International Speedway Corp. Annual Report 2014

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FY2014 Annual Report · International Speedway Corp.

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C O M I N G J A N U A R Y 2 0 1 6

INTERNATIONAL MOTORSPORTS CENTER

One Daytona Boulevard

Daytona Beach, Florida 32114-1252

www.internationalspeedwaycorporation.com

dRIvEN

TO bE ThE wORLd LEAdER IN MOTORsPORTs
ENTERTAINMENT bY PROvIdING sUPERIOR,
INNOvATIvE, ANd ThRILLING GUEsT ExPERIENCEs.

International Speedway Corporation, (“ISC”) founded in 1953, is a leading promoter of motorsports-themed entertainment activities in the
United States. The Company owns and/or operates 13 of the nation’s premier motorsports entertainment facilities, which in total, have
approximately 831,500 grandstand seats and 527 suites.

ISC’s facilities are located in six of the nation’s top 13 media markets and nearly 80 percent of the country’s population is located within
the primary trading areas of its facilities.

ISC promotes major motorsports events in every month of the racing season — more than any other motorsports promoter.

• Daytona International Speedway® in Florida

• Darlington Raceway® in South Carolina

• Talladega Superspeedway® in Alabama

• Chicagoland Speedway® near Chicago, Illinois

• Kansas Speedway® in Kansas City, Kansas

• Martinsville Speedway® in Virginia

• Richmond International Raceway® in Virginia

• Phoenix International Raceway® in Arizona

• Michigan International Speedway® located outside Detroit

• Homestead-Miami SpeedwaySM in Florida

• Auto Club Speedway of Southern CaliforniaSM

• Watkins Glen International® in New York

near Los Angeles

• Route 66 RacewaySM near Chicago, Illinois

The Company also owns and operates Motor Racing Network Radio, the nation’s largest independent sports radio network,
Americrown Service CorporationSM, a subsidiary that provides catering, food and beverage concessions, and services at certain
of our motorsports entertainment facilities, and Motorsports Authentics, which sells officially licensed NASCAR and race teams
merchandise. In addition, the Company has a 50 percent interest in the Hollywood Casino at Kansas Speedway.

The National Association for Stock Car Auto Racing (“NASCAR”) is the most prominent sanctioning body in stock car racing, based
on such factors as geographic presence, number of members and sanctioned events. ISC derives approximately 86 percent of its
revenues from NASCAR-sanctioned racing events.

ISC attributes its solid revenues and profits to an operating strategy that produces significant operating cash flow which is
reinvested in strategic opportunities to grow the business and deliver shareholder value.

OUR

bOARd

OF DIRECTORS.

JAMES C. FRANCE

Chairman of the Board

International Speedway Corporation

LESA FRANCE KENNEDY

Vice Chair and Chief Executive Officer

International Speedway Corporation

WILLIAM P. GRAVES1

President and Chief Executive Officer

American Trucking Associations

SONIA MARIA GREEN1

Nationally recognized leader in

marketing and brand communications.

J. HYATT BROWN1

Chairman

Brown & Brown, Inc.

BRIAN Z. FRANCE

Chairman and

and Chief Executive Officer

NASCAR, Inc.

MORI HOSSEINI1

Chairman and Chief Executive Officer

of Intervest Construction, Inc.

LARRY AIELLO, JR.1

Retired as President and

Chief Executive Officer

Corning Cable Systems

EDSEL B. FORD II1

Board Director

Ford Motor Company

CHRISTY F. HARRIS

Attorney in private practice of

business and commercial law

LARRY D. WOODARD1

President and CEO of

Graham Stanley Advertising

1 Independent Board Member

DEAR INTERNATIONAL SPEEDWAY CORPORATION SHAREHOLDERS, PARTNERS AND EMPLOYEES:

At ISC, our vision is to be the world leader in

motorsports entertainment by providing superior,
innovative and thrilling guest experiences. In 2014,

we aggressively pursued this vision with improved
amenities at our motorsports facilities and leveraging
NASCAR’s groundbreaking competition advancements
that build on the 2013 launch of the Gen 6 car, new crowd
pleasing qualifying formats and for the first time a Chase
for the Sprint Cup Championship that included three
elimination rounds leading up to a four-car showdown in
the Ford EcoBoost 400 during Championship Weekend at
Homestead-Miami Speedway.

We reported solid financial performance for 2014
and continue with positive momentum from capacity
management and consumer marketing strategies, coupled
with strong corporate sales and excitement generated
by the new Chase format. We achieved sellouts at Auto
Club Speedway, Homestead-Miami Speedway and for four
consecutive years, at Phoenix International Raceway in
November.

2015 is the first year of the new 10-year TV broadcast
agreements with FOX and NBC. We are optimistic the
sport can carry forward the fan enthusiasm that peaked
during the final rounds of the Chase, and, with some tail
wind from strengthening consumer confidence, translate
into solid consumer sales and TV ratings in the coming
year. Going into 2015, we will continue successful
execution of the Company’s consumer marketing and
corporate sales strategies, while continuing to benefit
from NASCAR’s Industry Action Plan, all of which will
support revenue growth for ISC.

DAYTONA Rising, the redevelopment of the frontstretch of
Daytona International Speedway, continues to progress
on time and on budget, debuting approximately 40,000
newly constructed seats and supporting infrastructure
for Speedweeks 2015. In 2014, we announced some
of the Company’s longest term deals with Toyota and
Florida Hospital as Founding Partners for the project,
providing for sponsorship on two of the five Injectors. We
are optimistic that elevating the experience at the most
iconic motorsports facility in North America will take the
DAYTONA 500 brand to a whole new level, and favorably
impact our 12 other major motorsports facilities’ brands.

We maintain a solid financial position, developed over
many years, that affords us the ability to follow our
disciplined capital allocation strategy and maintain our
leadership position in the motorsports industry. Building
on this foundation we will continue to execute our five-
year, $600 million capital allocation plan through 2017.
For the future, we are well positioned to balance the
strategic capital needs of our business with returning
capital to our shareholders.

We appreciate your continued support and look forward to
seeing you at the races!

VICE CHAIR AND CHIEF EXECUTIVE OFFICER

PRESIDENT

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10-K

2014

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________________

FORM 10-K

________________________________

(Mark One)

!Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended November 30, 2014

"Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _____ to _____

Commission File Number 000-02384

________________________________

INTERNATIONAL SPEEDWAY CORPORATION

(Exact name of registrant as specified in its charter)

________________________________

FLORIDA

59-0709342

(State or other jurisdiction of incorporation)

(I.R.S. Employer Identification No.)

ONE DAYTONA BOULEVARD,

DAYTONA BEACH, FLORIDA

(Address of principal executive offices)

32114

(Zip code)

Registrant’s telephone number, including area code: (386) 254-2700

________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Class A Common Stock — $.01 par value

Name of each exchange on which registered

NASDAQ/National Market System

Securities registered pursuant to Section 12 (g) of the Act:

Common Stock — $.10 par value

Class B Common Stock — $.01 par value

(Title of Class)

________________________________

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

YES ! NO "

YES " NO !

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the

Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to

file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ! NO "

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________

FORM 10-K
________________________________

(Mark One)
!Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended November 30, 2014

"Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _____ to _____

Commission File Number 000-02384
________________________________

INTERNATIONAL SPEEDWAY CORPORATION
(Exact name of registrant as specified in its charter)
________________________________

FLORIDA

59-0709342

(State or other jurisdiction of incorporation)

(I.R.S. Employer Identification No.)

ONE DAYTONA BOULEVARD,
DAYTONA BEACH, FLORIDA
(Address of principal executive offices)

32114
(Zip code)

Registrant’s telephone number, including area code: (386) 254-2700
________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Class A Common Stock — $.01 par value

Name of each exchange on which registered
NASDAQ/National Market System

Securities registered pursuant to Section 12 (g) of the Act:
Common Stock — $.10 par value
Class B Common Stock — $.01 par value
(Title of Class)
________________________________

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
YES ! NO "

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
YES " NO !

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ! NO "

ISC // 2014 ANNUAL REPORT // FORM 10-K // 1

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every
Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
YES ! NO "

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is
not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. !

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a
smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company”
in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Non-accelerated filer

!
# (Do not check if a smaller reporting company)

Accelerated filer

"
Smaller reporting company "

PART II

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YES " NO !

The aggregate market value of the voting stock held by nonaffiliates of the registrant as of May 31, 2014 was $869,495,739.00
based upon the last reported sale price of the Class A Common Stock on the NASDAQ National Market System on Thursday,
May 31, 2014 and the assumption that all directors and executive officers of the Company, and their families, are affiliates.

At December 31, 2014, there were outstanding: No shares of Common Stock, $.10 par value per share, 26,617,267 shares of
Class A Common Stock, $.01 par value per share, and 19,966,996 shares of Class B Common Stock, $.01 par value per share.

DOCUMENTS INCORPORATED BY REFERENCE. The information required by Part III is to be incorporated by reference
from the definitive information statement which involves the election of directors at our April 2015 Annual Meeting of
Shareholders and which is to be filed with the Commission not later than 120 days after November 30, 2014.

EXCEPT AS EXPRESSLY INDICATED OR UNLESS THE CONTEXT OTHERWISE REQUIRES, “ISC,” “WE,” “OUR,”
“COMPANY,” “US,” OR “INTERNATIONAL SPEEDWAY” MEAN INTERNATIONAL SPEEDWAY CORPORATION,
A FLORIDA CORPORATION, AND ITS SUBSIDIARIES.

INTERNATIONAL SPEEDWAY CORPORATION

FORM 10-K

FOR THE FISCAL YEAR ENDED NOVEMBER 30, 2014

TABLE OF CONTENTS

PART I

ITEM 1. BUSINESS

ITEM 1A. RISK FACTORS

ITEM 1B. UNRESOLVED STAFF COMMENTS

ITEM 2. PROPERTIES

ITEM 3. LEGAL PROCEEDINGS

ITEM 4. MINE SAFETY DISCLOSURES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER

MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 6. SELECTED FINANCIAL DATA

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING

AND FINANCIAL DISCLOSURE

ITEM 9A. CONTROLS AND PROCEDURES

ITEM 9B. OTHER INFORMATION

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 11. EXECUTIVE COMPENSATION

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND

MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND

DIRECTOR INDEPENDENCE

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

PART IV

SIGNATURES

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

Page

ISC // 2014 ANNUAL REPORT // FORM 10-K // 2

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every

Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)

during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

YES ! NO "

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is

not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information

statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. !

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a

smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company”

in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Non-accelerated filer

# (Do not check if a smaller reporting company)

Smaller reporting company "

Accelerated filer

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES " NO !

The aggregate market value of the voting stock held by nonaffiliates of the registrant as of May 31, 2014 was $869,495,739.00

based upon the last reported sale price of the Class A Common Stock on the NASDAQ National Market System on Thursday,

May 31, 2014 and the assumption that all directors and executive officers of the Company, and their families, are affiliates.

At December 31, 2014, there were outstanding: No shares of Common Stock, $.10 par value per share, 26,617,267 shares of

Class A Common Stock, $.01 par value per share, and 19,966,996 shares of Class B Common Stock, $.01 par value per share.

DOCUMENTS INCORPORATED BY REFERENCE. The information required by Part III is to be incorporated by reference

from the definitive information statement which involves the election of directors at our April 2015 Annual Meeting of

Shareholders and which is to be filed with the Commission not later than 120 days after November 30, 2014.

EXCEPT AS EXPRESSLY INDICATED OR UNLESS THE CONTEXT OTHERWISE REQUIRES, “ISC,” “WE,” “OUR,”

“COMPANY,” “US,” OR “INTERNATIONAL SPEEDWAY” MEAN INTERNATIONAL SPEEDWAY CORPORATION,

A FLORIDA CORPORATION, AND ITS SUBSIDIARIES.

INTERNATIONAL SPEEDWAY CORPORATION
FORM 10-K
FOR THE FISCAL YEAR ENDED NOVEMBER 30, 2014

TABLE OF CONTENTS

PART I

ITEM 1. BUSINESS
ITEM 1A. RISK FACTORS
ITEM 1B. UNRESOLVED STAFF COMMENTS
ITEM 2. PROPERTIES
ITEM 3. LEGAL PROCEEDINGS
ITEM 4. MINE SAFETY DISCLOSURES

PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
ITEM 6. SELECTED FINANCIAL DATA
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
AND FINANCIAL DISCLOSURE
ITEM 9A. CONTROLS AND PROCEDURES
ITEM 9B. OTHER INFORMATION

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
ITEM 11. EXECUTIVE COMPENSATION
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT AND RELATED STOCKHOLDER MATTERS
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND
DIRECTOR INDEPENDENCE
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

SIGNATURES

Page
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4
6
10
11
12
12
13

13
15

20
43
44

70
71
71
72
72
72

72
72
72
72
75

ISC // 2014 ANNUAL REPORT // FORM 10-K // 3

PART I

ITEM 1. BUSINESS

GENERAL

We are a leading owner of major motorsports entertainment facilities and promoter of motorsports themed entertainment
activities in the United States. Our motorsports themed event operations consist principally of racing events at our major
motorsports entertainment facilities. We currently own and/or operate 13 of the nation’s major motorsports entertainment
facilities:

(cid:127) Daytona International Speedway® ("Daytona") in Florida;

(cid:127) Talladega Superspeedway® ("Talladega") in Alabama;

(cid:127) Kansas Speedway® ("Kansas") in Kansas;

(cid:127) Richmond International Raceway® ("Richmond") in Virginia;

(cid:127) Michigan International Speedway® ("Michigan") in Michigan;
(cid:127) Auto Club Speedway of Southern CaliforniaSM ("Auto Club Speedway") in California;

(cid:127) Darlington Raceway® ("Darlington") in South Carolina;

(cid:127) Chicagoland Speedway® ("Chicagoland") in Illinois;

(cid:127) Martinsville Speedway® ("Martinsville") in Virginia;

(cid:127) Phoenix International Raceway® ("Phoenix") in Arizona;
(cid:127) Homestead-Miami SpeedwaySM ("Homestead") in Florida;

(cid:127) Watkins Glen International® ("Watkins Glen") in New York; and
(cid:127) Route 66 RacewaySM ("Route 66") in Illinois.

In 2014, these motorsports entertainment facilities promoted well over 100 stock car, open wheel, sports car, truck, motorcycle
and other racing events, including:

(cid:127) 21 National Association for Stock Car Auto Racing (“NASCAR”) Sprint Cup Series events;

(cid:127) 15 NASCAR Xfinity Series events;

(cid:127) 9 NASCAR Camping World Truck Series events;

(cid:127) 3 International Motor Sports Association (“IMSA”) Tudor United SportsCar Championship Series events including the

premier sports car endurance event in the United States, the Rolex 24 at Daytona;

(cid:127) One National Hot Rod Association (“NHRA”) Mellow Yellow drag racing series event;

(cid:127) One IndyCar ("IndyCar") Series event; and

(cid:127) A number of other prestigious stock car, sports car, open wheel and motorcycle events.

Our business consists principally of promoting racing events at these major motorsports entertainment facilities, which, in total,
currently have approximately 831,500 grandstand seats and 527 suites. We earn revenues and generate substantial cash flows
primarily from admissions, television media rights fees, promotion and sponsorship fees, hospitality rentals (including luxury
suites, chalets and the hospitality portion of club seating), advertising revenues, royalties from licenses of our trademarks,
parking and camping, and track rentals. We own Americrown Service Corporation (“Americrown”), which provides catering,
concessions and services at certain of our motorsports entertainment facilities and Motorsports Authentics ("MA") which sells
officially licensed NASCAR and race team merchandise at our motorsports entertainment facilities as well as certain facilities
we do not own. We also own and operate the Motor Racing Network, Inc. ("MRN") radio network, also doing business under
the name “MRN Radio”, the nation’s largest independent motorsports radio network in terms of event programming. We also
have an equity investment in a Hollywood Casino at Kansas Speedway that has generated substantial equity earnings and cash
distributions to us since its opening in fiscal year 2012.

At the beginning of fiscal 2015, the NASCAR Nationwide Series became the NASCAR Xfinity Series. Throughout this
document, the naming convention for this series is consistent with the current branding.

We were incorporated in 1953 under the laws of the State of Florida under the name “Bill France Racing, Inc.” and changed

our name to “Daytona International Speedway Corporation” in 1957. With the groundbreaking for Talladega Superspeedway in

1968, we changed our name to “International Speedway Corporation.” Our principal executive offices are located at One

Daytona Boulevard, Daytona Beach, Florida 32114, and our telephone number is (386) 254-2700. We maintain a website at

http://www.internationalspeedwaycorporation.com/. The information on our website is not part of this report.

INCORPORATION

OPERATIONS

The general nature of our business is a motorsports themed amusement enterprise, furnishing amusement to the public in the

form of motorsports themed entertainment. Our motorsports themed event operations consist principally of racing events at our

major motorsports entertainment facilities, which include providing catering, and food and beverage concessions at our

motorsports entertainment facilities that host NASCAR Sprint Cup Series events except for catering, and food and beverage

concessions at Chicagoland and Route 66 . Our other operations include MRN; our 50.0 percent equity investment in the joint

venture Kansas Entertainment, LLC ("Kansas Entertainment"), which operates the Hollywood Casino at Kansas Speedway; and

certain other activities including souvenir merchandising operations. We derived approximately 86.3 percent of our 2014

revenues from NASCAR-sanctioned racing events at our wholly owned motorsports entertainment facilities. In addition to

events sanctioned by NASCAR, in fiscal 2014, we promoted other stock car, sports car, open wheel, motorcycle and go-kart

racing events.

