International Speedway Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended November 30, 2016; Provides Earnings Guidance for the Fiscal Year 2017
For the year ended November 30, 2016, total revenues were $661.01 million, compared to $645.3 million in 2015. Operating income for the full-year period was $109.8 million compared to $85.57 million in the prior year. Income before income taxes was $124.1 million against $90.9 million reported last year. Net income for the year-ended November 30, 2016, was $76.3 million, or $1.66 per diluted share compared to a net income of $56.6 million, or $1.21 per diluted share in 2015. Non-GAAP net income for fiscal 2016, was $68.0 million, or $1.48 per share. This is compared to non-GAAP net income for fiscal 2015 of $67.2 million, or $1.44 per share. Net cash provided by operating activities was $245.9 million against $152 million reported last year. Capital expenditures were $140.8 million against $155.0 million reported last year. Income before taxes was $124,069,000 compared to $90,942,000 a year ago. Non-GAAP income before taxes of $110,624,000 compared to $108,444,000 a year ago. Net cash provided by operating activities was $245,888,000 compared to $151,987,000 a year ago.
For fiscal 2017, the company anticipates total revenues to range between $660.0 million and $670.0 million. EBITDA margin to range between 31.5% and 32.5% of total revenues. The company expects 2017 operating margin to range between 15.5% and 17.0%. Effective tax rate will be approximately 38.0% to 38.5%. Diluted earnings per share to be in the range of $1.50 to $1.65. The company's guidance for EBITDA is estimated to range between $208.0 million and $218.0 million. Net interest expense on a non-GAAP basis, excluding capitalized interest related to Phoenix Redevelopment and ONE DAYTONA projects, is estimated to be between $15.0 million to $15.5 million on a non-GAAP basis. For fiscal 2017, The company expects capital expenditures associated with the $500.0 million capital expenditure plan to range between $100.0 million and $115.0 million, which includes commencement of construction for the Phoenix Redevelopment project.