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http://seekingalpha.com/article/147485-international-speedway-corporation-q2-2009-earnings-call-transcript

International Speedway Corporation Q2 2009 Earnings Call Transcript
International Speedway Corporation (ISCA)

Q2 2009 Earnings Call

July 7, 2009 9:00 am ET

Executives

Charles Talbert - Director of Investor and Corporate Communication

Lesa France Kennedy - Chief Executive Officer

John Saunders – President

Dan Houser - Senior Vice President and Chief Financial Officer


Analysts

Alvin Concepcion – Citi

John Fox - Fenimore Asset Management

Tim Conder – Wells Fargo

Edward Williams – BMO Capital Markets

Randall Pollock - Vanguard Group

Barry Lucas – Gabelli & Company

Presentation

Operator

(Operator Instructions) Welcome to the International Speedway Corporation 2009 Second Quarter Conference Call. I would now like to turn the conference over to Charles Talbert, Director of Investor and Corporate Communication for International Speedway.

Charles Talbert

Welcome to International Speedway Corporation Conference Call. We are here to discuss the company’s results for the Second Quarter ended May 31, 2009. With us on this call are Lesa France Kennedy, Chief Executive Officer, John Saunders, President and Dan Houser, Senior Vice President and Chief Financial Officer. After our formal remarks a question and answer period will follow. The operator will instruct you on procedures at that time.

Before we get started I’d like to remind everyone that the statements made in the course of this conference call that express the company’s or management’s beliefs and expectations and which are not historical facts or applied prospectively are considered forward looking statements. It’s important to note that our actual results may differ materially from those contained in or implied by such forward looking statements.

Additional information concerning factors that could cause actual results to differ materially from those in the forward looking statements is contained from time to time in the company’s SEC filings including but not limited to the 10-K and 10-Qs. Copies of these filings are available from the company and the SEC.

The company undertakes no obligation to release publicly any revisions to these forward looking statements that may be needed to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Inclusion of any statement in this call does not constitute an admission by ISC or any other person that events or circumstances described in such statements are material.

With those formalities out of the way I will turn the call over to Lesa.

Lesa France Kennedy

First of all this is the first chance that I’ve had the opportunity to speak to you as CEO and I’m looking forward to joining these calls from time to time as our schedule permits and as things are going on that I should be available. I wanted to tell you and assure you too that our succession plan has been in place for a number of years and that we continue to evaluate it on a regular basis.

We appreciate Jim’s contribution and he will still be available and we will be able to continue to utilize his experience. We have a strong and focused management team and this is also a result of our succession planning and also the foundation of our sport.

Before we get into the details of our presentation I wanted to talk to you today about the power of NASCAR. For 60 years NASCAR has had great racing and the sport has continued to evolve. The one thing that I think has really helped NASCAR over the years is that it has been a very nimble sport and they’ve been able to make changes and adjustments over the years as business changes or as the sport changes that accommodate the industry.

We’ve experienced all economic conditions and we’ve always emerged as a stronger and a better sport and stronger and better business and we also have the opportunity before us now. We still have 70 plus million fans and it is the number one spectator sport. In addition to that we have strong demographics that are attractive to our advertisers as well as our TV partners.

Contrary to what you might have read, our television ratings are still strong. What we tend to focus on is the long term ratings that that rise that we’ve had over a number of years even though ratings can fluctuate from year to year. We are televised in 150 countries and we are ranked the number two regular season sport on television.

We also continue to be embraced by local economies where we will typically add $100 to $200 million in local and regional economies when we have sports and events in their areas.

With that I would like to thank you all. I’m really looking forward to moving forward and also to participating in these calls and also the updates as we move forward. I’ll now turn it over to John Saunders.

John Saunders

Second quarter and year to date financial results have gone essentially as we have expected. It is a challenging operating environment that continues to put downward pressure on all non-contracted revenue streams. Fortunately we have long lived by a rigorous and prudent financial discipline with the first principal being to maintain a strong balance sheet. Due to this strategy our liquidity position is solid and our cost of borrowing remains relatively low.