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ISC reports $1 million net loss in quarterly earnings; no Montreal NNS race: UPDATE:

October 5, 2012 at 12:00 AM
  • ISC reports $1 million net loss in quarterly earnings; no Montreal NNS race: UPDATE: Changes in NASCAR’s race schedule, a reduction in revenues from corporate sponsors and a broadcast partner and, of course, the struggling economy combined to sharply reduce both quarterly earnings and revenues for International Speedway Corp., the company announced Thursday morning. Daytona Beach-based ISC reported a $1 million net loss for its fiscal third quarter, which ended Aug. 31, down from a $9.7 million profit for the same quarter a year ago. Revenues also fell sharply to $115.9 million, from $150.3 million in fiscal third quarter 2011 – a 22.9 percent year-over-year drop. ISC officials said NASCAR’s shifting of its races at Kansas Speedway to the second quarter this year, as opposed to the third quarter last year, and the elimination of a NASCAR Nationwide Series race in Montreal, Canada, were big reasons for the lower revenues in its latest quarterly earnings report. ‘Adjusting for the schedule changes, . . . total revenues were down only slightly, approximately 3 percent, from the comparable period delivering core business results within our range of expectations’ said Lesa France Kennedy, ISC’s chief executive officer, in a conference call with stock analysts. ISC officials said other factors contributing to the drop in revenues and earnings included NASCAR’s new multiyear contract with Sirius XM Radio Inc., signed at the start of the year, which has resulted in $8 million less in annual revenues for ISC compared to its previous contract with the satellite radio broadcaster, which expired at the end of last year. See more at Daytona Beach News-Journal.(10-5-20120)
    UPDATE: NASCAR will not return to the Circuit Gilles Villeneueve in Montreal next season, ending a six-year run for the Nationwide Series. Promoter Francois Dumontier announced Friday the end of the agreement, which had been operated on a year-to-year basis. NASCAR said it wanted to return to Montreal, but could not work out a sanctioning agreement with Dumontier’s promotion group. NASCAR hopes to still be racing in Canada next season, possibly with the Truck Series. One potential venue for NASCAR is Mosport International Raceway in Toronto. NASCAR also plans to fill the void left by Montreal in its 33-race schedule, which has yet to be announced. NASCAR’s preference is to explore new markets where it’s not currently sanctioning national series events.(Associated Press)(10-5-2012)