Food, Beverage and Merchandise Operations

We conduct, either through operations of the particular facility or through our wholly owned subsidiary, Americrown, souvenir

merchandising operations, food and beverage concession operations and catering services, both in suites and chalets, for

customers at each of our motorsports entertainment facilities with the exception of food and beverage concessions and catering

services at Chicagoland and Route 66. We also sell officially licensed NASCAR and race team merchandise at our motorsports

entertainment facilities as well as certain facilities we do not own, through our wholly owned subsidiary, MA. In January 2015,

the Company entered into a 10-year agreement with Fanatics Retail Group Concessions, Inc. ("Fanatics") for Fanatics to have

exclusive retail merchandise rights for its track trademarks and certain other intellectual property at all ISC tracks (see

Merchandising Operations in Future Trends In Operating Results of MANAGEMENT'S DISCUSSION AND ANALYSIS).

Motor Racing Network, Inc.

Our wholly owned subsidiary, MRN, also does business under the name “MRN Radio”. While not a radio station, MRN creates

motorsports-related programming content carried on radio stations around the country, as well as a national satellite radio

service, Sirius XM Radio. MRN produces and syndicates to radio stations live coverage of the NASCAR Sprint Cup, Xfinity

and Camping World Truck series races and certain other races conducted at our motorsports entertainment facilities, as well as

some races conducted at motorsports entertainment facilities we do not own. Sirius XM Radio also compensates MRN for the

contemporaneous re-airing of race broadcasts and certain other production services. MRN produces and provides unique

content to its website, http://www.motorracingnetwork.com/, and derives revenue from the sale of advertising on such website.

Each motorsports entertainment facility has the ability to separately contract for the rights to radio broadcasts of NASCAR and

certain other events held at its location. In addition, MRN provides production services for Sprint Vision, the trackside large

screen video display units, at NASCAR Sprint Cup Series event weekends that take place at our motorsports facilities, as well

as at Dover International Speedway and Pocono Raceway. MRN also produces and syndicates daily and weekly NASCAR

racing-themed programs. MRN derives revenue from the sale of national advertising contained in its syndicated programming,

the sale of advertising and audio and video production services for Sprint Vision, as well as from rights fees paid by radio

stations that broadcast the programming.

EQUITY INVESTMENT

Hollywood Casino at Kansas Speedway

We have a 50/50 partnership with Penn Hollywood Kansas Inc. (“Penn”), a subsidiary of Penn National Gaming Inc., which

operates a Hollywood-themed and branded destination entertainment facility, overlooking turn two at Kansas. Penn is the

managing member of Kansas Entertainment and is responsible for the operation of the casino.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 4

PART I

ITEM 1. BUSINESS

GENERAL

facilities:

We are a leading owner of major motorsports entertainment facilities and promoter of motorsports themed entertainment

activities in the United States. Our motorsports themed event operations consist principally of racing events at our major

motorsports entertainment facilities. We currently own and/or operate 13 of the nation’s major motorsports entertainment

(cid:127) Auto Club Speedway of Southern CaliforniaSM ("Auto Club Speedway") in California;

(cid:127) Daytona International Speedway® ("Daytona") in Florida;

(cid:127) Talladega Superspeedway® ("Talladega") in Alabama;

(cid:127) Kansas Speedway® ("Kansas") in Kansas;

(cid:127) Richmond International Raceway® ("Richmond") in Virginia;

(cid:127) Michigan International Speedway® ("Michigan") in Michigan;

(cid:127) Darlington Raceway® ("Darlington") in South Carolina;

(cid:127) Chicagoland Speedway® ("Chicagoland") in Illinois;

(cid:127) Martinsville Speedway® ("Martinsville") in Virginia;

(cid:127) Phoenix International Raceway® ("Phoenix") in Arizona;

(cid:127) Homestead-Miami SpeedwaySM ("Homestead") in Florida;

(cid:127) Watkins Glen International® ("Watkins Glen") in New York; and

(cid:127) Route 66 RacewaySM ("Route 66") in Illinois.

In 2014, these motorsports entertainment facilities promoted well over 100 stock car, open wheel, sports car, truck, motorcycle

and other racing events, including:

(cid:127) 21 National Association for Stock Car Auto Racing (“NASCAR”) Sprint Cup Series events;

(cid:127) 15 NASCAR Xfinity Series events;

(cid:127) 9 NASCAR Camping World Truck Series events;

(cid:127) 3 International Motor Sports Association (“IMSA”) Tudor United SportsCar Championship Series events including the

premier sports car endurance event in the United States, the Rolex 24 at Daytona;

(cid:127) One National Hot Rod Association (“NHRA”) Mellow Yellow drag racing series event;

(cid:127) One IndyCar ("IndyCar") Series event; and

(cid:127) A number of other prestigious stock car, sports car, open wheel and motorcycle events.

Our business consists principally of promoting racing events at these major motorsports entertainment facilities, which, in total,

currently have approximately 831,500 grandstand seats and 527 suites. We earn revenues and generate substantial cash flows

primarily from admissions, television media rights fees, promotion and sponsorship fees, hospitality rentals (including luxury

suites, chalets and the hospitality portion of club seating), advertising revenues, royalties from licenses of our trademarks,

parking and camping, and track rentals. We own Americrown Service Corporation (“Americrown”), which provides catering,

concessions and services at certain of our motorsports entertainment facilities and Motorsports Authentics ("MA") which sells

officially licensed NASCAR and race team merchandise at our motorsports entertainment facilities as well as certain facilities

we do not own. We also own and operate the Motor Racing Network, Inc. ("MRN") radio network, also doing business under

the name “MRN Radio”, the nation’s largest independent motorsports radio network in terms of event programming. We also

INCORPORATION

We were incorporated in 1953 under the laws of the State of Florida under the name “Bill France Racing, Inc.” and changed
our name to “Daytona International Speedway Corporation” in 1957. With the groundbreaking for Talladega Superspeedway in
1968, we changed our name to “International Speedway Corporation.” Our principal executive offices are located at One
Daytona Boulevard, Daytona Beach, Florida 32114, and our telephone number is (386) 254-2700. We maintain a website at
http://www.internationalspeedwaycorporation.com/. The information on our website is not part of this report.

OPERATIONS

The general nature of our business is a motorsports themed amusement enterprise, furnishing amusement to the public in the
form of motorsports themed entertainment. Our motorsports themed event operations consist principally of racing events at our
major motorsports entertainment facilities, which include providing catering, and food and beverage concessions at our
motorsports entertainment facilities that host NASCAR Sprint Cup Series events except for catering, and food and beverage
concessions at Chicagoland and Route 66 . Our other operations include MRN; our 50.0 percent equity investment in the joint
venture Kansas Entertainment, LLC ("Kansas Entertainment"), which operates the Hollywood Casino at Kansas Speedway; and
certain other activities including souvenir merchandising operations. We derived approximately 86.3 percent of our 2014
revenues from NASCAR-sanctioned racing events at our wholly owned motorsports entertainment facilities. In addition to
events sanctioned by NASCAR, in fiscal 2014, we promoted other stock car, sports car, open wheel, motorcycle and go-kart
racing events.

Food, Beverage and Merchandise Operations

We conduct, either through operations of the particular facility or through our wholly owned subsidiary, Americrown, souvenir
merchandising operations, food and beverage concession operations and catering services, both in suites and chalets, for
customers at each of our motorsports entertainment facilities with the exception of food and beverage concessions and catering
services at Chicagoland and Route 66. We also sell officially licensed NASCAR and race team merchandise at our motorsports
entertainment facilities as well as certain facilities we do not own, through our wholly owned subsidiary, MA. In January 2015,
the Company entered into a 10-year agreement with Fanatics Retail Group Concessions, Inc. ("Fanatics") for Fanatics to have
exclusive retail merchandise rights for its track trademarks and certain other intellectual property at all ISC tracks (see
Merchandising Operations in Future Trends In Operating Results of MANAGEMENT'S DISCUSSION AND ANALYSIS).

Motor Racing Network, Inc.

Our wholly owned subsidiary, MRN, also does business under the name “MRN Radio”. While not a radio station, MRN creates
motorsports-related programming content carried on radio stations around the country, as well as a national satellite radio
service, Sirius XM Radio. MRN produces and syndicates to radio stations live coverage of the NASCAR Sprint Cup, Xfinity
and Camping World Truck series races and certain other races conducted at our motorsports entertainment facilities, as well as
some races conducted at motorsports entertainment facilities we do not own. Sirius XM Radio also compensates MRN for the
contemporaneous re-airing of race broadcasts and certain other production services. MRN produces and provides unique
content to its website, http://www.motorracingnetwork.com/, and derives revenue from the sale of advertising on such website.
Each motorsports entertainment facility has the ability to separately contract for the rights to radio broadcasts of NASCAR and
certain other events held at its location. In addition, MRN provides production services for Sprint Vision, the trackside large
screen video display units, at NASCAR Sprint Cup Series event weekends that take place at our motorsports facilities, as well
as at Dover International Speedway and Pocono Raceway. MRN also produces and syndicates daily and weekly NASCAR
racing-themed programs. MRN derives revenue from the sale of national advertising contained in its syndicated programming,
the sale of advertising and audio and video production services for Sprint Vision, as well as from rights fees paid by radio
stations that broadcast the programming.

have an equity investment in a Hollywood Casino at Kansas Speedway that has generated substantial equity earnings and cash

EQUITY INVESTMENT

distributions to us since its opening in fiscal year 2012.

Hollywood Casino at Kansas Speedway

At the beginning of fiscal 2015, the NASCAR Nationwide Series became the NASCAR Xfinity Series. Throughout this

document, the naming convention for this series is consistent with the current branding.

We have a 50/50 partnership with Penn Hollywood Kansas Inc. (“Penn”), a subsidiary of Penn National Gaming Inc., which
operates a Hollywood-themed and branded destination entertainment facility, overlooking turn two at Kansas. Penn is the
managing member of Kansas Entertainment and is responsible for the operation of the casino.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 5

Other Activities

From time to time, we use our motorsports entertainment facilities for testing for teams, driving schools, riding experiences, car
shows, auto fairs, concerts and settings for television commercials, print advertisements and motion pictures. We also rent
“show cars” for promotional events.

Competition

We are among the largest owners of major motorsports themed entertainment facilities based on revenues, number of facilities
owned and/or operated, number of motorsports themed events promoted and market capitalization. Racing events compete with
other professional sports such as football, basketball, hockey and baseball, as well as other recreational events and activities.
Our events also compete with other racing events sanctioned by various racing bodies such as NASCAR, the American
Sportbike Racing Association — Championship Cup Series, United States Auto Club (“USAC”), Sports Car Club of America
(“SCCA”), IMSA, IndyCar Series, Automobile Racing Club of America (“ARCA”) and others, many of which are often held
on the same dates at separate motorsports entertainment facilities. We believe that the type and caliber of promoted racing
events, facility location, sight lines, pricing, variety of motorsports themed amusement options and level of customer
conveniences and amenities are the principal factors that distinguish competing motorsports entertainment facilities.

Employees

As of November 30, 2014 we had over 845 full-time employees. We also engage a significant number of temporary personnel
to assist during periods of peak attendance at our events, some of whom are volunteers. None of our employees are represented
by a labor union. We believe that we enjoy a good relationship with our employees.

Company Website Access and SEC Filings

The Company’s website may be accessed at http://www.internationalspeedwaycorporation.com/. Through a link on the
Investor Relations portion of our internet website, you can access all of our filings with the Securities and Exchange
Commission (“SEC”). However, in the event that the website is inaccessible our filings are available to the public over the
internet at the SEC’s website at http://www.sec.gov/. You may also read and copy any document we file with the SEC at its
public reference facilities at 100 F Street, NE, Washington, D.C. 20549. You can also obtain copies of the documents at
prescribed rates by writing to the Public Reference Room of the SEC at 100 F Street, NE, Washington, D.C. 20549. Please call
the SEC at 1-800-SEC-0330 for further information on the operation of the public reference facilities. You can also obtain
information about us at the offices of the National Association of Securities Dealers, 1735 K St., N.W., Washington, D.C.
20006.

ITEM 1A. RISK FACTORS

Forward-looking statements

This report contains forward-looking statements. The documents incorporated into this report by reference may also contain
forward-looking statements. You can identify a forward-looking statement by our use of the words “anticipate,” “estimate,”
“expect,” “may,” “believe,” “objective,” “projection,” “forecast,” “goal,” and similar expressions. Forward-looking statements
include our statements regarding the timing of future events, our anticipated future operations and our anticipated future
financial position and cash requirements.

We believe that the expectations reflected in our forward-looking statements are reasonable. We do not know whether our
expectations will ultimately prove correct.

In the section that follows below, in cautionary statements made elsewhere in this report, and in other filings we have made
with the SEC, we list the important factors that could cause our actual results to differ from our expectations. Our actual results
could differ materially from those anticipated in these forward-looking statements as a result of the risk factors described below
and other factors set forth in or incorporated by reference in this report.

These factors and cautionary statements apply to all future forward-looking statements we make. Many of these factors are
beyond our ability to control or predict. Do not put undue reliance on forward-looking statements or project any future results
based on such statements or on present or prior earnings levels.

Additional information concerning these or other factors, which could cause the actual results to differ materially from those in

our forward-looking statements is contained from time to time in our other SEC filings. Copies of those filings are available

from us and/or the SEC.

practices, could limit our future success

Adverse changes in our relationships with NASCAR and other motorsports sanctioning bodies, or their present sanctioning

Our success has been, and is expected to remain, dependent on maintaining good working relationships with the organizations

that sanction the races we promote at our facilities, particularly NASCAR. NASCAR-sanctioned races conducted at our wholly

owned motorsports entertainment facilities accounted for approximately 86.3 percent of our total revenues in fiscal 2014. Each

NASCAR sanctioning agreement (and the accompanying media rights fees revenue) is awarded on an annual basis and

NASCAR is not required to continue to enter into, renew or extend sanctioning agreements with us to conduct any event. Any

adverse change in the present sanctioning practices, or the present economic model, could adversely impact our operations and

revenue. Moreover, although our general growth strategy includes the possible development and/or acquisition of additional

motorsports entertainment facilities, we have no assurance that any sanctioning body, including NASCAR, will enter into

sanctioning agreements with us to conduct races at any newly developed or acquired motorsports entertainment facilities.

Failure to obtain a sanctioning agreement for a major NASCAR event could negatively affect us. Similarly, although NASCAR

has in the past approved our requests for realignment of sanctioned events, NASCAR is not obligated to modify its race

schedules to allow us to schedule our races more efficiently or profitably.

Changes to media rights revenues could adversely affect us

Domestic broadcast and ancillary media rights fees revenues derived from NASCAR's three national touring series -- the

NASCAR Sprint Cup Series, Xfinity Series, and Camping World Truck Series -- are an important component of our revenue

and earnings stream and any adverse changes to such rights fees revenues could adversely impact our results.

Any material changes in the media industry that could lead to differences in historical practices or decreases in the term and/or

financial value of future broadcast agreements could have a material adverse effect on our revenues and financial results.

Changes, declines and delays in consumer and corporate spending as well as illiquid credit markets could adversely affect us

Our financial results depend significantly upon a number of factors relating to discretionary consumer and corporate spending,

including economic conditions affecting disposable consumer income and corporate budgets such as:

(cid:127) Employment;

(cid:127) Business conditions;

(cid:127)

Interest rates; and

(cid:127) Taxation rates.

These factors can impact both attendance at our events and advertising and marketing dollars available from the motorsports

industry’s principal sponsors and potential sponsors. Economic and other lifestyle conditions such as illiquid consumer and

business credit markets adversely affect consumer and corporate spending thereby impacting our revenue, profitability and

financial results. Further, changes in consumer behavior such as deferred purchasing decisions and decreased spending budgets

adversely impact our cash flow visibility and revenues. The significant economic deterioration that began in fiscal 2008, for

example, has impacted these areas of our business and our revenues and financial results.

Unavailability of credit on favorable terms can adversely impact our growth, development and capital spending plans. General

economic conditions were significantly and negatively impacted by the September 11, 2001 terrorist attacks and could be

similarly affected by any future attacks, by a terrorist attack at any mass gathering or fear of such attacks, or by other acts or

prospects of war. Any future attacks or wars or related threats could also increase our expenses related to insurance, security or

other related matters. A weakened economic and business climate, as well as consumer uncertainty and the loss of consumer

confidence created by such a climate, could adversely affect our financial results. Finally, our financial results could also be

adversely impacted by a widespread outbreak of a severe epidemiological crisis.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 6

From time to time, we use our motorsports entertainment facilities for testing for teams, driving schools, riding experiences, car

shows, auto fairs, concerts and settings for television commercials, print advertisements and motion pictures. We also rent

Other Activities

“show cars” for promotional events.

Competition

We are among the largest owners of major motorsports themed entertainment facilities based on revenues, number of facilities

owned and/or operated, number of motorsports themed events promoted and market capitalization. Racing events compete with

other professional sports such as football, basketball, hockey and baseball, as well as other recreational events and activities.

