International Speedway Corp. (NASDAQ:ISCA) Q2 2019 Earnings Conference Call Transcript
Jul 03, 2019 • 09:00 am ET
We undertake no obligation to update any such information except as required by law. The purpose of this call is to discuss our second quarter results and we will have no further comment concerning the merger on this call.
Overall, our second quarter financial results are in line with our 2019 outlook. We report a slight decrease in revenue to approximately $168 million, our non-GAAP earnings were $0.36 per share and we generated an increase in adjusted EBITDA to $52 million. During the quarter, we hosted six NASCAR Cup weekends and Bike Week at Daytona. Admissions revenue for the quarter declined approximate 5%, largely due to not running the IndyCar event this year at ISM Raceway and loss of revenue related to a sponsor bankruptcy.
On a positive note, we saw the overall average ticket price of grandstand admissions for NASCAR Cup events increased to approximately $76, up 1.6% driven by ticket sales at the newly renovated ISM Raceway. Greg will provide further details on financial results for the quarter and outlook for 2019.
Looking into the third quarter we have hosted two NASCAR Cup weekends at Michigan and Chicagoland. The cup event at Michigan was delayed from Sunday to Monday due to rain. So this will be the first time guests who did not return for the event on Monday will be able to benefit from our weather protection program. As you may recall, this enables the fans with an unused grandstand ticket to exchange it for a future same series event at one of our facilities, subject to certain restrictions.
Advance ticket sales for the third quarter are currently trending flat to 2018. Events to be held in the fourth quarter are still early on in the sales cycle. We will provide an outlook for these events on our third quarter earnings call in October. We will continue our consumer-focused sales and marketing strategies providing segmented experiences at a good value. Our objective is to slow and stabilize the recent trends and ultimately position for long-term growth.
Our financial position is strengthened by our contracted corporate sales and broadcast agreements that provide long-term visibility. 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. We continue to drive the business forward with corporate partnerships. Nearly half of Fortune 100 companies and 25% of Fortune 500 companies invest in NASCAR.
We currently have agreements in place for approximately 91% of our 2019 goal with all of our 2019 Monster Energy NASCAR Cup Series events sold. The new integrated sponsorship model is gaining momentum and partners and prospects are supportive of the new vision. From a broadcast perspective, the Monster Energy NASCAR Cup Series remains strong. Viewership is up an average of 3% for FOX broadcast in the 2019 season, and the Cup Series share of audience is up 6% compared to last year. Further, fans that are