International Speedway Reports Results for the Third Quarter of Fiscal 2008

DAYTONA BEACH, Fla., Oct. 9, 2008 - International Speedway Corporation (OTC:ISCB)(BULLETIN BOARD: ISCB) ("ISC") today reported results for the three and nine months ended August 31, 2008.

"We are pleased with our overall results for the third quarter when considering the impact of the continued economic slowdown on attendance- related revenues for our events," said ISC President Lesa France Kennedy. "On a comparable event basis, which excludes the results of Auto Club Speedway's fall NASCAR race weekend that is typically hosted in our fiscal fourth quarter, we posted year-over-year total revenues that were down slightly. In addition, our bottom line results benefited from our ongoing cost containment initiatives, with a particular focus on reducing general and administrative expenses."

Ms. France Kennedy continued, "Supporting our near and long-term prospects is a core base of millions of NASCAR fans that are fiercely brand-loyal, which also continue to attract corporate marketing partners. While the economy is clearly having an impact on fans' discretionary spending, they remain very avid and continue to attend live events. These factors, combined with ISC's collection of assets including premier events in key markets, place our company in a unique position for long-term growth while mitigating the issues of the current market environment."

Third Quarter Comparison

Total revenues for the third quarter were $213.2 million, compared to revenues of $195.6 million in the prior-year period. Operating income increased to $61.0 million during the period compared to $48.2 million in the third quarter of fiscal 2007.

Quarter-over-quarter comparability was impacted by:

The NASCAR Sprint Cup and Nationwide series race weekend at Auto Club Speedway conducted in the third quarter of 2008 as compared to the fourth quarter of 2007.

An IndyCar(R) Series weekend held at Michigan International Speedway in the third quarter of 2007 that was discontinued after the 2007 race season.

Accelerated depreciation of $0.5 million, or $0.01 per diluted share after tax, in the third quarter of 2008 for certain office and related buildings in Daytona Beach associated with the Company's previously announced Daytona Live! project. The 2007 third quarter included accelerated depreciation charges of $6.9 million, or $0.08 per diluted share after tax.

The 2007 third quarter write-down by Motorsports Authentics ("MA") of certain inventory and related assets, which was included in ISC's equity losses. ISC's 50 percent portion of the loss was $12.4 million, or $0.24 per diluted share after tax.

The 2007 third quarter recognition of $1.6 million, or $0.03 per diluted share after tax, in deferred income tax expense attributable to enactment of an income-based tax system in the state of Michigan.

The 2008 third quarter recognition of a tax benefit of $3.5 million, or $0.07 per diluted share after tax, associated with certain restructuring initiatives.

Net income for the third quarter of 2008 increased to $38.8 million, or $0.79 per diluted share, compared to net income of $9.5 million, or $0.18 per diluted share, in the prior year's third quarter. Excluding discontinued operations and the aforementioned accelerated depreciation and the recognition of a tax benefit, non-GAAP (defined below) net income for the third quarter of 2008 was $35.7 million, or $0.73 per diluted share. This is compared to non- GAAP net income for the third quarter of 2007 of $27.9 million, or $0.53 per diluted share.

Year-to-Date Comparison

For the nine months ended August 31, 2008, total revenues were $582.0 million, compared to $561.4 million in 2007. Operating income for the nine month period was $170.9 million compared to $149.0 million in the prior year.

Year-over-year comparability was impacted by:

The aforementioned timing of Auto Club's fall NASCAR weekend and Michigan's IndyCar Series weekend, which was discontinued after 2007.

Accelerated depreciation charges in 2008 of $1.6 million, or $0.02 per diluted share after tax, associated with the previously discussed Daytona Live! project. Results for the nine months ended August 31, 2007, included accelerated depreciation charges of $14.2 million, or $0.17 per diluted share after tax.

The previously discussed tax benefit of $3.5 million, or $0.07 per diluted share after tax, recognized in the third quarter of 2008.

