UPDATE 1-International Speedway Q2 lags Street, cuts FY view

* Q2 adj EPS $0.22 vs est $0.29

* Revenue $142.2 mln vs est $144.7 mln

* Cuts FY adj EPS view to $1.50-$1.60 * Cuts FY rev view to
$650 mln-$660 mln

July 8 (BestGrowthStock) – International Speedway Corp (ISCA.O: )
posted lower-than-expected quarterly results as bad weather
during a couple of key race events hurt attendance, and the
race-track owner cut its full-year outlook as it expects
attendance revenue to continue to fall.

Second-quarter results, hurt by a still-troubled economy,
were “compounded by weather issues, which further impacted
attendance-related revenues at our Martinsville Speedway and
Talladega Superspeedway race weekends,” Chief Executive Lesa
France Kennedy said in a statement.

The company posted second-quarter net income of $10.3
million, or 21 cents a share, compared with a net loss of $31.7
million, or 65 cents a share, in the year-ago period.

Excluding items, it earned 22 cents a share, missing
analysts’ average estimate of 29 cents a share, according to
Thomson Reuters I/B/E/S.

Total revenue fell 7 percent to $142.2 million.

The Daytona Beach, Florida-based company expects full-year
profit of $1.50 to $1.60 a share, excluding items, down from
its previous view of $1.60 to $1.80 a share.

Shares of the company closed at $25.01 Wednesday on Nasdaq.

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(Reporting by Mihir Dalal in Bangalore; Editing by Anne

UPDATE 1-International Speedway Q2 lags Street, cuts FY view