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From ISC – Daytona, FL.

Reported results for the fiscal first quarter ending February 28, 2009.

The April 7th meeting kicked off with a statement from the ISC President.

“While pleased with the level of excitement and competition on the track as well as the fans’ avid support of NASCAR, we are not immune to the broader macroeconomic challenges facing all businesses,” said ISC President Lesa France Kennedy.

First Quarter Comparison

Total revenues for the first quarter decreased to $166.1 million, compared to revenues of $193.9 million in the prior-year period. Operating income was $50.0 million during the period compared to $66.9 million in the first quarter of fiscal 2008. In addition to the macroeconomic challenges, quarter-over-quarter comparability was impacted by:

    --  Exceptionally strong consumer and corporate demand for the 50th
        running of the Daytona 500 and surrounding events in the first quarter
        of 2008.  The historic race provided unique opportunities to drive
        revenue above the otherwise strong appeal of one of sport's most
        marquee events.

    --  The 2008 first quarter also included a non-cash charge of $3.8
        million, or $0.07 per diluted share after tax, to correct the carrying
        value of certain other assets as of November 30, 2007.  In addition,
        the first quarter of 2008 included an impairment charge of $0.7
        million, or $0.01 per diluted share after tax, related to charges for
        the fill removal process on the Company's Staten Island property and,
        to a lesser extent, the net book value of certain assets retired from
        service.

    --  The first quarter of 2009 included a $1.6 million, or $0.03 per
        diluted share after tax, charge for equity in net loss from equity
        investments related to Motorsports Authentics, LLC ("MA"), the
        Company's motorsports-related merchandise 50/50 joint venture with
        Speedway Motorsports Inc.

Net income was $25.1 million, or $0.52 per diluted share, compared to net income of $36.2 million, or $0.71 per diluted share, in the prior year.  Non-GAAP (defined below) net income for the first quarter of 2009 was $27.2 million, or $0.56 per diluted share. Non-GAAP net income for the first quarter of 2008 was $39.7 million, or $0.78 per diluted share.

GAAP to Non-GAAP Reconciliation:

The 2008 adjustments relate to: a benefit for equity in net income from equity investment; accelerated depreciation for certain office and related buildings in Daytona Beach; the impairment of long-lived assets associated with the fill removal process on the Staten Island property and the net book value of certain assets retired from service; and, a non-cash charge to correct the carrying value of certain other assets.

The adjustments for 2009 relate to: a charge for equity in net loss from equity investment; accelerated depreciation for certain office and related buildings in Daytona Beach; and, the impairment of long-lived assets associated with the net book value of certain assets retired from service,.

Non-GAAP diluted earnings per share                $0.78          $0.56
                                                                                              

Outlook

“Although we expect our business will continue to be impacted by a challenging macroeconomic environment throughout 2009, we enjoy a business model that benefits from strong consumer support and a solid foundation of contracted revenues,” stated Ms. France Kennedy.

“These significant top-line visibilities combined with undertaken cost containment measures help ensure that our business will continue to generate substantial cash flow.”

Attendance for 2009 is expected to be down about 15% from 2008. Given the economic climate and financial difficulties the entire country is experiencing  a 15% decline seems fairly acceptable.

To somewhat combate this short-fall in ticket sales, Nascar and ISC have decided to lower ticket prices on a certain number of seats at each of its ISC owned tracks. A simple, yet smart strategy, that will probably pay off…

Full report here: http://ir.iscmotorsports.com/phoenix.zhtml?c=113983&p=irol-newsArticle&ID=1274018&highlight=

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