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

Total revenues for the third quarter decreased to $172.9 million, compared to revenues of $213.2 million in the prior-year period. Operating income was $15.6 million during the period compared to $61 million in the third quarter of fiscal 2008.

Net income for the third quarter was $4.4 million, or 9 cents per diluted share, compared to net income of $38.8 million, or 79 cents per diluted share, in the prior year. Excluding discontinued operations; the operating results from the company's equity investment; and, impairment of long-lived assets, non-GAAP (defined below) net income for the third quarter of 2009 was $15.9 million, or 33 cents per diluted share. Non-GAAP net income for the third quarter of 2008 was $35.6 million, or 73 cents per diluted share.

For the nine months ended Aug. 31, total revenues were $491.4 million, compared to $582 million in 2008. Operating income for the nine-month period was $97.3 million compared to $170.9 million in the prior year.

Net loss for the nine months was $2.2 million, or 4 cents per diluted share, compared to net income of $101 million, or $2.02 per diluted share in 2008. Excluding discontinued operations, the operating results from the company's equity investment including the related impairment taken by ISC in its 2009 fiscal second quarter; the interest income from the IRS settlement; accelerated depreciation for certain office and related buildings in Daytona Beach; and impairment of long-lived assets, non-GAAP net income for the nine months ended Aug. 31 was $60.1 million, or $1.24 per diluted share. This is compared to non-GAAP net income for the first nine months of 2008 of $100.5 million, or $2.01 per diluted share.

"We remain encouraged by the strength of our company and the results of our events held to date," said ISC Chief Executive Officer Lesa France Kennedy. "The year-over-year comparison for the quarter was impacted by Auto Club Speedway's fall NASCAR race weekend being moved from the 2008 fiscal third quarter into the company's 2009 fiscal fourth quarter. The protracted macroeconomic downturn continues to impact our business. However, as a result of the success of many innovative strategies such as our lowered pricing for entry level tickets, coupled with focused cost containment initiatives, we anticipate achieving full-year earnings per share within our previously issued guidance."

France Kennedy continued, "Based on the challenging economic outlook for next year and its potential impact on our fan base, we have expanded our reduced pricing initiatives for the 2010 season to include over a half million NASCAR Sprint Cup tickets. Also for next year, our ticket pricing initiatives will focus on and reward our best customers, those that renew early. We will continue our long standing philosophy to maintain price integrity and not reduce pricing once in the sales cycle. We believe, based on experience, research and analysis, that we have priced our events appropriately to meet demand."