Our events also compete with other racing events sanctioned by various racing bodies such as NASCAR, the American

Sportbike Racing Association — Championship Cup Series, United States Auto Club (“USAC”), Sports Car Club of America

(“SCCA”), IMSA, IndyCar Series, Automobile Racing Club of America (“ARCA”) and others, many of which are often held

on the same dates at separate motorsports entertainment facilities. We believe that the type and caliber of promoted racing

events, facility location, sight lines, pricing, variety of motorsports themed amusement options and level of customer

conveniences and amenities are the principal factors that distinguish competing motorsports entertainment facilities.

Employees

As of November 30, 2014 we had over 845 full-time employees. We also engage a significant number of temporary personnel

to assist during periods of peak attendance at our events, some of whom are volunteers. None of our employees are represented

by a labor union. We believe that we enjoy a good relationship with our employees.

Company Website Access and SEC Filings

The Company’s website may be accessed at http://www.internationalspeedwaycorporation.com/. Through a link on the

Investor Relations portion of our internet website, you can access all of our filings with the Securities and Exchange

Commission (“SEC”). However, in the event that the website is inaccessible our filings are available to the public over the

internet at the SEC’s website at http://www.sec.gov/. You may also read and copy any document we file with the SEC at its

public reference facilities at 100 F Street, NE, Washington, D.C. 20549. You can also obtain copies of the documents at

prescribed rates by writing to the Public Reference Room of the SEC at 100 F Street, NE, Washington, D.C. 20549. Please call

the SEC at 1-800-SEC-0330 for further information on the operation of the public reference facilities. You can also obtain

information about us at the offices of the National Association of Securities Dealers, 1735 K St., N.W., Washington, D.C.

20006.

ITEM 1A. RISK FACTORS

Forward-looking statements

This report contains forward-looking statements. The documents incorporated into this report by reference may also contain

forward-looking statements. You can identify a forward-looking statement by our use of the words “anticipate,” “estimate,”

“expect,” “may,” “believe,” “objective,” “projection,” “forecast,” “goal,” and similar expressions. Forward-looking statements

include our statements regarding the timing of future events, our anticipated future operations and our anticipated future

financial position and cash requirements.

expectations will ultimately prove correct.

We believe that the expectations reflected in our forward-looking statements are reasonable. We do not know whether our

In the section that follows below, in cautionary statements made elsewhere in this report, and in other filings we have made

with the SEC, we list the important factors that could cause our actual results to differ from our expectations. Our actual results

could differ materially from those anticipated in these forward-looking statements as a result of the risk factors described below

and other factors set forth in or incorporated by reference in this report.

These factors and cautionary statements apply to all future forward-looking statements we make. Many of these factors are

beyond our ability to control or predict. Do not put undue reliance on forward-looking statements or project any future results

based on such statements or on present or prior earnings levels.

Additional information concerning these or other factors, which could cause the actual results to differ materially from those in
our forward-looking statements is contained from time to time in our other SEC filings. Copies of those filings are available
from us and/or the SEC.

Adverse changes in our relationships with NASCAR and other motorsports sanctioning bodies, or their present sanctioning
practices, could limit our future success

Our success has been, and is expected to remain, dependent on maintaining good working relationships with the organizations
that sanction the races we promote at our facilities, particularly NASCAR. NASCAR-sanctioned races conducted at our wholly
owned motorsports entertainment facilities accounted for approximately 86.3 percent of our total revenues in fiscal 2014. Each
NASCAR sanctioning agreement (and the accompanying media rights fees revenue) is awarded on an annual basis and
NASCAR is not required to continue to enter into, renew or extend sanctioning agreements with us to conduct any event. Any
adverse change in the present sanctioning practices, or the present economic model, could adversely impact our operations and
revenue. Moreover, although our general growth strategy includes the possible development and/or acquisition of additional
motorsports entertainment facilities, we have no assurance that any sanctioning body, including NASCAR, will enter into
sanctioning agreements with us to conduct races at any newly developed or acquired motorsports entertainment facilities.
Failure to obtain a sanctioning agreement for a major NASCAR event could negatively affect us. Similarly, although NASCAR
has in the past approved our requests for realignment of sanctioned events, NASCAR is not obligated to modify its race
schedules to allow us to schedule our races more efficiently or profitably.

Changes to media rights revenues could adversely affect us

Domestic broadcast and ancillary media rights fees revenues derived from NASCAR's three national touring series -- the
NASCAR Sprint Cup Series, Xfinity Series, and Camping World Truck Series -- are an important component of our revenue
and earnings stream and any adverse changes to such rights fees revenues could adversely impact our results.

Any material changes in the media industry that could lead to differences in historical practices or decreases in the term and/or
financial value of future broadcast agreements could have a material adverse effect on our revenues and financial results.

Changes, declines and delays in consumer and corporate spending as well as illiquid credit markets could adversely affect us

Our financial results depend significantly upon a number of factors relating to discretionary consumer and corporate spending,
including economic conditions affecting disposable consumer income and corporate budgets such as:

(cid:127) Employment;

(cid:127) Business conditions;

(cid:127)

Interest rates; and

(cid:127) Taxation rates.

These factors can impact both attendance at our events and advertising and marketing dollars available from the motorsports
industry’s principal sponsors and potential sponsors. Economic and other lifestyle conditions such as illiquid consumer and
business credit markets adversely affect consumer and corporate spending thereby impacting our revenue, profitability and
financial results. Further, changes in consumer behavior such as deferred purchasing decisions and decreased spending budgets
adversely impact our cash flow visibility and revenues. The significant economic deterioration that began in fiscal 2008, for
example, has impacted these areas of our business and our revenues and financial results.

Unavailability of credit on favorable terms can adversely impact our growth, development and capital spending plans. General
economic conditions were significantly and negatively impacted by the September 11, 2001 terrorist attacks and could be
similarly affected by any future attacks, by a terrorist attack at any mass gathering or fear of such attacks, or by other acts or
prospects of war. Any future attacks or wars or related threats could also increase our expenses related to insurance, security or
other related matters. A weakened economic and business climate, as well as consumer uncertainty and the loss of consumer
confidence created by such a climate, could adversely affect our financial results. Finally, our financial results could also be
adversely impacted by a widespread outbreak of a severe epidemiological crisis.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 7

Delay, postponement or cancellation of major motorsports events because of weather or other factors could adversely affect us

expected to realize the full benefits from these projects, such as increased revenue, or the benefits may ultimately be smaller

We promote outdoor motorsports entertainment events. Weather conditions affect sales of, among other things, tickets, food,
drinks and merchandise at these events. Poor weather conditions prior to an event, or even the forecast of poor weather
conditions, could have a negative impact on us, particularly for walk-up ticket sales to events which are not sold out in
advance, as well as renewals for the following year. If an event scheduled for one of our facilities is delayed or postponed
because of weather or other reasons such as, for example, the general postponement of all major sporting events in the United
States following the September 11, 2001 terrorism attacks, we could incur increased expenses associated with conducting the
rescheduled event, as well as possible decreased revenues from tickets, food, drinks and merchandise at the rescheduled event.
If such an event is canceled, we would incur the expenses associated with preparing to conduct the event as well as losing the
revenues, including any live broadcast revenues, associated with the event.

If a canceled event is part of the NASCAR Sprint Cup, Xfinity or Camping World Truck series, in the year of cancellation we
could experience a reduction in the amount of money we expect to receive from television revenues for all of our NASCAR-
sanctioned events in the series that experienced the cancellation. This would occur if, as a result of the cancellation, and
without regard to whether the canceled event was scheduled for one of our facilities, NASCAR experienced a reduction in
television revenues greater than the amount scheduled to be paid to the promoter of the canceled event.

France Family Group control of NASCAR creates conflicts of interest

Members of the France Family Group own and control NASCAR. James C. France, our Chairman of the Board, and Lesa
France Kennedy, our Vice Chairwoman and Chief Executive Officer, are both members of the France Family Group in addition
to holding positions with NASCAR. Each of them, as well as our general counsel, spends part of his or her time on NASCAR’s
business. Because of these relationships, even though all related party transactions are approved by our Audit Committee,
certain potential conflicts of interest between us and NASCAR exist with respect to, among other things:

(cid:127) The terms of any sanctioning agreements that may be awarded to us by NASCAR;

(cid:127) The amount of time the employees mentioned above and certain of our other employees devote to NASCAR’s affairs;

and

(cid:127) The amounts charged or paid to NASCAR for office rental, transportation costs, shared executives, administrative

expenses and similar items.

France Family Group members, together, beneficially own approximately 39.0 percent of our capital stock and control over
72.0 percent of the combined voting power of both classes of our common stock. Historically members of the France Family
Group have voted their shares of common stock in the same manner. Accordingly, they can (without the approval of our other
shareholders) elect our entire Board of Directors and determine the outcome of various matters submitted to shareholders for
approval, including fundamental corporate transactions and have done so in the past. If holders of class B common stock other
than the France Family Group elect to convert their beneficially owned shares of class B common stock into shares of class A
common stock and members of the France Family Group do not convert their shares, the relative voting power of the France
Family Group will increase. Voting control by the France Family Group may discourage certain types of transactions involving
an actual or potential change in control of us, including transactions in which the holders of class A common stock might
receive a premium for their shares over prevailing market prices.

Our success depends on the availability and performance of key personnel

Our continued success depends upon the availability and performance of our senior management team, which possesses unique
and extensive industry knowledge and experience. Our inability to retain and attract key employees in the future, could have a
negative effect on our operations and business plans.

Our capital allocation plan may not achieve anticipated results

Enhancing the live event experience for our guests by investing in our major motorsports facilities is a critical strategy for our
growth, and our Board of Directors has endorsed a capital allocation plan for fiscal 2013 through fiscal 2017 related to this
strategy, which includes DAYTONA Rising. This plan involves significant challenges and risks including that the projects do
not advance our business strategy or that we do not realize a satisfactory return on our investment. It may take longer than

than anticipated or may not be realized. These events could harm our operating results or financial condition. Further, these

projects may not be completed on time, which could result in a negative financial impact.

Future impairment or loss on disposal of goodwill and other intangible assets or long-lived assets by us or our equity

investments and joint ventures could adversely affect our financial results

Our consolidated balance sheets include significant amounts of goodwill and other intangible assets and long-lived assets

which could be subject to impairment or loss on retirement. During the fiscal years ended November 30, 2012, 2013 and 2014

we recorded before-tax charges as losses on retirements of long-lived assets primarily attributable to the removal of certain

other long-lived assets located at our motorsports facilities totaling approximately $11.1 million, $16.6 million and

$10.1 million, respectively.

As of November 30, 2014, goodwill and other intangible assets and property and equipment accounts for approximately

$1.7 billion, or 80.8 percent of our total assets. We account for our goodwill and other intangible assets in accordance with

Accounting Standards Codification (“ASC”) 350, “Intangibles — Goodwill and Other”, and for our long-lived assets in

accordance with ASC 360, “Property, Plant and Equipment.” Both ASC 350 and 360 require testing goodwill and other

intangible assets and long-lived assets for impairment based on assumptions regarding our future business outlook. While we

continue to review and analyze many factors that can impact our business prospects in the future, our analyses are subjective

and are based on conditions existing at and trends leading up to the time the assumptions are made. Actual results could differ

materially from these assumptions. Our judgments with regard to our future business prospects could impact whether or not an

impairment is deemed to have occurred, as well as the timing of the recognition of such an impairment charge. If future testing

for impairment of goodwill and other intangible assets or long-lived assets results in a reduction in their carrying value, we will

be required to take the amount of the reduction in such goodwill and other intangible assets or long-lived assets as a non-cash

charge against operating income, which would also reduce shareholders’ equity.

In addition, our growth strategy includes investing in certain joint venture opportunities. In these equity investments we exert

significant influence on the investee but do not have effective control over the investee. These equity investments add an

additional element of risk where they may not advance our business strategy or that we do not realize a satisfactory return on

our investment. It may take longer than expected to realize the full benefits from these equity investments, or the benefits may

ultimately be smaller than anticipated or may not be realized. These events could harm our operating results or financial

condition. Our equity investments total approximately $122.6 million at November 30, 2014.

Personal injuries to spectators and participants could adversely affect financial results

Motorsports can be dangerous to participants and spectators. We maintain insurance policies that provide coverage within

limits that we believe should generally be sufficient to protect us from a large financial loss due to liability for personal injuries

sustained by persons on our property in the ordinary course of our business. There can be no assurance, however, that the

insurance will be adequate or available at all times and in all circumstances. Our financial condition and results of operations

could be affected negatively to the extent claims and expenses in connection with these injuries are greater than insurance

recoveries or if insurance coverage for these exposures becomes unavailable or prohibitively expensive.

In addition, sanctioning bodies could impose more stringent rules and regulations for safety, security and operational activities.

Such regulations include, for example, the improvements and additions of retaining walls at our facilities, which have increased

our capital expenditures, and increased security procedures, which have increased our operational expenses.

We operate in a highly competitive environment

As an entertainment company, our racing events face competition from other spectator-oriented sporting events and other

leisure, entertainment and recreational activities, including professional football, basketball, hockey and baseball. As a result,

our revenues are affected by the general popularity of motorsports, the availability of alternative forms of recreation and

changing consumer preferences and habits, including how consumers consume entertainment. Our racing events also compete

with other racing events sanctioned by various racing bodies such as NASCAR, USAC, NHRA, SCCA, IMSA, ARCA and

others. Many sports and entertainment businesses have resources that exceed ours.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 8

Delay, postponement or cancellation of major motorsports events because of weather or other factors could adversely affect us

We promote outdoor motorsports entertainment events. Weather conditions affect sales of, among other things, tickets, food,

drinks and merchandise at these events. Poor weather conditions prior to an event, or even the forecast of poor weather

conditions, could have a negative impact on us, particularly for walk-up ticket sales to events which are not sold out in

advance, as well as renewals for the following year. If an event scheduled for one of our facilities is delayed or postponed

because of weather or other reasons such as, for example, the general postponement of all major sporting events in the United

States following the September 11, 2001 terrorism attacks, we could incur increased expenses associated with conducting the

rescheduled event, as well as possible decreased revenues from tickets, food, drinks and merchandise at the rescheduled event.

If such an event is canceled, we would incur the expenses associated with preparing to conduct the event as well as losing the

revenues, including any live broadcast revenues, associated with the event.

If a canceled event is part of the NASCAR Sprint Cup, Xfinity or Camping World Truck series, in the year of cancellation we

could experience a reduction in the amount of money we expect to receive from television revenues for all of our NASCAR-

sanctioned events in the series that experienced the cancellation. This would occur if, as a result of the cancellation, and

without regard to whether the canceled event was scheduled for one of our facilities, NASCAR experienced a reduction in

television revenues greater than the amount scheduled to be paid to the promoter of the canceled event.

France Family Group control of NASCAR creates conflicts of interest

Members of the France Family Group own and control NASCAR. James C. France, our Chairman of the Board, and Lesa

France Kennedy, our Vice Chairwoman and Chief Executive Officer, are both members of the France Family Group in addition

to holding positions with NASCAR. Each of them, as well as our general counsel, spends part of his or her time on NASCAR’s

business. Because of these relationships, even though all related party transactions are approved by our Audit Committee,

certain potential conflicts of interest between us and NASCAR exist with respect to, among other things:

(cid:127) The terms of any sanctioning agreements that may be awarded to us by NASCAR;

(cid:127) The amount of time the employees mentioned above and certain of our other employees devote to NASCAR’s affairs;

(cid:127) The amounts charged or paid to NASCAR for office rental, transportation costs, shared executives, administrative

and

expenses and similar items.

France Family Group members, together, beneficially own approximately 39.0 percent of our capital stock and control over

72.0 percent of the combined voting power of both classes of our common stock. Historically members of the France Family

Group have voted their shares of common stock in the same manner. Accordingly, they can (without the approval of our other

shareholders) elect our entire Board of Directors and determine the outcome of various matters submitted to shareholders for

approval, including fundamental corporate transactions and have done so in the past. If holders of class B common stock other

than the France Family Group elect to convert their beneficially owned shares of class B common stock into shares of class A

common stock and members of the France Family Group do not convert their shares, the relative voting power of the France

Family Group will increase. Voting control by the France Family Group may discourage certain types of transactions involving

an actual or potential change in control of us, including transactions in which the holders of class A common stock might

receive a premium for their shares over prevailing market prices.

Our success depends on the availability and performance of key personnel

Our continued success depends upon the availability and performance of our senior management team, which possesses unique

and extensive industry knowledge and experience. Our inability to retain and attract key employees in the future, could have a

negative effect on our operations and business plans.

Our capital allocation plan may not achieve anticipated results

Enhancing the live event experience for our guests by investing in our major motorsports facilities is a critical strategy for our

growth, and our Board of Directors has endorsed a capital allocation plan for fiscal 2013 through fiscal 2017 related to this

strategy, which includes DAYTONA Rising. This plan involves significant challenges and risks including that the projects do

not advance our business strategy or that we do not realize a satisfactory return on our investment. It may take longer than

expected to realize the full benefits from these projects, such as increased revenue, or the benefits may ultimately be smaller
than anticipated or may not be realized. These events could harm our operating results or financial condition. Further, these
projects may not be completed on time, which could result in a negative financial impact.

