LONDON, UK / ACCESSWIRE / February 05, 2018 / Active-Investors.com has just released a free earnings report on International Speedway Corp. (NASDAQ: ISCA) ("ISC"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=ISCA. The Company reported financial results on January 25, 2018, for its fourth quarter and full-year ended November 30, 2017. ISC's full revenue for 2017 reached the highest levels since 2010, mainly driven by successful corporate and broadcast partnerships. Register today and get access to over 1,000 Free Research Reports by joining our site below:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, International Speedway most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
ISC's total revenues for the fourth quarter ended November 30, 2017, reached $226.26 million, 1.99% up from $221.84 million for the quarter ended November 30, 2016. This increased revenue can be attributed to successful consumer sales strategies that led to increased admissions. The Company's revenue numbers exceeded analysts' estimates by $3.9 million.
The Company's operating income was approximately $41.76 million for Q4 FY17, 18.50% down from $51.24 million in Q4 FY16. This was mainly due in increase in operating expenses from $170.59 million to $184.50 million due to greater depreciation and amortization charges this year.
For Q4 FY17, ISC generated a net income of $76.06 million, or $1.72 per diluted share, up 134.46% compared to net income of approximately $32.44 million, or $0.72 per diluted share, in Q4 FY16. The Company's non-GAAP net income for the reported quarter was $34.22 million, or $0.77 per diluted share, 4.23% higher than non-GAAP net income of $32.83 million, or $0.72 per diluted share, in the year ago same period. ISC's Q4 FY17 non-GAAP net income excluded capitalized interest and costs related to certain track redevelopment projects, losses associated with the retirements of certain other long-lived assets, accelerated depreciation, non-cash gain related to the transition of merchandise operations, net gain on sale of certain assets, and a non-recurring net tax benefit related to ISC's investment in Motorsports Authentics Inc. The Company's earnings beat Wall Street's estimates of $0.74 per share.
For full year 2017, ISC generated total revenues of $671.43 million, 1.57% higher than $661.02 million in FY16. This increment in revenues can be attributed to ISC's corporate and broadcast partnerships as well as the successful integration of strategic investments in its facilities and development projects.
ISC's net income for the full year 2017 was $110.82 million, i.e. $2.48 per diluted share, up 45.17% from the net income of $76.34 million, or $1.66 per diluted share, in 2016. Similarly, the non-GAAP net income for this year was $72.08 million, or $1.61 per diluted share, 4.82% higher than non-GAAP net income of $68.08 million, or $1.48 per diluted share, in the previous year.
ISC had cash and cash equivalents of $256.70 million, as on November 30, 2017, compared to $263.73 million on November 30, 2016.
In the year 2017, ISC increased its dividend 4.9% to $0.43 per share and it intends to further increase the dividend in 2018 and beyond, by approximately 4-5% on annualized basis.
The Company's cash inflow from operating activities was $191.38 million for FY17 compared to $245.89 million in FY16. The Company repurchased 979,328 shares of ISC on the open market at a weighted average share price of $35.76 for a total of approximately $35.0 million in FY17. The Company had approximately $171.6 million remaining repurchase authority under the current $530.0 million Stock Purchase Plan, as on November 30, 2017.
For full year 2018, ISC expects to generate revenues of $680.0 million to $695.0 million. The Company is anticipating an operating margin of 15.5% to 16.5% and a corporate tax rate of 26.0% to 27.0% compared to 38.4% in 2017. ISC is projecting diluted earnings per share for FY18 would be in the range of $1.90 to $2.10.
ISC forecasts that the broadcast rights for NASCAR's top three racing series would increase by 3.6% to approximately $348.3 million in 2018. It also expects a 3.8% increase in NASCAR's Event Management Fees, 3% increase in general and administrative expenses as well as increment in ISM Raceway and Richmond expenses. The Company's guidance for EBITDA is estimated to be between $241.0 million and $252.0 million, which includes pre-tax cash distributions in the range of $26.0 million and $27.0 million from equity investments in the Hollywood Casino.
Stock Performance Snapshot
February 02, 2018 - At Friday's closing bell, International Speedway's stock declined 2.23%, ending the trading session at $46.10.
Volume traded for the day: 191.55 thousand shares, which was above the 3-month average volume of 115.05 thousand shares.
Stock performance in the last month – up 15.83%; previous three-month period – up 19.43%; past twelve-month period – up 26.30%; and year-to-date – up 15.68%
After last Friday's close, International Speedway's market cap was at $2.07 billion.
Price to Earnings (P/E) ratio was at 18.49.
The stock has a dividend yield of 0.93%.
The stock is part of the Services sector, categorized under the Sporting Activities industry.
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