International Speedway Corporation Reports Financial Results for the Second Quarter of Fiscal 2009

~ Reiterates Full Year Financial Outlook ~ 


DAYTONA BEACH, Fla., July 7  /PRNewswire-FirstCall/ -- International Speedway Corporation (NASDAQ:ISCA)(OTC:ISCB) (BULLETIN BOARD: ISCB)  ("ISC") today reported results for its fiscal second quarter ended May 31, 2009.

"From a core operations standpoint, considering the economic pressures on discretionary consumer and corporate spending, we are pleased with the results of the first six months of fiscal 2009 which are generally in line with our revised expectations," stated ISC Chief Executive Officer Lesa France Kennedy. "While the economic environment is challenging for us, our fans and business partners alike, we remain in a strong financial position to weather this protracted downturn.  Our balance sheet was further solidified with the recently announced definitive settlement entered into with the Internal Revenue Service that returned approximately $112 million to the Company.  These funds will be used, in part, to pay down debt and make opportunistic open-market share repurchases."

Ms. France Kennedy continued, "While advance ticket sales continue to trail last year's trends considerably, we remain encouraged by the strong ticket demand witnessed in the weeks and days leading up to our events.  This was most recently demonstrated in sales for the Coke Zero 400 at Daytona, where robust sales in the last few weeks before the event pushed attendance above our expectations.  In addition, we continue to closely analyze our business operations to lower costs where possible and maximize efficiencies.  However, it is important to note that the fan experience remains our primary concern and our cost reduction efforts have not been to the detriment of the experience for our guests or business partners.  We are cautiously optimistic for a gradual economic recovery beginning next year, and believe we have taken the necessary steps that will allow ISC to emerge a more efficient business positioned for long-term growth."

Second Quarter Comparison

Total revenues for the second quarter decreased to $152.4 million, compared to revenues of $174.9 million in the prior-year period.  Operating income was $31.7 million during the period compared to $42.9 million in the second quarter of fiscal 2008.  In addition to the macroeconomic challenges, quarter-over-quarter comparability was impacted by:

  --  An IndyCar(R) and Grand-Am Rolex Sports Car series weekend held at
      Homestead-Miami Speedway in the second quarter of 2008 which will be
      held in ISC's fiscal fourth quarter 2009.
  --  The 2009 second quarter results include interest income, net of tax,
      of approximately $8.9 million, or $0.18 per diluted share after tax,
      for interest earned on the deposited funds which were ultimately
      returned to the Company as a result of the definitive settlement
      agreement entered into with the Internal Revenue Service in connection
      with the previously disclosed federal income tax examination for its
      1999 through 2005 fiscal years.
  --  The second quarter of 2008 included an impairment charge of $1.2
      million, or $0.01 per diluted share after tax, related to charges for
      the fill removal process on the Company's Staten Island property and,
      to a lesser extent, the net book value of certain assets retired from
      service.

  --  The second quarter of 2009 recognized a $57.3 million, or $1.17 per
      diluted share after tax, charge for equity in net loss from equity
      investments related to Motorsports Authentics, LLC ("MA"), the
      Company's motorsports-related merchandise 50/50 joint venture with
      Speedway Motorsports Inc.  Included is an approximately $55.6 million,
      or $1.14 per diluted share after tax, non-cash charge to reflect an
      impairment recognized by ISC on its equity investment in MA.  The 2008
      second quarter included equity income of $3.0 million, or $0.04 per
      diluted share after tax.




Net loss for the second quarter was $31.7 million, or $0.65 per diluted share, compared to net income of $26.0 million, or $0.52 per diluted share, in the prior year.  Excluding discontinued operations, the aforementioned interest income from the IRS settlement; impairment charges; operating results from the Company's equity investment including the related impairment taken by ISC; and, accelerated depreciation of $0.5 million, or $0.01 per diluted share after tax, for certain office and related buildings in Daytona Beach associated with the Company's previously announced Daytona Live! project (the 2008 second quarter also included similar accelerated depreciation charges), non-GAAP (defined below) net income for the second quarter of 2009 was $17.0 million, or $0.35 per diluted share.  Non-GAAP net income for the second quarter of 2008 was $25.2 million, or $0.50 per diluted share.

