International Speedway Corporation (Nasdaq: ISCA) (OTC Bulletin Board: ISCB) ("ISC") today reported record results for the fiscal fourth quarter and full year ended November 30, 2005.

"This past year was highlighted by significant Company and industry developments, as well as increased revenue in all our major categories," commented Lesa France Kennedy, President of ISC.  "Television and media contributed to full year revenue growth, led by the 17 percent average increase in contracted industry broadcast rights fees for the NASCAR NEXTEL Cup and Busch series.  In addition, double-digit growth in corporate partner spending as well as higher admissions-related revenue contributed to the increase.  During the year we completed major facility enhancements at Daytona, Michigan and Homestead-Miami that are designed to enhance the fan experience and create incremental revenue opportunities for the Company. Finally, we are excited about the future prospects of Motorsports Authentics, our merchandising joint venture with Speedway Motorsports."

Fourth Quarter Comparison

Total revenues for the fourth quarter increased to $236.7 million, compared to revenues of $231.3 million in the prior-year period.  Operating income was $90.5 million during the period compared to $92.6 million in the fourth quarter of fiscal 2004.  Net income was $55.0 million, or $1.03 per diluted share, compared to net income of $54.4 million, or $1.02 per diluted share, in the prior year.

The realignment of Darlington Raceway's NEXTEL Cup and Busch weekend, held in the fourth quarter of 2004, to Phoenix International Raceway in the second quarter of 2005 significantly impacted year-over-year results.  In addition, 2005 fourth-quarter results include the IRL IndyCar event at Watkins Glen International, which was realigned from Nazareth Speedway after the 2004 race season.  The long-lived assets of Nazareth are held for sale as of November 30, 2005.  Therefore, its results are recorded as discontinued operations, net of tax, for all periods presented.

Full Year Comparison

For the twelve months ended November 30, 2005, total revenues increased to $740.1 million from $647.8 million in 2004.  Operating income for the twelve-month period was $265.3 million compared to $228.4 million in the prior year.

Net income for the twelve months ended November 30, 2005, was $159.4 million, or $2.99 per diluted share, and impacted by the following:

• The July 2004 acquisition of Martinsville Speedway resulted in an incremental NASCAR NEXTEL Cup and Craftsman Truck weekend in the second quarter of 2005.
• The inclusion of the NASCAR Busch Series and aforementioned IRL event weekends at Watkins Glen in the 2005 third and fourth quarters, respectively, which were realigned from Nazareth.
• The 2005 second quarter recovery of approximately $1.8 million, or $0.02 per diluted share, associated with ISC's allowable claim in the CART bankruptcy.  The claim was based on the failure to return ISC's sanction fee paid to CART, less allowable expenses, for the 2003 event scheduled at California Speedway, which CART canceled because of the state of emergency due to wildfires in Southern California at the time.

Net income for the twelve months ended November 30, 2004 was $156.3 million, or $2.94 per diluted share, and included the following:

• A combined pre-tax charge included in the 2004 second quarter of $6.6 million, or $0.08 per diluted share, associated with refinancing the Company's Senior Notes.
• An after-tax gain of $36.3 million, or $0.68 per diluted share, on the sale of North Carolina Speedway's assets.
• A combined pre-tax non-cash charge of $1.0 million, or $0.01 per diluted share, related to the Daytona International Speedway infield and Michigan International Speedway frontstretch renovation projects.

GAAP to Non-GAAP Reconciliation

The following financial information is presented below using other than generally accepted accounting principles ("non-GAAP"), and 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, net of taxes.

The adjustments relate to: (1) the presentation of the operations of North Carolina and Nazareth as discontinued; (2) the presentation of the sale of North Carolina as discontinued; (3) charges associated with refinancing the majority of the Company's long-term debt; and (4) the write-off of the net book value of certain undepreciated assets removed in connection with major track renovation projects at Daytona and Michigan.  We believe such non-GAAP information is useful and meaningful to investors, and is used by investors and us to assess our core 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.