Total revenues for the 1999 second quarter increased 17% to $44.6 million compared to $38.2 million in the 1998 second quarter. Net income increased 13% to $6.8 million.
During the quarter, ISC held successful events at all four of the Company's superspeedway's.
The two NASCAR Winston Cup Series events during the quarter were the Transouth Financial 400 at Darlington Raceway, and the DieHard 500 at Talladega Superspeedway.
Said William France, Chairman and Chief Executive Officer of ISC. "Our record results for the quarter were driven by our continued success in developing the potential of our facilities and events. The DieHard 500, held at the Talladega Superspeedway was sold out as approximately 124,000 spectators filled the stands, including an additional 16,000 grandstand seats added since last year's event."
Mr. France said that this past weekend's Pepsi 400 at Daytona was "a great success. The CBS broadcast of the race marked the first time a network televised a motorsports event live during primetime. Even with approximately 13,000 seats added since last year's race, all permanent grandstand seating for the night-time event was sold out for the second year in a row."
Commenting on future projects, France said that the development of 75,000-seat superspeedway in Kansas City was progressing with racing at the facility targeted for 2001. The ISC is also co-ordinating efforts with the Trump Organization to enter the metro New York market with preliminary evaluations underway at several sites. France confirmed that the definitive merger plans with Penske Motorsports should be completed on July 26th, earlier than previously expected.
International Speedway Corporation (ISC) has reported record results for the second quarter and six months ended May 31, 1999.
