Total revenues increased to $816.6 million from $798.4m in 2006. Operating income for the twelve months was $241.7m compared to $199.2m the previous year.
"While the consolidation of results from events at Chicagoland Speedway and Route 66 Raceway was an important driver of top-line growth, we also benefited from higher corporate partner spending for sponsorship, hospitality and advertising for our comparable events during the full year,” said ISC President
Lesa France Kennedy. “In addition, we enjoyed solid overall consumer demand during 2007, despite a challenging economic backdrop."
ISC reiterated its 2008 total revenue guidance range of $805 million to $825 million. France Kennedy continued, "NASCAR's entitlement changes to the Sprint Cup and the Nationwide series are driving increased awareness for the sport, and the full-time introduction of the Car of Tomorrow in the Sprint Cup series should result in more exciting, side-by-side competition that is a hallmark of NASCAR racing. Looking specifically at ISC, DIRECTV Speedweeks at Daytona is shaping up nicely, and the very strong level of corporate and consumer demand for the 50th running of the Daytona 500 bodes well for our first quarter results.
"While we are closely monitoring consumer spending and broader macro-economic factors, it is important to note that our business model is one that provides substantial earnings and cash flow visibility, as a significant portion of our earnings are associated with multi-year contracts with staggered maturities. For example, approximately 75 per cent of our earnings per diluted share guidance for fiscal 2008 is associated with NASCAR's domestic television broadcast and ancillary media rights.”