Future impairment or loss on disposal of goodwill and other intangible assets or long-lived assets by us or our equity
investments and joint ventures could adversely affect our financial results

Our consolidated balance sheets include significant amounts of goodwill and other intangible assets and long-lived assets
which could be subject to impairment or loss on retirement. During the fiscal years ended November 30, 2012, 2013 and 2014
we recorded before-tax charges as losses on retirements of long-lived assets primarily attributable to the removal of certain
other long-lived assets located at our motorsports facilities totaling approximately $11.1 million, $16.6 million and
$10.1 million, respectively.

As of November 30, 2014, goodwill and other intangible assets and property and equipment accounts for approximately
$1.7 billion, or 80.8 percent of our total assets. We account for our goodwill and other intangible assets in accordance with
Accounting Standards Codification (“ASC”) 350, “Intangibles — Goodwill and Other”, and for our long-lived assets in
accordance with ASC 360, “Property, Plant and Equipment.” Both ASC 350 and 360 require testing goodwill and other
intangible assets and long-lived assets for impairment based on assumptions regarding our future business outlook. While we
continue to review and analyze many factors that can impact our business prospects in the future, our analyses are subjective
and are based on conditions existing at and trends leading up to the time the assumptions are made. Actual results could differ
materially from these assumptions. Our judgments with regard to our future business prospects could impact whether or not an
impairment is deemed to have occurred, as well as the timing of the recognition of such an impairment charge. If future testing
for impairment of goodwill and other intangible assets or long-lived assets results in a reduction in their carrying value, we will
be required to take the amount of the reduction in such goodwill and other intangible assets or long-lived assets as a non-cash
charge against operating income, which would also reduce shareholders’ equity.

In addition, our growth strategy includes investing in certain joint venture opportunities. In these equity investments we exert
significant influence on the investee but do not have effective control over the investee. These equity investments add an
additional element of risk where they may not advance our business strategy or that we do not realize a satisfactory return on
our investment. It may take longer than expected to realize the full benefits from these equity investments, or the benefits may
ultimately be smaller than anticipated or may not be realized. These events could harm our operating results or financial
condition. Our equity investments total approximately $122.6 million at November 30, 2014.

Personal injuries to spectators and participants could adversely affect financial results

Motorsports can be dangerous to participants and spectators. We maintain insurance policies that provide coverage within
limits that we believe should generally be sufficient to protect us from a large financial loss due to liability for personal injuries
sustained by persons on our property in the ordinary course of our business. There can be no assurance, however, that the
insurance will be adequate or available at all times and in all circumstances. Our financial condition and results of operations
could be affected negatively to the extent claims and expenses in connection with these injuries are greater than insurance
recoveries or if insurance coverage for these exposures becomes unavailable or prohibitively expensive.

In addition, sanctioning bodies could impose more stringent rules and regulations for safety, security and operational activities.
Such regulations include, for example, the improvements and additions of retaining walls at our facilities, which have increased
our capital expenditures, and increased security procedures, which have increased our operational expenses.

We operate in a highly competitive environment

As an entertainment company, our racing events face competition from other spectator-oriented sporting events and other
leisure, entertainment and recreational activities, including professional football, basketball, hockey and baseball. As a result,
our revenues are affected by the general popularity of motorsports, the availability of alternative forms of recreation and
changing consumer preferences and habits, including how consumers consume entertainment. Our racing events also compete
with other racing events sanctioned by various racing bodies such as NASCAR, USAC, NHRA, SCCA, IMSA, ARCA and
others. Many sports and entertainment businesses have resources that exceed ours.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 9

We are subject to changing governmental regulations and legal standards that could increase our expenses

ITEM 2. PROPERTIES

We believe that our operations are in material compliance with all applicable federal, state and local environmental, land use
and other laws and regulations.

If it is determined that damage to persons or property or contamination of the environment has been caused or exacerbated by
the operation or conduct of our business or by pollutants, substances, contaminants or wastes used, generated or disposed of by
us, or if pollutants, substances, contaminants or wastes are found on property currently or previously owned or operated by us,
we may be held liable for such damage and may be required to pay the cost of investigation and/or remediation of such
contamination or any related damage. The amount of such liability as to which we are self-insured could be material.

State and local laws relating to the protection of the environment also can include noise abatement laws that may be applicable
to our racing events.

Our existing facilities continue to be used in situations where the standards for new facilities to comply with certain laws and
regulations, including the Americans with Disabilities Act, are constantly evolving. Changes in the provisions or application of
federal, state or local environmental, land use or other laws, regulations or requirements to our facilities or operations, or the
discovery of previously unknown conditions, also could require us to make additional material expenditures to remediate or
attain compliance.

Regulations governing the use and development of real estate may prevent us from acquiring or developing prime locations for
motorsports entertainment facilities, substantially delay or complicate the process of improving existing facilities, and/or
increase the costs of any of such activities.

If we do not maintain the security of customer-related information, we could damage our reputation with customers, incur
substantial additional costs and become subject to litigation

In the ordinary course of our business, we collect and store certain personal information including but not limited to name,
address and payment account information from individuals, such as our customers, employees and business partners. We also
process customer payment card transactions. In addition, our online operations depend upon the secure transmission of
confidential, personal and payment account information over public networks, including information permitting cashless
payments. We limit the amount of payment information by using “tokens” which is an industry best practice that does not
require the credit card number to be stored. Significant resources are dedicated both internally and with external experts to help
us manage information security, network security, data encryption, and other security practices to protect our systems and data,
but these security measures cannot provide absolute security. As with all companies, these security measures are subject to
third-party security breaches, employee error or malfeasance, or other unanticipated situations. Such a compromise of our
security systems that results in personal or payment network information being obtained by unauthorized persons could
adversely affect our reputation with our customers, the credit card brands (such as VISA, MasterCard and American Express)
and others. Such a compromise could also adversely affect our operations, results of operations, financial condition and
liquidity, and could result in litigation against us, the imposition of penalties, restrictions or other requirements by regulatory
bodies or the credit card brands. In addition, a security breach could require that we expend significant additional resources
related to our information security systems and could result in a disruption of our operations, particularly our sales operations.
While we maintain insurance against this risk, not all losses would be covered by such insurance.

Our quarterly results are subject to seasonality and variability

We derive most of our income from a limited number of NASCAR-sanctioned races. As a result, our business has been, and is
expected to remain, highly seasonal based on the timing of major racing events. Future schedule changes as determined by
NASCAR or other sanctioning bodies, as well as the acquisition of additional, or divestiture of existing, motorsports
entertainment facilities could impact the timing of our major events in comparison to prior or future periods.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None

Motorsports Entertainment Facilities

November 30, 2014:

The following table sets forth current information relating to each of our motorsports entertainment facilities as of

TRACK NAME

LOCATION

SEATS

SUITES

EVENTS

EVENTS(1)

2014 YEAR END

CAPACITY

NASCAR

SPRINT

CUP

OTHER

MAJOR

Daytona International

Daytona Beach,

147,000

103

Speedway

Talladega

Superspeedway

Florida

Talladega,

Alabama

Kansas City,

Virginia

Brooklyn,

Michigan

Fontana,

California

Darlington,

Kansas Speedway

Kansas

Richmond International

Richmond,

Raceway

Michigan International

Speedway

Auto Club Speedway

of Southern California

Darlington Raceway

South Carolina

Chicagoland Speedway Joliet, Illinois

55,500

Martinsville,

Martinsville Speedway

Virginia

Phoenix International

Raceway

Phoenix,

Arizona

Homestead-Miami

Speedway

Watkins Glen

International

Homestead,

Florida

Watkins Glen,

New York

78,000

74,000

71,000

68,000

58,000

55,000

51,000

46,000

33,000

MARKETS

SERVED

MEDIA

MARKET

RANK

Orlando/

Central Florida

Atlanta/

Birmingham

9/43

Kansas City

Washington

D.C.

Detroit

Los Angeles

Columbia

Chicago

Greensboro/

High Point

Phoenix

Miami

Buffalo/

Rochester

52/78

Route 66 Raceway

Joliet, Illinois

24,000

n/a

—

(2) Chicago

(1) Other major events include NASCAR Xfinity and Camping World Truck series; ARCA; IMSA; IndyCar; and,

AMA Pro Racing.

(2) Route 66's other major event includes an NHRA Mellow Yellow Drag Racing Series event.

DAYTONA INTERNATIONAL SPEEDWAY. Daytona is a 2.5 mile high-banked, lighted, asphalt, tri-oval superspeedway

that also includes a 3.6-mile road course. We lease the land on which Daytona International Speedway is located from the City

of Daytona Beach. The lease on the property expires in 2054, including renewal options. The facility is situated on 440 acres

and is located in Daytona Beach, Florida.

TALLADEGA SUPERSPEEDWAY. Talladega is a 2.7 mile high-banked, asphalt, tri-oval superspeedway with a 1.3-mile

infield road course. The facility is situated on 1,435 acres and is located about 100 miles from Atlanta, Georgia and

approximately 50 miles from Birmingham, Alabama.

KANSAS SPEEDWAY. Kansas is a 1.5 mile variable-degree banked, asphalt, tri-oval superspeedway with a 0.9-mile infield

road course. The facility is situated on 1,000 acres and is located in Kansas City, Kansas. Overlooking turn two of Kansas is a

Hollywood-themed and branded destination entertainment facility (see Equity Investments).

RICHMOND INTERNATIONAL RACEWAY. Richmond is a 0.8 mile moderately-banked, lighted, asphalt, oval,

intermediate speedway. The facility is situated on 635 acres and is located approximately 10 miles from downtown Richmond,

Virginia.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 10

and other laws and regulations.

If it is determined that damage to persons or property or contamination of the environment has been caused or exacerbated by

the operation or conduct of our business or by pollutants, substances, contaminants or wastes used, generated or disposed of by

us, or if pollutants, substances, contaminants or wastes are found on property currently or previously owned or operated by us,

we may be held liable for such damage and may be required to pay the cost of investigation and/or remediation of such

contamination or any related damage. The amount of such liability as to which we are self-insured could be material.

State and local laws relating to the protection of the environment also can include noise abatement laws that may be applicable

to our racing events.

attain compliance.

Our existing facilities continue to be used in situations where the standards for new facilities to comply with certain laws and

regulations, including the Americans with Disabilities Act, are constantly evolving. Changes in the provisions or application of

federal, state or local environmental, land use or other laws, regulations or requirements to our facilities or operations, or the

discovery of previously unknown conditions, also could require us to make additional material expenditures to remediate or

Regulations governing the use and development of real estate may prevent us from acquiring or developing prime locations for

motorsports entertainment facilities, substantially delay or complicate the process of improving existing facilities, and/or

increase the costs of any of such activities.

If we do not maintain the security of customer-related information, we could damage our reputation with customers, incur

substantial additional costs and become subject to litigation

In the ordinary course of our business, we collect and store certain personal information including but not limited to name,

address and payment account information from individuals, such as our customers, employees and business partners. We also

process customer payment card transactions. In addition, our online operations depend upon the secure transmission of

confidential, personal and payment account information over public networks, including information permitting cashless

payments. We limit the amount of payment information by using “tokens” which is an industry best practice that does not

require the credit card number to be stored. Significant resources are dedicated both internally and with external experts to help

us manage information security, network security, data encryption, and other security practices to protect our systems and data,

but these security measures cannot provide absolute security. As with all companies, these security measures are subject to

third-party security breaches, employee error or malfeasance, or other unanticipated situations. Such a compromise of our

security systems that results in personal or payment network information being obtained by unauthorized persons could

adversely affect our reputation with our customers, the credit card brands (such as VISA, MasterCard and American Express)

and others. Such a compromise could also adversely affect our operations, results of operations, financial condition and

liquidity, and could result in litigation against us, the imposition of penalties, restrictions or other requirements by regulatory

bodies or the credit card brands. In addition, a security breach could require that we expend significant additional resources

related to our information security systems and could result in a disruption of our operations, particularly our sales operations.

While we maintain insurance against this risk, not all losses would be covered by such insurance.

Our quarterly results are subject to seasonality and variability

We derive most of our income from a limited number of NASCAR-sanctioned races. As a result, our business has been, and is

expected to remain, highly seasonal based on the timing of major racing events. Future schedule changes as determined by

NASCAR or other sanctioning bodies, as well as the acquisition of additional, or divestiture of existing, motorsports

entertainment facilities could impact the timing of our major events in comparison to prior or future periods.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None

We are subject to changing governmental regulations and legal standards that could increase our expenses

ITEM 2. PROPERTIES

We believe that our operations are in material compliance with all applicable federal, state and local environmental, land use

Motorsports Entertainment Facilities

The following table sets forth current information relating to each of our motorsports entertainment facilities as of
November 30, 2014:

TRACK NAME

LOCATION

SEATS

SUITES

2014 YEAR END
CAPACITY

NASCAR
SPRINT
CUP
EVENTS

OTHER
MAJOR

EVENTS(1)

MARKETS
SERVED

MEDIA
MARKET
RANK

Daytona International
Speedway
Talladega
Superspeedway

Kansas Speedway
Richmond International
Raceway
Michigan International
Speedway
Auto Club Speedway
of Southern California

Daytona Beach,
Florida
Talladega,
Alabama
Kansas City,
Kansas
Richmond,
Virginia
Brooklyn,
Michigan
Fontana,
California
Darlington,
Darlington Raceway
South Carolina
Chicagoland Speedway Joliet, Illinois
Martinsville,
Virginia
Phoenix,
Arizona
Homestead,
Florida
Watkins Glen,
New York

Martinsville Speedway
Phoenix International
Raceway
Homestead-Miami
Speedway
Watkins Glen
International

147,000

103

78,000

74,000

71,000

68,000

58,000

55,500

55,000

51,000

46,000

33,000

Route 66 Raceway

Joliet, Illinois

24,000

n/a

—

Orlando/
Central Florida
Atlanta/
Birmingham

9/43

Kansas City
Washington
D.C.

Detroit

Los Angeles

Columbia

Chicago

Greensboro/
High Point

Phoenix

Miami
Buffalo/
Rochester

52/78

(2) Chicago

(1) Other major events include NASCAR Xfinity and Camping World Truck series; ARCA; IMSA; IndyCar; and,

AMA Pro Racing.

(2) Route 66's other major event includes an NHRA Mellow Yellow Drag Racing Series event.

DAYTONA INTERNATIONAL SPEEDWAY. Daytona is a 2.5 mile high-banked, lighted, asphalt, tri-oval superspeedway
that also includes a 3.6-mile road course. We lease the land on which Daytona International Speedway is located from the City
of Daytona Beach. The lease on the property expires in 2054, including renewal options. The facility is situated on 440 acres
and is located in Daytona Beach, Florida.

TALLADEGA SUPERSPEEDWAY. Talladega is a 2.7 mile high-banked, asphalt, tri-oval superspeedway with a 1.3-mile
infield road course. The facility is situated on 1,435 acres and is located about 100 miles from Atlanta, Georgia and
approximately 50 miles from Birmingham, Alabama.

KANSAS SPEEDWAY. Kansas is a 1.5 mile variable-degree banked, asphalt, tri-oval superspeedway with a 0.9-mile infield
road course. The facility is situated on 1,000 acres and is located in Kansas City, Kansas. Overlooking turn two of Kansas is a
Hollywood-themed and branded destination entertainment facility (see Equity Investments).

RICHMOND INTERNATIONAL RACEWAY. Richmond is a 0.8 mile moderately-banked, lighted, asphalt, oval,
intermediate speedway. The facility is situated on 635 acres and is located approximately 10 miles from downtown Richmond,
Virginia.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 11

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER

PURCHASES OF EQUITY SECURITIES

At November 30, 2014, we had two issued classes of capital stock: class A common stock, $.01 par value per share, and class B

common stock, $.01 par value per share. The class A common stock is traded on the NASDAQ National Market System under

the symbol “ISCA.” The class B common stock is traded on the Over-The-Counter Bulletin Board under the symbol

“ISCB.OB” and, at the option of the holder, is convertible to class A common stock at any time. As of November 30, 2014,

there were approximately 2,006 record holders of class A common stock and approximately 336 record holders of class B

The reported high and low sales prices or high and low bid information, as applicable, for each quarter indicated are as follows:

Fiscal 2013

Fiscal 2014

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

ISCA

ISCB.OB(1)

High

Low

High

Low

31.09 $

25.96 $

31.00 $

35.75

35.77

34.99

29.30

30.61

30.14

35.00

34.75

37.59

38.01 $

30.02 $

37.40 $

34.96

35.32

33.98

29.90

29.67

28.09

34.00

34.67

33.50

25.70

29.70

31.30

30.34

32.35

29.72

29.00

31.00

(1)

ISCB quotations were obtained from the OTC Bulletin Board and represent prices between dealers and do not include

mark-up, mark-down or commission. Such quotations do not necessarily represent actual transactions.

MICHIGAN INTERNATIONAL SPEEDWAY. Michigan is a 2.0 mile moderately-banked, asphalt, tri-oval superspeedway.
The facility is situated on 1,180 acres and is located in Brooklyn, Michigan, approximately 70 miles southwest of Detroit.

AUTO CLUB SPEEDWAY OF SOUTHERN CALIFORNIA. Auto Club Speedway is a 2.0 mile moderately-banked, lighted,
asphalt, tri-oval superspeedway. The facility is situated on 566 acres and is located approximately 40 miles east of Los Angeles
in Fontana, California. The facility also includes a quarter mile drag strip and a 2.8-mile road course.

DARLINGTON RACEWAY. Darlington is a 1.3 mile high-banked, lighted, asphalt, egg-shaped superspeedway. The facility is
situated on 230 acres and is located in Darlington, South Carolina.

