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There’s something brewing at the Bojangles’ Summer Shootout next Tuesday at Charlotte Motor Speedway. In addition to grassroots racing’s ultimate showcase hosting the first “Brewsday” – with featured beer for sale – plenty of drama is brewing up on the frontstretch quarter-mile at America’s Home for Racing.

As world-renowned racing pundit Murray Walker once said, with half the race down, there is half the race still to go. Five of 10 Bojangles’ Summer Shootout rounds are complete heading into Tuesday, with the Boston Reid Real Estate Pro division championship battle among the many which remain hotly contested. Carson Ferguson, who won Tuesday’s race, paces Pro points by 13 markers over Ryan Mackintosh. NASCAR star Bubba Wallace is among a trio of drivers – including Zach Miller and Joey Padgett – who are in the thick of the fight.

Twenty-Six Acres Brewing Company Masters points leader Robby Faggart took over the top spot in the standings after a convincing win on Tuesday. Mark Green, however, ranks just eight points behind with Todd Midas a further eight markers in arrears.

Gracie Trotter’s first VP Racing Fuels Semi-Pro win of the season on Tuesday solidified her bid for the division crown. The third-generation driver is fourth in points, but only 13 behind leader Jason Alder – the division’s winningest driver thus far.

Alder leads Isabella Robusto by three points with Robusto’s brother, William, only 12 back.

Zack Miracle enters Tuesday’s sixth PMG Young Lions feature ahead in the standings by two points over Landon Rapp and by five over Sam Butler. Garin Mash (23-point lead in Farm Bureau Bandolero Outlaws) and Lucas Vera (four-point margin in K1 RaceGear Bandolero Outlaws) will also look to pad their advantages as the season’s drama heats up while a bevy of fresh beverages for sale can cool off the crowd.

Gates open at 5 p.m. on Tuesday with opening ceremonies scheduled for 6:15 p.m.

TICKETS:
Tickets, which cost only $8 for adults and are FREE for kids 13 and under, can be purchased at the gate or in advance by calling 800-455-FANS or online at www.charlottemotorspeedway.com/tickets.

KEEP TRACK:
Follow all the thrilling Bojangles’ Summer Shootout action using the hashtags #LetsBoRacing and #WeCreateLegends. Connect with Charlotte Motor Speedway on Twitter, Facebook and Instagram or get all the latest news and information with the Charlotte Motor Speedway mobile app.

CMS PR

The stars of the DIRTcar Summer Nationals Hell Tour will be heading to Macon, IL for Thursday night’s Super Late Model event, the Herald & Review 100.  The race, which will pay $5,000 to the winner, will draw some of the best dirt Super Late Models to the 1/5-mile, high-banked dirt oval.  The popular series will be joined by the BillingsleyRewards.com Modifieds and Neal Tire & Auto Pro Mods.

Brian Shirley, of Springfield, IL, currently leads the Summer National standings, leading by 22 points over Bobby Pierce, who has been quickly closing the gap.  Shirley had a great start to the tour, winning four of the first six events.  Pierce has been solid but hasn’t been in victory lane, like a number of Summer Nationals in the past.  That said, he has a few runner-up finishes as of late and is looking to make a tight battle out of the points.

Winners on the tour this year include Shirley (4), Brandon Sheppard (2), Kyle Bronson (1), Mike Marlar (1), and Shannon Babb (1).  The biggest winner of the tour has been Mother Nature, who has claimed or affected eleven of the events already this year.

Following Shirley and Pierce in the standings are Frank Heckenast, Jr., Babb, and former DIRTcar National Champion, Rusty Schlenk.  Jason Feger, Sheppard, Billy Moyer, Tanner English, and Paul Stubber complete the top ten.

Joining the Super Late Models will be the BillingsleyRewards.com DIRTcar Modifieds and Neal Tire & Auto Pro Mods.  Tommy Sheppard, Jr., of New Berlin, IL currently leads the Modified division points at Macon, while Tim Hancock is atop the Pro Mod points.  Both events Thursday will pay extra money out to participants.

Pit gates open Thursday at 3:00 with grandstand gates swinging open at 4:00.  Hotlaps are scheduled to begin at 6:00 with Summer National qualifying at 6:30 and racing at 7:00 PM.  Fireworks will be held at the end of the racing program.  Grandstand admission is $25 for adults and $5 for kids 11 and under.

Tickets for the event will be sold at the gate on raceday.  For more information or any questions, visit maconracing.com or call 217-764-3000.

Macon Speedway PR

NASCAR stock car racing returns to Grandview Speedway on Saturday night, July 6th, the T.P.Truck Equipment NASCAR Sportsman in the spotlight  with the running of the Firecracker 40 that will reward the winner with $2,000. Current point leader Brian Hirthler will lead a large field of Sportsman racing talents as they first work to earn a starting spot in the main event and second to earn the feature win.

Other top Sportsman talents hoping to make the 40-lapper include Brad Brightbill, Brad Grim, Brad Arnold, and a host of others. A full slate of qualifying races will decide who gets to race for the $2,000.

Also in action as part of the doubleheader show will be the T.P.Trailers NASCAR 358 Modifieds. Current point leader Craig Von Dohren, a ten time NASCAR track champion, will be looking to capture the win in the 30-lap main event and increase his point lead as he chases his 11th NASCAR track title. Chasing Von Dohren for the title is five time champion Duane Howard, recent Thunder on the Hill feature winner Jeff Strunk, Rick Laubach and others.

Admission for the doubleheader show, featuring qualifying events and two features, is $22 for adults and $5 for youngsters 6 through 11. Kids under 6 are admitted free. Fans are invited to arrive early for the Low Down and Dirty Meet & Greet that gets started at 5 p.m. Modified racer Louden Reimert and Sportsman driver Mike Koffel will be there to sign autographs and meet the fans.

On Saturday, July 13th the popular Hatfield Quality Meats Night will be presented. The 7:30 p.m. tripleheader will feature the NASCAR 358 Modifieds, NASCAR Sportsman and the Blast from the Past Vintage racers.

And on the 20th of the month the always popular and exciting United Racing Club Sprint cars will be part of a tripleheader show being sponsored by T.P.Trailers and Truck Equipment. The NASCAR 358 Modifieds and Sportsman will make up the balance of the tripledecker show.

Friday, July 26th will have the Outlaw Enduros and Blast from the Past Vintage Racers in action. Included in the night of action will be a 75-lap for Big Cars, 75-laps for Small Cars, Junkyard Car feature 50-laps and a 20-lap main event for the Vintage Racers. A rare Friday appearance. Racing will start at 7 p.m.

Another tripleheader card of racing will see the Central Penna. Legends Cars return for their second appearance of the season on July 27th.  The NASCAR 358 Modifieds and Sportsman will make up the balance of the action.

And closing out the month on Tuesday, July 30th, will be the Thunder on the Hill Series featuring national travelers United States Auto Club Midgets along with the 358 Modifieds  

Information on racing at Grandview Speedway can be had at www.grandviewspeedway.com, Facebook or telephone 610.754.7688.

Grandview Speedway PR

Homestead-Miami Speedway has been the site of auto racing since it opened in 1995. Now, another race will be coming to the South Florida track – the inaugural Craft n’ Draft 5K and beer festival.

Walkers, joggers and runners of all skill levels will weave their way through the picturesque track on Saturday, September 21 at 6:30 p.m. when the green flag drops for the Craft n’ Draft 5K. The 3.1-mile run incorporates parts of both the championship oval as well as the Speedway’s road course.

The runner who crosses the finish line first not only gets to celebrates in Victory Lane like the winning driver, but also will win two Cabana tickets to the Ford EcoBoost 400 Monster Energy NASCAR Cup Series championship race on November 17. The Cabanas are one of the most thrilling and all-inclusive ways to take in a NASCAR race at Homestead-Miami Speedway and are perched directly above all the action on pit road.

The evening doesn’t end at the finish line, however, as all participants will be treated to a post-race beer festival. Craft beers will be only part of the fun and excitement after the 5K as local band Rearview Mirror will perform classic hits. The beer festival will run until 10 p.m. and will feature live music, food trucks, craft beer and even a trophy presentation and photo opportunity in Victory Lane.

Tickets to the Craft n’ Draft 5K are available now and can be purchased at www.HomesteadMiamiSpeedway.com/CraftnDraft5K.The cost to participate in the run is $35 through August 31, $40 from September 1-20 and $45 on race day. The following is included with each purchase:

·         Entry into the Craft n’ Draft 5K

·         Craft n’ Draft 5K t-shirt

·         One free beverage

·         Grandstand ticket to Ford EcoBoost 400

Group rates are also available for groups of ten runners or more and can be purchased by calling Jean-Claude Siku at (305) 230-5210.

Homestead Miami Speedway PR

International Speedway Corporation (NASDAQ Global Select Market: ISCA; OTC Bulletin Board: ISCB) (“ISC”) today reported financial results for its fiscal second quarter ended May 31, 2019.

