International Speedway Corp. (NASDAQ:ISCA) Q4 2014 Earnings Conference Call - Final Transcript
Jan 27, 2015 • 09:00 am ET
Good morning. And welcome to the International Speedway Corporation 2014 Fourth Quarter Earnings Conference Call. During the presentation all participants will be in listen-only mode. Afterwards you will be invited to participate in a question and answer session. [Operator Instructions] As a reminder, this conference is being recorded on Tuesday, January 27, 2015. With us on this morning's call are Lesa France Kennedy, Chief Executive Officer, John Saunders, President and Dan Houser, Senior Vice President and Chief Financial Officer. After formal remarks John Saunders and Dan Houser, will conduct a question-and-answer period.
The operator will instruct you on procedures at that time. Before we start, the company would like to address forward-looking statements that may be addressed on the call. Forward-looking statements involve risks, uncertainties and assumptions. Actual future performance, outcomes, and results may differ materially from those expressed in these forward looking statements. Please refer to the documents filed by the International Speedway Corporation with the SEC, specifically the most recent report on Forms 10-K and 10-Q, which identify important risk factors which could cause actual results to differ from those contained in these forward-looking statements.
So, with these formalities out of the way, I would turn the call over to Lesa Kennedy. Lesa?
Thank you and good morning to everybody. We appreciate you participating on today's call. We're pleased to report solid financial performance for 2014 including the results for our fourth quarter, which exceeded our expectations. We experienced positive momentum from our capacity management and consumer marketing strategies this year, coupled with strong corporate sales and the excitement that was generated by the new Chase through the Sprint Cup Championship format. We achieved fourth quarter sellouts at both Phoenix and Homestead-Miami.
As well, our TV ratings were up for the late season cup events. The on-track drama was high and Kevin Harvick took home his first Sprint Cup Championship after battling to a first place finish in the championship round at Homestead-Miami. 2015 is shaping up nicely for ISC, and the first year of the new TV agreements with Fox and NBC. We're optimistic that this sport can carry forward the fan enthusiasm that peaked during the final rounds of the Chase and with some tailwind from strengthening consumer confidence translated into solid consumer sales and TV ratings.
DAYTONA Rising, our massive redevelopment of the front stretch of Daytona International Speedway is running at full speed and it is on schedule and on budget. In October 2014, Florida Hospital was announced as the project's second founding partner and one of the company's longest term deals to date. As with Toyota, the Florida Hospital brand will be represented on one of the five fan injectors. We look forward to the announcement of additional partnerships with Blue-Chip brands share our vision as we move forward into 2015. This is always an exciting time of the year here in Daytona as we kick-off the 2015 race season, not only for ISC and NASCAR but most importantly for our fans and our