CHICAGOLAND SPEEDWAY. Chicagoland is a 1.5 mile moderately-banked, lighted, asphalt, tri-oval superspeedway. The
facility is situated on 930 acres and is located in Joliet, Illinois, approximately 35 miles from Chicago, Illinois.

common stock.

MARTINSVILLE SPEEDWAY. Martinsville is a 0.5 mile moderately-banked, asphalt and concrete, oval speedway. The
facility is situated on 250 acres and is located in Martinsville, Virginia, approximately 50 miles north of Winston-Salem, North
Carolina.

PHOENIX INTERNATIONAL RACEWAY. Phoenix is a 1.0 mile low-banked, lighted, asphalt, oval superspeedway. The
facility is situated on 598 acres that also includes a 1.5-mile road course located near Phoenix, Arizona.

HOMESTEAD-MIAMI SPEEDWAY. Homestead is a 1.5 mile variable-degree banked, lighted, asphalt, oval superspeedway.
The facility is situated on 404 acres and is located in Homestead, Florida. Homestead is owned by the City of Homestead,
however we operate Homestead under an agreement that expires in 2075, including renewal options.

WATKINS GLEN INTERNATIONAL. Watkins Glen includes 3.4-mile and 2.4-mile road course tracks. The facility is
situated on 1,377 acres and is located near Watkins Glen, New York.

ROUTE 66 RACEWAY. Route 66 includes a quarter mile drag strip and dirt oval speedway. The facility, adjacent to
Chicagoland, is situated on 240 acres and is located in Joliet, Illinois, approximately 35 miles from Chicago, Illinois.

OTHER FACILITIES: We own approximately 245 acres of real property near Daytona which is home to our corporate
headquarters and other offices and facilities. In addition, we also own 410 acres near Daytona on which we conduct agricultural
operations except during events when they are used for parking and other ancillary purposes. We lease real estate and office
space in Talladega, Alabama and the property and premises at the Talladega Municipal Airport. We lease office space in
Watkins Glen, New York, in Concord, North Carolina and in Avondale, Arizona.

Intellectual Property

We have various registered and common law trademark rights, including, but not limited to, “California Speedway,”
“Chicagoland Speedway,” “Darlington Raceway,” “The Great American Race,” “Southern 500,” “Too Tough to Tame,”
“Daytona International Speedway,” “ Daytona 500 EXperience,” the “Daytona 500,” the “24 Hours of Daytona,” “Acceleration
Alley,” “Daytona Dream Laps,” “Speedweeks,” “World Center of Racing,” “Homestead-Miami Speedway,” “Kansas
Speedway,” “Martinsville Speedway,” “Michigan International Speedway,” “Phoenix International Raceway,” “Richmond
International Raceway,” “Route 66 Raceway,” “The Action Track,” “Talladega Superspeedway,” “Watkins Glen
International,” “The Glen,” “Americrown,” “Motor Racing Network,” “MRN,” and related logos. We also have licenses from
NASCAR, various drivers and other businesses to use names and logos for merchandising programs and product sales. Our
policy is to protect our intellectual property rights vigorously, through litigation, if necessary, chiefly because of their
proprietary value in merchandise and promotional sales.

ITEM 3. LEGAL PROCEEDINGS

From time to time, we are a party to routine litigation incidental to our business. We do not believe that the resolution of any or
all of such litigation will have a material adverse effect on our financial condition or results of operations.

ITEM 4. MINE SAFETY DISCLOSURES

None

ISC // 2014 ANNUAL REPORT // FORM 10-K // 12

MICHIGAN INTERNATIONAL SPEEDWAY. Michigan is a 2.0 mile moderately-banked, asphalt, tri-oval superspeedway.

The facility is situated on 1,180 acres and is located in Brooklyn, Michigan, approximately 70 miles southwest of Detroit.

AUTO CLUB SPEEDWAY OF SOUTHERN CALIFORNIA. Auto Club Speedway is a 2.0 mile moderately-banked, lighted,

asphalt, tri-oval superspeedway. The facility is situated on 566 acres and is located approximately 40 miles east of Los Angeles

in Fontana, California. The facility also includes a quarter mile drag strip and a 2.8-mile road course.

DARLINGTON RACEWAY. Darlington is a 1.3 mile high-banked, lighted, asphalt, egg-shaped superspeedway. The facility is

situated on 230 acres and is located in Darlington, South Carolina.

CHICAGOLAND SPEEDWAY. Chicagoland is a 1.5 mile moderately-banked, lighted, asphalt, tri-oval superspeedway. The

facility is situated on 930 acres and is located in Joliet, Illinois, approximately 35 miles from Chicago, Illinois.

MARTINSVILLE SPEEDWAY. Martinsville is a 0.5 mile moderately-banked, asphalt and concrete, oval speedway. The

facility is situated on 250 acres and is located in Martinsville, Virginia, approximately 50 miles north of Winston-Salem, North

Carolina.

PHOENIX INTERNATIONAL RACEWAY. Phoenix is a 1.0 mile low-banked, lighted, asphalt, oval superspeedway. The

facility is situated on 598 acres that also includes a 1.5-mile road course located near Phoenix, Arizona.

HOMESTEAD-MIAMI SPEEDWAY. Homestead is a 1.5 mile variable-degree banked, lighted, asphalt, oval superspeedway.

The facility is situated on 404 acres and is located in Homestead, Florida. Homestead is owned by the City of Homestead,

however we operate Homestead under an agreement that expires in 2075, including renewal options.

WATKINS GLEN INTERNATIONAL. Watkins Glen includes 3.4-mile and 2.4-mile road course tracks. The facility is

situated on 1,377 acres and is located near Watkins Glen, New York.

ROUTE 66 RACEWAY. Route 66 includes a quarter mile drag strip and dirt oval speedway. The facility, adjacent to

Chicagoland, is situated on 240 acres and is located in Joliet, Illinois, approximately 35 miles from Chicago, Illinois.

OTHER FACILITIES: We own approximately 245 acres of real property near Daytona which is home to our corporate

headquarters and other offices and facilities. In addition, we also own 410 acres near Daytona on which we conduct agricultural

operations except during events when they are used for parking and other ancillary purposes. We lease real estate and office

space in Talladega, Alabama and the property and premises at the Talladega Municipal Airport. We lease office space in

Watkins Glen, New York, in Concord, North Carolina and in Avondale, Arizona.

Intellectual Property

We have various registered and common law trademark rights, including, but not limited to, “California Speedway,”

“Chicagoland Speedway,” “Darlington Raceway,” “The Great American Race,” “Southern 500,” “Too Tough to Tame,”

“Daytona International Speedway,” “ Daytona 500 EXperience,” the “Daytona 500,” the “24 Hours of Daytona,” “Acceleration

Alley,” “Daytona Dream Laps,” “Speedweeks,” “World Center of Racing,” “Homestead-Miami Speedway,” “Kansas

Speedway,” “Martinsville Speedway,” “Michigan International Speedway,” “Phoenix International Raceway,” “Richmond

International Raceway,” “Route 66 Raceway,” “The Action Track,” “Talladega Superspeedway,” “Watkins Glen

International,” “The Glen,” “Americrown,” “Motor Racing Network,” “MRN,” and related logos. We also have licenses from

NASCAR, various drivers and other businesses to use names and logos for merchandising programs and product sales. Our

policy is to protect our intellectual property rights vigorously, through litigation, if necessary, chiefly because of their

proprietary value in merchandise and promotional sales.

ITEM 3. LEGAL PROCEEDINGS

From time to time, we are a party to routine litigation incidental to our business. We do not believe that the resolution of any or

all of such litigation will have a material adverse effect on our financial condition or results of operations.

ITEM 4. MINE SAFETY DISCLOSURES

None

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES

At November 30, 2014, we had two issued classes of capital stock: class A common stock, $.01 par value per share, and class B
common stock, $.01 par value per share. The class A common stock is traded on the NASDAQ National Market System under
the symbol “ISCA.” The class B common stock is traded on the Over-The-Counter Bulletin Board under the symbol
“ISCB.OB” and, at the option of the holder, is convertible to class A common stock at any time. As of November 30, 2014,
there were approximately 2,006 record holders of class A common stock and approximately 336 record holders of class B
common stock.

The reported high and low sales prices or high and low bid information, as applicable, for each quarter indicated are as follows:

Fiscal 2013

First Quarter
Second Quarter
Third Quarter
Fourth Quarter

Fiscal 2014

First Quarter
Second Quarter
Third Quarter
Fourth Quarter

ISCA

ISCB.OB(1)

High

Low

High

Low

31.09 $
35.75
35.77
34.99

38.01 $
34.96
35.32
33.98

25.96 $
29.30
30.61
30.14

30.02 $
29.90
29.67
28.09

31.00 $
35.00
34.75
37.59

37.40 $
34.00
34.67
33.50

25.70
29.70
31.30
30.34

32.35
29.72
29.00
31.00

(1)

ISCB quotations were obtained from the OTC Bulletin Board and represent prices between dealers and do not include
mark-up, mark-down or commission. Such quotations do not necessarily represent actual transactions.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 13

Stock Purchase Plan

An important component of our capital allocation strategy is returning capital to shareholders. We have solid operating margins
that generate substantial operating cash flow. Using these internally generated proceeds, we have returned a significant amount
of capital to shareholders primarily through our share repurchase program.

The Company has a share repurchase program (“Stock Purchase Plan”) under which it is authorized to purchase up to
$330.0 million of its outstanding Class A common shares. The timing and amount of any shares repurchased under the Stock
Purchase Plan will depend on a variety of factors, including price, corporate and regulatory requirements, capital availability
and other market conditions. The Stock Purchase Plan may be suspended or discontinued at any time without prior notice. No
shares have been or will be knowingly purchased from Company insiders or their affiliates.

(d)
Maximum number
of shares (or
approximate
dollar value of
shares) that may
yet be purchased
under the
plans or
programs
(in thousands)

— $
—

—

—
—

61,741

(a) Total
number
of shares
purchased

(b)
Average
price
paid
per
share

— $

10,015

—
32.34

—

—
10,015

—

Period

December 1, 2013 — August 31, 2014

Repurchase program(1)
Employee transactions(2)

September 1, 2014 — September 30, 2014

Repurchase program(1)

October 1, 2014 — October 31, 2014

Repurchase program(1)

November 1, 2014 — November 30, 2014

Repurchase program(1)

(1)

Since inception of the Stock Purchase Plan through November 30, 2014, we have purchased 7,063,962 shares of our
Class A common shares, for a total of approximately $268.3 million. Included in these totals are the purchases of
405,538 shares of the Company’s Class A common shares at an average cost of approximately $25.40 per share
(including commissions), for a total of approximately $10.3 million , during the fiscal year ended November 30, 2012.
These transactions occurred in open market purchases and pursuant to a trading plan under Rule 10b5-1. There were no
purchases, under the Stock Purchase Plan, of the Company's Class A common shares during fiscal 2013 and 2014. At
November 30, 2014, we have approximately $61.7 million remaining repurchase authority under the current Stock
Purchase Plan.

(2) Represents shares of our common stock delivered to us in satisfaction of the minimum statutory tax withholding

obligation of holders of restricted shares that vested during the period.

Annual dividends were declared in the quarter ended in May and paid in June in the fiscal years reported below on all common

stock that was issued at the time (amount per share):

Dividends

Fiscal Year:

2010

2011

2012

2013

2014

Securities Authorized For Issuance Under Equity Compensation Plans

Equity Compensation Plan Information

Annual

Dividend

0.16

0.18

0.20

0.22

0.24

Number of

securities

to be

issued upon

exercise of

outstanding

options,

warrants

and rights

(a)

Weighted-average

exercise price of

outstanding

options, warrants

and rights

(b)

Number of

securities

remaining

available

for future

issuance

under equity

compensation

plans (excluding

securities

reflected in

column

(a)) (c)

163,048 $

—

163,048

39.82

—

39.82

477,084

—

477,084

Equity compensation plans approved by security holders

Equity compensation plans not approved by security holders

Plan Category

Total

ITEM 6. SELECTED FINANCIAL DATA

The following table sets forth our selected financial data as of and for each of the last five fiscal years in the period ended

November 30, 2014. The income statement data for the three fiscal years in the period ended November 30, 2014, and the

balance sheet data as of November 30, 2013 and November 30, 2014, have been derived from our audited historical

consolidated financial statements included elsewhere in this report. The balance sheet data as of November 30, 2012, and the

income statement data and the balance sheet data as of and for the fiscal years ended November 30, 2011 and 2010, have been

derived from our audited historical consolidated financial statements, which are available on our website. You should read the

selected financial data set forth below in conjunction with “Management’s Discussion and Analysis of Financial Condition and

Results of Operations” and our consolidated financial statements and the accompanying notes included elsewhere in this report.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 14

Stock Purchase Plan

Dividends

An important component of our capital allocation strategy is returning capital to shareholders. We have solid operating margins

that generate substantial operating cash flow. Using these internally generated proceeds, we have returned a significant amount

Annual dividends were declared in the quarter ended in May and paid in June in the fiscal years reported below on all common
stock that was issued at the time (amount per share):

of capital to shareholders primarily through our share repurchase program.

The Company has a share repurchase program (“Stock Purchase Plan”) under which it is authorized to purchase up to

$330.0 million of its outstanding Class A common shares. The timing and amount of any shares repurchased under the Stock

Purchase Plan will depend on a variety of factors, including price, corporate and regulatory requirements, capital availability

and other market conditions. The Stock Purchase Plan may be suspended or discontinued at any time without prior notice. No

shares have been or will be knowingly purchased from Company insiders or their affiliates.

number of

purchased

as part of

publicly

announced

plans or

Programs

(d)

Maximum number

of shares (or

approximate

dollar value of

shares) that may

yet be purchased

under the

plans or

programs

(in thousands)

— $

—

61,741

(a) Total

number

of shares

purchased

(b)

Average

price

paid

per

— $

10,015

—

32.34

—

10,015

—

Period

December 1, 2013 — August 31, 2014

Repurchase program(1)

Employee transactions(2)

September 1, 2014 — September 30, 2014

Repurchase program(1)

October 1, 2014 — October 31, 2014

Repurchase program(1)

November 1, 2014 — November 30, 2014

Repurchase program(1)

(1)

Since inception of the Stock Purchase Plan through November 30, 2014, we have purchased 7,063,962 shares of our

Class A common shares, for a total of approximately $268.3 million. Included in these totals are the purchases of

405,538 shares of the Company’s Class A common shares at an average cost of approximately $25.40 per share

(including commissions), for a total of approximately $10.3 million , during the fiscal year ended November 30, 2012.

These transactions occurred in open market purchases and pursuant to a trading plan under Rule 10b5-1. There were no

purchases, under the Stock Purchase Plan, of the Company's Class A common shares during fiscal 2013 and 2014. At

November 30, 2014, we have approximately $61.7 million remaining repurchase authority under the current Stock

Purchase Plan.

(2) Represents shares of our common stock delivered to us in satisfaction of the minimum statutory tax withholding

obligation of holders of restricted shares that vested during the period.

