LONDON, UK / ACCESSWIRE / October 13, 2017 /Pro-Trader Daily has just published a free post-earnings coverage on International Speedway Corp. (NASDAQ: ISCA), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=ISCA, following the Company's posting of its third quarter fiscal 2017 financial results on October 05, 2017. The motorsports and entertainment Company surpassed revenue and earnings expectations and reaffirmed its fiscal 2017 guidance. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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International Speedway's total revenues for the third quarter ended August 31, 2017, were $131.94 million, compared to revenues of $128.99 million in Q3 FY16. The Company's revenue numbers topped analysts' estimates of $128.2 million.
During Q3 FY17, International Speedway's operating income totaled $2.15 million, compared to $3.74 million in Q3 FY16. Depreciation and amortization expense increased to $27.81 million for the reported quarter, compared to $26.00 million in the year ago same period, largely due to accelerated depreciation relating to the Phoenix Raceway Project and other capital improvements at Richmond Raceway and new assets placed in service associated with ONE DAYTONA.
International Speedway's net income was $265,000, or $0.01 per diluted share, for Q3 FY17 compared to $2.17 million, or $0.05 per diluted share, in Q3 FY16. Excluding legal settlement, non-recurring, pre-opening costs associated with The Phoenix Raceway Project, accelerated depreciation related to The Phoenix Raceway Project and other capital improvements, the Company's non-GAAP net income was $2.9 million, or $0.06 per diluted share, for the reported quarter, compared to $1.4 million, or $0.03 per diluted share, for the year ago same period and also came in ahead of Wall Street's expectations of $0.03 per share.
International Speedway's Admissions revenue was $22.77 million for Q3 FY17, a decrease of less than $100,000 or less than 1%, compared to Q3 FY16. The average ticket price for Monster Energy NASCAR Cup Series events held during the reported quarter was approximately $85.60, an increase of 3% on a y-o-y basis.
For Q3 FY17, International Speedway's Motorsports and other event-related revenue increased to $94.03 million, compared to $90.25 million in Q3 FY16, primarily due to increased TV broadcast rights, corporate partnerships, and advertising revenues. The Company's food, beverage, and merchandise revenue rose to $11.12 million, compared to $10.85 million in the year ago corresponding period, primarily related to catering and concession operations provided by the Company's Americrown subsidiary at non-ISC motorsports facilities.
During Q3 FY17, NASCAR event management fees increased to $32.53 million versus $31.33 million in Q3 FY16. The increase was attributed to variable costs, driven by higher television broadcast rights fees for the NASCAR Monster Energy Cup, Xfinity and Camping World Truck Series events, and contracted increases in non-TV NASCAR event management fees.
Motorsports and other event-related expense increased slightly to $32.23 million versus $31.97 million in Q3 FY16. The increase of less than 1% was primarily related to the improvement of guest services at NASCAR events, partially offset by certain cost-containment initiatives. Food, beverage, and merchandise expense increased to $9.1 million. The increase is related to higher catering and concession operations provided at non-ISC motorsports facilities. Food, beverage, and merchandise expense as a percentage of associated revenue increased to approximately 81.9%.
At the end of Q3 FY17, International Speedway's combined cash and cash equivalents totaled $268.9 million and shareholders' equity was $1.4 billion. The Company's deferred income was approximately $84.2 million, comparable to the year ago same period. At the end of the reported quarter, the Company's total principal outstanding on debt was approximately $264.4 million, which included $165 million in senior notes, $52.2 million in TIF bonds associated with the Kansas Speedway, and $47.2 million for International Speedway's term-loan on its headquarters office building.
International Speedway is anticipating dividends to increase in 2018 and beyond by approximately 4% to 5% annually. For the 9-month ended August 31, 2017, the Company repurchased approximately 979,000 shares on the open market at an average price of $35.76 and for a total of approximately $35 million.
On August 31, 2017, International Speedway had approximately $171.6 million remaining repurchase authority under the current $530 million stock purchase plan. For FY17 through 2021, the Company expects its return of capital program to be approximately $280 million, comprised of nearly $100 million in total annual dividends and $180 million in open-market repurchases of International Speedway's shares over the 5-year period.
For FY17, International Speedway is forecasting total revenues to be in the range of $660 million to $670 million, EBITDA margin to grow between 31.5% to 32.5%, with EBITDA ranging in the band of $208 million to $218 million. The Company's operating margin for the fiscal year is estimated to be between $15.5% and 17%. International Speedway' is projecting non-GAAP effective tax rate to be in the band of 38% to 38.5%, and non-GAAP earnings of $1.50 to $1.65 per diluted share.
For fiscal 2017, International Speedway is estimating total capital expenditures associated with its capital allocation plan to range between $150 million and $175 million. This includes between $100 million and $115 million for existing facilities and $50 million to $60 million in capital expenditures related to the construction of ONE DAYTONA.
On Thursday, October 12, 2017, the stock closed the trading session at $39.17, marginally down 0.32% from its previous closing price of $39.30. A total volume of 112.32 thousand shares have exchanged hands. International Speedway's stock price surged 16.94% in the last three months, 4.89% in the past six months, and 26.37% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 6.45%. The stock is trading at a PE ratio of 25.62 and has a dividend yield of 1.10%. At Thursday's closing price, the stock's net capitalization stands at $1.67 billion.
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