Year-to-Date Comparison

For the six months ended May 31, 2009, total revenues were $318.5 million, compared to $368.8 million in 2008.  Operating income for the six-month period was $81.7 million compared to $109.8 million in the prior year.

  Year-over-year comparability was impacted by:

  --  Exceptionally strong consumer and corporate demand for the 50th
      running of the DAYTONA 500 and surrounding events in the first quarter
      of 2008.  The historic race provided unique opportunities to drive
      revenue above the otherwise strong appeal of one of sport's most
      marquee events.
  --  2008 impairment charges of $1.9 million, or $0.02 per diluted share
      after tax, associated with the previously discussed fill removal costs
      on Staten Island and net book value of certain assets retired from
      service.
  --  A 2008 first quarter non-cash charge of $3.8 million, or $0.07 per
      diluted share after tax, to correct the carrying value of certain
      other assets as of November 30, 2007.
  --  The previously mentioned interest earned on the deposited funds
      returned to the Company as a result of the definitive settlement
      agreement it entered into with the Internal Revenue Service, and the
      IndyCar and Grand-Am Rolex Sports Car series weekend moving to the
      Company's fiscal 2009 fourth quarter.

  --  The six months ended May 31, 2009, included a $58.9 million, or $1.21
      per diluted share after tax, charge for equity in net loss from equity
      investments related to MA, which includes the previously discussed
      impairment on MA.   The same period in 2008, included equity income of
      $4.8 million, or $0.06 per diluted share after tax.




Net loss for the six months ended May 31, 2009, was $6.6 million, or $0.13 per diluted share, compared to $62.2 million, or $1.23 per diluted share in 2008.  Excluding discontinued operations, the aforementioned interest income from the IRS settlement; impairment charges; operating results from the Company's equity investment including the related impairment taken by ISC; and, accelerated depreciation of $1.0 million, or $0.01 per diluted share after tax, for certain office and related buildings in Daytona Beach associated with the Company's previously announced Daytona Live! project (the six months ended May 31, 2008 also included similar accelerated depreciation charges), non-GAAP (defined below) net income for the six months ended May 31, 2009, was $44.2 million, or $0.91 per diluted share.  This is compared to non-GAAP net income for the first six months of 2008 of $64.9 million, or $1.29 per diluted share.

GAAP to Non-GAAP Reconciliation

The following financial information is presented below using other than generally accepted accounting principles ("non-GAAP"), and is reconciled to comparable information presented using GAAP.  Non-GAAP net income and diluted earnings per share below are derived by adjusting amounts determined in accordance with GAAP for certain items presented in the accompanying selected operating statement data, net of taxes.

The 2008 adjustments relate to: a benefit for equity in net income from equity investment; accelerated depreciation for certain office and related buildings in Daytona Beach; the impairment of long-lived assets associated with the fill removal process on the Staten Island property and the net book value of certain assets retired from service; and, a non-cash charge to correct the carrying value of certain other assets.

The adjustments for 2009 relate to: a charge for equity in net loss from equity investment; accelerated depreciation for certain office and related buildings in Daytona Beach; interest earned on the deposited funds returned to the Company as a result of the definitive settlement agreement it entered into with the Internal Revenue Service; and, the impairment of long-lived assets associated with the net book value of certain assets retired from service.

The Company believes such non-GAAP information is useful and meaningful to investors, and is used by investors and ISC to assess core operations.  This non-GAAP financial information may not be comparable to similarly titled measures used by other entities and should not be considered as an alternative to operating income, net income or diluted earnings per share, which are determined in accordance with GAAP.

