International Speedway Corp. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended August 31, 2017; Reiterates Earnings Guidance for the Full Year 2017
For the nine months, the company reported revenues of $445,169,000 compared to $439,177,000 a year ago. Operating income was $54,394,000 compared to $58,582,000 a year ago. Income before income taxes was $60,357,000 compared to $71,826,000 a year ago. Net income was $34,765,000 or $0.78 per basic and diluted share compared to $43,902,000 or $0.95 per basic and diluted share a year ago. Net cash provided by operating activities was $134,345,000 compared to $198,622,000 a year ago. Capital expenditures were $77,559,000 compared to $110,234,000 a year ago. Non-GAAP income before taxes was $61,953,000 compared to $57,740,000 a year ago. Non-GAAP net income was $37,864,000 or $0.85 per diluted share compared to $35,251,000 or $0.76 per diluted share a year ago.
The company reiterated earnings guidance for the full year 2017. For the year, the company expects revenue of $660.0 million to $670 million, operating margin of 15.5% to 17.0%, effective tax rate of 38.0% to 38.5% and diluted earnings per share of $1.50 to $1.65. The company's guidance for EBITDA is to range between $208.00 million to $218.0 million. For fiscal 2017, the company expects total capital expenditures associated with 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. Operating margin is estimated between $15.5 million and 17%. Net interest expense on a non-GAAP basis will be between $15 million and $15.5 million.