Owner of Virginia racetracks reports higher earnings
- July 5, 2012
The owner of Richmond International Raceway and Martinsville Speedway reported that its second-quarter net income rose 15 percent.
Nonetheless, Daytona Beach-based International Speedway Corp. (ISC) said the slow recovery of the national economy still is affecting its fans.
“While generally pleased with our financial results, attendance-related revenues at our events generated mixed results,” Lesa France, ISC’s chief executive officer, said in a statement. “Our core fan demographic, which is Middle America, still lacks confidence due to slow job and income growth. Until these trends change, we expect our consumer revenues will remain under pressure.”
ISC said its results for the three months ending May 31 were helped by scheduling changes this year, adding two NASCAR Sprint Cup series events.
Second-quarter revenue rose 29 percent to $179.6 million in comparison to the same period last year.
Net income increased 15 percent to $13.7 million, or 30 cents per diluted share.
For the first six months of the fiscal year, revenue totaled $307 million, up from $287.4 million the same period last year.
However, net income for the most recent six months was $30.9 million, 67 cents per diluted share, down slightly from $33.3 million, or 70 cents a share, during the same period last year.
In addition to racetracks in Richmond and Martinsville, ISC owns 11 other tracks including the Daytona International Speedway in Florida and the Talladega Superspeedway in Alabama.