                                   (In Thousands, Except Per Share Amounts)
                                                 (Unaudited)
                                     Three Months Ended   Six Months Ended
                                      May 31,   May 31,   May 31,   May 31,
                                       2008      2009      2008      2009
                                     --------  --------  --------  --------
  Net (loss) income                   $25,972  $(31,740)  $62,183   $(6,594)
  Loss from discontinued
   operations, net of tax                  36        45        67        87
                                           --        --        --        --
  Income from continuing operations    26,008   (31,695)   62,250    (6,507)

  Equity in net (income) loss from
   equity investments, net of tax      (1,817)   57,274    (2,919)   58,913
                                       ------    ------    ------    ------
  Consolidated income from continuing
   operations excluding equity in net
   (income) loss from equity
   investments                         24,191    25,579    59,331    52,406

  Adjustments, net of tax:
    Interest income from IRS
     Settlement                             -    (8,923)        -    (8,923)
    Additional depreciation               320       319       640       638
    Impairment of long-lived assets       706         9     1,154        52
    Correction of certain other
     assets' carrying value                 -         -     3,758         -
                                          ---       ---     -----       ---
  Non-GAAP net income                 $25,217   $16,984   $64,883   $44,173
                                      =======   =======   =======   =======

  Per share data:
  Diluted earnings (loss) per share     $0.52    $(0.65)    $1.23    $(0.13)
  Loss from discontinued
   operations, net of tax                   -         -         -         -
                                          ---       ---       ---       ---
  Income from continuing operations      0.52     (0.65)     1.23     (0.13)

  Equity in net (income) loss from
   equity investments                   (0.04)     1.17     (0.05)     1.21
                                        -----      ----     -----      ----
  Consolidated income from continuing
   operations excluding equity in net
   (income) loss from equity
   investments                           0.48      0.52      1.18      1.08
  Adjustments, net of tax:
    Interest income from IRS
     Settlement                             -     (0.18)        -     (0.18)
    Additional depreciation              0.01      0.01      0.02      0.01
    Impairment of long-lived assets      0.01      0.00      0.02      0.00
    Correction of certain other
     assets' carrying value                 -         -      0.07         -
                                          ---       ---      ----       ---
  Non-GAAP diluted earnings per
   share                                $0.50     $0.35     $1.29     $0.91
                                        =====     =====     =====     =====


  Recent Events


During the Company's fiscal second quarter, it hosted a weekend of NASCAR Sprint Cup and Camping World Truck series events at Martinsville Speedway.  ISC also hosted Sprint Cup and Nationwide series weekends at Phoenix International Raceway, Talladega Superspeedway, Richmond International Raceway and Darlington Raceway.  Kansas Speedway hosted a weekend of NASCAR Camping World Truck and IndyCar series events.

Subsequent to the fiscal second quarter, the Company hosted a Grand-Am Rolex Sports Car Series race at Watkins Glen International; a weekend of NASCAR Sprint Cup and Camping World Truck series events at Michigan International Speedway; an IndyCar weekend at Richmond; and, a NASCAR Sprint Cup, Nationwide and Grand-Am Rolex Sports Car series weekend at Daytona International Speedway.

For the remainder of the third quarter, ISC will host Sprint Cup and Nationwide series weekends at Chicagoland Speedway, Watkins Glen, and Michigan.  The Watkins Glen weekend will also include a Grand-Am Rolex Sports Car Series event.  Chicagoland will host a weekend of NASCAR Camping World Truck and IndyCar series events in late August.  Lastly, through our wholly owned subsidiary, Stock-Car Montreal, the Company will host the third annual NASCAR Nationwide, Grand-Am Rolex Sports Car and NASCAR Canadian Tire series weekend at Circuit Gilles Villeneuve in Montreal, Quebec.

