International Speedway Corporation (NASDAQ:ISCA) (OTC Bulletin Board:ISCB) (“ISC”) today announced that its Board of Directors has authorized an additional $200 million to the Company’s current Stock Purchase Plan (“Plan”), bringing the total authorized stock purchases under the Plan to $530 million. Since inception of the Plan in 2006, the Company has purchased approximately 8.7 million of Class A Common Shares for a total of $323.4 million.
“Our decision to expand the Company’s share repurchase program is a testament to our confidence in ISC’s strong financial position and the visibility of our future operating results,” said ISC Chief Executive Officer Lesa France Kennedy. “Combined with the continued successful execution of strategic initiatives designed to capitalize on both internal and external growth opportunities, we believe our capital allocation strategy reflects a balanced approach that will enhance shareholder value and further position the Company for long-term success.”
The timing and amount of any shares repurchased under the program will depend on a variety of factors, including: price, corporate and regulatory requirements, capital availability and other market conditions. The repurchase program may be suspended or discontinued at any time without prior notice. No shares will be knowingly purchased from Company insiders or their affiliates.
International Speedway Corporation is a leading promoter of motorsports activities, currently promoting more than 100 racing events annually as well as numerous other motorsports-related activities. The Company owns and/or operates 13 of the nation’s major motorsports entertainment facilities, including Daytona International Speedway® in Florida (home of the DAYTONA 500®); Talladega Superspeedway® in Alabama; Michigan International Speedway® located outside Detroit; Richmond International Raceway® in Virginia; Auto Club Speedway of Southern CaliforniaSM near Los Angeles; Kansas Speedway® in Kansas City, Kansas; Phoenix International Raceway® in Arizona; Chicagoland Speedway® and Route 66 RacewaySM near Chicago, Illinois; Homestead-Miami SpeedwaySM in Florida; Martinsville Speedway® in Virginia; Darlington Raceway® in South Carolina; and Watkins Glen International® in New York.
The Company also owns and operates Motor Racing NetworkSM, the nation’s largest independent sports radio network and Americrown Service CorporationSM, a subsidiary that provides catering services, and food and beverage concessions. In addition, the Company has a 50 percent interest in the Hollywood Casino at Kansas Speedway. For more information, visit the Company’s Web site at www.
ISC PR
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