INTERNATIONAL SPEEDWAY CORP

CIK:0000051548|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 31, 2018
Revenues [Abstract]
Revenues	$ 165,063	$ 159,278	$ 483,698	$ 479,832
Direct Expenses:
Other operating expenses	1,340	2,523	5,110	4,770
General and administrative	29,108	26,791	87,596	78,878
Depreciation and amortization	28,386	26,027	86,454	79,625
Losses on asset retirements	760	2,181	1,781	3,538
Costs and Expenses, Total	154,956	149,007	432,559	419,810
Operating income	10,107	10,271	51,139	60,022
Interest income	1,568	979	4,140	2,232
Interest expense	(3,647)	(2,551)	(11,085)	(8,336)
Equity in net income from equity investments	7,032	5,790	18,969	16,449
Other	429	11	429	26
Income before income taxes	15,489	14,500	63,592	70,393
Income taxes	2,383	2,469	13,858	(127,654)
Net income	$ 13,106	$ 12,031	$ 49,734	$ 198,047
Dividends per share (in dollars per share)			$ 0.49	$ 0.47
(Loss) earnings per share:
Basic (in usd per share)	$ 0.30	$ 0.27	1.14	4.49
Diluted (in usd per share)	$ 0.30	$ 0.27	$ 1.14	$ 4.48
Basic weighted average shares outstanding (shares)	43,483,743	44,110,349	43,448,897	44,154,848
Diluted weighted average shares outstanding (shares)	43,488,776	44,118,767	43,455,750	44,165,955
Admissions, net
Revenues [Abstract]
Revenues	$ 23,712	$ 24,365	$ 77,434	$ 80,604
Motorsports and other event related
Revenues [Abstract]
Revenues	119,158	117,405	352,582	356,519
Direct Expenses:
Direct Expenses	35,165	37,290	93,546	107,932
Food, beverage and merchandise
Revenues [Abstract]
Revenues	15,622	12,185	36,238	27,041
Direct Expenses:
Direct Expenses	12,747	9,930	27,442	20,757
Other
Revenues [Abstract]
Revenues	6,571	5,323	17,444	15,668
NASCAR event management fees
Direct Expenses:
Direct Expenses	$ 47,450	$ 44,265	$ 130,630	$ 124,310

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018
OPERATING ACTIVITIES
Net income	$ 49,734	$ 198,047
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	86,454	79,625
Stock-based compensation	2,564	2,443
Amortization of financing costs	1,240	996
Deferred income taxes	18,678	(132,800)
Income from equity investments	(18,969)	(16,449)
Distribution from equity investee	19,844	17,323
Loss on retirements of long-lived assets, non-cash	1,781	3,538
Other, net	(724)	(339)
Changes in operating assets and liabilities:
Receivables, net	(6,358)	(13,096)
Prepaid expenses and other assets	(10,050)	(13,516)
Accounts payable and other liabilities	3,320	(2,697)
Deferred income	33,902	33,572
Income taxes	(19,963)	12,811
Net cash provided by operating activities	161,453	169,458
INVESTING ACTIVITIES
Capital expenditures	(65,545)	(122,180)
Distribution from equity investee	1,454	2,679
Proceeds from sale of assets	30	430
Acquisition of assets	(7,968)	0
Other, net	(280)	0
Net cash used in investing activities	(72,309)	(119,071)
FINANCING ACTIVITIES
Payment of long-term debt	(761)	(715)
Exercise of Class A common stock options		992
Cash dividend paid	(21,306)	(20,738)
Reacquisition of previously issued common stock	(1,009)	(8,230)
Net cash used in financing activities	(23,076)	(28,691)
Net increase in cash and cash equivalents	66,068	21,696
Cash and cash equivalents at beginning of period	269,011	256,702
Cash and cash equivalents at end of period	$ 335,079	$ 278,398

Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 31, 2019	Nov. 30, 2018
Current Assets:
Cash and cash equivalents	$ 335,079	$ 269,011
Receivables, less allowance of $1,000 in 2018 and 2019, respectively	49,191	42,833
Income taxes receivable	17,428	0
Prepaid expenses and other current assets	22,202	10,611
Total Current Assets	423,900	322,455
Property and Equipment, net of accumulated depreciation of $1,129,378 and $1,215,037, respectively	1,502,432	1,515,041
Other Assets:
Equity investments	80,524	81,225
Intangible assets, net	179,826	178,563
Goodwill	118,872	118,331
Other	30,113	33,745
Total Other Assets, Total	409,335	411,864
Total Assets	2,335,667	2,249,360
Current Liabilities:
Current portion of long-term debt	4,644	4,284
Accounts payable	33,877	31,508
Deferred income	71,420	36,801
Income taxes payable	0	2,535
Other current liabilities	19,206	15,551
Total Current Liabilities	129,147	90,679
Long-Term Debt	250,477	251,381
Deferred Income Taxes	279,542	260,666
Long-Term Deferred Income	6,858	7,575
Other Long-Term Liabilities	3,088	3,101
Commitments and Contingencies	0	0
Shareholders’ Equity:
Additional paid-in capital	426,787	425,233
Retained earnings	1,239,927	1,211,499
Accumulated other comprehensive loss	(590)	(1,204)
Total Shareholders’ Equity	1,666,555	1,635,958
Total Liabilities and Shareholders’ Equity	2,335,667	2,249,360
Class A Common Stock $.01 Par Value
Shareholders’ Equity:
Common stock value	235	234
Class B Common Stock $.01 Par Value
Shareholders’ Equity:
Common stock value	$ 196	$ 196