International Speedway Corp., the France family's sister company to NASCAR, posted an increase in net income for the fourth quarter of 2007, Bloomberg News reported Thursday.
The news service said ISC's fiscal fourth-quarter net income rose on higher ticket sales and the absence of a loss to write down the value of a New York property. The nation's largest track operator had hoped to build a speedway in the New York metropolitan area, but that effor fell through last year, as did the company's plans for a new speedway in Washington state.
Net income rose to $22.5 million, or 43 cents a share, from $7.79 million, or 15 cents, a year earlier, the Daytona Beach, Florida-based company said in a statement. Revenue in the period ended Nov. 30 was little changed at $253.5 million.
Admission at the company’s 13 tracks increased 6.3 percent to $78.2 million after ISC's acquisition of Chicagoland Speedway and Route 66 Raceway near Chicago in February, Bloomberg reported. Motorsports revenue, which includes the company’s share of television income, slipped to $143.7 million from $149.3 million.
Profits were impacted by ISC's 50 percent stake in Motorsports Authentics, which sells racing and driver-branded products, according to the Bloomberg report. The venture wrote down the value of its inventory after a number of popular NASCAR drivers changed teams and sponsors, reducing demand for souvenirs.
Motorsports Authentics, which the company owns with No. 2 track operator Speedway Motorsports Inc., reduced net income by $34.8 million, or 65 cents a share.