ISC posts record profits in 2004
International Speedway Corporation has reported record results for the fourth quarter and 12 months of 2004.
Total revenues for the fourth quarter were $231.3 million compared to revenues of $152.1 million in the same period in 2003. Operating income was $92.6 million during the period compared to $51.8 million in the fourth quarter of fiscal 2003. Net income for the fourth quarter of fiscal 2004 was $54.4 million.
ISC says that NASCAR's realignment programme helped boost the prfits in the fourth quarter, with several events being hosted at its tracks for the first time in the end of year segment. The aquisition of Martinsville Speedway also helped boost revenues.
The disposal of Nazareth Speedway and the sale of North Carolina Speedway have been announced in recent months, while ISC is continuing to pursue CART through the bankruptcy courts for a portion of the £2.5 million organsiation and rights fees it claims it is owed from 2003's cancelled event at the California Speedway. CART had pulled the plug on the event because of major wildfires in the state.
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