From a marketing partnership perspective, the Company has agreements in place for 94 percent of its revised gross marketing partnership revenue target for fiscal 2009.  ISC recently announced event entitlement partners for its NASCAR Nationwide races at Phoenix and Michigan.  As a result, ISC has only one Sprint Cup and one Nationwide title sponsorship open at Michigan and Richmond, respectively.  The Company expects to announce these agreements in the coming weeks.

"Motorsports and NASCAR racing in particular, remains a viable and proven marketing channel for corporate sponsors looking to build their brands and sell products," stated Ms. France Kennedy.  "However, we have recently seen the bankruptcies of both Chrysler and GM, two very high-profile partners in our sport.  While this is unfortunate, we are hopeful they will emerge as healthier businesses.  From a financial perspective, since less than 10 percent of our gross marketing partner revenue comes from all auto manufacturers, the financial impact of these bankruptcies to ISC is minimal.

"Looking ahead, while future partnerships with the manufacturers will likely be below historical monetary levels, we do not envision either GM or Chrysler will abandon the sport entirely.  In addition, we have seen several new partners enter the sport and other existing partners expand their positions, which further demonstrate that our product continues to deliver a tangible return on investment."

Ms. France Kennedy continued, "One area that has the potential to open up our sport to new non-traditional corporate partners is through NASCAR's Green Clean Air initiative.  In addition to being a good corporate citizen by taking active steps to improve the environment, we believe ISC's 'Green' efforts will provide a good marketing platform for companies that want to promote their environmentally friendly products and services.  The official renewable energy provider at Daytona and Homestead-Miami, NextEra Energy Resources, the nation's largest provider of wind and solar energy, is a good example of a company that is in this niche.  We also see this as a logical way for the auto manufacturers to showcase their next generation of fuel-efficient and hybrid vehicles to the most brand loyal fans in all of sports."

Motorsports Authentics

ISC remains committed to the long-term success of MA, but as with any business in this adverse economic environment, management must find the optimal business model for long-term viability.  MA's leadership, with support of the joint venture's ownership, is undertaking certain initiatives to make MA a more efficiently operated and profitable company.  MA excels in the distribution of merchandise trackside at racing events and in the design and distribution of die-cast vehicles.  Both are areas of business in which MA is expected to maintain and grow its leadership position for the foreseeable future.

MA's other current channels of distribution include licensed apparel and memorabilia to mass retailers.  In recent months, various approaches have been considered to optimize MA's performance in these distribution channels for its future growth, as well as the benefit of its licensees and the industry as a whole.  However, after further analysis, it has become apparent that there is significant risk in future business initiatives in mass apparel, memorabilia and other yet-to-be-developed products that had been previously deemed achievable and included in projections that supported the carrying value of inventory, goodwill and other intangible assets on MA's balance sheet.

This analysis, combined with a less-robust long-term macroeconomic outlook than previously expected, triggered MA's review of certain assets under SFAS 142 and SFAS 144.  MA is currently performing an evaluation of impairment on its goodwill, intangible and other long-lived assets, which it expects to be completed by September.

ISC has evaluated the carrying value of its equity investment in MA at May 31, 2009, in accordance with APB 18, "The Equity Method of Accounting for Investments in Common Stock."   As a result of this evaluation, the Company recognized an impairment charge of $55.6 million or $1.14 per diluted share after tax, which is included in ISC's equity investment losses for the fiscal quarter ended May 31, 2009.

Ms. France Kennedy added, "The protracted economic downturn has unfortunately exacerbated the financial condition of Motorsports Authentics.  While we are disappointed in the joint-venture's performance to date in 2009, we believe that streamlining the operations of MA by focusing on its core competencies will enable it to reduce operating costs and inventory risk, thereby resulting in a leaner and more profitable operation in the future.  These are its core competencies that we believe can grow over time."

