International Speedway turns in 2nd-quarter profit, cuts full-year outlook

International Speedway turns profit, cuts outlook

DAYTONA BEACH, Fla. — Motorsports events company International Speedway Corp. reported a fiscal second-quarter profit Thursday that reversed a year-ago loss when a string of one-time charges hit its bottom line.

But the company also lowered its 2010 guidance, warning that the economic recovery is progressing at a slower pace than it originally thought.

International Speedway said it earned net income of $10.3 million, or 21 cents per share, for the quarter that ended May 31. That was better than the loss of $31.7 million, or 65 cent per share, from a year ago, a quarter that included charges over matters like legal settlements and joint ventures results.

Excluding charges in both periods, adjusted income fell to 22 cents per share from 35 cents per share.

Revenue dropped to $142.2 million from $152.4 million.

Analysts polled by Thomson Reuters had expected earnings of 29 cents per share on revenue of $144.7 million.

For the year, the company now expects 2010 fiscal year earnings of $1.50 to $1.60 per share on revenue of $650 million to $660 million. The previous forecast was for $1.60 to $1.80 per share in earnings on revenue of $660 million to $680 million.

Analysts expect $1.64 per share of earnings on revenue of $663.5 million.

International Speedway shares rose 20 cents to $25.21 in midday trading.