DAYTONA BEACH, Fla. -- International Speedway Corporation (ISC) has reported financial results for its fiscal fourth quarter and full-year ended Nov. 30, 2009.

Total revenues for the fourth quarter decreased to $201.8 million, compared to revenues of $205.3 million in the prior-year period. Operating income was $50.5 million during the period compared to $64.9 million in the fourth quarter of fiscal 2008.

Net income for the fourth quarter was $9 million, or 19 cents per diluted share, compared to net income of $33.6 million, or 69 cents per diluted share, in the prior year. Excluding discontinued operations; the operating results from the company's equity investment including the related impairments taken by ISC; the impairment of long-lived assets; and the amortization related to its interest rate lock recorded in interest expense, non-GAAP (defined below) net income for the fourth quarter of 2009 was $30.6 million, or 63 cents per diluted share. Non-GAAP net income for the fourth quarter of 2008 was $39 million, or 80 cents per diluted share.

For the year, total revenues were $693.2 million, compared to $787.3 million in 2008. Operating income for the fiscal year was $147.8 million compared to $235.8 million in the prior year.

Net income for the year ended Nov. 30, 2009, was $6.8 million, or 14 cents per diluted share, compared to net income of $134.6 million, or $2.71 per diluted share, in 2008. Excluding discontinued operations, the operating results from the company's equity investment including the related impairments taken by ISC; accelerated depreciation for certain office and related buildings in Daytona Beach; impairment of long-lived assets; the amortization related to its interest rate lock recorded in interest expense; and the interest income from the IRS settlement, non-GAAP net income for the year was $90.7 million, or $1.86 per diluted share. This is compared to non-GAAP net income for the year-ended Nov. 30, 2008 of $138.1 million, or $2.78 per diluted share.

"We are excited about the upcoming 2010 motorsports season, despite the economic issues we still face which had a definite effect on our revenue last year," said ISC Chief Executive Officer Lesa France Kennedy. "We are optimistic that the economic recovery underway will continue to strengthen and we will begin to see positive changes in consumer and corporate spending. Benefiting our Company is the fact that we remain in excellent financial shape highlighted by significant contracted revenue from media income and a solid balance sheet."

France Kennedy added, "As we move into the new season, our primary focus is on ensuring that the millions of fans who attend our events receive great entertainment value coupled with an unforgettable at-track experience. To make attending our events even more affordable, we have taken the ticket pricing strategy so successful last year and expanded it to encompass value pricing on more than 500,000 NASCAR Sprint Cup tickets. We remain encouraged by the recent signs of increased ticket buying volume for the DAYTONA 500 versus last year."