DAYTONA BEACH, Fla. -- International Speedway Corp. (ISC) today reported results for its fiscal second quarter ended May 31.

Total revenues for the second quarter decreased to $152.4 million, compared to revenues of $174.9 million in the prior-year period. Operating income was $31.7 million during the period compared to $42.9 million in the second quarter of fiscal 2008.

The 2009 second quarter results include interest income, net of tax, of approximately $8.9 million, or 18 cents per diluted share after tax, for interest earned on the deposited funds which were ultimately returned to the company as a result of the definitive settlement agreement entered into with the Internal Revenue Service in connection with the previously disclosed federal income tax examination for its 1999 through 2005 fiscal years.

The second quarter of 2008 included an impairment charge of $1.2 million, or 1 cent per diluted share after tax, related to charges for the fill removal process on the company's Staten Island property and, to a lesser extent, the net book value of certain assets retired from service.

The second quarter of 2009 recognized a $57.3 million, or $1.17 per diluted share after tax, charge for equity in net loss from equity investments related to Motorsports Authentics LLC, the company's motorsports-related merchandise 50/50 joint venture with Speedway Motorsports Inc. Included is an approximately $55.6 million, or $1.14 per diluted share after tax, non-cash charge to reflect an impairment recognized by ISC on its equity investment in MA. The 2008 second quarter included equity income of $3 million, or 4 cents per diluted share after tax.

Net loss for the second quarter was $31.7 million, or 65 cents per diluted share, compared to net income of $26 million, or 52 cents per diluted share, in the prior year. Excluding discontinued operations, the aforementioned interest income from the IRS settlement; impairment charges; operating results from the company's equity investment including the related impairment taken by ISC; and, accelerated depreciation of $0.5 million, or 1 cent per diluted share after tax, for certain office and related buildings in Daytona Beach associated with the company's previously announced Daytona Live! project (the 2008 second quarter also included similar accelerated depreciation charges), non-GAAP (defined below) net income for the second quarter of 2009 was $17 million, or 35 cents per diluted share. Non-GAAP net income for the second quarter of 2008 was $25.2 million, or 50 cents per diluted share.

For the six months ended May 31, total revenues were $318.5 million, compared to $368.8 million in 2008. Operating income for the six-month period was $81.7 million compared to $109.8 million in the prior year.

Net loss for the six months was $6.6 million, or 13 cents per diluted share, compared to $62.2 million, or $1.23 per diluted share in 2008. Excluding discontinued operations, the aforementioned interest income from the IRS settlement; impairment charges; operating results from the company's equity investment including the related impairment taken by ISC; and, accelerated depreciation of $1 million, or 1 cent per diluted share after tax, for certain office and related buildings in Daytona Beach associated with the company's previously announced Daytona Live! project (the six months ended May 31, 2008 also included similar accelerated depreciation charges), non-GAAP (defined below) net income for the six months ended May 31, 2009, was $44.2 million, or 91 cents per diluted share. This is compared to non-GAAP net income for the first six months of 2008 of $64.9 million, or $1.29 per diluted share.

"From a core operations standpoint, considering the economic pressures on discretionary consumer and corporate spending, we are pleased with the results of the first six months of fiscal 2009 which are generally in line with our revised expectations," stated ISC Chief Executive Officer Lesa France Kennedy. "While the economic environment is challenging for us, our fans and business partners alike, we remain in a strong financial position to weather this protracted downturn. Our balance sheet was further solidified with the recently announced definitive settlement entered into with the Internal Revenue Service that returned approximately $112 million to the Company. These funds will be used, in part, to pay down debt and make opportunistic open-market share repurchases."

France Kennedy continued, "While advance ticket sales continue to trail last year's trends considerably, we remain encouraged by the strong ticket demand witnessed in the weeks and days leading up to our events. This was most recently demonstrated in sales for the Coke Zero 400 at Daytona, where robust sales in the last few weeks before the event pushed attendance above our expectations. In addition, we continue to closely analyze our business operations to lower costs where possible and maximize efficiencies. However, it is important to note that the fan experience remains our primary concern and our cost reduction efforts have not been to the detriment of the experience for our guests or business partners. We are cautiously optimistic for a gradual economic recovery beginning next year, and believe we have taken the necessary steps that will allow ISC to emerge a more efficient business positioned for long-term growth.