International Speedway Corp. (ISCA, Financial) filed Quarterly Report for the period ended 2010-05-31.
International Speedway Corp. has a market cap of $1.21 billion; its shares were traded at around $25.01 with a P/E ratio of 14.2 and P/S ratio of 1.8. The dividend yield of International Speedway Corp. stocks is 0.6%. International Speedway Corp. had an annual average earning growth of 5.9% over the past 10 years.ISCA is in the portfolios of David Dreman of Dreman Value Management, Chuck Royce of Royce& Associates, Jean-Marie Eveillard of First Eagle Investment Management, LLC, Jim Simons of Renaissance Technologies LLC.
Our 50.0 percent portion of Motorsports Authentics net loss from operations, including the previously discussed impairment recognized in the second quarter of fiscal 2009, are approximately $57.3 million and approximately $58.9 million, for the three month and six month periods ended May 31, 2009, and are included in equity in net income (loss) from equity investments in our consolidated statements of operations. Under equity method accounting we discontinued applying the equity method since the carrying value of our investment in MA was zero November 30, 2009 and May 31, 2010. Based on this, we did not recognize any net loss from operations of MA during the three and six months ended May 31, 2010, respectively.
Since inception of the Plan through May 31, 2010, we have purchased 5,099,797 shares of our Class A common shares, for a total of approximately $218.0 million. Included in these totals are the purchases of 185,070 shares of our Class A common shares during the six months ended May 31, 2010, at an average cost of approximately $28.53 per share (including commissions), for a total of approximately $5.3 million. There were no purchases of its Class A common shares pursuant to the Plan during the three months ended May 31, 2010. At May 31, 2010, we have approximately $32.0 million remaining repurchase authority under the current Plan.
de-recognized potential interest and penalties totaling approximately $6.2 million or $0.13 per diluted share. This de-recognition of interest and penalties was recognized in the income tax expense in our consolidated statement of operations. Under these terms, we expect to pay between $1.0 million and $2.0 million in total to finalize the remaining settlements with various states. We believe that we have provided adequate reserves related to these various state matters including interest charges through May 31, 2010, and, as a result, do not expect that such an outcome would have a material adverse effect on results of 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 new 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 will be approximately $545.0 million for 2010, and will increase, on average, by approximately three percent per year through the 2014 season. The annual increase is expected to vary between two and four percent per year over the period.
These long-term contracts give 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 wholly-owned facilities under these agreements, and recorded as part of motorsports related revenue, were approximately $58.4 million and $61.0 million for three months ended May 31, 2009 and 2010, respectively, and $122.6 million and $126.1 million for the six months ended May 31, 2009 and 2010, respectively. Operating income generated by these media rights were approximately $42.8 million and $45.0 million for the three months ended May 31, 2009 and 2010, respectively, and $90.0 million and $92.6 million for the six months ended May 31, 2009 and 2010, respectively.
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International Speedway Corp. has a market cap of $1.21 billion; its shares were traded at around $25.01 with a P/E ratio of 14.2 and P/S ratio of 1.8. The dividend yield of International Speedway Corp. stocks is 0.6%. International Speedway Corp. had an annual average earning growth of 5.9% over the past 10 years.ISCA is in the portfolios of David Dreman of Dreman Value Management, Chuck Royce of Royce& Associates, Jean-Marie Eveillard of First Eagle Investment Management, LLC, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
We have accounted for Kansas Entertainment as an equity investment in our financial statements as of May 31, 2010. Our 50.0 percent portion of Kansas Entertainments net loss is approximately $0.5 million and $1.5 million, for the three and six months ended May 31, 2010, related to certain start up costs, and is included in equity in net loss from equity investments in our consolidated statements of operations. There were no operations included in our consolidated statements of operations in the same period in fiscal 2009.Our 50.0 percent portion of Motorsports Authentics net loss from operations, including the previously discussed impairment recognized in the second quarter of fiscal 2009, are approximately $57.3 million and approximately $58.9 million, for the three month and six month periods ended May 31, 2009, and are included in equity in net income (loss) from equity investments in our consolidated statements of operations. Under equity method accounting we discontinued applying the equity method since the carrying value of our investment in MA was zero November 30, 2009 and May 31, 2010. Based on this, we did not recognize any net loss from operations of MA during the three and six months ended May 31, 2010, respectively.
Since inception of the Plan through May 31, 2010, we have purchased 5,099,797 shares of our Class A common shares, for a total of approximately $218.0 million. Included in these totals are the purchases of 185,070 shares of our Class A common shares during the six months ended May 31, 2010, at an average cost of approximately $28.53 per share (including commissions), for a total of approximately $5.3 million. There were no purchases of its Class A common shares pursuant to the Plan during the three months ended May 31, 2010. At May 31, 2010, we have approximately $32.0 million remaining repurchase authority under the current Plan.
de-recognized potential interest and penalties totaling approximately $6.2 million or $0.13 per diluted share. This de-recognition of interest and penalties was recognized in the income tax expense in our consolidated statement of operations. Under these terms, we expect to pay between $1.0 million and $2.0 million in total to finalize the remaining settlements with various states. We believe that we have provided adequate reserves related to these various state matters including interest charges through May 31, 2010, and, as a result, do not expect that such an outcome would have a material adverse effect on results of 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 new 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 will be approximately $545.0 million for 2010, and will increase, on average, by approximately three percent per year through the 2014 season. The annual increase is expected to vary between two and four percent per year over the period.
These long-term contracts give 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 wholly-owned facilities under these agreements, and recorded as part of motorsports related revenue, were approximately $58.4 million and $61.0 million for three months ended May 31, 2009 and 2010, respectively, and $122.6 million and $126.1 million for the six months ended May 31, 2009 and 2010, respectively. Operating income generated by these media rights were approximately $42.8 million and $45.0 million for the three months ended May 31, 2009 and 2010, respectively, and $90.0 million and $92.6 million for the six months ended May 31, 2009 and 2010, respectively.
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