International Speedway Corp. (ISCA, Financial) filed Annual Report for the period ended 2012-11-30.
International Speedway Corporation has a market cap of $1.22 billion; its shares were traded at around $26.58 with a P/E ratio of 22 and P/S ratio of 2. The dividend yield of International Speedway Corporation stocks is 0.7%.
Domestic broadcast media rights fees provide significant cash flow visibility to us, race teams and NASCAR over the contract term. Television broadcast and ancillary rights fees from continuing operations received from NASCAR for the NASCAR Sprint Cup, Nationwide and Camping World Truck series events conducted at our facilities under these agreements, and recorded as part of motorsports related revenue, were approximately $269.1 million, $278.8 million and $281.2 million for fiscal 2010, 2011 and 2012, respectively. Operating income generated by these media rights were approximately $197.5 million, $204.5 million and $204.4 million for fiscal 2010, 2011 and 2012, respectively.
Motorsports related revenue decreased approximately $9.0 million, or 2.1 percent, in fiscal 2012 as compared to fiscal 2011. The decrease largely attributable to the previously discussed NASCAR Nationwide event at Stock Car Montreal that we no longer promote, as well as the previously discussed reduction in ancillary rights and decreases in sponsorship, suite and hospitality revenue for certain events held during the periods. Partially offsetting these decreases were increases in television broadcast revenue for events held during fiscal 2012, as well as the previously discussed IndyCar Series event held at Auto Club Speedway in fiscal 2012, for which there was no comparable event.
Motorsports related revenue increased approximately $4.7 million, or 1.1 percent, in fiscal 2011 as compared to fiscal 2010. The increase was substantially attributable to increased television broadcast and ancillary rights as well as increased sponsorship, suite and hospitality revenue for certain events held during the fiscal year. The increase was partially offset by the net impact of the previously discussed IndyCar Series schedule changes as well as certain non-comparable operations.
Our wholly owned subsidiary, Raceway Associates, LLC, which owns and operates Chicagoland and Route 66, has debt outstanding in the form of revenue bonds payable (“4.82 percent Revenue Bonds”), consisting of economic development revenue bonds issued by the City of Joliet, Illinois to finance certain land improvements. The 4.82 percent Revenue Bonds have an interest rate of 4.82 percent and a monthly payment of approximately $29,000 principal and interest. At November 30, 2012, outstanding principal on the 4.82 percent Revenue Bonds was approximately $1.0 million.
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International Speedway Corporation has a market cap of $1.22 billion; its shares were traded at around $26.58 with a P/E ratio of 22 and P/S ratio of 2. The dividend yield of International Speedway Corporation stocks is 0.7%.
Highlight of Business Operations:
Domestic broadcast and ancillary media rights fees revenues are an important component of our revenue and earnings stream. Starting in 2007, NASCAR entered into combined eight-year agreements with FOX, ABC/ESPN, TNT and SPEED for the domestic broadcast and related rights for its three national touring series — Sprint Cup, Nationwide and Camping World Truck. The agreements total approximately $4.5 billion over the eight-year period from 2007 through 2014. This results in an approximate $560.0 million gross average annual rights fee for the industry, a more than 40.0 percent increase over the previous contract average of $400.0 million annually. The industry rights fees were approximately $515.0 million, $530.0 million, $545.0 million, $565.0 million, and $585.0 million for fiscal 2008, 2009, 2010, 2011, and 2012 respectively, and will be approximately $605.0 million for 2013; and $630.0 million for 2014.Domestic broadcast media rights fees provide significant cash flow visibility to us, race teams and NASCAR over the contract term. Television broadcast and ancillary rights fees from continuing operations received from NASCAR for the NASCAR Sprint Cup, Nationwide and Camping World Truck series events conducted at our facilities under these agreements, and recorded as part of motorsports related revenue, were approximately $269.1 million, $278.8 million and $281.2 million for fiscal 2010, 2011 and 2012, respectively. Operating income generated by these media rights were approximately $197.5 million, $204.5 million and $204.4 million for fiscal 2010, 2011 and 2012, respectively.
Motorsports related revenue decreased approximately $9.0 million, or 2.1 percent, in fiscal 2012 as compared to fiscal 2011. The decrease largely attributable to the previously discussed NASCAR Nationwide event at Stock Car Montreal that we no longer promote, as well as the previously discussed reduction in ancillary rights and decreases in sponsorship, suite and hospitality revenue for certain events held during the periods. Partially offsetting these decreases were increases in television broadcast revenue for events held during fiscal 2012, as well as the previously discussed IndyCar Series event held at Auto Club Speedway in fiscal 2012, for which there was no comparable event.
Motorsports related revenue increased approximately $4.7 million, or 1.1 percent, in fiscal 2011 as compared to fiscal 2010. The increase was substantially attributable to increased television broadcast and ancillary rights as well as increased sponsorship, suite and hospitality revenue for certain events held during the fiscal year. The increase was partially offset by the net impact of the previously discussed IndyCar Series schedule changes as well as certain non-comparable operations.
Our wholly owned subsidiary, Raceway Associates, LLC, which owns and operates Chicagoland and Route 66, has debt outstanding in the form of revenue bonds payable (“4.82 percent Revenue Bonds”), consisting of economic development revenue bonds issued by the City of Joliet, Illinois to finance certain land improvements. The 4.82 percent Revenue Bonds have an interest rate of 4.82 percent and a monthly payment of approximately $29,000 principal and interest. At November 30, 2012, outstanding principal on the 4.82 percent Revenue Bonds was approximately $1.0 million.
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