"Financial results for the second quarter are in line with our 2019 outlook," stated Lesa France Kennedy, ISC Chief Executive Officer. "During the quarter, we hosted six successful Monster Energy NASCAR Cup weekends and Bike Week at Daytona. We continue our consumer-focused sales and marketing initiatives, providing segmented experiences desired by fans for a good value."

"In April, we opened the Marriott Autograph Collection hotel, The DAYTONA, to great success, and commenced construction of the ICON Lifestyle Apartments, both part of the greater ONE DAYTONA project. We anticipate these components will greatly assist in providing the momentum needed to drive this development to stabilization."

"Construction on the redevelopment of the iconic infield at Talladega Superspeedway continues. The redevelopment will immerse fans into the sport of NASCAR with a one-of-a-kind Talladega Garage Experience, featuring unprecedented access, interactive attractions and enhanced amenities for guests. While components of the redevelopment opened for the spring NASCAR weekend, the full project will be completed in the fourth quarter of fiscal 2019, in time for Talladega's 50th anniversary."

"We believe prudent reinvestment in our facilities and strategic developments will continue to position ISC for long-term growth and deliver shareholder value."

Second Quarter Comparison

Total revenues for the three months ended May 31, 2019 were approximately $168.1 million, compared to revenues of approximately $171.7 million for the same period in fiscal 2018. Operating income was approximately $15.5 million during the period compared to approximately $17.3 million for the same period in fiscal 2018. Period-over-period comparability was impacted by:

  • During our second quarter of fiscal 2019, in accordance with our contracts, we terminated the sponsorship agreements and related sublease agreements with one of our marketing partners that filed for bankruptcy. As a result, we experienced lower admissions and sponsorship revenues related to the sponsorship agreements and lower rental expense related to the sublease agreements during the three months ended May 31, 2019 as compared to the same period in fiscal 2018;
  • In the second quarter of fiscal 2018, we hosted an IndyCar event at ISM Raceway, for which there was no comparable event in fiscal 2019;
  • In the second quarter of fiscal 2018, we hosted the Country 500 music festival at Daytona, for which there was no comparable event in fiscal 2019;
  • During the three months ended May 31, 2019, we recognized revenue and expense recorded in the respective food, beverage and merchandise accounts related to the acquisition of Racing Electronics, for which there was no comparable activity in the same period of the prior year;
  • During the three months ended May 31, 2019, we received certain lease rents, and incurred operating expenses, related to ONE DAYTONA as a result of certain tenants commencing operations in the current period, for which there was no comparable activity in the same period of the prior year (see "ONE DAYTONA");
  • During the three months ended May 31, 2019, we recognized approximately $0.1 million, or less than $0.01 per diluted share, of costs incurred associated with the Agreement and Plan of Merger ("Merger Agreement") entered into on May 22, 2019 by ISC with NASCAR Holdings, Inc. and Nova Merger Sub, Inc., a wholly owned subsidiary of NASCAR. There were no comparable costs for the three months ended May 31, 2018;
  • During the three months ended May 31, 2019, we incurred approximately $0.4 million, or less than $0.01 per diluted share, of a one-time, non-cash charge related to terminated agreements associated with non-motorsports operations. There were no comparable costs during the three months ended May 31, 2018;
  • During the three months ended May 31, 2018, we recognized $0.3 million, or $0.01 per diluted share, of accelerated depreciation due to shortening the service lives of certain assets associated with The ISM Raceway Project and the infield project at Richmond. There were no comparable costs during the three months ended May 31, 2019;
  • During the three months ended May 31, 2019, we recognized $0.5 million, or $0.01 per diluted share, of asset retirement losses primarily attributable to demolition and/or asset relocation costs in connection with the infield project at Talladega. During the three months ended May 31, 2018, we recognized $0.1 million, or less than $0.01 per diluted share, of asset retirement losses primarily attributable to demolition and/or asset relocation costs in connection with ONE DAYTONA, facility optimization initiatives, and other capital improvements including the infield project at Richmond;
  • During the three months ended May 31, 2018, we recognized approximately $0.1 million, or less than $0.01 per diluted share, in non-recurring costs that are included in general and administrative expense related to The ISM Raceway Project. There were no comparable costs during the three months ended May 31, 2019; and
  • During the three months ended May 31, 2018, we capitalized approximately $0.8 million, or $0.02 per diluted share, of interest, primarily relating to The ISM Raceway Project, and to a lesser extent, ONE DAYTONA. We did not capitalize any interest related to these projects for the three months ended May 31, 2019.

Net income for the three months ended May 31, 2019, was approximately $15.1 million, or $0.35 per diluted share, compared to approximately $16.7 million, or $0.38 per diluted share, in the prior year period. Excluding losses associated with the retirements of certain other long-lived assets, costs related to the Merger Agreement, non-recurring, non-capitalized costs related to the purchase of certain assets from Racing Electronics, and terminated agreements related to non-motorsports operations, non-GAAP net income, as defined below, was $15.9 million, or $0.36 per diluted share, as compared to $16.4 million, or $0.37 per diluted share, for the three months ended May 31, 2019 and 2018, respectively (see "GAAP to Non-GAAP Reconciliation").

Year-to-Date Comparison

Total revenues for the six months ended May 31, 2019 were approximately $318.6 million, compared to revenues of approximately $320.6 million for the same period in fiscal 2018. Operating income was approximately $41.0 million during the period compared to approximately $49.8 million for the same period in fiscal 2018. Period-over-period comparability was impacted by:

  • In the first quarter of fiscal 2019, we were informed of a bankruptcy proceeding related to one of our marketing partners. During our second quarter of fiscal 2019, in accordance with our contracts, we terminated the sponsorship agreements and related sublease agreements with this entity. As a result, we experienced lower admissions and sponsorship revenues related to the sponsorship agreements and lower rental expense related to the sublease agreements during the six months ended May 31, 2019 as compared to the same period in fiscal 2018;
  • In the second quarter of fiscal 2018, we hosted an IndyCar event at ISM Raceway, for which there was no comparable event in fiscal 2019;
  • In the second quarter of fiscal 2018, we hosted the Country 500 music festival at Daytona, for which there was no comparable event in fiscal 2019;
  • During the six months ended May 31, 2019, we recognized revenue and expense recorded in the respective food, beverage and merchandise accounts related to the acquisition of Racing Electronics, for which there was no comparable activity in the same period of the prior year;
  • During the six months ended May 31, 2019, we received certain lease rents, and incurred operating expenses, related to ONE DAYTONA as a result of certain tenants commencing operations in the current period, for which there was no comparable activity in the same period of the prior year (see "ONE DAYTONA");
  • During the six months ended May 31, 2019, we recognized approximately $2.9 million, or $0.05 per diluted share, of costs incurred associated with the Merger Agreement. There were no comparable costs for the six months ended May 31, 2018;
  • During the six months ended May 31, 2019, we incurred approximately $0.3 million, or less than $0.01 per diluted share, of non-capitalized, non-recurring acquisition costs related to the purchase of certain assets from Racing Electronics. There were no comparable costs during the six months ended May 31, 2018;
  • During the six months ended May 31, 2019, we incurred approximately $0.4 million, or less than $0.01 per diluted share, of a one-time, non-cash charge related to terminated agreements associated with non motorsports operations. There were no comparable costs during the three months ended May 31, 2018;
  • During the six months ended May 31, 2019, we recognized $0.9 million, or $0.02 per diluted share, of accelerated depreciation due to shortening of the service lives of certain assets associated with the infield project at Talladega. During the six months ended May 31, 2018, we recognized $1.2 million, or $0.02 per diluted share, of accelerated depreciation due to shortening the service lives of certain assets associated with The ISM Raceway Project and the infield project at Richmond;
  • During the six months ended May 31, 2019, we recognized $0.8 million, or $0.02 per diluted share, of asset retirement losses primarily attributable to demolition and/or asset relocation costs in connection with the infield project at Talladega. During the six months ended May 31, 2018, we recognized $1.2 million, or $0.02 per diluted share, of asset retirement losses primarily attributable to demolition and/or asset relocation costs in connection with ONE DAYTONA, facility optimization initiatives, and other capital improvements including the infield project at Richmond;
  • During the six months ended May 31, 2018, we recognized approximately $0.2 million, or less than $0.01 per diluted share, in non-recurring costs that are included in general and administrative expense related to The ISM Raceway Project. There were no comparable costs during the six months ended May 31, 2019;
  • During the six months ended May 31, 2018, we capitalized approximately $1.7 million, or $0.03 per diluted share, of interest, primarily relating to The ISM Raceway Project, and to a lesser extent, ONE DAYTONA. We did not capitalize any interest related to these projects for the six months ended May 31, 2019; and
  • During the six months ended May 31, 2018, we recorded approximately $143.9 million, or $3.25 per diluted share, of a non-recurring, non-cash income tax benefit related to the Tax Cuts and Jobs Act of 2017. There were no comparable benefits for the six months ended May 31, 2019.