A 2008 first quarter non-cash charge of $3.8 million, or $0.08 per diluted share after tax, to correct the carrying value of certain other assets as of November 30, 2007.

2008 impairment charges of $1.9 million, or $0.02 per diluted share after tax, associated with the previously discussed fill removal costs on Staten Island and net book value of certain assets retired from service. Results for the nine months ended August 31, 2007, included an impairment charge of $9.2 million, or $0.11 per diluted share after tax related to the Company's decision to discontinue speedway development efforts in Kitsap County, Washington, and to a lesser extent, estimated costs for fill removal on the Company's Staten Island property.

The aforementioned 2007 third quarter write-down by MA of certain inventory and related assets, which was included in ISC's equity losses and equated to $12.4 million, or $0.24 per diluted share after tax.

The previously discussed 2007 third quarter recognition of $1.6 million, or $0.03 per diluted share after tax, in deferred income tax expense attributable to enactment of an income-based tax system in the state of Michigan.

Net income for the nine months ended August 31, 2008, was $101.0 million, or $2.02 per diluted share, compared to $63.7 million, or $1.20 per diluted share in 2007. Excluding discontinued operations and the aforementioned accelerated depreciation, the recognition of a tax benefit, the correction of certain other assets' carrying value amounts, and certain impairment and related charges, non-GAAP net income for the nine months ended August 31, 2008, was $103.5 million, or $2.07 per diluted share. This is compared to non-GAAP net income for the first nine months of 2007 of $92.4 million, or $1.75 per diluted share.

While the Company has begun to experience a slowdown in corporate spending for hospitality, ISC has sold all of its 2008 event entitlements and continues to anticipate year-over-year growth in sponsorship revenue for the full year. And, while the Company enjoys significant visibility in corporate marketing partner revenue as the majority of agreements are for multiple years, ISC continues to evaluate the potential impact of the economy on corporate marketing programs for 2009. It is important to note, however, that entitlements have been secured for more than 75 percent of its 2009 schedule of major events.

"We are off to a good start for 2009, with agreements in place for a substantial portion of our marketing partnership inventory," added Ms. France Kennedy. "And, while the process of securing deals has become more time consuming, we continue to have discussions with partners attracted by our unique array of marketing assets that allow us to tailor marketing programs to their specific business needs."

Another bright spot for the Company is the continued successful turnaround at MA, the Company's motorsports-related merchandise 50/50 joint venture with Speedway Motorsports. The Company remains optimistic about MA's multi-faceted turnaround plan designed to grow top line revenue while controlling expenses. The results for the first three quarters of 2008 are encouraging, but with the main sales cycle for MA being in the first half of the year, ISC projects MA to contribute between $2.0 and $3.0 million in equity income to ISC for the 2008 full year.

For 2009, the Company expects MA will face a more difficult sales climate due to economic conditions. And, unlike in 2008 with Dale Earnhardt Jr's move to Hendrick Motorsports, it is not expected to benefit materially from driver or team changes. MA also benefited in 2008 from significant merchandise sales surrounding the historic 50th running of the Daytona 500. There is not a significant milestone event for 2009 that is expected to have a similar impact on sales. With all of these factors combined, ISC does not currently expect that MA will post financial results in 2009 that are as strong as 2008.

External Growth and Related Initiatives

On September 19, 2008, the Kansas Lottery Gaming Facility Review Board ("Review Board") awarded ISC and The Cordish Company's ("Cordish") Hard Rock Hotel & Casino proposal the casino management contract for Wyandotte County, Kansas. The 50/50 joint venture will build a 1.5 million-square-foot, gaming and entertainment destination on property adjacent to Kansas Speedway. The development will include a 300-room luxury hotel; a state-of-the-art casino with 3,000 slot machines and 140 gaming tables; 275,000 square-feet of destination retail, dining and entertainment including a live music venue; first class resort amenities; and extensive meeting and convention facilities. The joint venture is finalizing its casino management contract with the Kansas Racing and Gaming Commission, which includes completing the technical licensure process.