External Growth and Other Initiatives

Last month, the proposal of ISC's joint venture with The Cordish Company ("Cordish") for the development of a Hard Rock Casino and that of the other casino project proposed for Wyandotte County were endorsed by the Unified Government and sent to the Kansas Lottery Commission for further consideration.   The Kansas Lottery Commission is in the process of negotiating management agreements with the respective parties.  The Kansas Lottery Commission is also reviewing our proposal and that of the other casino project proposed for Wyandotte County and it will recommend one or both to the Kansas Lottery Gaming Facility Review Board by August 28, for review and background checks by the Kansas Racing and Gaming Commission. The Kansas Lottery Gaming Facility Review Board is expected to take 60 days after receipt of the Kansas Lottery Commission recommendation to award the management agreement and development rights for Wyandotte County.  The entire process is expected to be completed by late 2009.

The initial phase of the project, the casino and certain dining and entertainment options on property adjacent to the Kansas Speedway, will comprise approximately 190,000 square feet, and include a 100,000 square foot casino gaming floor with approximately 2,300 slot machines and 86 table games, a high-energy center bar, and dining and entertainment options.  This phase is projected to cost approximately $390 million, of which $100 million pertains to land and approximately $42 million is leased gaming equipment.  The full budget of all potential phases is projected to be over $700 million, and would be financed by the joint venture.  The full proposal contemplates the development, depending upon market conditions and demand, of a hotel, convention facility, and a retail and entertainment district.

Daytona Live!, a mixed-use entertainment destination development that the Company is also pursuing in a 50/50 joint venture with Cordish, is expected to have the ISC and NASCAR headquarters building completed and open in the fourth quarter of 2009.  The retail, dining and entertainment portions of this development are experiencing strong interest from a variety of notable national and regional tenants, despite challenges in the economy and the related pullback in retail expansion nationwide.  That portion of the project is planned to proceed once sufficient leasing levels have been achieved.  It is important to note that the Company is not under a mandatory timetable to get this project completed.

On Staten Island, ISC continues to have discussions with interested buyers for its 676 acre parcel, and remains hopeful that a transaction will occur during this fiscal year.

Capital Spending

The Company continues to estimate between $50 million and $55 million in capital expenditures at its existing facilities for fiscal 2009.  Excluded from this estimate is approximately $45 million in spending for ISC's headquarters building as part of Daytona Live!, of which approximately $41 million is funded by the construction loan secured in July 2008.  Also excluded is $2 million to $3 million of capitalized costs, including property taxes, for Staten Island.  ISC also anticipates other capital spending outside of its existing facilities.

Share Repurchase Program

ISC suspended purchases under the collective $250 million Stock Purchase Plans in September 2008 as a result of its desire to build cash balances due to the challenges facing the credit markets.  As a result of its definitive settlement with the Internal Revenue Service in May 2009, the Company reactivated its open market share repurchase programs which allows purchases under certain parameters, including price, corporate and regulatory requirements, capital availability and other market conditions.  Currently, there is approximately $42 million in remaining repurchase authority under the Stock Purchase Plans.

Outlook

While the Company expects consumer and corporate spending trends to continue to be impacted by challenging economic conditions throughout the year, ISC reiterates its 2009 total revenue guidance range of $700 million to $720 million.  In addition, the Company is maintaining its fiscal 2009 non-GAAP earnings guidance range of $1.80 to $2.00 per diluted share.  Given the uncertain economic environment, ISC remains more comfortable at the lower end of the earnings range.  The non-GAAP earnings per share estimates exclude additional depreciation associated with the Daytona Live! project; impairment of long-lived assets associated with the net book value of assets retired from service; interest earned on the deposited funds returned to the Company as a result of the definitive settlement agreement it entered into with the Internal Revenue Service; and, the operating results from ISC's equity investment in MA.

In closing, Ms. France Kennedy added, "We continue to manage our business with a long-term view and with prudent financial discipline, which has served us well during this economic downturn.  In addition, the sport of NASCAR remains healthy and continues to provide fans with an outstanding on-track product, while solidly remaining the number two sport on television.  We remain bullish on the motorsports industry in the long term, and our management team remains focused driving future revenue by providing superior, innovative and thrilling experiences for our guests and partners."

