International Speedway Corporation Announces a 58% Increase in Its Annual Dividend, Names New Executive Officers and Electio...
April 13 2016 - 1:35PM
International Speedway Corporation (NASDAQ:ISCA)
(OTC:ISCB)
("ISC") today announced an increase in
its annual dividend, appointment of two new executive officers and
re-election of three members to the Company’s Board of Directors.
ISC declared an annual dividend of $0.41 per share, payable on
June 30, 2016, to common stockholders of record on May 31, 2016,
marking the 43rd consecutive year that the Company has paid a
dividend to its shareholders. The dividend for 2016 is an
increase of approximately 58% over the dividend paid in 2015 of
$0.26 per share. The Company expects to continue increasing
the dividend in the years beyond 2016 at a rate of approximately 4%
to 5% annually. ISC has increased its dividend for 11
consecutive years and was recently recognized for this commitment
to delivering shareholder value by NASDAQ adding the Company to the
NASDAQ US Broad Dividend Achievers Index.
ISC appointed two key employees to Company officers for their
significant contributions and achievements. Jeff Boerger,
Managing Director of ISC Development and President of Kansas
Speedway Development Corporation has been promoted to Vice
President, ISC Corporate Development and President, Kansas Speedway
Development Corporation; and Derek Muldowney, Executive Vice
President of ISC Design and Development, has been promoted to Vice
President, ISC and President, Design and Development.
ISC’s executive leadership team is strategically positioned to
continue execution of its capital allocation plan driving
development efforts focused on improving the fan experience and
extending the visitor stay. Boerger and Muldowney will drive
planned redevelopments at Richmond International Raceway and
Phoenix International Raceway, along with construction of ONE
DAYTONA, its new mixed-use and entertainment destination across
from Daytona International Speedway set to open in 2017.
“In Jeff and Derek, we add seasoned leaders who have proven
their ability to consistently perform at the highest level,” stated
Kennedy. “Senior leadership will benefit from their deep
construction and development insights as we work to grow all areas
of our business.”
As Vice President, Boerger will maintain oversight of all
company-owned and operated real estate, including more than 13,000
acres and ISC’s interest in the partnership that operates the
Hollywood Casino at Kansas Speedway. His growing role in
development activities includes leadership of ONE DAYTONA managing
the relationship with the development’s hotel and residential
partners and development consultant Legacy Development.
In his previous role, Muldowney was responsible for the
successful delivery of several large-scale motorsports
developments, including the recently-completed $400 million DAYTONA
Rising project, creating the world’s first and only modern
motorsports stadium. As Vice President of ISC, he will continue
leading the Company’s design, construction and development
subsidiary focused on ONE DAYTONA and planned redevelopment
projects at the Richmond and Phoenix facilities.
Separately, at the annual meeting of ISC shareholders, the
following members of the Company’s Board of Directors were
re-elected to a three-year term: Christy F. Harris; Morteza
Hosseini; and William P. Graves.
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. The Company owns and/or operates 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 International Raceway®
in Virginia; Auto Club Speedway of Southern CaliforniaSM near Los
Angeles; Kansas Speedway® in Kansas City, Kansas; Phoenix
International Raceway® in 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.
The Company also owns and operates Motor Racing NetworkSM, the
nation's largest independent sports radio network and Americrown
Service CorporationSM, a subsidiary that provides catering
services, and food and beverage concessions. In addition, the
Company has a 50 percent interest in the Hollywood Casino at Kansas
Speedway. For more information, visit the Company's Web site
at www.internationalspeedwaycorporation.com.
Statements made in this release that express the Company'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 the Company's actual
results could differ materially from those contained in or implied
by such forward-looking statements. The Company'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 the Company's SEC filings including,
but not limited to, the 10-K and subsequent 10-Qs. Copies of those
filings are available from the Company and the SEC. The Company
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.
CONTACT:
Investor Relations
(386) 681-6516
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