Fiscal Year:
2010
2011
2012
2013
2014

Securities Authorized For Issuance Under Equity Compensation Plans

Equity Compensation Plan Information

Plan Category
Equity compensation plans approved by security holders
Equity compensation plans not approved by security holders

Total

ITEM 6. SELECTED FINANCIAL DATA

Annual
Dividend

0.16
0.18
0.20
0.22
0.24

Number of
securities
to be
issued upon
exercise of
outstanding
options,
warrants
and rights
(a)

Weighted-average
exercise price of
outstanding
options, warrants
and rights
(b)

Number of
securities
remaining
available
for future
issuance
under equity
compensation
plans (excluding
securities
reflected in
column
(a)) (c)

163,048 $

—
163,048

39.82
—
39.82

477,084
—
477,084

The following table sets forth our selected financial data as of and for each of the last five fiscal years in the period ended
November 30, 2014. The income statement data for the three fiscal years in the period ended November 30, 2014, and the
balance sheet data as of November 30, 2013 and November 30, 2014, have been derived from our audited historical
consolidated financial statements included elsewhere in this report. The balance sheet data as of November 30, 2012, and the
income statement data and the balance sheet data as of and for the fiscal years ended November 30, 2011 and 2010, have been
derived from our audited historical consolidated financial statements, which are available on our website. You should read the
selected financial data set forth below in conjunction with “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” and our consolidated financial statements and the accompanying notes included elsewhere in this report.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 15

For the Year Ended November 30,

(1)

Fiscal year 2014 includes consolidated operations of MA following Speedway Motorsports, Inc.'s ("SMI") abandonment

2010

2011

2012

2013

2014

(in thousands, except share and per share data)

Income Statement Data:

Revenues:

Admissions, net
Motorsports related
Food, beverage and merchandise (1)
Other

Total revenues

160,476 $
420,910
52,527
11,444
645,357

144,433 $
425,655
47,863
11,734
629,685

136,099 $
416,699
45,985
13,584
612,367

129,824 $
425,530
44,046
13,240
612,640

129,688
433,738
72,880
15,630
651,936

Expenses:

Direct:

Prize and point fund monies
and NASCAR sanction fees
Motorsports related

Food, beverage and
merchandise (1)
General and administrative
Depreciation and amortization (2)
Impairments / losses on retirements
of long-lived assets (3)

Total expenses

Operating income
Interest income (4)
Interest expense (5)
Interest rate swap expense (6)
Loss on early redemption of debt (7)
Other (8)
Equity in net (loss) income from equity
investments (9)
Income from continuing operations
before income taxes
Income taxes (10)

Income from continuing operations
Loss from discontinued operations

Net income
Basic and diluted earnings per share:
Income from continuing operations
Loss from discontinued operations

Net income
Dividends per share
Weighted average shares outstanding:

Basic
Diluted

Balance Sheet Data (at end of period):

Cash and cash equivalents
Working capital
Total assets
Long-term debt
Total debt
Total shareholders’ equity

157,571
142,603

36,949
102,733
74,465

8,859
523,180
122,177
170
(15,216 )
(23,878 )
(6,535 )
—

154,562
124,861

36,744
98,795
76,871

4,687
496,520
133,165
139
(14,710 )
—
—
—

154,673
125,072

35,642
102,958
77,870

11,143
507,358
105,009
102
(13,501 )
—
(9,144 )
1,008

159,349
125,928

33,150
104,925
93,989

16,607
533,948
78,692
96
(15,221 )
—
—
75

162,988
128,229

58,265
108,563
90,352

10,148
558,545
93,391
2,107
(9,182 )
—
—
5,380

(1,904 )

(4,177 )

2,757

9,434

8,916

74,814
20,236
54,578
(47 )
54,531 $

114,417
44,993
69,424
—
69,424 $

1.13 $
0.00
1.13 $
0.16 $

1.46 $
—
1.46 $
0.18 $

86,231
31,653
54,578
—
54,578 $

1.18 $
—
1.18 $
0.20 $

73,076
27,784
45,292
—
45,292 $

100,612
33,233
67,379
—
67,379

0.97 $
—
0.97 $
0.22 $

1.45
—
1.45
0.24

48,242,555
48,242,555

47,602,574
47,611,179

46,386,355
46,396,631

46,470,647
46,486,561

46,559,232
46,573,038

84,166 $
58,267
1,878,749
303,074
306,290
1,187,177

110,078 $
75,759
1,944,639
313,888
316,152
1,212,466

78,379 $
50,868
1,941,741
274,419
276,932
1,248,810

172,827 $
153,780
2,017,506
271,680
274,487
1,287,155

158,847
110,783
2,077,651
268,311
271,746
1,346,432

$
$

of its interest and rights in SMISC, LLC on January 31, 2014. As a result, ISC recognized merchandise revenue and

operating expenses totaling approximately $25.7 million and $24.7 million, respectively, for the 10-month period

February 1, 2014 through November 30, 2014.

(2)

Fiscal year 2013 includes accelerated depreciation that was recorded due to the shortening the service lives of certain

assets associated with DAYTONA Rising and capacity management initiatives totaling approximately $15.4 million.

Fiscal year 2014 includes accelerated depreciation that was recorded due to the shortening the service lives of certain

assets associated with DAYTONA Rising totaling approximately $11.1 million.

(3)

Fiscal 2010 impairment/losses on asset retirements is primarily attributable to the non-cash impairment of certain costs

related to a previous Daytona development project and, to a much lesser extent, losses on the removal of certain other

long-lived assets. Fiscal 2011 losses associated with the retirements of certain other long-lived assets is primarily

attributable to the removal of certain assets in connection with the repaving of the track and grandstand enhancements at

Phoenix as well as grandstand enhancements at Kansas and Talladega. Fiscal 2012 losses associated with the retirements

of certain other long-lived assets is primarily attributable to the removal of certain assets in connection with the repaving

of the track at Kansas, and certain other long-lived assets located at our motorsports facilities. Fiscal 2013 losses

associated with the retirements of certain other long-lived assets is primarily attributable to the removal of assets not

fully depreciated in connection with DAYTONA Rising, capacity management initiatives and other capital

improvements. Fiscal 2014 losses associated with demolition costs in connection with DAYTONA Rising, capacity

management initiatives and other capital improvements.

Fiscal 2014 includes approximately $1.8 million related to settlement of interest income on a long-term receivable.

Fiscal 2013 and 2014 include approximately $0.8 million and $7.2 million, respectively, related to capitalized interest

for DAYTONA Rising, (see DAYTONA Rising in Liquidity and Capital Resources of MANAGEMENT'S

DISCUSSION AND ANALYSIS).

Fiscal year 2010 include expenses related to an interest rate swap.

In fiscal 2010, we recorded a loss on early redemption of debt related to a cash tender offer where we purchased

approximately $63.0 million of outstanding senior notes. In fiscal 2012, we recorded a loss on early redemption of debt

related to the redemption of $87.0 million of outstanding senior notes maturing in 2014.

(8)

Fiscal 2014 includes the valuation adjustment related to consolidation of MA, representing the fair value over the

carrying value as of January 31, 2014. Fiscal 2012 includes the net gain on sale of certain assets.

(9)

Equity in net (loss) income from equity investments includes the Company’s 50.0 percent portion of Kansas

Entertainment’s net income, more fully discussed in Management's Discussion and Analysis, Equity and Other

Investments. Fiscal 2010 and 2011 include pre-development operating expenses not capitalized prior to commencement

of operations in February 2012. Fiscal 2012 reflects a partial year of operations from the Casino opening in February

2012 through November 30, 2012. Included in the Company's equity income in fiscal 2013 is a one-time property tax

refund of approximately $1.1 million, and, in fiscal 2014, an expense equal to 1.0 percent of gross gaming revenue,

approximately $0.6 million, since it did not proceed with construction of a hotel by the original deadline.

(10) Fiscal 2010 income taxes include the de-recognition of potential interest and penalties associated with certain state tax

settlements of approximately $6.3 million.

(4)

(5)

(6)

(7)

ISC // 2014 ANNUAL REPORT // FORM 10-K // 16

For the Year Ended November 30,

2010

2011

2012

2013

2014

(in thousands, except share and per share data)

Income Statement Data:

Revenues:

Admissions, net

Motorsports related

Food, beverage and merchandise (1)

160,476 $

144,433 $

136,099 $

129,824 $

420,910

52,527

11,444

425,655

416,699

47,863

11,734

45,985

13,584

425,530

44,046

13,240

Total revenues

645,357

629,685

612,367

612,640

129,688

433,738

72,880

15,630

651,936

162,988

128,229

58,265

108,563

90,352

10,148

558,545

93,391

2,107

(9,182 )

—

5,380

8,916

100,612

33,233

67,379

—

157,571

142,603

36,949

102,733

74,465

8,859

523,180

122,177

170

(15,216 )

(23,878 )

(6,535 )

—

154,562

124,861

36,744

98,795

76,871

4,687

496,520

133,165

139

—

154,673

125,072

35,642

102,958

77,870

11,143

507,358

105,009

102

—

(9,144 )

1,008

159,349

125,928

33,150

104,925

93,989

16,607

533,948

78,692

—

(14,710 )

(13,501 )

(15,221 )

(1,904 )

(4,177 )

2,757

9,434

74,814

20,236

54,578

(47 )

114,417

44,993

69,424

—

86,231

31,653

54,578

—

73,076

27,784

45,292

—

Net income

54,531 $

69,424 $

54,578 $

45,292 $

67,379

Balance Sheet Data (at end of period):

Cash and cash equivalents

84,166 $

110,078 $

78,379 $

172,827 $

1.13 $

0.00

1.13 $

0.16 $

1.46 $

—

1.46 $

0.18 $

1.18 $

—

1.18 $

0.20 $

0.97 $

—

0.97 $

0.22 $

1.45

—

1.45

0.24

48,242,555

47,602,574

46,386,355

46,470,647

46,559,232

48,242,555

47,611,179

46,396,631

46,486,561

46,573,038

58,267

75,759

50,868

153,780

1,878,749

1,944,639

1,941,741

2,017,506

2,077,651

303,074

306,290

313,888

316,152

274,419

276,932

271,680

274,487

158,847

110,783

268,311

271,746

Total shareholders’ equity

1,187,177

1,212,466

1,248,810

1,287,155

1,346,432

Other

Expenses:

Direct:

Prize and point fund monies

and NASCAR sanction fees

Motorsports related

Food, beverage and

merchandise (1)

General and administrative

Depreciation and amortization (2)

Impairments / losses on retirements

of long-lived assets (3)

Total expenses

Operating income

Interest income (4)

Interest expense (5)

Interest rate swap expense (6)

Loss on early redemption of debt (7)

Other (8)

Equity in net (loss) income from equity

investments (9)

Income from continuing operations

before income taxes

Income taxes (10)

Income from continuing operations

Loss from discontinued operations

Basic and diluted earnings per share:

Income from continuing operations

Loss from discontinued operations

Net income

Dividends per share

Weighted average shares outstanding:

Basic

Diluted

Working capital

Total assets

Long-term debt

Total debt

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

Fiscal year 2014 includes consolidated operations of MA following Speedway Motorsports, Inc.'s ("SMI") abandonment
of its interest and rights in SMISC, LLC on January 31, 2014. As a result, ISC recognized merchandise revenue and
operating expenses totaling approximately $25.7 million and $24.7 million, respectively, for the 10-month period
February 1, 2014 through November 30, 2014.

Fiscal year 2013 includes accelerated depreciation that was recorded due to the shortening the service lives of certain
assets associated with DAYTONA Rising and capacity management initiatives totaling approximately $15.4 million.
Fiscal year 2014 includes accelerated depreciation that was recorded due to the shortening the service lives of certain
assets associated with DAYTONA Rising totaling approximately $11.1 million.

Fiscal 2010 impairment/losses on asset retirements is primarily attributable to the non-cash impairment of certain costs
related to a previous Daytona development project and, to a much lesser extent, losses on the removal of certain other
long-lived assets. Fiscal 2011 losses associated with the retirements of certain other long-lived assets is primarily
attributable to the removal of certain assets in connection with the repaving of the track and grandstand enhancements at
Phoenix as well as grandstand enhancements at Kansas and Talladega. Fiscal 2012 losses associated with the retirements
of certain other long-lived assets is primarily attributable to the removal of certain assets in connection with the repaving
of the track at Kansas, and certain other long-lived assets located at our motorsports facilities. Fiscal 2013 losses
associated with the retirements of certain other long-lived assets is primarily attributable to the removal of assets not
fully depreciated in connection with DAYTONA Rising, capacity management initiatives and other capital
improvements. Fiscal 2014 losses associated with demolition costs in connection with DAYTONA Rising, capacity
management initiatives and other capital improvements.

Fiscal 2014 includes approximately $1.8 million related to settlement of interest income on a long-term receivable.

Fiscal 2013 and 2014 include approximately $0.8 million and $7.2 million, respectively, related to capitalized interest
for DAYTONA Rising, (see DAYTONA Rising in Liquidity and Capital Resources of MANAGEMENT'S
DISCUSSION AND ANALYSIS).

Fiscal year 2010 include expenses related to an interest rate swap.

In fiscal 2010, we recorded a loss on early redemption of debt related to a cash tender offer where we purchased
approximately $63.0 million of outstanding senior notes. In fiscal 2012, we recorded a loss on early redemption of debt
related to the redemption of $87.0 million of outstanding senior notes maturing in 2014.

Fiscal 2014 includes the valuation adjustment related to consolidation of MA, representing the fair value over the
carrying value as of January 31, 2014. Fiscal 2012 includes the net gain on sale of certain assets.

Equity in net (loss) income from equity investments includes the Company’s 50.0 percent portion of Kansas
Entertainment’s net income, more fully discussed in Management's Discussion and Analysis, Equity and Other
Investments. Fiscal 2010 and 2011 include pre-development operating expenses not capitalized prior to commencement
of operations in February 2012. Fiscal 2012 reflects a partial year of operations from the Casino opening in February
2012 through November 30, 2012. Included in the Company's equity income in fiscal 2013 is a one-time property tax
refund of approximately $1.1 million, and, in fiscal 2014, an expense equal to 1.0 percent of gross gaming revenue,
approximately $0.6 million, since it did not proceed with construction of a hotel by the original deadline.

(10) Fiscal 2010 income taxes include the de-recognition of potential interest and penalties associated with certain state tax

settlements of approximately $6.3 million.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 17

GAAP to Non-GAAP Reconciliation

The following financial information is presented below using other than U.S. generally accepted accounting principles (“non-
GAAP”), and is reconciled to comparable information presented using GAAP. Non-GAAP net income and diluted earnings per
share below are derived by adjusting amounts determined in accordance with GAAP for certain items presented in the
accompanying selected operating statement data, net of taxes.

We believe such non-GAAP information is useful and meaningful, and is used by investors to assess our core operations, which
consist of the ongoing promotion of racing events at our major motorsports entertainment facilities. Such non-GAAP
information identifies and separately displays the equity investment earnings and losses of MA and Kansas Entertainment
(prior to becoming part of our core operations in fiscal 2012) and adjusts for items that are not considered to be reflective of our
continuing core operations at our motorsports entertainment facilities. We believe that such non-GAAP information improves
the comparability of the operating results and provides a better understanding of the performance of our core operations for the
periods presented. We use this non-GAAP information to analyze the current performance and trends and make decisions
regarding future ongoing operations. This non-GAAP financial information may not be comparable to similarly titled measures
used by other entities and should not be considered as an alternative to operating income, net income or diluted earnings per
share, which are determined in accordance with GAAP. The presentation of this non-GAAP financial information is not
intended to be considered independent of or as a substitute for results prepared in accordance with GAAP. Management uses
both GAAP and non-GAAP information in evaluating and operating the business and as such deemed it important to provide
such information to investors.

The adjustments for 2010 relate to the pre-opening expenses for Hollywood Casino at Kansas Speedway — equity in net loss
from equity investment, impairment/loss on retirements of long-lived assets primarily attributable to certain costs related to a
previous Daytona development project, which were capitalized and are no longer expected to benefit the future development of
the project and, to a much lesser extent, losses associated with the retirements of certain other long-lived assets, interest rate
swap expense, the loss on early redemption of debt, and, the de-recognition of potential interest and penalties associated with
certain state tax settlements.

The adjustments for 2011 relate to the pre-opening expenses for Hollywood Casino at Kansas Speedway — equity in net loss
from equity investment, carrying costs of our the Staten Island property, and losses associated with the retirements of certain
other long-lived assets.

The adjustments for 2012 relate to carrying costs of our Staten Island property, settlement of litigation, marketing and
consulting costs incurred associated with DAYTONA Rising, losses associated with the retirements of certain other long-lived
assets, loss on early redemption of debt, and net gain on sale of certain assets.

The adjustments for 2013 relate to carrying costs of our Staten Island property, legal judgment, marketing and consulting costs
incurred associated with DAYTONA Rising, accelerated depreciation associated with DAYTONA Rising and capacity
management initiatives, losses associated with the retirements of certain other long-lived assets, capitalized interest associated
with DAYTONA Rising and net gain on sale of certain assets.

The adjustments for 2014 relate to legal settlement, marketing and consulting costs incurred associated with DAYTONA
Rising, accelerated depreciation, losses associated with the retirements of certain other long-lived assets, impairment of MA
long-lived intangible asset, settlement of interest income related to long-term receivable, DAYTONA Rising project capitalized
interest, MA fair value adjustment and income tax benefits, and net loss on sale of certain assets.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 18

Non-GAAP diluted earnings per share

1.61 $

1.51 $

1.44 $

Carrying costs related to Staten Island

1,664

Losses on retirements of long-lived assets

5,373

2,845

Net income

Net loss from discontinued operations

Income from continuing operations

Equity in net loss from equity investments, net

of tax

Consolidated income from continuing

operations excluding equity in net loss from

equity investments

Adjustments, net of tax:

Legal settlement/judgment

DAYTONA Rising project

Accelerated depreciation

Impairment of MA's long lived intangible asset

Interest settlement on long-term receivable

DAYTONA Rising project capitalized interest

Interest rate swap expense

Loss on early redemption of debt

MA fair value adjustment and income tax

benefits

Net loss (gain) on sale of certain assets

State tax settlements

Non-GAAP net income

Diluted earnings per share

Net loss from discontinued operations

Diluted earnings per share from continuing

operations

of tax

Equity in net loss from equity investments, net

Consolidated income from continuing

operations excluding equity in net loss from

equity investments

Adjustments, net of tax:

Carrying costs related to Staten Island

Legal settlement/judgment

DAYTONA Rising project

Accelerated depreciation

Impairment of MA's long lived intangible asset

Interest settlement on long-term receivable

DAYTONA Rising project capitalized interest

Interest rate swap expense

Loss on early redemption of debt

MA fair value adjustment and income tax

benefits

Net loss (gain) on sale of certain assets

State tax settlements

2010

2011

2012

2013

2014

For the Year Ended November 30

(in thousands, except per share data)

54,531 $

69,424 $

54,578 $

45,292 $

67,379

54,578

—

69,424

54,578

—

45,292

—

67,379

1,155

2,534

—

55,733

71,958

54,578

45,292

67,379

—

2,780

714

229

—

6,775

—

5,560

—

(566 )

—

0.06

0.01

—

0.15

—

0.12

—

(0.01 )

—

1,728

310

913

9,358

10,097

—

(467 )

—

(46 )

—

0.04

0.01

0.02

0.20

0.21

—

(0.01 )

—

(386 )

672

6,758

5,802

605

(1,116 )

(4,387 )

(9,455 )

—

1.45

—

1.45

—

(0.01 )

0.02

0.14

0.12

0.01

(0.02 )

(0.09 )

—

(0.20 )

—

1.42

—

1.46

0.05

0.04

—

14,473

3,963

—

(6,338 )

1.13

0.03

—

0.30

0.08

—

(0.13 )

1.52 $

73,204 $

76,467 $

70,070 $

67,185 $

65,913

1.13 $

0.00

1.46 $

0.00

1.18 $

—

0.97 $

—

1.18

—

0.97

—

1.16

1.51

1.18

0.97

1.45

Losses on retirements of long-lived assets

0.11

0.06

GAAP to Non-GAAP Reconciliation

The following financial information is presented below using other than U.S. generally accepted accounting principles (“non-

GAAP”), and is reconciled to comparable information presented using GAAP. Non-GAAP net income and diluted earnings per

share below are derived by adjusting amounts determined in accordance with GAAP for certain items presented in the

accompanying selected operating statement data, net of taxes.