Net income for the six months ended May 31, 2019, was approximately $36.6 million, or $0.84 per diluted share, compared to approximately $186.0 million, or $4.21 per diluted share, in the prior year period. Excluding accelerated depreciation related to the infield project at Talladega, losses associated with the retirements of certain other long-lived assets, costs related to the Merger Agreement, non-recurring, non-capitalized costs related to the purchase of certain assets from Racing Electronics, and terminated agreements costs related to non-motorsports operations, non-GAAP net income, as defined below, was $40.6 million, or $0.93 per diluted share, as compared to $42.8 million, or $0.97 per diluted share, for the six months ended May 31, 2019 and 2018, respectively (see "GAAP to Non-GAAP Reconciliation").

GAAP to Non-GAAP Reconciliation

The following discussion and analysis of our financial condition and results of operations is presented below using financial measures other than U.S. generally accepted accounting principles (“non-GAAP”). Non-GAAP financial measures, such as Adjusted EBITDA (see below for management interpretation of Adjusted EBITDA), should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The non-GAAP financial measures disclosed herein do not have standard meaning and may vary from the non-GAAP financial measures used by other companies or how we may calculate those measures in other instances from time to time. The financial information, presented in the tables that follow, have been reconciled to comparable GAAP measures (see "Adjusted EBITDA" below).

The non-GAAP financial measures identified in the tables that follow include adjusted income before taxes, adjusted net income and adjusted diluted earnings per share. These non-GAAP financial measures are derived by adjusting amounts for certain items, presented in the accompanying selected operating statement data that have been determined in accordance with GAAP. The financial measures, income before taxes, net income and diluted earnings per share, should not be construed as an inference by us that our future results will be unaffected by those items, which have been excluded to achieve our adjusted, non-GAAP financial measures.

We believe such non-GAAP information is useful and meaningful, and is used by investors to assess the performance of our core operations, which primarily consist of the ongoing promotions of racing events at our major motorsports entertainment facilities. Such non-GAAP information separately identifies, displays, and adjusts for items that are not considered to be reflective of our continuing core operations at our motorsports entertainment facilities. We believe that such non-GAAP information improves the comparability of the operating results and provides a better understanding of the performance of our core operations for the periods presented.

We use this non-GAAP information to analyze current performance and trends, and make decisions regarding future ongoing operations. This non-GAAP financial information may not be comparable to similarly titled measures used by other entities and should not be considered as an alternative to operating income, net income or diluted earnings per share, which are determined in accordance with GAAP. The presentation of this non-GAAP financial information is not intended to be considered independent of, or as a substitute for, results prepared in accordance with GAAP. Management uses both GAAP and non-GAAP information in evaluating and operating the business and as such deemed it important to provide such information to investors.

The following financial information is reconciled to comparable information presented using GAAP. Non-GAAP net income and diluted earnings per share below are derived by adjusting amounts determined in accordance with GAAP for certain items presented in the accompanying selected operating statement data.

The adjustments for fiscal 2018 relate to non-recurring costs incurred associated with The ISM Raceway Project, losses associated with the retirements of certain other long-lived assets in connection with ONE DAYTONA, facility optimization initiatives, and other capital improvements including the infield project at Richmond, accelerated depreciation (associated with The ISM Raceway Project and the infield project at Richmond), capitalized interest related to The ISM Raceway Project and ONE DAYTONA, and an income tax benefit, primarily related to a reduction in our deferred tax liability, as a result of the lower corporate tax rate from the Tax Cut and Jobs Act of 2017.

The adjustments for fiscal 2019 relate to losses associated with the retirements of certain other long-lived assets in connection with the infield project at Talladega, accelerated depreciation associated with the infield project at Talladega, non-recurring, non-capitalized costs related to the purchase of certain assets from Racing Electronics, one-time, non-recurring terminated agreements costs related to non-motorsports operations, and costs incurred associated with the Merger Agreement.

Amounts are in thousands, except per share data, which is shown net of income taxes, (unaudited):

  Three Months Ended May 31, 2018
  Income Before
Taxes
Income Tax
Effect
Net Income Earnings
Per Share
GAAP $ 21,440   $ 4,770   $ 16,670   $ 0.38  
Adjustments:        
The ISM Raceway Project 111   29   82   0.00  
Accelerated depreciation 301   79   222   0.01  
Losses on retirements of long-lived assets 132   33   99   0.00  
Capitalized interest (844 ) (220 ) (624 ) (0.02 )
Non-GAAP $ 21,140   $ 4,691   $ 16,449   $ 0.37  
         
  Three Months Ended May 31, 2019
  Income Before
Taxes
Income Tax
Effect
Net Income Earnings
Per Share
GAAP $ 19,551   $ 4,478   $ 15,073   $ 0.35  
Adjustments:        
Losses on retirements of long-lived assets 507   123   384   0.01  
Merger Agreement costs 99   24   75   0.00  
Non-capitalized costs related to business combination 35   9   26   0.00  
Terminated agreements 389   94   295   0.00  
Non-GAAP $ 20,581   $ 4,728   $ 15,853   $ 0.36  
         
  Six Months Ended May 31, 2018
  Income Before
Taxes
Income Tax
Effect
Net Income Earnings
Per Share
GAAP $ 55,893   $ (130,123 ) $ 186,016   $ 4.21  
Adjustments:        
The ISM Raceway Project 216   56   160   0.00  
Accelerated depreciation 1,154   301   853   0.02  
Losses on retirements of long-lived assets 1,248   325   923   0.02  
Capitalized interest (1,672 ) (436 ) (1,236 ) (0.03 )
Net tax benefit   143,900   (143,900 ) (3.25 )
Non-GAAP $ 56,839   $ 14,023   $ 42,816   $ 0.97  
         
  Six Months Ended May 31, 2019
  Income Before
Taxes
Income Tax
Effect
Net Income Earnings
Per Share
GAAP $ 48,103   $ 11,475   $ 36,628   $ 0.84  
Adjustments:        
Losses on retirements of long-lived assets 782   193   589   0.02  
Accelerated depreciation 943   231   712   0.02  
Merger Agreement costs 2,903   710   2,193   0.05  
Non-capitalized costs related to business combination 256   62   194   0.00  
Terminated agreements 389   94   295   0.00  
Non-GAAP $ 53,376   $ 12,765   $ 40,611   $ 0.93  
                         

Adjusted EBITDA

In an effort to enhance the comparability and understandability of certain forward looking financial guidance, we adjust for certain non-recurring items that will be included in our future GAAP reporting to provide information that we believe best represents our expectations for our business performance. We calculate Adjusted EBITDA, a non-GAAP financial measure, as GAAP operating income, plus depreciation, amortization, impairment/losses on retirements of long-lived assets, other previously stated non-GAAP adjustments, and cash distributions from equity investments. We have not reconciled non-GAAP forward-looking measures to their most directly comparable GAAP measure as such reconciliations would require unreasonable efforts to estimate and quantify various necessary GAAP components largely because forecasting or predicting our future operating results is subject to many factors not in our control or not readily predictable, as detailed in the "Risk Factors" section of our previously publicly filed documents, including Forms 10-K and 10-Q, with the SEC, any or all of which can significantly impact our future results. These components, and other factors, could significantly impact the amount of the future directly comparable GAAP measures, which may differ significantly from their non-GAAP counterparts.

The following schedule reconciles our financial performance prepared in accordance with GAAP to the non-GAAP financial measure of Adjusted EBITDA (in thousands):

  Three Months Ended   Six Months Ended
  May 31, 2018   May 31, 2019   May 31, 2018   May 31, 2019
               
Net Income (GAAP) $ 16,670     $ 15,073     $ 186,016     $ 36,628  
Adjustments:              
Income tax (benefit) expense 4,770     4,478     (130,123 )   11,475  
Interest income (732 )   (1,339 )   (1,253 )   (2,572 )
Interest expense 2,900     3,716     5,785     7,438  
Other         (15 )    
Equity in net income from equity investments (6,351 )   (6,425 )   (10,659 )   (11,937 )
Operating Income (GAAP) $ 17,257     $ 15,503     $ 49,751     $ 41,032  
Adjustments:              
Depreciation and amortization 26,859     28,809     53,598     58,068  
Impairments/losses on retirements of long-lived assets 195     640     1,357     1,021  
Other Non-GAAP adjustments (1) 111     523     216     3,548  
Cash distributions from equity investments 6,375     6,588     11,625     12,772  
Adjusted EBITDA (non-GAAP) $ 50,797     $ 52,063     $ 116,547     $ 116,441  

(1) Other Non-GAAP adjustments include:

  1. 2018 adjustments for the three and six month periods relate to costs associated with The ISM Raceway Project of approximately $0.1 million and $0.2 million, respectively; and
  2. 2019 adjustments for the three and six month periods relate to costs associated with terminated agreements of approximately $0.4 million for both periods, the Merger Agreement of approximately $0.1 million and $2.9 million, respectively, and non-capitalized, non-recurring acquisition costs of Racing Electronics of approximately $35.0 thousand and $0.3 million, respectively.

