International Speedway Corp. reported unaudited consolidated earnings results for the second quarter and six months ended May 31, 2016. Total revenues for the second quarter ended May 31, 2016 were approximately $167.6 million, compared to revenues of approximately $164.0 million in the second quarter of fiscal 2015. Operating income was approximately $23.7 million during the period compared to approximately $19.2 million in the second quarter of fiscal 2015. Net income for the second quarter was approximately $21.9 million, or $0.47 per diluted share, compared to net income of approximately $13.4 million, or $0.29 per diluted share, in the prior year period. Excluding non-recurring, pre-opening costs associated with DAYTONA Rising, accelerated depreciation, losses associated with the retirements of certain other long-lived assets, DAYTONA Rising project capitalized interest, gain on sale of its Staten Island property, and net gain on sale of certain assets, non-GAAP net income was $13.4 million, or $0.29 per diluted share, and $16.5 million, or $0.35 per diluted share, for the second quarter of fiscal 2016 and 2015, respectively. Income before income taxes was $36.156 million against $21.769 million a year ago. Non-GAAP income before income taxes was $22.322 million against $26.995 million a year ago.

Total revenues for the six months ended May 31, 2016 were approximately $310.2 million, compared to revenues of approximately $300.6 million for the same period in fiscal 2015. Operating income was approximately $54.8 million for the six months ended May 31, 2016 compared to approximately $40.8 million for the same period in fiscal 2015. Net income for the six months ended May 31, 2016 was approximately $41.7 million, or $0.90 per diluted share, compared to net income of approximately $28.3 million, or $0.61 per diluted share, in the prior year period. Excluding non-recurring, pre-opening costs associated with DAYTONA Rising, accelerated depreciation, losses associated with the retirements of certain other long-lived assets, DAYTONA Rising project capitalized interest, gain on sale of Staten Island, and net gain on sale of certain assets, non-GAAP net income was $33.9 million, or $0.73 per diluted share, and $33.4 million, or $0.72 per diluted share for the six months ended May 31, 2016 and May 31, 2015, respectively. Capital expenditures for projects at existing facilities, including those related to DAYTONA Rising, were approximately $81.8 million for the six months ended May 31, 2016. Income before income taxes was $68.297 million against $45.181 million a year ago. Net cash provided by operating activities was $183.245 million against $96.860 million a year ago. Capital expenditures were $81.778 million against $75.928 million a year ago. Non-GAAP income before income taxes was $55.479 million against $53.575 million a year ago.

Remaining capital expenditures associated with the $600.0 million capital expenditure plan will total approximately $88.2 million for the remainder of fiscal 2016 and 2017. ISC is narrowing its previously announced 2016 full year non-GAAP guidance: Revenue in the range of $658.0 million to $665.0 million; EBITDA margin in the range of 32.1% to 32.6%; operating margin in the range of 16.3% to 17.0%; effective tax rate in the range of 38.5% to 39.0% and diluted earnings per share in the range of $1.45 to $1.55. The Company's guidance for EBITDA is to range between $211.0 million to $217.0 million. Incremental to ISC's EBITDA estimate are pre-tax cash distributions from its equity investment in the Hollywood Casino, estimated to range between $27.0 million to $28.0 million. With the completion of DAYTONA Rising in the first quarter of 2016, the Company will recognize less capitalized interest in subsequent quarters; as a result, interest expense is expected to range between $15.0 million to $15.5 million on a non-GAAP basis.