We believe such non-GAAP information is useful and meaningful, and is used by investors to assess our core operations, which

consist of the ongoing promotion of racing events at our major motorsports entertainment facilities. Such non-GAAP

information identifies and separately displays the equity investment earnings and losses of MA and Kansas Entertainment

(prior to becoming part of our core operations in fiscal 2012) and adjusts for items that are not considered to be reflective of our

continuing core operations at our motorsports entertainment facilities. We believe that such non-GAAP information improves

the comparability of the operating results and provides a better understanding of the performance of our core operations for the

periods presented. We use this non-GAAP information to analyze the current performance and trends and make decisions

regarding future ongoing operations. This non-GAAP financial information may not be comparable to similarly titled measures

used by other entities and should not be considered as an alternative to operating income, net income or diluted earnings per

share, which are determined in accordance with GAAP. The presentation of this non-GAAP financial information is not

intended to be considered independent of or as a substitute for results prepared in accordance with GAAP. Management uses

both GAAP and non-GAAP information in evaluating and operating the business and as such deemed it important to provide

such information to investors.

The adjustments for 2010 relate to the pre-opening expenses for Hollywood Casino at Kansas Speedway — equity in net loss

from equity investment, impairment/loss on retirements of long-lived assets primarily attributable to certain costs related to a

previous Daytona development project, which were capitalized and are no longer expected to benefit the future development of

the project and, to a much lesser extent, losses associated with the retirements of certain other long-lived assets, interest rate

swap expense, the loss on early redemption of debt, and, the de-recognition of potential interest and penalties associated with

certain state tax settlements.

other long-lived assets.

The adjustments for 2011 relate to the pre-opening expenses for Hollywood Casino at Kansas Speedway — equity in net loss

from equity investment, carrying costs of our the Staten Island property, and losses associated with the retirements of certain

The adjustments for 2012 relate to carrying costs of our Staten Island property, settlement of litigation, marketing and

consulting costs incurred associated with DAYTONA Rising, losses associated with the retirements of certain other long-lived

assets, loss on early redemption of debt, and net gain on sale of certain assets.

The adjustments for 2013 relate to carrying costs of our Staten Island property, legal judgment, marketing and consulting costs

incurred associated with DAYTONA Rising, accelerated depreciation associated with DAYTONA Rising and capacity

management initiatives, losses associated with the retirements of certain other long-lived assets, capitalized interest associated

with DAYTONA Rising and net gain on sale of certain assets.

The adjustments for 2014 relate to legal settlement, marketing and consulting costs incurred associated with DAYTONA

Rising, accelerated depreciation, losses associated with the retirements of certain other long-lived assets, impairment of MA

long-lived intangible asset, settlement of interest income related to long-term receivable, DAYTONA Rising project capitalized

interest, MA fair value adjustment and income tax benefits, and net loss on sale of certain assets.

Net income
Net loss from discontinued operations
Income from continuing operations
Equity in net loss from equity investments, net
of tax
Consolidated income from continuing
operations excluding equity in net loss from
equity investments
Adjustments, net of tax:
Carrying costs related to Staten Island
Legal settlement/judgment
DAYTONA Rising project
Accelerated depreciation
Losses on retirements of long-lived assets

Impairment of MA's long lived intangible asset

Interest settlement on long-term receivable

DAYTONA Rising project capitalized interest
Interest rate swap expense
Loss on early redemption of debt
MA fair value adjustment and income tax
benefits
Net loss (gain) on sale of certain assets
State tax settlements
Non-GAAP net income

Diluted earnings per share
Net loss from discontinued operations
Diluted earnings per share from continuing
operations
Equity in net loss from equity investments, net
of tax
Consolidated income from continuing
operations excluding equity in net loss from
equity investments
Adjustments, net of tax:
Carrying costs related to Staten Island
Legal settlement/judgment
DAYTONA Rising project
Accelerated depreciation
Losses on retirements of long-lived assets

Impairment of MA's long lived intangible asset

Interest settlement on long-term receivable

DAYTONA Rising project capitalized interest

Interest rate swap expense
Loss on early redemption of debt

MA fair value adjustment and income tax
benefits
Net loss (gain) on sale of certain assets

State tax settlements
Non-GAAP diluted earnings per share

2010

2011

2012

2013

2014

For the Year Ended November 30

54,531 $
47
54,578

(in thousands, except per share data)
69,424 $
—
69,424

54,578 $
—
54,578

45,292 $
—
45,292

67,379
—
67,379

1,155

2,534

—

55,733

71,958

54,578

45,292

67,379

—
—
—
—
5,373
—
—
—
14,473
3,963

1,664
—
—
—
2,845
—
—
—
—
—

2,780
714
229
—
6,775
—
—
—
—
5,560

1,728
310
913
9,358
10,097
—
—
(467 )
—
—

—
—
(6,338 )
73,204 $

—
—
—
76,467 $

—

(566 )
—
70,070 $

(46 )
—
67,185 $

1.13 $
0.00

1.46 $
0.00

1.18 $
—

0.97 $
—

1.13

0.03

1.46

0.05

1.18

—

0.97

—

—
(386 )
672
6,758
5,802
605
(1,116 )

(4,387 )
—
—

(9,455 )
41
—
65,913

1.45
—

1.45

—

1.16

1.51

1.18

0.97

1.45

—
—
—
—
0.11
—
—
—
0.30
0.08

—
—
(0.13 )
1.52 $

0.04
—
—
—
0.06
—
—
—
—
—

0.06
0.01
—
—
0.15
—
—
—
—
0.12

0.04
0.01
0.02
0.20
0.21
—
—
(0.01 )
—
—

—
—
—
1.61 $

—

(0.01 )
—
1.51 $

—
—
—
1.44 $

—
(0.01 )
0.02
0.14
0.12
0.01
(0.02 )

(0.09 )
—
—

(0.20 )
—
—
1.42

ISC // 2014 ANNUAL REPORT // FORM 10-K // 19

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS

Revenue Recognition. Advance ticket sales and event-related revenues for future events are deferred until earned, which is

generally once the events are conducted. The recognition of event-related expenses is matched with the recognition of event-

Results of Operations

General

The general nature of our business is a motorsports themed amusement enterprise, furnishing amusement to the public in the
form of motorsports themed entertainment. We derive revenues primarily from (i) admissions to motorsports events and
motorsports themed amusement activities held at our facilities, (ii) revenue generated in conjunction with or as a result of
motorsports events and motorsports themed amusement activities conducted at our facilities, and (iii) catering, concession and
merchandising services during or as a result of these events and amusement activities.

“Admissions, net” revenue includes ticket sales for all of our racing events and other motorsports activities and amusements,
net of any applicable taxes.

allocated to the event.

“Motorsports related” revenue primarily includes television and ancillary media rights fees, promotion and sponsorship fees,
hospitality rentals (including luxury suites, chalets and the hospitality portion of club seating), advertising revenues, royalties
from licenses of our trademarks, parking and camping revenues, and track rental fees.

“Food, beverage and merchandise” revenue includes revenues from concession stands, direct sales of souvenirs, hospitality
catering, programs and other merchandise and fees paid by third party vendors for the right to occupy space to sell souvenirs
and concessions at our motorsports entertainment facilities.

Direct expenses include (i) prize and point fund monies and NASCAR sanction fees, (ii) motorsports related expenses, which
include labor, advertising, costs of competition paid to sanctioning bodies other than NASCAR and other expenses associated
with the promotion of all of our motorsports events and activities, and (iii) food, beverage and merchandise expenses,
consisting primarily of labor and costs of goods sold.

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of
contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses
during the reporting period. While our estimates and assumptions are based on conditions existing at and trends leading up to
the time the estimates and assumptions are made, actual results could differ materially from those estimates and assumptions.
We continually review our accounting policies, how they are applied and how they are reported and disclosed in the financial
statements.

The following is a summary of our critical accounting policies and estimates and how they are applied in the preparation of the
financial statements.

Basis of Presentation and Consolidation. We consolidate all entities we control by ownership of a majority voting interest and
variable interest entities for which we have the power to direct activities and the obligation to absorb losses. Our judgment in
determining if we consolidate a variable interest entity includes assessing which party, if any, has the power and benefits.
Therefore, we evaluate which activities most significantly affect the variable interest entities economic performance and
determine whether we, or another party, have the power to direct these activities.

We apply the equity method of accounting for our investments in joint ventures and other investees whenever we can exert
significant influence on the investee but do not have effective control over the investee. Our consolidated net income includes
our share of the net earnings or losses from these investees. Our judgment regarding the level of influence over each equity
method investee includes considering factors such as our ownership interest, board representation and policy making decisions.
We periodically evaluate these equity investments for potential impairment where a decline in value is determined to be other
than temporary. We eliminate all significant intercompany transactions from financial results.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 20

related revenues.

NASCAR contracts directly with certain network providers for television rights to the entire NASCAR Sprint Cup, Xfinity and

Camping World Truck series schedules. Event promoters share in the television rights fees in accordance with the provision of

the sanction agreement for each NASCAR Sprint Cup, Xfinity and Camping World Truck series event. Under the terms of this

arrangement, NASCAR retains 10.0 percent of the gross broadcast rights fees allocated to each NASCAR Sprint Cup, Xfinity

and Camping World Truck series event as a component of its sanction fees. The promoter records 90.0 percent of the gross

broadcast rights fees as revenue and then records 25.0 percent of the gross broadcast rights fees as part of its awards to the

competitors. Ultimately, the promoter retains 65.0 percent of the net cash proceeds from the gross broadcast rights fees

Our revenues from marketing partnerships are paid in accordance with negotiated contracts, with the identities of partners and

the terms of sponsorship changing from time to time. Some of our marketing partnership agreements are for multiple facilities

and/or events and include multiple specified elements, such as tickets, hospitality chalets, suites, display space and signage for

each included event. The allocation of such marketing partnership revenues between the multiple elements, events and facilities

is based on relative selling price. The sponsorship revenue allocated to an event is recognized when the event is conducted.

Revenues and related costs from the sale of merchandise to retail customers, internet sales and direct sales to dealers are

recognized at the time of sale.

Business Combinations. All business combinations are accounted for under the acquisition method. Whether net assets or

common stock is acquired, fair values are determined and assigned to the purchased assets and assumed liabilities of the

acquired entity. The excess of the cost of the acquisition over fair value of the net assets acquired is recorded as goodwill.

Business combinations involving existing motorsports entertainment facilities commonly result in a significant portion of the

purchase price being allocated to the fair value of the contract-based intangible asset associated with long-term relationships

manifest in the sanction agreements with sanctioning bodies, such as NASCAR and IMSA series. The continuity of sanction

agreements with these bodies has historically enabled the facility operator to host motorsports events year after year. While

individual sanction agreements may be of terms as short as one year, a significant portion of the purchase price in excess of the

fair value of acquired tangible assets is commonly paid to acquire anticipated future cash flows from events promoted pursuant

to these agreements which are expected to continue for the foreseeable future and therefore, in accordance with ASC 805-50,

“Business Combinations,” are recorded as indefinite-lived intangible assets recognized apart from goodwill.

Capitalization and Depreciation Policies. Property and equipment are stated at cost. Maintenance and repairs that neither

materially add to the value of the property nor appreciably prolong its life are charged to expense as incurred. Depreciation and

amortization for financial statement purposes are provided on a straight-line basis over the estimated useful lives of the assets.

When we construct assets, we capitalize costs of the project, including, but not limited to, certain pre-acquisition costs,

permitting costs, fees paid to architects and contractors, certain costs of our design and construction subsidiary, property taxes

and interest.

We must make estimates and assumptions when accounting for capital expenditures. Whether an expenditure is considered an

operating expense or a capital asset is a matter of judgment. When constructing or purchasing assets, we must determine

whether existing assets are being replaced or otherwise impaired, which also is a matter of judgment. Our depreciation expense

for financial statement purposes is highly dependent on the assumptions we make about our assets’ estimated useful lives. We

determine the estimated useful lives based upon our experience with similar assets, industry, legal and regulatory factors, and

our expectations of the usage of the asset. Whenever events or circumstances occur which change the estimated useful life of an

asset, we account for the change prospectively.

Interest costs associated with major development and construction projects are capitalized as part of the cost of the project.

Interest is typically capitalized on amounts expended using the weighted-average cost of our outstanding borrowings, since we

typically do not borrow funds directly related to a development or construction project. We capitalize interest on a project when

development or construction activities begin, and cease when such activities are substantially complete or are suspended for

more than a brief period.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF

OPERATIONS

Results of Operations

General

The general nature of our business is a motorsports themed amusement enterprise, furnishing amusement to the public in the

form of motorsports themed entertainment. We derive revenues primarily from (i) admissions to motorsports events and

motorsports themed amusement activities held at our facilities, (ii) revenue generated in conjunction with or as a result of

motorsports events and motorsports themed amusement activities conducted at our facilities, and (iii) catering, concession and

merchandising services during or as a result of these events and amusement activities.

“Admissions, net” revenue includes ticket sales for all of our racing events and other motorsports activities and amusements,

net of any applicable taxes.

“Motorsports related” revenue primarily includes television and ancillary media rights fees, promotion and sponsorship fees,

hospitality rentals (including luxury suites, chalets and the hospitality portion of club seating), advertising revenues, royalties

from licenses of our trademarks, parking and camping revenues, and track rental fees.

“Food, beverage and merchandise” revenue includes revenues from concession stands, direct sales of souvenirs, hospitality

catering, programs and other merchandise and fees paid by third party vendors for the right to occupy space to sell souvenirs

and concessions at our motorsports entertainment facilities.

Direct expenses include (i) prize and point fund monies and NASCAR sanction fees, (ii) motorsports related expenses, which

include labor, advertising, costs of competition paid to sanctioning bodies other than NASCAR and other expenses associated

with the promotion of all of our motorsports events and activities, and (iii) food, beverage and merchandise expenses,

consisting primarily of labor and costs of goods sold.

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States

requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of

contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses

during the reporting period. While our estimates and assumptions are based on conditions existing at and trends leading up to

the time the estimates and assumptions are made, actual results could differ materially from those estimates and assumptions.

We continually review our accounting policies, how they are applied and how they are reported and disclosed in the financial

The following is a summary of our critical accounting policies and estimates and how they are applied in the preparation of the

statements.

financial statements.

Basis of Presentation and Consolidation. We consolidate all entities we control by ownership of a majority voting interest and

variable interest entities for which we have the power to direct activities and the obligation to absorb losses. Our judgment in

determining if we consolidate a variable interest entity includes assessing which party, if any, has the power and benefits.

Therefore, we evaluate which activities most significantly affect the variable interest entities economic performance and

determine whether we, or another party, have the power to direct these activities.

We apply the equity method of accounting for our investments in joint ventures and other investees whenever we can exert

significant influence on the investee but do not have effective control over the investee. Our consolidated net income includes

our share of the net earnings or losses from these investees. Our judgment regarding the level of influence over each equity

method investee includes considering factors such as our ownership interest, board representation and policy making decisions.

We periodically evaluate these equity investments for potential impairment where a decline in value is determined to be other

than temporary. We eliminate all significant intercompany transactions from financial results.

Revenue Recognition. Advance ticket sales and event-related revenues for future events are deferred until earned, which is
generally once the events are conducted. The recognition of event-related expenses is matched with the recognition of event-
related revenues.

NASCAR contracts directly with certain network providers for television rights to the entire NASCAR Sprint Cup, Xfinity and
Camping World Truck series schedules. Event promoters share in the television rights fees in accordance with the provision of
the sanction agreement for each NASCAR Sprint Cup, Xfinity and Camping World Truck series event. Under the terms of this
arrangement, NASCAR retains 10.0 percent of the gross broadcast rights fees allocated to each NASCAR Sprint Cup, Xfinity
and Camping World Truck series event as a component of its sanction fees. The promoter records 90.0 percent of the gross
broadcast rights fees as revenue and then records 25.0 percent of the gross broadcast rights fees as part of its awards to the
competitors. Ultimately, the promoter retains 65.0 percent of the net cash proceeds from the gross broadcast rights fees
allocated to the event.

Our revenues from marketing partnerships are paid in accordance with negotiated contracts, with the identities of partners and
the terms of sponsorship changing from time to time. Some of our marketing partnership agreements are for multiple facilities
and/or events and include multiple specified elements, such as tickets, hospitality chalets, suites, display space and signage for
each included event. The allocation of such marketing partnership revenues between the multiple elements, events and facilities
is based on relative selling price. The sponsorship revenue allocated to an event is recognized when the event is conducted.