Corporate Sales

NASCAR is a powerful brand with a loyal fan base that we believe is aware of, appreciates and supports corporate participation to a greater extent than fans of any other sports property. The combination of brand power and fan loyalty provides an attractive platform for robust corporate partnerships. The number of FORTUNE 500 companies invested in NASCAR remains higher than any other sport. More than one in four FORTUNE 500 companies and nearly half of the FORTUNE 100 companies use NASCAR as part of their marketing strategy.

For fiscal 2019, we have corporate partnership agreements in place for approximately 91.0 percent of our gross marketing partnership revenue target and we have sold all Monster Energy NASCAR Cup entitlements. This compares to approximately 91.5 percent for the same period in fiscal 2018.

External Growth, Financing-Related and Other Initiatives

Capital Allocation

We have established a long-term capital allocation plan to ensure we generate sufficient cash flow from operations to fund our working capital needs, capital expenditures at existing facilities, return of capital through payments of an annual cash dividend, and repurchase of our shares under our Stock Purchase Plan. In addition, we have used the proceeds from offerings of our Class A Common Stock, the net proceeds from the issuance of long-term debt, borrowings under our credit facilities, and state and local mechanisms to fund acquisitions and development projects.

We continue to operate under a five-year capital allocation plan adopted by the Board of Directors, covering fiscal years 2017 through 2021. Components of this plan include:

  • Capital expenditures for existing facilities up to $500.0 million from fiscal 2017 through fiscal 2021.  This allocation will fund reinvestments for impact capital projects, (see “The ISM Raceway Project”, "Richmond Raceway" and "Talladega Infield Project"), as well as all other maintenance and guest experience capital expenditures for the remaining existing facilities. While many components of these expected projects will exceed weighted average cost of capital, considerable maintenance capital expenditures of approximately $40.0 million to $60.0 million annually, will likely result in a blended return of this invested capital in the low-to-mid single digits;
  • In addition to the aforementioned $500.0 million in capital expenditures for existing facilities, we expect we will have an additional approximate $111.0 million of capital expenditures, exclusive of capitalized interest and net of public incentives, related to ONE DAYTONA and the Shoppes at ONE DAYTONA (see "ONE DAYTONA"). We expect the returns of this investment to exceed our weighted average cost of capital; and
  • Approximately $280.0 million return of capital to shareholders through dividends and share repurchases. In fiscal 2019, we increased our dividend approximately 4.3 percent to $0.49 per share. We expect dividends to increase in 2020 and beyond, by approximately four to five percent annually. Concerning share repurchases, for the six months ended May 31, 2019, we did not repurchase any shares of ISCA on the open market. At May 31, 2019, we had approximately $138.7 million remaining repurchase authority under the current $530.0 million Stock Purchase Plan. Transactions occur in open market purchases made pursuant to a trading plan under Rule 10b5-1. We currently have no active Rule 10b5-1 plans.

Our cash position and future liquidity has been further enhanced by the Tax Cut and Jobs Act of 2017 ("Tax Act") passed by Congress in December 2017. We expect the Tax Act to favorably impact our future liquidity, primarily a result of the lower single corporate tax rate from 35.0 percent to 21.0 percent, which will lower our effective tax rate and annual tax liability. Additionally, the Tax Act provides for 100.0 percent expensing of certain capital investments through 2022.

We will continue to explore development and/or acquisition opportunities beyond the initiatives discussed above that build shareholder value and exceed our weighted average cost of capital. Should additional development and/or acquisitions be pursued, we will provide discrete information on timing, scope, cost and expected returns of such opportunities.

The aforementioned represents certain components of our capital allocation plan for fiscal years 2017 through 2021. This capital allocation plan is reviewed annually, or more frequently if necessary, based on changes in business conditions.

Capital Expenditures

An important strategy for our future growth will come from investing in our major motorsports facilities to enhance the live event experience and better enable us to effectively compete with other entertainment venues for consumer and corporate spending. To better meet our customers' expectations, we are committed to improving the guest experience at our facilities through on-going capital improvements that position us for long-term growth.

Capital expenditures for projects were approximately $42.6 million for the six months ended May 31, 2019. In comparison, we spent approximately $65.0 million on capital expenditures for projects for the same period in fiscal 2018. For fiscal 2019, we expect capital expenditures associated with the aforementioned capital allocation plan to range between approximately $90.0 million and $100.0 million for existing facilities, which includes the Talladega Infield Project described below, and remaining capital expenditures related to the completion of projects at ISM Raceway, Richmond Raceway and ONE DAYTONA and the Shoppes.

We review the capital expenditure program periodically and modify it as required to meet current business needs.

ONE DAYTONA

ONE DAYTONA, a premier mixed-use and entertainment destination across from Daytona International Speedway, has crafted a strategy that will create synergy with Daytona International Speedway, enhance customer and partner experiences and monetize our real estate on a year-round basis. Complementing ONE DAYTONA is the retail property adjacent to the development, known as the Shoppes at ONE DAYTONA.

We have approved land use entitlements for ONE DAYTONA to allow for up to 1.4 million square feet of retail, dining, and entertainment ("RD&E"), a 2,500-seat movie theater, 660 hotel rooms, 1,350 residential units, 567,000 square feet of additional office space and 500,000 square feet of commercial/industrial space.

The RD&E component of phase one is owned 100.0 percent by ISC. The expected total square footage for the RD&E first phase is approximately 300,000 square feet. We expect cash spent to be approximately $95.0 million, net of public incentives, in fiscal 2016 through 2019 on the RD&E component of ONE DAYTONA’s first phase. Other sources of funding towards the overall ONE DAYTONA project will include the public incentives discussed below and land contributed to the joint ventures associated with the project.

Shaner Hotels and Prime Hospitality Group ("PHG") have been selected as hotel partners. They have executed a franchise agreement with Marriott International for an exclusive 144-room full service Autograph Collection hotel at ONE DAYTONA, known as The DAYTONA, as well as a 105-room select-service Fairfield Inn & Suites by Marriott. The Fairfield Inn and Suites opened in December 2017, while The DAYTONA opened in April 2019. As part of the partnership agreement, our portion of equity is limited to our land contribution and we will share proportionately in the profits from the joint ventures.

Prime Group has been selected as the partner for ONE DAYTONA’s residential development. Following an extensive request for proposal process, ONE DAYTONA chose the Florida developer based on their command of market demographics, development experience and expert property management systems. Prime Group is proceeding with the development in ONE DAYTONA for approximately 282 luxury apartment rental units that will add critical mass to the overall ONE DAYTONA campus. Similar to the hotel partnership, our portion of equity is limited to our land contribution and we will share proportionately in the profits from the joint venture. In March 2019, our land contribution of approximately $3.7 million was finalized. Vertical construction of the residential project has commenced and some units are expected to open in the fourth quarter of fiscal 2019.

In fiscal 2018, our Board approved the purchase of property and an office building adjacent to ONE DAYTONA, strategically located with roadside frontage to Bill France Boulevard. The purchase price was $3.6 million and was completed in the first quarter of fiscal 2019. Simultaneous to the purchase, we executed a long-term lease for a portion of the commercial office space located on the property.

A Community Development District ("CDD") has been established for the purpose of installing and maintaining public infrastructure at ONE DAYTONA. The CDD is a local, special purpose government framework authorized by Chapter 190 of the Florida Statutes for managing and financing infrastructure to support community development. The CDD has negotiated agreements with the City of Daytona Beach and Volusia County for a total of up to $40.0 million in incentives to finance a portion of the infrastructure required for the ONE DAYTONA project. The CDD purchased certain infrastructure assets, and specific easement rights, from ONE DAYTONA, and in October 2018, ONE DAYTONA received approximately $20.0 million of the total incentive amount in cash, with $10.5 million to be received in annual payments derived from a long-term note receivable issued by the CDD. The first payment of the note receivable is expected in fiscal 2019 with maturity no later than fiscal 2046. The remainder of the incentives can be received based on certain criteria met by the project through fiscal 2046.

Total capital expenditures for ONE DAYTONA and the Shoppes, excluding capitalized interest and net of public incentives, are expected to be approximately $111.0 million. From inception, through May 31, 2019, capital expenditures totaled approximately $85.4 million, exclusive of capitalized interest and labor. At this time, there is no project specific financing in place for ONE DAYTONA. Ultimately, we may secure financing for the project upon stabilization. We expect returns for ONE DAYTONA to exceed our weighted average cost of capital as we progress to stabilization.

Any future phases will be subject to prudent business considerations for which we will provide discrete cost and return disclosures.

