International Speedway Corporation Reports Consolidated Unaudited Financial Results for the First Quarter Ended February 28, 2018; Reports Impairment Charges for the First Quarter Ended February 28, 2018; Reiterates Earnings Guidance for the Fiscal Year 2018
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.