UPDATE: International Speedway Shares Rise On Upbeat Q3 Results

Shares of International Speedway

surged around 4.9% in pre-market trading after the company reported better-than-expected profit for the third quarter. The Daytona Beach, Florida-based company posted a quarterly profit of $191,000, or less than $0.01 per share, versus a year-ago loss of $7.9 million, or $0.17 per share. Excluding certain items, it earned $0.02 per share. Its total revenue climbed 11.1% to $130.1 million. However, analysts were projecting earnings of $0.01 per share on revenue of $125.48 million. International Speedway posted an operating loss of around $3.5 million, versus an operating loss of around $13.1 million. International Speedway's revenue from food, beverages and merchandise climbed 97.4% to $17.5 million, while revenue from admissions rose 3.5% to $26.3 million. Motorsports-related revenue gained 2.7% to $82 million in the quarter. "We are pleased to report higher revenues on a comparable basis for our third quarter driven by contractual increases in television broadcast rights and stabilizing admissions," stated ISC Chief Executive Officer Lesa France Kennedy. International Speedway shares rose 4.92% to $33.50 in pre-market trading.