DAYTONA BEACH, Fla. -- International Speedway Corp. (ISC) has reported results for its fiscal first quarter ended Feb. 28, 2010.

Total revenues for the first quarter decreased to $152 million, compared to revenues of $166.1 million in the prior-year period. Operating income was $39.8 million during the period compared to $50 million in the first quarter of fiscal 2009.

Net income for the first quarter was $25.4 million, or 53 cents per diluted share, compared to net income of $25.1 million, or 52 cents per diluted share, in the prior year.

For the three months ended Feb. 28, ISC spent $23.9 million on capital expenditures, which includes $10.4 million for projects at its existing facilities. For the remaining $13.5 million of spending, approximately $5.5 million related to construction of the new ISC headquarters, which is funded from long-term restricted cash and investments provided by the headquarters financing. The remaining balance is associated with additional capitalized spending for the Staten Island property and land purchases.

At Feb. 28, the company had approximately $46.5 million in capital projects currently approved for its existing facilities. These projects include grandstand seating enhancements and infield improvements at Michigan, parking improvements at Daytona, grandstand seating enhancements at Talladega, track enhancements at Watkins Glen and improvements at various facilities for expansion of parking, camping capacity and other uses. It also includes a variety of other improvements and renovations to ISC facilities that enables the company to effectively compete with other sports venues for consumer and corporate spending.

As a result of these currently approved projects and anticipated additional approvals in fiscal 2010, ISC expects total fiscal 2010 capital expenditures at existing facilities will be approximately $60 million to $80 million, depending on the timing of certain projects.

ISC has reiterated its 2010 total revenue guidance range of $660 million to $680 million. In addition, the company is maintaining its fiscal 2010 full year non-GAAP earnings range of $1.60 to $1.80 per diluted share after-tax.