Conference Call Details

The management of ISC will host a conference call today with investors at 9:00 a.m. Eastern Time.  To participate, dial toll free [phone] five to ten minutes prior to the scheduled start time and request to be connected to the ISC earnings call, ID number 16479135.  A live Webcast will also be available at that time on the Company's Web site, http://www.iscmotorsports.com/, under the "Investor Relations" section.

A replay will be available two hours after the end of the call through midnight Tuesday, July 14, 2009.  To access, dial toll free [phone] and enter the code 16479135, or visit the "Investor Relations" section of the Company's Web site.

International Speedway Corporation is a leading promoter of motorsports activities, currently promoting more than 100 racing events annually as well as numerous other motorsports-related activities.  The Company owns and/or operates 13 of the nation's major motorsports entertainment facilities, including Daytona International Speedway(R) in Florida (home of the DAYTONA 500(R)); Talladega Superspeedway(R) in Alabama; Michigan International Speedway(R) located outside Detroit; Richmond International Raceway(R) in Virginia; Auto Club Speedway of Southern California(SM) near Los Angeles; Kansas Speedway(R) in Kansas City, Kansas; Phoenix International Raceway(R) in Arizona; Chicagoland Speedway(R) and Route 66 Raceway(SM) near Chicago, Illinois;  Homestead-Miami Speedway(SM) in Florida; Martinsville Speedway(R) in Virginia; Darlington Raceway(R) in South Carolina; and Watkins Glen International(R) in New York.  In addition, ISC promotes major motorsports activities in Montreal, Quebec, through its wholly owned subsidiary, Stock-Car Montreal.

The Company also owns and operates MRN(R) Radio, the nation's largest independent sports radio network; the DAYTONA 500 Experience(SM), the "Ultimate Motorsports Attraction" in Daytona Beach, Florida, and official attraction of NASCAR(R); and Americrown Service Corporation(SM), a subsidiary that provides catering services, food and beverage concessions, and produces and markets motorsports-related merchandise.  In addition, ISC has an indirect 50 percent interest in Motorsports Authentics(R), which markets and distributes motorsports-related merchandise licensed by certain competitors in NASCAR racing.  For more information, visit the Company's Web site at http://www.iscmotorsports.com/.

Statements made in this release that express the Company's or management's beliefs or expectations and which are not historical facts or which are applied prospectively are forward-looking statements. It is important to note that the Company's actual results could differ materially from those contained in or implied by such forward-looking statements. The Company's results could be impacted by risk factors, including, but not limited to, weather surrounding racing events, government regulations, economic conditions, consumer and corporate spending, military actions, air travel and national or local catastrophic events. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's SEC filings including, but not limited to, the 10-K and subsequent 10-Qs. Copies of those filings are available from the Company and the SEC. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be needed to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by International Speedway or any other person that the events or circumstances described in such statement are material.

                                (Tables Follow)

                    Consolidated Statements of Operations
             (In Thousands, Except Share and Per Share Amounts)

                              Three Months Ended       Six Months Ended
                               May 31,    May 31,     May 31,     May 31,
                                2008       2009        2008        2009
                             --------    --------    --------    --------
                                             (Unaudited)
  REVENUES:
       Admissions, net        $53,432     $43,680    $109,545     $91,516
       Motorsports related    101,240      92,908     214,085     195,442
       Food, beverage and
        merchandise            17,738      13,392      40,428      26,801
       Other                    2,527       2,398       4,738       4,738
                                -----       -----       -----       -----
                              174,937     152,378     368,796     318,497