The ISM Raceway Project

On November 30, 2016, we announced the approval of a multi-year redevelopment project ("The ISM Raceway Project") to elevate the guest experience at ISM Raceway, our 54-year-old motorsports venue. The redevelopment was focused on new and upgraded seating areas, vertical transportation options, new concourses, enhanced hospitality offerings, and a re-worked infield experience with a brand-new Fan Zone that offers greater accessibility to pre-race activities.

The ISM Raceway Project is included in our aforementioned $500.0 million capital allocation plan covering fiscal years 2017 through 2021. The ISM Raceway Project cost is approximately $178.0 million, including maintenance capital, before capitalized interest. Construction commenced in early fiscal 2017 and was completed in fall of 2018.

From inception, through May 31, 2019, we have incurred total capital expenditures related to The ISM Raceway Project, exclusive of capitalized interest and labor, of approximately $168.4 million. Despite not anticipating the need for additional long-term debt to fund this project, accounting rules dictate that we capitalize a portion of the interest on existing outstanding debt during the construction period.  From inception, through substantial completion of the project in the fall of 2018, we recorded approximately $5.1 million of capitalized interest related to The ISM Raceway Project. The ISM Raceway Project will contribute incrementally to our net revenue. Financial projections are included in our 2019 full fiscal year non-GAAP guidance.

Richmond Raceway

In June 2017, the Board of Directors approved a capital project for the redevelopment of the infield of Richmond Raceway ("Richmond Reimagined"). The new infield offers a variety of enhanced amenities for fans, teams, sponsors and other stakeholders. Fan access was the focus of Richmond Reimagined, which showcases new Monster Energy NASCAR Cup Series garages with a fan-viewing walkway. The new infield continues the track’s mission of being the most fan-friendly track on NASCAR’s schedule.

Richmond Reimagined is included in our aforementioned $500.0 million capital allocation plan covering fiscal years 2017 through 2021. The project cost was approximately $30.0 million, which included maintenance capital, before capitalized interest. Richmond Reimagined was completed in September 2018. Richmond Reimagined will contribute incrementally to our net revenue. Financial projections are included in our 2019 full fiscal year non-GAAP guidance.

Talladega Superspeedway

In June 2018, the Board of Directors approved a capital project for the redevelopment of the infield of Talladega Superspeedway (known as "Transformation - the Talladega Superspeedway Infield Project"). The infield redevelopment project will offer new attractions and enhanced amenities for fans, sponsors, teams and stakeholders in the famous, historic Talladega infield. The infield redevelopment project will include a new interactive Garage Fan Zone Experience, a paddock club to enhance the experience for fans and corporate guests, new Gatorade Victory Lane with up-close fan views, and expanded premium RV camping located near the Alabama Gang Superstretch and by the start-finish line. A new turn 3 vehicle tunnel will provide unobstructed ingress/egress access to the infield for haulers and RV's.

The infield redevelopment project is included in our aforementioned $500.0 million capital allocation plan covering fiscal years 2017 through 2021. The project is expected to cost approximately $50.0 million, which includes maintenance capital, before capitalized interest. Construction commenced in the fall of 2018 and will be completed by fall of 2019. Talladega infield redevelopment will contribute incrementally to our net revenue. Financial projections are included in our 2019 full fiscal year non-GAAP guidance.

Hollywood Casinoat Kansas Speedway

Kansas Entertainment, LLC, (“Kansas Entertainment”) a 50/50 joint venture of Penn Hollywood Kansas, Inc. (“Penn”), a subsidiary of Penn National Gaming, Inc. and Kansas Speedway Development Corporation (“KSDC”), a wholly owned indirect subsidiary of ISC, operates the Hollywood-themed casino and branded destination entertainment facility, overlooking turn two at Kansas Speedway. Penn is the managing member of Kansas Entertainment and is responsible for the operations of the casino.

We have accounted for Kansas Entertainment as an equity investment in the consolidated financial statements as of May 31, 2018 and 2019. Our 50.0 percent portion of Kansas Entertainment’s net income, which is before income taxes as the joint venture is a disregarded entity for income tax purposes, was approximately $10.6 million and $12.5 million for the six months ended May 31, 2018 and 2019, respectively, and is included in Equity in net income from equity investments in the consolidated statements of operations.

Pre-tax distributions from Kansas Entertainment for the six months ended May 31, 2019, totaling approximately $12.7 million, consists entirely as a distribution from its profits, included in net cash provided by operating activities on our consolidated statement of cash flows. Pre-tax distributions from Kansas Entertainment for the six months ended May 31, 2018, totaling $11.6 million, consisted of approximately $11.1 million received as a distribution from its profits, included in net cash provided by operating activities on our consolidated statement of cash flows, with the remaining approximate $0.5 million received, recognized as a return of capital from investing activities on our consolidated statement of cash flows.

For fiscal 2019, cash distributions from Kansas Entertainment are estimated to be approximately $27.0 million.

Fiscal 2019 Financial Outlook

Our reported quarterly and year to date earnings are presented under GAAP. In an effort to enhance the comparability and understandability of our forward looking financial guidance, we adjust for certain non-recurring items that will be included in our future GAAP reporting to provide information that we believe best represents our expectations for our core business performance.

For fiscal 2019, our non-GAAP guidance excludes:

  • costs incurred related to the Merger Agreement;
  • non-recurring, non-capitalized costs related to the purchase of certain assets from Racing Electronics;
  • one-time, non-cash charge related to terminated agreements associated with non-motorsports operations;
  • accelerated depreciation and future loss on retirements, mostly non-cash, or relocation of certain long-lived assets, which could be recorded as part of capital improvements resulting in removal of assets prior to the end of their actual useful life, partially offset by capitalized interest;
  • start up and/or financing costs should our Hollywood Casino at Kansas Speedway joint venture pursue construction of an adjacent hotel;
  • any costs or income related to legal settlements; and
  • gain or loss on sale of other assets.

We are reaffirming our 2019 full fiscal year non-GAAP guidance as follows:

  • Revenue: $685.0 million to $705.0 million;
  • Operating margin: 13.5% to 16.0%;
  • Effective tax rate: 25.0% to 26.0%; and
  • Diluted earnings per share: $1.85 to $2.15.

The Company's guidance for Adjusted EBITDA is estimated to range between $230.0 million and $250.0 million, which includes pre-tax cash distributions of approximately $27.0 million from equity investments in the Hollywood Casino (see "GAAP to Non-GAAP Reconciliation").

In closing, Ms. France Kennedy stated, "We maintain a solid financial position, developed over many years, that affords us the ability to follow our disciplined capital allocation strategy and maintain our leadership position in the motorsports industry.  We have a long-term capital allocation plan that extends through fiscal 2021, demonstrating our ongoing commitment to building long-term value.  For the future, we are well positioned to balance the strategic capital needs of our business with returning capital to our shareholders."

Conference Call Details

The management of ISC will host a conference call 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 7548358.

A live Webcast will also be available at that time on our website, www.internationalspeedwaycorporation.com, under the “Investor Relations” section. A replay will be available two hours after the end of the call through midnight Wednesday, July 17, 2019. To access, dial (855) 859-2056 and enter the code 7548358, or visit the “Investor Relations” section of our website.

International Speedway Corporation is a leading promoter of motorsports activities, currently promoting more than 100 racing events annually as well as numerous other motorsports-related activities. We own and/or operate 13 of the nation's major motorsports entertainment facilities, including Daytona International Speedway® in Florida (home of the DAYTONA 500®); Talladega Superspeedway® in Alabama; Michigan International Speedway® located outside Detroit; Richmond Raceway® in Virginia; Auto Club Speedway of Southern CaliforniaSM near Los Angeles; Kansas Speedway® in Kansas City, Kansas; ISM Raceway near Phoenix, Arizona; Chicagoland Speedway® and Route 66 RacewaySM near Chicago, Illinois; Homestead-Miami SpeedwaySM in Florida; Martinsville Speedway® in Virginia; Darlington Raceway® in South Carolina; and Watkins Glen International® in New York.

We also own and operate Motor Racing NetworkSM, the nation's largest independent sports radio network, Racing Electronics, the leader in motorsports communication technology and equipment and Americrown Service , a subsidiary that provides catering services, and food and beverage concessions. In addition, we own ONE DAYTONA, the retail, dining and entertainment development across from Daytona International Speedway, and have a 50.0 percent interest in the Hollywood Casino at Kansas Speedway. For more information, visit our website at www.internationalspeedwaycorporation.com.

Statements made in this release that express ISC's or management's beliefs or expectations and which are not historical facts or which are applied prospectively are forward-looking statements. It is important to note that ISC's actual results could differ materially from those contained in or implied by such forward-looking statements. ISC's results could be impacted by risk factors, including, but not limited to, weather surrounding racing events, government regulations, economic conditions, consumer and corporate spending, military actions, air travel and national or local catastrophic events. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in ISC's SEC filings including, but not limited to, the 10-K and subsequent 10-Qs. Copies of those filings are available from ISC and the SEC. ISC undertakes no obligation to release publicly any revisions to these forward-looking statements that may be needed to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by International Speedway or any other person that the events or circumstances described in such statement are material.

