International Speedway Corporation announced unaudited consolidated earnings results for the first quarter ended February 28, 2017. For the quarter, the company reported revenues of $147,954,000 compared to $142,630,000 a year ago. Operating income was $33,818,000 compared to $31,166,000 a year ago. Income before income taxes was $34,322,000 compared to $32,141,000 a year ago. Net income was $21,273,000 or $0.47 per basic and diluted share compared to $19,831,000 or $0.43 per basic and diluted share a year ago. Net cash provided by operating activities was $39,473,000 compared to $90,270,000 a year ago. Capital expenditures were $21,592,000 compared to $54,589,000 a year ago. Non-GAAP income before taxes was $13,116,000 against $12,703,000 a year ago. Non-GAAP net income was $21,381,000 or $0.47 per share compared to $20,454,000 or $0.44 per share a year ago.


The company reiterated earnings guidance for the fiscal year 2017. For the year, the company expects revenue of $660.0 million to $670.0 million. The company expects EBITDA margin of 31.5% to 32.5%. The company expects effective tax rate of 38.0% to 38.5%. The company expects diluted earnings per share: $1.50 to $1.65. The company's guidance for EBITDA is to range between $208.0 million to $218.0 million.  Incremental to company' EBITDA estimate are pre-tax cash distributions from its equity investment in the Hollywood Casino, estimated to be approximately $25.0 million to $26.0 million.  Total capital expenditures for 2017 are estimated between approximately $150.0 million to $175.0 million, which includes capital expenditures for existing facilities, including Phoenix Redevelopment, and ONE DAYTONA.