UPDATE 1-International Speedway to cut jobs, take charge

* To take charge of $0.02-$0.03 a share in 2010

* Says COO quits, not to replace him

Aug 17 (BestGrowthStock) – Race-track owner International Speedway
Corp (ISCA.O: ) said it would cut jobs, lower costs and take a
related charge in 2010.

The Daytona Beach, Florida-based company said its Chief
Operating Officer Roger VanDerSnick has quit and it has no
plans to replace him.

The company, which has been battling falling revenue as
attendance at race events dipped, said in July it expects
attendance revenue to fall in 2010. [ID:nSGE6670FS]

“As the economic recovery expected earlier in 2010 has not
materialized, the company will initiate additional
organizational and structural changes through the remainder of
its fiscal year,” the company said.

The company, which has been lowering ticket prices amid the
downturn to boost attendance at racetracks, said it will take a
charge of $1.5-$1.9 million, or 2-3 cents a share.

These initiatives will lower the company’s direct operating
expenses, beginning in 2011, by $20-$30 million in sustainable
reductions.

Additional non-material cash and non-cash charges will be
incurred in 2011 and 2012, depending on the timing of other
business changes, International Speedway said.

Shares of the company, which have fallen 14 percent in the
past three months, were trading down 10 cents at $24.95 Tuesday
afternoon on Nasdaq.
(Reporting by Vidya Lakshmi in Bangalore; Editing by Don
Sebastian)

UPDATE 1-International Speedway to cut jobs, take charge