(Tables Follow)

Consolidated Statements of Operations
(In Thousands, Except Share and Per Share Amounts)

    Three Months Ended   Six Months Ended
    May 31, 2018   May 31, 2019   May 31, 2018   May 31, 2019
     
    (Unaudited)
REVENUES:                
Admissions, net   $ 25,677     $ 24,388     $ 56,239     $ 53,722  
Motorsports and other event related   133,328     126,783     239,114     233,424  
Food, beverage and merchandise   6,906     11,364     14,856     20,616  
Other   5,768     5,549     10,345     10,873  
    171,679     168,084     320,554     318,635  
EXPENSES:                
Direct:                
NASCAR event management fees   50,180     52,280     80,045     83,180  
Motorsports and other event related   44,607     31,993     70,642     58,381  
Food, beverage and merchandise   5,198     8,117     10,827     14,695  
Other operating expenses   1,038     1,862     2,247     3,770  
General and administrative   26,345     28,880     52,087     58,488  
Depreciation and amortization   26,859     28,809     53,598     58,068  
Losses on asset retirements   195     640     1,357     1,021  
    154,422     152,581     270,803     277,603  
Operating income   17,257     15,503     49,751     41,032  
Interest income   732     1,339     1,253     2,572  
Interest expense   (2,900 )   (3,716 )   (5,785 )   (7,438 )
Equity in net income from equity investments   6,351     6,425     10,659     11,937  
Other           15      
Income before income taxes   21,440     19,551     55,893     48,103  
Income tax (benefit) expense   4,770     4,478     (130,123 )   11,475  
Net income   $ 16,670     $ 15,073     $ 186,016     $ 36,628  
                 
Dividends per share   $ 0.47     $ 0.49     $ 0.47     $ 0.49  
Earnings per share:                
Basic and diluted   $ 0.38     $ 0.35     $ 4.21     $ 0.84  
                 
Basic weighted average shares outstanding   44,158,611     43,441,350     44,177,342     43,431,283  
                 
Diluted weighted average shares outstanding   44,169,681     43,449,109     44,189,676     43,439,004  
                 
Comprehensive income   $ 16,870     $ 15,278     $ 186,405     $ 37,037  
                                 

Consolidated Balance Sheets
(In Thousands, Except Share and Per Share Amounts)

    November 30, 2018   May 31, 2018   May 31, 2019
         
        (Unaudited)
ASSETS            
Current Assets:            
Cash and cash equivalents   $ 269,011     $ 327,133     $ 338,747  
Receivables, less allowance   42,833     52,600     42,220  
Income taxes receivable       2,854      
Prepaid expenses and other current assets   10,611     23,427     28,253  
Total Current Assets   322,455     406,014     409,220  
             
Property and Equipment, net   1,515,041     1,510,321     1,501,365  
Other Assets:            
Equity investments   81,225     85,234     82,018  
Intangible assets, net   178,563     178,564     179,828  
Goodwill   118,331     118,331     118,872  
Other   33,745     22,517     30,225  
    411,864     404,646     410,943  
Total Assets   $ 2,249,360     $ 2,320,981     $ 2,321,528  
LIABILITIES AND SHAREHOLDERS’ EQUITY            
Current Liabilities:            
Current portion of long-term debt   $ 4,284     $ 3,884     $ 4,522  
Accounts payable   31,508     42,282     24,726  
Deferred income   36,801     92,360     79,436  
Income taxes payable   2,535         2,111  
Other current liabilities   15,551     36,367     37,010  
Total Current Liabilities   90,679     174,893     147,805  
             
Long-Term Debt   251,381     255,254     250,784  
Deferred Income Taxes   260,666     259,328     260,504  
Long-Term Deferred Income   7,575     8,108     7,182  
Other Long-Term Liabilities   3,101     2,681     2,910  
Commitments and Contingencies            
Shareholders’ Equity:            
Class A Common Stock, $.01 par value, 80,000,000 shares authorized   234     241     235  
Class B Common Stock, $.01 par value, 40,000,000 shares authorized   196     197     196  
Additional paid-in capital   425,233     430,134     425,886  
Retained earnings   1,211,499     1,191,747     1,226,821  
Accumulated other comprehensive loss   (1,204 )   (1,602 )   (795 )
Total Shareholders’ Equity   1,635,958     1,620,717     1,652,343  
Total Liabilities and Shareholders’ Equity   $ 2,249,360     $ 2,320,981     $ 2,321,528  
                         

Consolidated Statements of Cash Flows
(In Thousands)

    Six Months Ended
    May 31, 2018   May 31, 2019
     
    (Unaudited)
OPERATING ACTIVITIES        
Net income   $ 186,016     $ 36,628  
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization   53,598     58,068  
Stock-based compensation   1,585     1,663  
Amortization of financing costs   806     827  
Deferred income taxes   (136,870 )   (294 )
Income from equity investments   (10,659 )   (11,937 )
Distribution from equity investee   11,138     12,650  
Loss on retirements of long-lived assets, non-cash   2,601     1,021  
Other, net   (233 )   (29 )
Changes in operating assets and liabilities:        
Receivables, net   (15,331 )   613  
Prepaid expenses and other assets   (16,521 )   (16,350 )
Accounts payable and other liabilities   (7,364 )   (2,772 )
Deferred income   53,696     42,242  
Income taxes   19,013     (424 )
Net cash provided by operating activities   141,475     121,906  
INVESTING ACTIVITIES        
Capital expenditures   (65,019 )   (42,562 )
Distribution from equity investee   487     122  
Proceeds from sale of assets   418     30  
Acquisition of assets       (7,969 )
Other, net       (279 )
Net cash used in investing activities   (64,114 )   (50,658 )
FINANCING ACTIVITIES        
Payment of long-term debt   (473 )   (503 )
Exercise of Class A common stock options   718      
Reacquisition of previously issued common stock   (7,175 )   (1,009 )
Net cash used in financing activities   (6,930 )   (1,512 )
Net increase in cash and cash equivalents   70,431     69,736  
Cash and cash equivalents at beginning of period   256,702     269,011  
Cash and cash equivalents at end of period   $ 327,133     $ 338,747  

ISC PR

First officials tried moving the event back a weekend, but still the Mississippi River has not cooperated enough. Unfortunately, DIRTcar and Federated Auto Parts Raceway at I-55 officials will have to cancel the DIRTcar Summer Nationals and Summit Racing Equipment Modified Nationals events scheduled for this Saturday, July 6.

While the river and its tributaries are receding from flood stages that have impeded the ability to enter the track’s grounds, the level has not dropped enough this week to ensure racing can take place this weekend. Track officials are expecting to be able to open on Saturday, July 13, however the tour will be completing its championship that night at Oakshade Raceway in Ohio.

The World of Outlaws NOS Energy Drink Sprint Car Series is set to race at I-55 Aug. 2-3 in the annual Ironman weekend, which includes a grueling 55-lap Feature worth $20,000 to the winner.

For more information on the DIRTcar Summer Nationals, go to TheHellTour.com. For information about the DIRTcar Summit Racing Equipment Modified Nationals visit ModifiedNationals.com.

DIRTcar Racing PR

​Up-and-coming race car drivers between the ages of 10 and 15 will have an exclusive and exciting opportunity of a lifetime when the First Annual Jr. Late Model Challenge Camp takes place on August 16 and 17, 2019 at Madera Speedway in Madera, California. The camp, being put on by the Madera Speedway, Race Face Brand Development and Naake-Klauer Motorsports, will give 12 drivers the chance to compete for a free ride in a Naake-Klauer prepared 51FIFTY Jr. Late model for the track’s championship weekend event on October 5, 2019.

Mike Naake, co-owner of Naake-Klauer Motorsports, explained how the camp will work. “We’re going to have six racers competing on each of the two days,” he said. “Emphasis will be placed on both on-track and off-track skill sets. We’re not going to be concerned with just speed on the track. We will be watching car control and their ability to provide feedback about the car to the crew chief after a run. We will instruct each of the drivers on how to safely operate the car and how to communicate with a spotter on the radio. Then, they’ll each be given a total of 90 minutes of on-track time. Off the track, we will put them through a media training session to gauge their interview skills, and we’ll have seminar training in many areas for them as well. We’ll be filming the weekend for broadcast on a MAVtv show later this year. All of this will be at no charge to the 12 finalists. They’ll just need to provide their travel expenses to get here and take part. We’ll even serve lunch each day of the camp.”

The team will announce the winner via email and social media on August 30, 2019. Applications are being accepted now and will be open through July 12, 2019. To apply, go to http://jrlatemodelchallengecamp.com/. Applicants must include Resume, Career Highlights, Driver Photo in Uniform, Three Racing References and a short paragraph on “Why I Should Be a Finalist.” Online applications only.

