ISC Says Partnership Revenue Pacing Ahead of Last Year
While Nascar has recently suffered the loss of some major sponsors, track operator ISC says it has fulfilled 94% of its partnership revenue target for the year as compared to 91% at this time last year. Total revenues for the second quarter were $138.8 million, compared to revenues of $142.2 million in the prior-year period. Operating income increased to $24.1 million during the period compared to $21.3 million in the second quarter of fiscal 2010.
“Through multiple initiatives designed to enhance the long-term performance of the Company, we are pleased to report growth in operating income for both the second quarter and the first six months of fiscal 2011,” ISC Chief Executive Officer Lesa France Kennedy said. “The decrease in revenues year-over-year were primarily attributable to the event schedule changes at Kansas Speedway which last year hosted an IZOD IndyCar and Nascar Camping World Truck series weekend during the second quarter.
ISC has sponsorship agreements in place for approximately 94 percent of its gross marketing partnership revenue target; has announced as sold 19 of 20 Nascar Sprint Cup series entitlements and 16 of 16 Nationwide series event entitlements. This is compared to last year at this time when the Company had contracted approximately 91 percent of its gross marketing partnership revenue target and had one Sprint Cup entitlement open.
ISC recently unveiled a blockbuster seven track deal with STP Brands, which will include title sponsorships at Kansas Speedway and Chicagoland Speedway. In addition, ISC announced Budweiser will continue to serve as both the exclusive official beer sponsor of Daytona International Speedway and the entitlement sponsor for the Budweiser Shootout following a multi-year partnership renewal, which includes a promotional partnership with Homestead-Miami Speedway. Additional entitlement deals with Geico and Michigan Economic Development Corporation were announced during the quarter.