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

Total revenues for the third quarter were $160.2 million, compared to revenues of $172.9 million in the prior-year period. Operating income increased to $21.6 million during the period compared to $15.6 million in the third quarter of fiscal 2009.

Net income for the third quarter was $3.6 million, or 8 cents per diluted share, compared to net income of $4.4 million, or 9 cents per diluted share, in the prior year.

For the nine months ended Aug. 31, total revenues were $454.4 million, compared to $491.4 million in 2009. Operating income for the nine-month period was $82.6 million compared to $97.3 million in the prior year.

"Increased contracted television and media rights continue to help mitigate ongoing recessionary headwinds that are impacting our attendance-related revenues," said ISC CEO Lesa France Kennedy. "Cost containment initiatives implemented over the last two years have also helped sustain our bottom line. However, despite these positive factors, our third quarter results fell below the prior year period due to the challenging operating environment."

France Kennedy continued, "To make the NASCAR experience accessible to all, even in these difficult economic times, we continue to promote and enhance our fan-friendly, value pricing ticket strategies across our operations. These initiatives, launched over the last two NASCAR seasons, have been favorably received by our guests. As our efforts gain broader attention in the marketplace, coupled with improvement in the economic landscape, we believe we will see an increase in ticket sales volume. We believe our current pricing levels are on target with demand and provide sufficient price points for all income levels. We therefore expect to maintain these strategies into the 2011 season.”

France Kennedy added that ISC recently announced a company-wide initiative to further reduce direct annual operating expenses, beginning in 2011, by an additional $20 million to $30 million, to help create a leaner and more responsive organization

“To meet this aggressive target, which we have begun in earnest, we are streamlining corporate services, optimizing event and ancillary business models and improving processes across the organization,” she said. “Our commitment to this initiative is firm and will result in sustainable reduction in costs that will continue to enhance our ability to grow bottom line results with economic improvement and its related impact on ticket sales. We are fully committed to accomplishing our goals while continuing to provide the very best in fan and competitor safety to complement the first class consumer and corporate guest experience at our events."