DAYTONA BEACH, FL -- International Speedway Corp. has reported results for the fiscal second quarter and six months ended May 31. In addition, the company announced a $100 million increase in the amount authorized under its share repurchase program.

"We hosted several successful event weekends during the second quarter, highlighted by solid corporate and consumer demand," said ISC President Lesa France Kennedy. "As a result, we recorded higher total revenues on a comparable event basis, excluding the impact of lower television broadcast rights revenue. This growth was driven by increased sponsorship, admissions, advertising and hospitality revenues, and our outlook remains positive for the future."

Second Quarter Comparison

Total revenues for the second quarter increased to $181.5 million, compared to revenues of $172.1 million in the prior-year period. Operating income was $35 million during the period compared to $52.2 million in the second quarter of fiscal 2006.

Year-over-year comparability was impacted by lower television broadcast rights fees from NASCAR's consolidated contracts that began in 2007; the acquisition of the remaining interest in Raceway Associates LLC (owner and operator of Chicagoland Speedway and Route 66 Raceway) in February 2007; and the timing of certain events, including Kansas Speedway's NASCAR Craftsman Truck/IRL weekend. In addition, results for the second quarter of fiscal 2007 include accelerated depreciation of $4.6 million, or 5 cents per diluted share after tax, associated with certain existing offices and buildings that are expected to be razed during the next six to 24 months as part of the company's previously announced Daytona Live! project. Second quarter results also include impairment charges of $9.1 million, or 11 cents per diluted share after- tax, primarily attributable to ISC's decision to discontinue speedway development efforts in Kitsap County, WA. To a lesser extent, the impairment charge includes estimated costs for fill removal on the company's Staten Island property.

Net income for the second quarter of 2007 was $18.4 million, or 35 cents per diluted share, compared to net income of $30.7 million, or 58 cents per diluted share, in the prior year. Excluding the accelerated depreciation and impairment charges, non-GAAP net income for the 2007 second quarter was $27.1 million, or 51 cents per diluted share.

Year-to-Date Comparison

For the six months ended May 31, total revenues were $366.7 million, compared to $366 million in 2006. Operating income for the six-month period was $100.8 million compared to $130.6 million in the prior year.

Year-over-year comparability was impacted by the aforementioned decrease in NASCAR television rights fees, the acquisition of Raceway Associates LLC and the timing of certain events. In addition, year-to-date results for 2007 include $7.2 million in accelerated depreciation for certain office and related buildings in Daytona and the previously discussed 2007 second quarter impairment charges.

Net income for the six months was $54.2 million, or $1.02 per diluted share. In the first six months of 2006, net income was $74.7 million, or $1.40 per diluted share. Excluding the accelerated depreciation and impairment charges, non-GAAP (defined below) net income for the first six months of 2007 was $64.6 million, or $1.21 per diluted share.

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