This is a summary of the second quarter fiscal 2008 earnings call as conducted by International Speedway Corp. (ISCA: chart) on July 9, 2008

Management

- Executive VP & COO: John Saunders
- VP & CFO: Dan Houser
- Sr. Director IR: Wes Harris

Key Investors Issues:

- Net income increased by 41% to $26 million, or 52 cents a share, from $18.4 million, or 35 cents a share in 2007.
- Revenues fell 4% to $174.9 million, compared to revenues of $181.0 million in 2007.
- The firm repurchased 967,000 shares of Class A stock for $40 million.

Half Year Highlights:

- Total revenues were $368.8 million, up marginally from $365.8 million in 2007.
- Net income was $62.2 million or $1.23 per diluted share, up 14.8% from $54.2 million, or $1.02 per diluted share in the prior year.

Second Quarter Highlights

Net income increased by 41% to $26.0 million, or 52 cents a share, from $18.4 million, or 35 cents a share, in the prior year due to lower expenses.

- This was despite an impairment charge of $1.2 million, or 1 cent per diluted share after tax, primarily related to charges for the fill removal process on the Company''s Staten Island property.
- To a lesser extent, the impairment charges included estimated costs for fill removal on the Staten Island property.
- Operating income increased 22.6% to $42.9 million from $35.0 million in the second quarter of fiscal 2007.
- Total revenues decreased by 4% to $174.9 million, compared to revenues of $181.0 million in 2007 due to lower attendance as a result of the continued headwind in the macroeconomic environment impacting consumer trend.

During period MA earned a profit of $9.5 million which resulted in the contribution of $4.8 million in equity income to ISC''s pre-tax results.

- Admissions revenue decreased to $53.4 million due to lower attendance at certain events reflecting the economic conditions and in some instances inclement weather.
- Motorsports related income of $101.2 million is essentially flat compared to fiscal 2007.
- Increases in television broadcast ancillary rights for NASCAR events as well as increased sponsorship revenues at certain events conducted at Richmond, Talladega and Martinsville, were offset by decreases in sponsorship and advertising revenues primarily at the Kansas and Homestead IRL weekend.

The decrease in food, beverage and merchandise revenue to $17.7 million is primarily attributable to lower attendance.

- The increase in NASCAR direct expenses to $34.7 million is primarily due to higher television broadcast rights fees, a percentage of which are paid as part of prize money as well as increases in point fund money.
- Through execution of prudent cost containment strategies, motorsports related expense rose only 1% to $38.7 million.
- The slight increase is primarily associated with higher promotional and advertising expenses.

Food, beverage and merchandise expense decreased to $11.7 million primarily due to variable costs associated with attendance decreases.

- General and administrative expenses decreased to $28.3 million due to the substantial reduction in legal fees for the Kentucky litigation, despite operating costs related to the pursuit of development projects year-over-year.
- Costs are down as a direct result of the company-wide cost containment initiative.
- The $1.1 million impairment of long-life assets is largely due to an increase in the estimated costs of fill removal related to the Staten Island property.

The decrease in interest income to $384,000 is primarily due to lower cash and short-term investment balances driven by use of cash for the share repurchase program.

- Interest expense for the quarter decreased to approximately $3.3 million due to higher capitalized interest and lower average borrowings on the revolving credit facility.
- The $3 million in net income from equity investments is related to the 50% interest in Motorsports Authentics.
- The effective tax rate is 39.5% with the higher rate due to the tax treatment associated with losses incurred by Motorsports Authentics and certain state tax implications relating to impairment.

Combined cash and short-term investments total $81 million and current deferred income was $200 million and shareholders equity was $1.1 billion.

- Total debt was approximately $376 million including $300 million in senior notes; $67 million in TIFF Bonds associated with Kansas; and $9 million in debt associated with Chicagoland and Route 66.
- About $150 million of the senior notes are due in April, 2009.
- In June, in anticipation of refinancing the senior notes the firm entered into a swap agreement to affectively lock-in a substantial portion of the interest rate on a $150 million notional amount.

The firm is currently reviewing certain accounting implications related to the Daytona Live! joint venture that could result in consolidation of the office building currently under construction.

- The firm repurchased 967,000 shares of Class A stock for $40 million bringing the total number of shares purchased from December, 2006 through May, 2008 to 3.8 million shares.
- The firm has 79 million in remaining capacity on the $250 million authorization.

Operational Highlights: