International Speedway Corp Class A (NASDAQ: ISCA) stock recovers post a crazy crash

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International Speedway Corp Class A (NASDAQ: ISCA) stock plunged 16.47% on October 4th, 2018 but recovered over 2.2% on October 5th, 2018 (as of 11:04 AM GMT-4 ; Source: Google finance)

The company announced its fiscal third-quarter financial results which led to the stock volatility. The motor speedway specialist said that revenue jumped more than 20% from the year-earlier quarter, leading to operating income that was almost five times higher than in the third quarter of fiscal 2017. However, a big part of the rise came from a calendar shift in when key NASCAR races were held at the company’s Chicagoland Speedway. Moreover, guidance for the remainder of the year was less optimistic

During the third quarter of 2018, ISCA received lease rents, and incurred operating expenses, related to ONE DAYTONA as a result of certain tenants commencing operations in the period, for which there was no comparable activity in the same periods of fiscal 2017. During the third quarter of 2018, the company recognized approximately $0.1 million, or less than $0.01 per diluted share, in non-recurring costs that are included in general and administrative expense related to The ISM Raceway Project. During the three months ended August 31, 2017, the company has recognized approximately $0.1 million in similar costs related to The ISM Raceway Project. For the third quarter of 2018, the company has recognized $2.1 million, of accelerated depreciation due to shortening the service lives of certain assets associated with The ISM Raceway Project and other capital improvements, including the infield project at Richmond Raceway. There were no similar charges incurred during the three months ended August 31, 2017.

Moreover, capital expenditures for existing facilities up to $500.0 million from fiscal 2017 through fiscal 2021.  This allocation will fund a reinvestment at ISM Raceway, as well as all other maintenance and guest experience capital expenditures for the remaining existing facilities.

In fiscal 2018, the company has increased the dividend approximately 9.3 percent to $0.47 per share.  The company expect dividends to increase in 2019 and beyond, by approximately four to five percent annually. For the nine months ended August 31, 2018, the company has repurchased 177,899 shares of ISCA on the open market at a weighted average share price of $41.26 for a total of approximately $7.3 million. At August 31, 2018, the company had approximately $164.2 million remaining repurchase authority under the current $530.0 million Stock Purchase Plan.

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