DAYTONA BEACH, Fla., April 7 /PRNewswire-FirstCall/ -- International Speedway Corporation (NASDAQ Global Select Market: ISCA; OTC Bulletin Board: ISCB) ("ISC") today reported results for the fiscal first quarter ended February 28, 2009.

"While pleased with the level of excitement and competition on the track as well as the fans' avid support of NASCAR, we are not immune to the broader macroeconomic challenges facing all businesses," said ISC President Lesa France Kennedy. "We are addressing these challenges on a number of fronts. Most notably, we are making it more affordable for our fans to attend our events by reducing ticket prices, providing value-added opportunities to enhance the guest experience, and working with community partners to further reduce the overall cost of attending a race. Also, given the close scrutiny that is being placed on marketing budgets, we have escalated our efforts to provide our corporate partners with innovative marketing solutions that deliver a clearly measurable return on investment."

Ms. France Kennedy continued, "On the expense side, we are aggressively managing our controllable expenses to scale the events appropriately without detrimentally impacting the experience for our fans. We have also undertaken a company-wide initiative to reduce pricing and, when appropriate, scope of services with vendors and suppliers. All of these cost control measures are designed to ensure that our business remains strong and continues to generate substantial cash flow. Lastly, we are maintaining a solid capital structure that allows us to weather any short-term volatility while providing us the flexibility to capitalize on potential opportunities that will increase shareholder value."

First Quarter Comparison

Total revenues for the first quarter decreased to $166.1 million, compared to revenues of $193.9 million in the prior-year period. Operating income was $50.0 million during the period compared to $66.9 million in the first quarter of fiscal 2008. In addition to the macroeconomic challenges, quarter-over-quarter comparability was impacted by:

-- Exceptionally strong consumer and corporate demand for the 50th running

of the Daytona 500 and surrounding events in the first quarter of 2008.

The historic race provided unique opportunities to drive revenue above

the otherwise strong appeal of one of sport's most marquee events.

-- The 2008 first quarter also included a non-cash charge of $3.8 million,

or $0.07 per diluted share after tax, to correct the carrying value of

certain other assets as of November 30, 2007. In addition, the first

quarter of 2008 included an impairment charge of $0.7 million, or $0.01

per diluted share after tax, related to charges for the fill removal

process on the Company's Staten Island property and, to a lesser

extent, the net book value of certain assets retired from service.

-- The first quarter of 2009 included a $1.6 million, or $0.03 per diluted

share after tax, charge for equity in net loss from equity investments

related to Motorsports Authentics, LLC ("MA"), the

Company's motorsports-related merchandise 50/50 joint venture with

Speedway Motorsports Inc. The 2008 first quarter included equity income

of $1.1 million, or $0.02 per diluted share after tax, due to the strong

product sales primarily associated with a new team, car number and

sponsor for Dale Earnhardt, Jr., NASCAR's most significant

licensee. In addition, merchandise sales from the 50th running of the

Daytona 500 drove strong results for the prior year period.

Net income was $25.1 million, or $0.52 per diluted share, compared to net income of $36.2 million, or $0.71 per diluted share, in the prior year. Excluding the aforementioned correction of certain other assets' carrying value amounts; impairment charges; operating results from the Company's equity investment; and, accelerated depreciation of $0.5 million, or $0.01 per diluted share after tax, for certain office and related buildings in Daytona Beach associated with the Company's previously announced Daytona Live! project (the 2008 first quarter also included similar accelerated depreciation charges), non-GAAP (defined below) net income for the first quarter of 2009 was $27.2 million, or $0.56 per diluted share. Non-GAAP net income for the first quarter of 2008 was $39.7 million, or $0.78 per diluted share.

GAAP to Non-GAAP Reconciliation

The following financial information is presented below using other than generally accepted accounting principles ("non-GAAP"), and is reconciled to comparable information presented using GAAP. Non-GAAP net income and diluted earnings per share below are derived by adjusting amounts determined in accordance with GAAP for certain items presented in the accompanying selected operating statement data, net of taxes.

The 2008 adjustments relate to: a benefit for equity in net income from equity investment; accelerated depreciation for certain office and related buildings in Daytona Beach; the impairment of long-lived assets associated with the fill removal process on the Staten Island property and the net book value of certain assets retired from service; and, a non-cash charge to correct the carrying value of certain other assets.

The adjustments for 2009 relate to: a charge for equity in net loss from equity investment; accelerated depreciation for certain office and related buildings in Daytona Beach; and, the impairment of long-lived assets associated with the net book value of certain assets retired from service,.

The Company believes such non-GAAP information is useful and meaningful to investors, and is used by investors and ISC to assess core operations. This non-GAAP financial information may not be comparable to similarly titled measures used by other entities and should not be considered as an alternative to operating income, net income or diluted earnings per share, which are determined in accordance with GAAP.

(In Thousands, Except Per Share Amounts)

(Unaudited)

Three Months Ended

February 29, February 28,

2008__ 2009

------------- -------------

Net income__ $36,211__ $25,146

Loss from discontinued operations, net of tax__ 31__ 42

--__ --

Income from continuing operations__ 36,242__ 25,188

Equity in net (income) loss from equity

investment, net of tax__ (1,102)__ 1,639

------__ -----

Consolidated income from continuing operations

excluding equity in net (income) loss from

equity investment__ 35,140__ 26,827

Adjustments, net of tax:

Additional depreciation__ 320__ 309

Impairment of long-lived assets__ 448__ 33

Correction of certain other assets'

carrying value__ 3,758__ -

-----__ --

Non-GAAP net income__ $39,666__ $27,169

=======__ =======

Per share data:

Diluted earnings per share__ $0.71__ $0.52

Loss from discontinued operations, net of tax__ -__ -

--__ --

Income from continuing operations__ 0.71__ 0.52

Equity in net (income) loss from equity

investment__ (0.02)__ 0.03

-----__ ----

Consolidated earnings per share from continuing

Operations excluding equity in net (income)

loss from equity investment__ 0.69__ 0.55

Adjustments, net of tax:

Additional depreciation__ 0.01__ 0.01

Impairment of long-lived assets__ 0.01__ -

Correction of certain other assets'

carrying value__ 0.07__ -

----__ --

Non-GAAP diluted earnings per share__ $0.78__ $0.56

=====__ =====__

Recent Events

For the start of the motorsports season, Daytona hosted its annual lineup of events branded DIRECTV Speedweeks(R), which combines the best sports car, truck and stock car racing in the world, and culminates with the Daytona 500(R). The multi-week lineup began with the prestigious Grand-Am Rolex 24, which was highlighted by the closest finish in the 47-year history of the event.

DIRECTV Speedweeks(R) continued with several exciting stock car and truck racing events, culminating with the 51st running of the Daytona 500(R). While this year's "The Great American Race(R)" featured some of the most thrilling competition in recent memory, unfortunately the event was rained shortened to only 152 of the scheduled 200 laps. The weekend following, NASCAR's Sprint Cup, Nationwide and Camping World Truck series returned to Auto Club Speedway, which is located near Los Angeles, the nation's second largest media market.

Subsequent to the fiscal first quarter, Daytona hosted a successful week of motorcycle racing that included the Daytona Supercross and the 68th running of the Daytona 200(R). Auto Club Speedway also held a weekend of exciting motorcycle racing.