we recognized a de minimis loss primarily attributable to demolition and/or asset relocation costs in connection with facility capital improvements. During the three months ended February 29, 2016, we recognized approximately $0.9 million, or $0.01 per diluted share, of similar losses in connection with capacity management initiatives at Richmond International Raceway ("Richmond") and other facility capital improvements; and
• During the three months ended February 28, 2017, we capitalized approximately $0.6 million, or $0.01 per diluted share, of interest, of which $0.5 million, or less than $0.01 per diluted share, related to ONE DAYTONA and approximately $0.1 million, or less than $0.01 per diluted share, related to the Phoenix Redevelopment project. During the three months ended February 29, 2016, we capitalized approximately $0.6 million, or $0.01 per diluted share, of interest related to DAYTONA Rising.

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

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