“The goal with our Jr. Late Model Series is to create the sport’s next superstars,” added Madera Speedway promoter Kenny Shephard, “And the Jr. Late Model Challenge Camp is a nationwide talent search that I’m extremely excited about, as this leads us closer to a real farm system to ensure we are propelling the best talent to the top of the sport."

“We are looking forward to two days of instruction and performance with the drivers,” stated Race Face Brand Development founder and CEO Rod Wortham. “Our goal for this is that the racers leave with more knowledge and understanding of how to climb the ladder in motorsports both on and off the track than they had when they got here. The sport can be very demanding both physically and mentally, and we’re excited to share as much as possible with the drivers and families about how to deal with those demands inside of their own situations going forward and to give one deserving finalist a chance to go racing in a championship-capable Naake-Klauer Motorsports car at Madera Speedway in October at no cost to them. We are thankful to all of those who have helped us to bring this event together.”

Naake-Klauer Motorsports is a well-known and highly successful race team known for helping young racers learn to win on and off the track. They provide opportunities in stepladder fashion that begins with Jr. Late Models and includes Pro Late Models, SRL Southwest Tour Super Late Models, and NASCAR K&N Pro Series cars. Naake-Klauer won the 2017 and 2018 Jr. Late Model championship with Jesse Love, who is now a Toyota Racing Development Driver racing in multiple series including SRL Southwest Tour Super Late Models and the POWRi Midget Series (with Keith Kunz Motorsports). The team has also advanced other drivers like Hailie Deegan to the NASCAR K&N Pro Series and the ARCA Racing Series, and Adam Lemke who is driving for Jr Motorsports in the CARS Tour on the East Coast. Mike Naake and his team will provide championship caliber cars and support for the camp, along with personal one-on-one driver coaching from Mike Naake. Drivers will also participate in Chassis Seminars conducted by Naake-Klauer Championship Crew Chiefs.

For more information about the camp or to submit an application, visit http://jrlatemodelchallengecamp.com/ or email This email address is being protected from spambots. You need JavaScript enabled to view it.. Deadline: July 12 12:00 pm. EST. 

Race Face Brand Development LLC PR

Fireworks filled the sky and sparks populated the pavement in Tuesday night’s spectacular fifth round of the Bojangles’ Summer Shootout at Charlotte Motor Speedway.

Prior to an autograph session for fans and an awe-inspiring pre-Independence Day fireworks show presented by NGK Spark Plugs, plenty of excitement took place on the track. Carson Ferguson jumped out to an early lead over Joey Padgett and NASCAR star Bubba Wallace in the fifth Boston Reid Real Estate Pro feature of the season. Unlike in recent weeks – when winners Ryan Mackintosh and Wallace emerged in the closing laps – Ferguson held serve throughout the 25-lap event. The Ladyga Motorsports driver overcame a late restart for Padgett’s spin to surge to his second win of the season ahead of Wallace and Zach Miller.

“I was just replaying it in my head the last two weeks,” Ferguson said of his recent run of unrealized success. “It was getting really frustrating, but I was determined not to let it happen again. Thanks to Bubba for racing me clean the last two laps there.”

Past Twenty-Six Acres Brewing Company Masters division champion Robby Faggart rallied from fourth in the opening laps of Tuesday’s 25-lap tussle to win his second race of the season. Faggart cleared title competitor Mark Green as well as runner-up Jon Craig and third-place finisher Todd Midas before driving away to a victory by nearly two seconds.

“I’m just in a hurry,” Faggart said of his approach. “Stephen Ross, he’s just so good with these cars. He never sleeps, he never rests and this is his result. It was really hot and slick out tonight. We came out to the good tonight.”

Janson Marchbanks paced the field for much of the PMG Young Lions feature, but a tap from Landon Rapp with five laps left moved Rapp into the lead. Rapp held Marchbanks behind him for the final circuits, cruising to the victory ahead of Marchbanks and Tyler Chapman.

“I can’t believe how fast we were,” Rapp said. “We figured out we had a bent front clip after the first few races. It’s so great to be in Victory Lane. Thanks so much to Bojangles’ for sponsoring the Bojangles’ Summer Shootout.”

Gracie Trotter won a caution-filled VP Racing Fuels Semi-Pro feature, surviving a slew of yellow flags for multi-car accidents and avoiding the carnage to register her first win of the season.

Trotter and Isabella Robusto, last week’s winner, started on the front row. Robusto finished third behind Trotter and Braden Rogers.

“I didn’t think that race was ever going to end,” Trotter said. “I just knew I had to get a good restart every single time. We ended up doing it, sealing the deal and we won. It’s good to be back in Victory Lane. We won this same race last year. Maybe it’s something about the fireworks.”

On seven-time NASCAR champion Richard Petty’s 82nd birthday, Layton Harrison took the No. 43 to the winner’s circle in K1 RaceGear Bandolero Bandits competition.

“I was worried when we were in the back but I had a really fast car so I was able to keep it on the bottom,” Harrison said.

Garin Mash rocketed to another Farm Bureau Bandolero Outlaws win after a hard-fought battle with runner-up Connor Yonchuk and Cameron Murray. Mash – the division points leader – held off Yonchuk by 0.328 seconds.

“He was the better car in the end,” Mash said of Yonchuk. “I had great spotting from my uncle, James Edwards. I’ve got to thank him and AK Performance for sticking with me. It’s a good night.”

In the Bandolero Beginner Bandit feature, Katie Yonchuk held off Josh Horniman for her first Bojangles’ Summer Shootout victory in a closely contested battle to the finish. Kenton Case won the B-feature.

“It feels good because I’ve never won here before,” Yonchuk said. “I was worried I wasn’t going to win because (Horniman) is really good and he was right behind me.”

Next Tuesday’s Bojangles’ Summer Shootout on July 9 marks the Shootout’s first “Brewsday,” with special beers on sale.

Gates open at 5 p.m. with opening ceremonies scheduled for 6:15 p.m.

TICKETS:
Tickets, which cost only $8 for adults and are FREE for kids 13 and under, can be purchased at the gate or in advance by calling 800-455-FANS or online at www.charlottemotorspeedway.com/tickets.

KEEP TRACK:
Follow all the thrilling Bojangles’ Summer Shootout action using the hashtags #LetsBoRacing and #WeCreateLegends. Connect with Charlotte Motor Speedway on Twitter, Facebook and Instagram or get all the latest news and information with the Charlotte Motor Speedway mobile app.

Unofficial Results:

Boston Reid Real Estate Pro (25 Laps): 1. Carson Ferguson; 2. Bubba Wallace; 3. Zach Miller; 4. Ryan Mackintosh; 5. David Rochester; 6. Caleb Heady; 7. Vince Midas; 8. Bryson Ruff; 9. Collin Milroy; 10. Hudson Halder; 11. Joey Padgett; 12. Jason Simmons; 13. Connor Mosack; 14. Daniel Wilk; 15. Reid Wilson

Twenty-Six Acres Brewing Company Masters (25 Laps): 1. Robby Faggart; 2. Jon Craig; 3. Todd Midas; 4. Mark Green; 5. Carl Cormier; 6. Dwayne Holder; 7. Jan Ingram; 8. Charles Parker; 9. Jeff Knight

PMG Young Lions (25 Laps): 1. Landon Rapp; 2. Jason Marchbanks; 3. Tyler Chapman; 4. Zack Miracle; 5. Sam Butler; 6. Landon Lewis; 7. Kade Brown; 8. Ethan Norfleet; 9. Jake Waltman; 10. Conner Jones; 11. Austin McDonald; 12. William Cox; 13. Jason Chapman; 14. Ashton Whitener; 15. David Johnson; 16. John Holtger; 17. Jaiden Rayna; 18. Lacy Kuehl; 19. Christina Pedano; 20. Molly Lindner; 21. Tristan Borkoski; 22. Tommy Good

VP Racing Fuel Semi-Pro (17 Laps): 1. Gracie Trotter; 2. Braden Rogers; 3. Isabella Robusto; 4. Garrett Lowe; 5. Cole Dockery; 6. Carson Poindexter; 7. Justice Calabro; 8. Justin Laduke; 9. Justin Gareis; 10. Dacin Roberson; 11. Faron Laney; 12. Cole Brown; 13. Joshua Plummer 14. Austin Saunders; 15. Blake Lothian; 16. Toni Breidinger; 17. William Robusto; 18. Craig Biryla; 19. D.J. Canipe; 20. Jordan Plummer; 21. Jason Alder; 22. Andrew Tagliamonte; 23. J.R. Weidman; 24. Rajah Caruth; 25. Hayden Swank; 26. Nick Craig; 27. Daniel Knight

Farm Bureau Bandolero Outlaws (20 Laps): 1. Garin Mash; 2. Connor Yonchuk; 3. Cameron Murray; 4. Jadyn Daniels; 5. Parker Eatmon; 6. Logan Clark; 7. Sean Abell; 8. Trevor Wester; 9. Skyler Chaney; 10. Santiago Hill; 11. Fran Pedanol 12. Wyatt Philyaw; 13. Sean McElearney; 14. Carson Ramsey; 15. Natasha Elder; 16. Madison Miracle; 17. Zac Fowler; 18. Whitney Meggs; 19. Laney Meggs

