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International Speedway fiscal Q2 profit falls 26.8% YOY

International Speedway Corp. said its normalized net income for the fiscal second quarter ended May 31 came to 38 cents per share, compared with the S&P Capital IQ consensus estimate of 40 cents per share.

EPS decreased 26.9% year over year from 52 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $17.8 million, a decrease of 26.8% from $24.4 million in the year-earlier period.

The normalized profit margin fell to 10.9% from 12.8% in the year-earlier period.

Total revenue decreased 13.8% year over year to $164.0 million from $190.3 million, and total operating expenses decreased 8.8% year over year to $138.0 million from $151.4 million.

Reported net income declined 36.9% year over year to $13.5 million, or 29 cents per share, from $21.4 million, or 46 cents per share.