(By Balachander) International Speedway Corp. (NASDAQ:ISCA) warned its 2012 non-GAAP earnings will be below its forecast of $1.50 per share and the owner of motorsports entertainment facilities posted a quarterly loss.
The company cited the shortfall to its aggregate outlook on the performance of fourth quarter motorsports events and lower-than-budgeted equity net income from the Hollywood Casino at Kansas Speedway.
Wall Street analysts, on average, expect ISCA to earn $1.56 a share for the year ending November.
For the third quarter, the company lost 2 cents a share, compared with earnings of 20 cents a share in the year-ago period. Excluding items, earnings per share plunged to one cent from 24 cents, also trailing market expectations of 8 cents.
Revenue dropped 23 percent to $116 million. On an adjusted basis, revenue fell 3 percent, while consensus estimate called in for revenue of $127.35 million.
"Similar to the two prior quarters, year-over-year comparison for the quarter was impacted by scheduling changes," commented ISC Chief Executive Lesa France Kennedy.
The company said schedule changes were primarily related to the timing of the NASCAR weekend at Kansas Speedway and a NASCAR Nationwide series event it no longer promotes.
Meanwhile, International Speedway backed low end of its 2012 revenue outlook of $610.0 million.
ISCA shares, which have been trading in the 52-week range of $20.08 to $29.30, ended at $28.45 on Wednesday.