International Speedway Corporation Announces Unaudited Consolidated Earnings Results for Second Quarter and Six Months Ended May 31, 2018; Reiterates Earnings Guidance for the Full Year of Fiscal 2018 and Provides Earnings Guidance for the Third Quarter of Fiscal 2018
For the six months, the company reported revenues of $320,554,000 compared to $313,229,000 a year ago. Operating income was $49,751,000 compared to $52,243,000 a year ago. Net income was $186,016,000 compared to $34,500,000 a year ago. Basic and diluted earnings per share were $4.21 compared to $0.77 per share a year ago. Net cash provided by operating activities $141,475,000 compared to $106,362,000 a year ago. Capital expenditure was $65,019,000 compared to $40,568,000 a year ago. Income before income tax was $55,893,000 compared to $55,732,000 a year ago. Non-GAAP net income was $42,816,000 or $0.97 per share against $34,991,000 or $0.78 per share a year ago. Non-GAAP Income Before Taxes was $56,839,000 compared to $56,527,000 a year ago.
The company is reiterating its 2018 full fiscal year non-GAAP guidance. The company expects revenue of $680.0 million to $695.0 million, operating margin of 15.5% to 16.5%, effective tax rate: 26.0% to 27.0% and diluted earnings per share of $1.90 to $2.10. Adjusted EBITDA is to be in 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. For fiscal 2018, the company expects total capital expenditures associated with capital allocation plan to range between $140 million and $150 million, which includes between $120 million to $130 million for existing facilities and an additional $20 million in capital expenditures related to the construction for ONE DAYTONA.
The company expects the third quarter of fiscal 2018 to increase between $0.15 to $0.20 per share compared to the third quarter of fiscal 2017.