The project is expected to cost approximately $705 million to construct and is scheduled for completion in 2011. Depending upon market conditions, the joint venture anticipates contributing between 20 and 40 percent in equity. The remaining portion is expected to be funded by non-recourse, secured debt financing, and will not be required until the second half of 2009 under any scenario.

During construction of the hotel and casino entertainment development, the joint venture will operate an initial phase casino with approximately 2,000 slot machines and 75 gaming tables. The estimated construction cost for the initial phase casino is between $80 million and $90 million, with construction beginning in January or February and opening in late 2009. ISC's 50 percent cash contribution to construct the initial phase casino will be between $40 million and $45 million, and will be part of its total equity outlay for the project.

Included in the joint venture's proposal was ISC's commitment to petition NASCAR to realign a second Sprint Cup Series race to Kansas Speedway by no later than 2011. The source of the race, which will come from one of ISC's other facilities, has not been determined.

The Daytona Live! project, the mixed-use entertainment destination development that ISC is pursuing in a 50/50 joint venture with Cordish, is moving forward as expected. The eight-story office building that will serve as ISC, NASCAR and Grand-Am's corporate headquarters is currently under construction with completion expected late in the fourth quarter of 2009.

The joint venture has financed the construction of its new headquarters with a $51.3 million loan that matures 25 years after the completion of the headquarters building with an interest rate of 6.25 percent. The loan is non- recourse and secured by ISC's lease payments to the joint venture. In accordance with FASB Interpretation No. 46(R), "Consolidation of Variable Interest Entities," the Company determined that the Daytona Live! headquarters building is a variable interest entity for which it is considered to be the primary beneficiary. As the primary beneficiary, ISC has consolidated this entity in its financial statements as of August 31, 2008.

The retail, dining and entertainment portion of Daytona Live! is being actively marketed by Cordish. It is early in the process, but the Company remains encouraged by the discussions Cordish is having with potential tenants. As previously announced, Cobb Theaters has committed to 65,000 square feet for its state-of-the-art theater that is currently under design.

On Staten Island, ISC continues to have discussions with interested buyers for the 676 acre parcel, and remains hopeful that a transaction will occur in 2009. The Company expects to cease all site-work by the end of the 2008 fiscal year. As a result, ISC does not expect to capitalize any interest expense in 2009 relating to the Staten Island property. For the full year of 2008, the Company anticipates capitalizing approximately $4 million of interest expense related to its Staten Island efforts.

Share Repurchase Program

In the 2008 third quarter, ISC purchased approximately 743,000 shares of its Class A Common Stock for $29.5 million. From initiation of the program in December 2006 through August 2008, the Company purchased a total of 4.5 million shares for $200.5 million, leaving $49.5 million in remaining capacity on its $250 million authorization as of August 31, 2008. ISC continues to believe its capital allocation strategy reflects a balanced approach that enhances shareholder value and further positions the Company for long-term success.

Outlook

Given the challenging macro-economic environment and its impact on consumer and corporate spending trends, the Company has re-evaluated its revenue and earnings per share expectations for 2008 and 2009.

The Company now expects full year total revenues to range between $780 million and $785 million for fiscal 2008. In addition, ISC anticipates full year non-GAAP earnings for 2008 of between $2.80 and $2.85 per diluted share.

Conference Call Details

The management of ISC will host a conference call today with investors at 9:00 a.m. Eastern Time. To participate, dial toll free (888) 694-4641 five to ten minutes prior to the scheduled start time and request to be connected to the ISC earnings call, ID number 65106031. A live Webcast will also be available at that time on the Company's Web site, ISC, under the "Investor Relations" section.

A replay will be available two hours after the end of the call through midnight Thursday, October 16, 2008. To access, dial toll free (800) 642-1687 and enter the code 65106031, or visit the "Investor Relations" section of the Company's Web site.