International Speedway Corporation reported consolidated unaudited financial results for the first quarter ended February 28, 2018. For the quarter, the company's revenues were $148,875,000 against $147,954,000 a year ago. Operating income was $32,494,000 against $33,818,000 a year ago. Income before income taxes was $34,453,000 against $34,322,000 a year ago. Net income was $169,347,000 against $21,273,000 a year ago. Basic and diluted earnings per share were $3.83 against $0.47 a year ago. Net cash provided by operating activities was $33,883,000 against $39,473,000 a year ago. Capital expenditures were $8,282,000 against $21,592,000 a year ago. On Non-GAAP basis, income before income taxes was $35,699,000 against $34,497,000 a year ago. Net income was $26,367,000 against $21,381,000 a year ago. Basic and diluted earnings per share were $0.60 against $0.47 a year ago. Adjusted EBITDA was $65,750,000 against $64,757,000 a year ago. Key to this improved performance was a lower tax rate due to the recently enacted Tax Act.

For the quarter, the company reported impairments/losses on retirements of long-lived assets of $1,162,000 against $30,000 a year ago.

For the fiscal 2018, the company non-GAAP, revenue expected to be in the range of $680.0 million to $695.0 million. Operating margin expected to be in the range of 15.5% to 16.5%. Effective tax rate expected to be in the range of 26.0% to 27.0%. Diluted earnings per share expected to be in the range of $1.90 to $2.10. Adjusted EBITDA is to range between $241.0 million to $252.0 million, which includes between $25.0 million and $26.0 million in cash distributions received from investment in the Hollywood Casino and approximately $3.0 million related to ONE DAYTONA. The company expects capital expenditures associated with the aforementioned capital allocation plan to range between approximately $120.0 million and $130.0 million for existing facilities, including ISM Raceway and Richmond Raceway projects, and an additional approximate $20.0 million in capital expenditures related to construction for ONE DAYTONA, excluding the receipt of public incentives.