K1 RaceGear Bandolero Bandits (20 Laps): 1. Layton Harrison; 2. Jacob Bradley; 3. Truett Miranda; 4. Luke Morey; 5. Kaleb Bradley; 6. Tristan McKee; 7. Aiden Garcia; 8. Nate Honeycutt; 9. Lucas Vera; 10. Bobby Elder; 11. Hank Hall; 12. Alex Meggs

Beginner Bandolero A-Main (15 laps): 1. Katie Yonchuk; 2. Josh Horniman; 3. Hudson Canipe; 4. Neal Dulin; 5. Finn Buckley; 6. Chris Kuhn; 7. Colt Johnson; 8. Natalie Richard; 9. Hunter Jordan; 10. Payton Johnson

Beginner Bandolero B-Main (15 laps): 1. Kenton Case; 2. Josh Souza; 3. Jonathan Pedano; 4. Cale Dejamett; 5. Eli Warren; 6. Julianna Case; 7. Seth Helms; 8. Alison Johnson; 9. Ava Grace Tobias

CMS PR

The DIRTcar Summer Nationals Late Models and Summit Racing Equipment Modified Nationals Features that were cut short by rain last Sunday, June 30, at the Lincoln Speedway have been rescheduled for Thursday, July 25.

A rain shower settled over the Lincoln area on Sunday night as the Late Model Feature paced the track under yellow with 16 laps complete. That race will pick up where it left off and, after its completion of 40 laps, will not award drivers any points toward the overall Summer Nationals championship as the tour’s regularly schedule season will have concluded. Instead, each driver will receive 10 points toward their overall DIRTcar Late Model weekly points total.

The DIRTcar UMP Modifieds, which had not yet taken the green flag for their Feature, will make up their 25-lap race on the same date and will award competing drivers points toward the overall Summit Racing Equipment Modified Nationals point standings, culminating with the Series finale at Fairbury Speedway on July 26 and 27 as part of the 30th annual Prairie Dirt Classic presented by Bank of Pontiac.

The full card for the July 25 race night at Lincoln will include DIRTcar Summer Nationals Late Models, DIRTcar Summit Racing Equipment Modified Nationals, DIRTcar Pro Modifieds and DIRTcar Street Stocks.

The pit area will open at 3 p.m. with the grandstands opening at 4 p.m. and hot laps at 6 p.m. There will also be an on-track autograph session at 7 p.m. followed by racing at 7:30 p.m. DIRTcar Pro Modifieds and DIRTcar Street Stocks will run heat races before Features begin with the DIRTcar Summit Racing Equipment Modified Nationals first followed by the conclusion of the DIRTcar Summer Nationals Late Model Feature and the DIRTcar Pro Modified Feature and the DIRTcar Street Stock Feature.

Wristbands from the June 30 show are good for admission on July 25. Fans must have wristband to use as raincheck. For those who don’t have a wristband from the postponed event, grandstand admission will be discounted to $15 and pit admission will be $30 as a portion of original show was already run.

For more information on the DIRTcar Summer Nationals, go to TheHellTour.com. For information about the DIRTcar Summit Racing Equipment Modified Nationals visit ModifiedNationals.com.

DIRTcar Racing PR

NASCAR driver Ross Chastain likes to keep busy, especially when he visits Daytona International Speedway. In February, Chastain raced – and finished in the top 13 – in all three of NASCAR’s national series. This week, he got an early start when he visited Tampa on Monday to promote both Friday night’s Circle K Firecracker 250 Powered by Coca-Cola, a NASCAR Xfinity Series race, and Saturday’s Coke Zero Sugar 400 Monster Energy NASCAR Cup Series race.

The 26-year-old Chastain, who will wheel the No. 16 Kaulig Racing Chevrolet Camaro Friday night and a Premium Motorsports Chevrolet on Saturday night, is from Alva, Florida – just east of Fort Myers. While visiting Tampa television and radio stations during the day, the expected topic of Coke Zero Sugar 400 Weekend was discussed. But there was an even more popular topic: watermelons. Chastain, an eighth-generation watermelon farmer who is known as ‘The Watermelon Man,’ picked out and smashed watermelons with media members.

Later Monday evening, he and Daytona International Speedway president Chip Wile took some watermelon to share with the families staying at the Ronald McDonald House, St. Petersburg East House. While there, they raced handmade wooden toys provided by Toymakers with the families and participated in a question-and-answer session.

“(The Ronald McDonald House) is something I’ve never experienced before,” said Chastain. “This will not be my last time visiting one of these houses and seeing the kids.”

Tickets for the Coke Zero Sugar 400 Weekend on July 4-6 and all Daytona International Speedway events can be purchased online at www.daytonainternationalspeedway.com or by calling 1-800-PITSHOP. Fans can stay connected with Daytona International Speedway on Twitter, Facebook, Instagram, Pinterest, YouTube and Snapchat, and by downloading Daytona International Speedway’s mobile app, for the latest speedway news.

DIS PR

Businesses can treat their clients and VIP guests at Talladega Superspeedway with a host of brand-new premium hospitality options such as Garage Suites, Pit Road Club Suites, and Corporate RV areas at prime locations near the Start-Finish Line during the upcoming NASCAR Playoffs doubleheader weekend, Oct. 11-13, featuring the 1000Bulbs.com 500 and the Sugarlands Shine 250.

These private hospitality options offer an array of incredible amenities, including admittance to the new, one-of-a-kind Talladega Garage Experience (TGE) that is part of Transformation – The Talladega Superspeedway Infield Project presented by Graybar. The TGE will take fan access to a new level where guests can be under the same roof that houses the race cars, teams and drivers as they prepare their machines throughout race weekend.
 
Below are some of these choice hospitality options the 2.66-mile venue has to offer:
  • NEW! Garage Suites – The private suites, located inside of the TGE Open-Air Club, provide quick access to the Monster Energy NASCAR Cup Series Garage bays, Gatorade Victory Lane and social areas, plus the package includes unlimited food and beverages, NASCAR HOT garage passes and reserved grandstand seating.
    • 20-person weekend package - (20) suite admissions, (20) NASCAR HOT passes, (20) 3-day TGE passes, (20) 2-day tower tickets, (8) infield & outside parking passes; catering included.
    • For more information, visit here.
  • NEW! Pit Road Club Suites – Located inside the TGE and behind pit road, the two-story, open-air Pit Road Club offers guests a delicious hot breakfast and lunch, along with afternoon hors d’oeuvres and unlimited beer & Coca-Cola products. Includes access to the TGE both Saturday and Sunday.
    • Lower-level – Includes two buffet lines, a permanent bar, 10 chalets with patio chairs, tables, bar stools, bar-height tables and lounge seating.
    • Upper-level – Reserved seating area, permanent bar, 23-inch wide seats with cup holders, social area in the rear of the seating section to see the Alabama Gang Superstretch, and over a dozen TVs to keep up with all the action on track.
    • 30-person package (weekend or single day available) – Includes (30) suite admissions (lower & upper-level access), (30) 2-day TGE daily wristbands and (12) infield parking passes.
    • For more information, visit here.
  • NEW! Corporate Finish Line RV – Located at the Start-Finish line, these 25 feet by 50 feet infield, asphalt spots are complete with full hookups and a front-row view of the action-packed racing that only Talladega can offer.
    • 10-person weekend package – (10) RV admissions, (10) 3-day TGE daily wristbands, (1) infield tow vehicle pass & (2) infield parking passes (catering buyout optional).
    • For more information, visit here.
  • NEW! Finish Line RV Square – With close proximity to the TGE and track viewing, these 25 feet by 50 feet infield, asphalt spots are located close to the Start-Finish line with full hookups.
    • 10-person weekend package – (10) RV admissions, (10) 3-day TGE daily wristbands, (1) infield tow vehicle pass & (2) infield parking passes (catering buyout optional).
    • For more information, visit here.
In addition to the incredible amenities listed above, guests with a TGE admission also receive FREE Wi-Fi presented by Xtreme Concepts, Inc., Gatorade Victory Lane Celebration access, and the opportunity to take part in Sunday pre-race ceremonies and Driver Introductions at the Start-Finish line and much more!

For more information or corporate opportunities, call 256-761-4707 or visit www.talladegasuperspeedway.com/Partnership/Partnership-Overview.aspx. For ticket information on the track’s NASCAR doubleheader playoffs weekend and the Talladega Garage Experience, log onto www.talladegasuperspeedway.com or call 855-518-7223 (RACE).

Fans can learn more about the Transformation Infield Project presented by Graybar and view the progress 24/7 via the construction cam by visiting www.talladegasuperspeedway.com/transformation.
TSS PR
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