  EXPENSES:
       Direct:
          Prize and point fund
           monies and NASCAR
           sanction fees       34,728      35,390      67,781      69,532
          Motorsports related  38,688      31,953      74,024      61,062
          Food, beverage and
           merchandise         11,747       9,249      24,531      18,726
       General and
        administrative         28,269      25,569      55,980      50,504
       Depreciation and
        amortization           17,436      18,489      34,753      36,880
       Impairment of long-
        lived assets            1,150          15       1,881          85
                                -----          --       -----          --
                              132,018     120,665     258,950     236,789
                              -------     -------     -------     -------

  Operating income             42,919      31,713     109,846      81,708
  Interest income and
   other                          384         230      (2,676)        694
  Interest expense             (3,294)     (5,509)     (6,887)    (11,779)
  Equity in net income
   (loss) from equity
   investments                  2,960     (57,274)      4,754     (58,913)
  Minority interest                 -         163           -         334
                                  ---         ---         ---         ---
  Income (loss) from
   continuing operations
   before income taxes         42,969     (30,677)    105,037      12,044
  Income taxes                 16,961       1,018      42,787      18,551
                               ------       -----      ------      ------

  Income (loss) from
   continuing operations       26,008     (31,695)     62,250      (6,507)
  Loss from discontinued
   operations                     (36)        (45)        (67)        (87)
                                  ---         ---         ---         ---
  Net income (loss)           $25,972    $(31,740)    $62,183     $(6,594)
                              -------    --------     -------     -------

  Basic earnings per share:
       Income (loss) from
        continuing
        operations              $0.52      $(0.65)      $1.23      $(0.13)
       Loss from discontinued
        operations                  -           -           -           -
                                  ---         ---         ---         ---
       Net income (loss)        $0.52      $(0.65)      $1.23      $(0.13)
                                -----      ------       -----      ------

  Diluted earnings per share:
       Income (loss) from
        continuing operations   $0.52      $(0.65)      $1.23      $(0.13)
       Loss from discontinued
        operations                  -           -           -           -
                                  ---         ---         ---         ---
       Net income (loss)        $0.52      $(0.65)      $1.23      $(0.13)
                                -----      ------       -----      ------

  Dividends per share           $0.12       $0.14       $0.12       $0.14
                                -----       -----       -----       -----

  Basic weighted average
   shares outstanding      49,836,724  48,565,438  50,379,656  48,557,010
                           ----------  ----------  ----------  ----------

  Diluted weighted
   average shares
   outstanding             49,927,320  48,565,438  50,479,717  48,557,010
                           ----------  ----------  ----------  ----------



                        Consolidated Balance Sheets
            (In Thousands, Except Share and Per Share Amounts)

                                         November 30, 2008  May 31, 2009
                                         -----------------  ------------
                                                      (unaudited)
  ASSETS
  Current Assets:
       Cash and cash equivalents                 $218,920      $146,336
       Short-term investments                         200           200
       Restricted cash                              2,405           802
       Receivables, less allowance of $1,200
        in 2008 and 2009                           47,558        66,897
       Receivable from Internal Revenue Service         -       111,984
       Inventories                                  3,763         4,080
       Deferred income taxes                        1,838         2,191
       Prepaid expenses and other current assets    7,194        20,138
                                                    -----        ------
  Total Current Assets                            281,878       352,628

  Property and Equipment, net                   1,331,231     1,334,777
  Other Assets:
       Long-term restricted cash and investments   40,187        26,859
       Equity investments                          77,613        18,825
       Intangible assets, net                     178,841       178,790
       Goodwill                                   118,791       118,791
       Deposits with Internal Revenue Service     117,936             -
       Other                                       34,342        21,202
                                                   ------        ------
                                                  567,710       364,467
                                                  -------       -------
  Total Assets                                 $2,180,819    $2,051,872
                                               ----------    ----------

  LIABILITIES AND SHAREHOLDERS' EQUITY
  Current Liabilities:
       Current portion of long-term debt         $153,002        $3,060
       Accounts payable                            26,393        21,026
       Deferred income                            103,549       151,925
       Income taxes payable                         8,659         3,735
       Other current liabilities                   18,035        22,113
                                                   ------        ------
  Total Current Liabilities                       309,638       201,859

