International Speedway Corporation reported financial results for its fiscal second quarter ended May 31, 2016.
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Total revenues for the second quarter ended May 31, 2016 were approximately $167.6 million, compared to revenues of approximately $164 million in the second quarter of fiscal 2015.
Operating income was approximately $23.7 million during the period compared to approximately $19.2 million in the second quarter of fiscal 2015.
"DAYTONA Rising has been well received by industry stakeholders and is on track to meet or exceed expectations of delivering an incremental $15 million EBITDA by the end of fiscal 2016," stated Lesa France Kennedy, ISC Chief Executive Officer.
"Last weekend we ran the Coke Zero 400 at Daytona, which realized increases in all areas of revenue and attendance, adding to the success of events held earlier this year during Speedweeks and Bikeweek.
"Also, in the second quarter, we hosted the inaugural Country 500 music festival at Daytona, premiering top country music artists for an enthusiastic crowd during the three-day event."
"Construction for One Daytona has commenced with land and infrastructure improvements underway. Cobb Theatres has gone vertical and we expect construction of the Bass Pro Shops location to commence in the near future.
"We are excited about the opportunities One Daytona will bring, creating synergy with Daytona Rising through enhanced customer and partner experiences and leveraging our real estate on a year-round basis, while creating value for our shareholders. We are targeting the opening of ONE DAYTONA in 2017."
"During the second quarter we completed the sale of the interest in our Staten Island property, which resulted in a gain of approximately $13.6 million and cash received of approximately $67.0 million, further strengthening ISC's financial position.
"During the quarter, we also announced a 58% increase in our dividend, demonstrating our commitment to delivering shareholder value." ■