  Long-Term Debt                                  422,045       421,019
  Deferred Income Taxes                           104,172       237,089
  Long-Term Tax Liabilities                       161,834        22,543
  Long-Term Deferred Income                        13,646        13,327
  Other Long-Term Liabilities                      28,125        23,517
  Commitments and Contingencies                         -             -
  Shareholders' Equity:
       Class A Common Stock, $.01 par value,
        80,000,000 shares authorized; 27,397,924
        and 27,848,593 issued and outstanding
        in 2008 and 2009, respectively                274           278
       Class B Common Stock, $.01 par value,
        40,000,000 shares authorized; 21,150,471
        and 20,725,506 issued and outstanding
        in 2008 and 2009, respectively                211           207
       Additional paid-in capital                 497,277       497,496
       Retained earnings                          665,405       651,957
       Accumulated other comprehensive loss       (21,808)      (17,420)
                                                  -------       -------
  Total Shareholders' Equity                    1,141,359     1,132,518
                                                ---------     ---------
  Total Liabilities and Shareholders' Equity   $2,180,819    $2,051,872
                                               ----------    ----------



                     Consolidated Statements of Cash Flows
                                (In Thousands)

                                                        Six Months Ended
                                                 May 31, 2008  May 31, 2009
                                                 ------------  ------------
                                                         (unaudited)
  OPERATING ACTIVITIES
  Net income                                          $62,183       $(6,594)
       Adjustments to reconcile net income to net
        cash provided by
            Operating activities:
            Depreciation and amortization              34,753        36,880
            Minority interest                               -          (334)
            Stock-based compensation                    1,616         1,187
            Amortization of financing costs               259           270
            Translation loss                                -           (74)
            Deferred income taxes                       7,304         4,650
            (Income) Loss from equity investments      (4,754)       58,913
            Excess tax benefits relating to stock-based
             compensation                                  (7)            -
            Impairment of long-lived assets, non-
             cash                                         460            85
            Other, net                                  3,778            74
            Changes in operating assets and
             liabilities:
                 Receivables, net                     (25,504)      (19,380)
                 Inventories, prepaid expenses and
                  other assets                         (8,798)      (13,445)
                 Accounts payable and other
                  liabilities                          (7,598)       (5,836)
                 Deferred income                       70,775        48,057
                 Income taxes                          13,034       (10,533)
                                                       ------       -------
  Net cash provided by operating activities           147,501        93,920

  INVESTING ACTIVITIES
       Capital expenditures                           (69,844)      (41,382)
       Proceeds from affiliate                              -        12,500
       Advance to affiliate                            (1,296)         (432)
       Decrease in restricted cash                          -        14,931
       Proceeds from short-term investments            41,500             -
       Purchases of short-term investments             (2,450)            -
       Purchases of equity investments                    (81)            -
       Other, net                                          75        (1,016)
                                                           --        ------
  Net cash used in investing activities               (32,096)      (15,399)

  FINANCING ACTIVITIES
       Proceeds under credit facility                  20,000             -
       Payments under credit facility                 (20,000)            -
       Payment of long-term debt                       (1,235)     (150,859)
       Excess tax benefits relating to stock-based
        compensation                                        7             -
       Reacquisition of previously issued common
        stock                                         (90,397)         (246)
                                                      -------          ----
  Net cash used in financing activities               (91,625)     (151,105)
                                                      -------      --------

  Net increase (decrease) in cash and cash
   equivalents                                         23,780       (72,584)
  Cash and cash equivalents at beginning of
   period                                              57,316       218,920
                                                       ------       -------
  Cash and cash equivalents at end of period          $81,096      $146,336
                                                      -------      --------


DATASOURCE: International Speedway Corporation



CONTACT:  Charles N. Talbert, Director, Investor and Corporate

Communications, [phone]



Web Site:  http://www.iscmotorsports.com/ 

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