Revenues and related costs from the sale of merchandise to retail customers, internet sales and direct sales to dealers are
recognized at the time of sale.

Business Combinations. All business combinations are accounted for under the acquisition method. Whether net assets or
common stock is acquired, fair values are determined and assigned to the purchased assets and assumed liabilities of the
acquired entity. The excess of the cost of the acquisition over fair value of the net assets acquired is recorded as goodwill.
Business combinations involving existing motorsports entertainment facilities commonly result in a significant portion of the
purchase price being allocated to the fair value of the contract-based intangible asset associated with long-term relationships
manifest in the sanction agreements with sanctioning bodies, such as NASCAR and IMSA series. The continuity of sanction
agreements with these bodies has historically enabled the facility operator to host motorsports events year after year. While
individual sanction agreements may be of terms as short as one year, a significant portion of the purchase price in excess of the
fair value of acquired tangible assets is commonly paid to acquire anticipated future cash flows from events promoted pursuant
to these agreements which are expected to continue for the foreseeable future and therefore, in accordance with ASC 805-50,
“Business Combinations,” are recorded as indefinite-lived intangible assets recognized apart from goodwill.

Capitalization and Depreciation Policies. Property and equipment are stated at cost. Maintenance and repairs that neither
materially add to the value of the property nor appreciably prolong its life are charged to expense as incurred. Depreciation and
amortization for financial statement purposes are provided on a straight-line basis over the estimated useful lives of the assets.
When we construct assets, we capitalize costs of the project, including, but not limited to, certain pre-acquisition costs,
permitting costs, fees paid to architects and contractors, certain costs of our design and construction subsidiary, property taxes
and interest.

We must make estimates and assumptions when accounting for capital expenditures. Whether an expenditure is considered an
operating expense or a capital asset is a matter of judgment. When constructing or purchasing assets, we must determine
whether existing assets are being replaced or otherwise impaired, which also is a matter of judgment. Our depreciation expense
for financial statement purposes is highly dependent on the assumptions we make about our assets’ estimated useful lives. We
determine the estimated useful lives based upon our experience with similar assets, industry, legal and regulatory factors, and
our expectations of the usage of the asset. Whenever events or circumstances occur which change the estimated useful life of an
asset, we account for the change prospectively.

Interest costs associated with major development and construction projects are capitalized as part of the cost of the project.
Interest is typically capitalized on amounts expended using the weighted-average cost of our outstanding borrowings, since we
typically do not borrow funds directly related to a development or construction project. We capitalize interest on a project when
development or construction activities begin, and cease when such activities are substantially complete or are suspended for
more than a brief period.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 21

Impairments / Losses on Retirements of Long-Lived Assets, Goodwill and Other Intangible Assets. Our consolidated balance
sheets include significant amounts of long-lived assets, goodwill and other intangible assets, which could be subject to
impairments / losses on retirements. During the fiscal years ended November 30, 2012, 2013 and 2014 we recorded before-tax
charges as losses on retirements of long-lived assets primarily attributable to costs to remove certain other long-lived assets
located at our motorsports facilities totaling approximately $11.1 million, $16.6 million and $10.1 million, respectively.

As of November 30, 2014, goodwill and other intangible assets and property and equipment account for approximately
$1.7 billion, or 80.8 percent of our total assets. We account for our goodwill and other intangible assets in accordance with
ASC 350 and for our long-lived assets in accordance with ASC 360.

We follow applicable authoritative guidance on accounting for goodwill and other intangible assets which specifies, among
other things, non-amortization of goodwill and other intangible assets with indefinite useful lives and requires testing for
possible impairment, either upon the occurrence of an impairment indicator or at least annually. We complete our annual
testing in our fiscal fourth quarter, based on assumptions regarding our future business outlook and expected future discounted
cash flows attributable to such assets (using the fair value assessment provision of applicable authoritative guidance), supported
by quoted market prices or comparable transactions where available or applicable.

While we continue to review and analyze many factors that can impact our business prospects in the future (as further
described in “Risk Factors”), our analysis is subjective and is based on conditions existing at, and trends leading up to, the time
the estimates and assumptions are made. Different conditions or assumptions, or changes in cash flows or profitability, if
significant, could have a material adverse effect on the outcome of the impairment evaluation and our future condition or
results of operations.

In connection with our fiscal 2014 assessment of goodwill and intangible assets for possible impairment we used the
methodology described above. We believe our methods used to determine fair value and evaluate possible impairment were
appropriate, relevant, and represent methods customarily available and used for such purposes. Our latest annual assessment of
goodwill and other intangible assets in the fourth quarter of fiscal 2014 indicated there had been no impairment and the fair
value substantially exceeded the carrying value for the respective reporting units.

In addition, our growth strategy includes investing in certain joint venture opportunities. In these equity investments we exert
significant influence on the investee but do not have effective control over the investee, which adds an additional element of
risk that could harm our operating results or financial condition. The carrying value of our equity investment was
$122.6 million at November 30, 2014.

Income Taxes. The tax law requires that certain items be included in our tax return at different times than when these items are
reflected in our consolidated financial statements. Some of these differences are permanent, such as expenses not deductible on
our tax return. However, some differences reverse over time, such as depreciation expense, and these temporary differences
create deferred tax assets and liabilities. Our estimates of deferred income taxes and the significant items giving rise to deferred
tax assets and liabilities reflect our assessment of actual future taxes to be paid on items reflected in our financial statements,
giving consideration to both timing and probability of realization. Actual income taxes could vary significantly from these
estimates due to future changes in income tax law or changes or adjustments resulting from final review of our tax returns by
taxing authorities, which could also adversely impact our cash flow.

In the ordinary course of business, there are many transactions and calculations where the ultimate tax outcome is uncertain.
Accruals for uncertain tax positions are provided for in accordance with the requirements of ASC 740, “Income Taxes.” Under
this guidance, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax
position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax
benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a
greater than 50.0 percent likelihood of being realized upon the ultimate settlement. This interpretation also provides guidance
on de-recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities,
accounting for interest and penalties associated with tax positions, and income tax disclosures. Judgment is required in
assessing the future tax consequences of events that have been recognized in our financial statements or tax returns. Although
we believe the estimates are reasonable, no assurance can be given that the final outcome of these matters will not be different

than what is reflected in the historical income tax provisions and accruals. Such differences could have a material impact on the

income tax provision and operating results in the period in which such determination is made.

Contingent Liabilities. Our determination of the treatment of contingent liabilities in the financial statements is based on our

view of the expected outcome of the applicable contingency. In the ordinary course of business, we consult with legal counsel

on matters related to litigation and other experts both within and outside our Company. We accrue a liability if the likelihood of

an adverse outcome is probable and the amount of loss is reasonably estimable. We disclose the matter but do not accrue a

liability if the likelihood of an adverse outcome is reasonably possible and an estimate of loss is not determinable. Legal and

other costs incurred in conjunction with loss contingencies are expensed as incurred.

Equity and Other Investments

Hollywood Casino at Kansas Speedway

Kansas Entertainment, a 50/50 joint venture of Penn, a subsidiary of Penn National Gaming, Inc. and Kansas Speedway

Development Corporation (“KSDC”), a wholly owned indirect subsidiary of ISC, operates the Hollywood-themed casino and

branded destination entertainment facility, overlooking turn two at Kansas Speedway. Penn is the managing member of Kansas

Entertainment and is responsible for the operations of the casino.

We have accounted for Kansas Entertainment as an equity investment in our financial statements as of November 30, 2014.

Start up and related costs through opening were expensed through equity in net loss from equity investments. Our 50.0 percent

portion of Kansas Entertainment’s net income was approximately $2.8 million, $9.4 million and $8.9 million for fiscal years

2012, 2013 and 2014, respectively, and is included in equity in net income from equity investments in our consolidated

statements of operations. Included in our fiscal 2013 income from equity investment amount is approximately $1.1 million

related to a one-time property tax refund.

Per the Development Agreement with the Unified Government of Wyandotte County/Kansas City, Kansas (“Unified

Government”), the casino is subject to a 1.0 percent of gross gaming revenue penalty if it had not commenced construction on

an adjacent hotel by the second anniversary of its opening, which was February 2014. In June 2014, the Unified Government

approved an extension of the construction commencement date to give the Unified Government time to complete a feasibility

analysis for a new convention center that could be integrated with the hotel. Recently, the Unified Government decided not to

proceed with the integrated development, leaving Kansas Entertainment 100 days after the Unified Government’s notification

of its decision. Consequently, Kansas Entertainment has until April 10, 2015, subject to any additional time taking into account

that groundbreaking cannot realistically occur during winter conditions, to commence construction prior to the enforcement of

the aforementioned penalty.

The final decision to move forward with the proposed hotel will be market-based and subject to approval by Kansas

Entertainment’s board. Should Kansas Entertainment ultimately not build the hotel it will be subject to the penalty from the

second anniversary of its opening forward. Accordingly, beginning February 2014, Kansas Entertainment began recording

expense equal to 1.0 percent of gross gaming revenue since it did not proceed with construction of a hotel by the original

deadline. Included in our income from equity investment amounts for fiscal 2014 is approximately $0.6 million expense related

to this penalty.

Distributions from Kansas Entertainment, for the year ended November 30, 2014, totaling $22.0 million, consist of

$10.1 million received as a distribution from its profits included in net cash provided by operating activities on our statement of

cash flows; the remaining $11.9 million received was recognized as a return of capital from investing activities on our

statement of cash flows. Subsequent to November 30, 2014, we received an additional $5.5 million distribution from Kansas

Entertainment. We received total distributions of approximately $21.5 million in fiscal 2013.

Motorsports Authentics

Prior to January 31, 2014, the Company was a partner with SMI in a 50/50 joint venture, SMISC, LLC, which, through its

wholly owned subsidiary Motorsports Authentics, LLC conducts business under the name MA. MA designs, promotes, markets

and distributes motorsports licensed merchandise. On January 31, 2014, SMI abandoned its interest and rights in SMISC, LLC,

consequently bringing the Company's ownership to 100.0 percent. MA's operations are included in the Company's consolidated

ISC // 2014 ANNUAL REPORT // FORM 10-K // 22

Impairments / Losses on Retirements of Long-Lived Assets, Goodwill and Other Intangible Assets. Our consolidated balance

sheets include significant amounts of long-lived assets, goodwill and other intangible assets, which could be subject to

impairments / losses on retirements. During the fiscal years ended November 30, 2012, 2013 and 2014 we recorded before-tax

charges as losses on retirements of long-lived assets primarily attributable to costs to remove certain other long-lived assets

located at our motorsports facilities totaling approximately $11.1 million, $16.6 million and $10.1 million, respectively.

As of November 30, 2014, goodwill and other intangible assets and property and equipment account for approximately

$1.7 billion, or 80.8 percent of our total assets. We account for our goodwill and other intangible assets in accordance with

ASC 350 and for our long-lived assets in accordance with ASC 360.

We follow applicable authoritative guidance on accounting for goodwill and other intangible assets which specifies, among

other things, non-amortization of goodwill and other intangible assets with indefinite useful lives and requires testing for

possible impairment, either upon the occurrence of an impairment indicator or at least annually. We complete our annual

testing in our fiscal fourth quarter, based on assumptions regarding our future business outlook and expected future discounted

cash flows attributable to such assets (using the fair value assessment provision of applicable authoritative guidance), supported

by quoted market prices or comparable transactions where available or applicable.

While we continue to review and analyze many factors that can impact our business prospects in the future (as further

described in “Risk Factors”), our analysis is subjective and is based on conditions existing at, and trends leading up to, the time

the estimates and assumptions are made. Different conditions or assumptions, or changes in cash flows or profitability, if

significant, could have a material adverse effect on the outcome of the impairment evaluation and our future condition or

results of operations.

In connection with our fiscal 2014 assessment of goodwill and intangible assets for possible impairment we used the

methodology described above. We believe our methods used to determine fair value and evaluate possible impairment were

appropriate, relevant, and represent methods customarily available and used for such purposes. Our latest annual assessment of

goodwill and other intangible assets in the fourth quarter of fiscal 2014 indicated there had been no impairment and the fair

value substantially exceeded the carrying value for the respective reporting units.

In addition, our growth strategy includes investing in certain joint venture opportunities. In these equity investments we exert

significant influence on the investee but do not have effective control over the investee, which adds an additional element of

risk that could harm our operating results or financial condition. The carrying value of our equity investment was

$122.6 million at November 30, 2014.

Income Taxes. The tax law requires that certain items be included in our tax return at different times than when these items are

reflected in our consolidated financial statements. Some of these differences are permanent, such as expenses not deductible on

our tax return. However, some differences reverse over time, such as depreciation expense, and these temporary differences

create deferred tax assets and liabilities. Our estimates of deferred income taxes and the significant items giving rise to deferred

tax assets and liabilities reflect our assessment of actual future taxes to be paid on items reflected in our financial statements,

giving consideration to both timing and probability of realization. Actual income taxes could vary significantly from these

estimates due to future changes in income tax law or changes or adjustments resulting from final review of our tax returns by

taxing authorities, which could also adversely impact our cash flow.

In the ordinary course of business, there are many transactions and calculations where the ultimate tax outcome is uncertain.

Accruals for uncertain tax positions are provided for in accordance with the requirements of ASC 740, “Income Taxes.” Under

this guidance, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax

position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax

benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a

greater than 50.0 percent likelihood of being realized upon the ultimate settlement. This interpretation also provides guidance

on de-recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities,

accounting for interest and penalties associated with tax positions, and income tax disclosures. Judgment is required in

assessing the future tax consequences of events that have been recognized in our financial statements or tax returns. Although

we believe the estimates are reasonable, no assurance can be given that the final outcome of these matters will not be different

than what is reflected in the historical income tax provisions and accruals. Such differences could have a material impact on the
income tax provision and operating results in the period in which such determination is made.

Contingent Liabilities. Our determination of the treatment of contingent liabilities in the financial statements is based on our
view of the expected outcome of the applicable contingency. In the ordinary course of business, we consult with legal counsel
on matters related to litigation and other experts both within and outside our Company. We accrue a liability if the likelihood of
an adverse outcome is probable and the amount of loss is reasonably estimable. We disclose the matter but do not accrue a
liability if the likelihood of an adverse outcome is reasonably possible and an estimate of loss is not determinable. Legal and
other costs incurred in conjunction with loss contingencies are expensed as incurred.

Equity and Other Investments

Hollywood Casino at Kansas Speedway

Kansas Entertainment, a 50/50 joint venture of Penn, a subsidiary of Penn National Gaming, Inc. and Kansas Speedway
Development Corporation (“KSDC”), a wholly owned indirect subsidiary of ISC, operates the Hollywood-themed casino and
branded destination entertainment facility, overlooking turn two at Kansas Speedway. Penn is the managing member of Kansas
Entertainment and is responsible for the operations of the casino.

We have accounted for Kansas Entertainment as an equity investment in our financial statements as of November 30, 2014.
Start up and related costs through opening were expensed through equity in net loss from equity investments. Our 50.0 percent
portion of Kansas Entertainment’s net income was approximately $2.8 million, $9.4 million and $8.9 million for fiscal years
2012, 2013 and 2014, respectively, and is included in equity in net income from equity investments in our consolidated
statements of operations. Included in our fiscal 2013 income from equity investment amount is approximately $1.1 million
related to a one-time property tax refund.

Per the Development Agreement with the Unified Government of Wyandotte County/Kansas City, Kansas (“Unified
Government”), the casino is subject to a 1.0 percent of gross gaming revenue penalty if it had not commenced construction on
an adjacent hotel by the second anniversary of its opening, which was February 2014. In June 2014, the Unified Government
approved an extension of the construction commencement date to give the Unified Government time to complete a feasibility
analysis for a new convention center that could be integrated with the hotel. Recently, the Unified Government decided not to
proceed with the integrated development, leaving Kansas Entertainment 100 days after the Unified Government’s notification
of its decision. Consequently, Kansas Entertainment has until April 10, 2015, subject to any additional time taking into account
that groundbreaking cannot realistically occur during winter conditions, to commence construction prior to the enforcement of
the aforementioned penalty.

The final decision to move forward with the proposed hotel will be market-based and subject to approval by Kansas
Entertainment’s board. Should Kansas Entertainment ultimately not build the hotel it will be subject to the penalty from the
second anniversary of its opening forward. Accordingly, beginning February 2014, Kansas Entertainment began recording
expense equal to 1.0 percent of gross gaming revenue since it did not proceed with construction of a hotel by the original
deadline. Included in our income from equity investment amounts for fiscal 2014 is approximately $0.6 million expense related
to this penalty.

Distributions from Kansas Entertainment, for the year ended November 30, 2014, totaling $22.0 million, consist of
$10.1 million received as a distribution from its profits included in net cash provided by operating activities on our statement of
cash flows; the remaining $11.9 million received was recognized as a return of capital from investing activities on our
statement of cash flows. Subsequent to November 30, 2014, we received an additional $5.5 million distribution from Kansas
Entertainment. We received total distributions of approximately $21.5 million in fiscal 2013.

Motorsports Authentics

Prior to January 31, 2014, the Company was a partner with SMI in a 50/50 joint venture, SMISC, LLC, which, through its
wholly owned subsidiary Motorsports Authentics, LLC conducts business under the name MA. MA designs, promotes, markets
and distributes motorsports licensed merchandise. On January 31, 2014, SMI abandoned its interest and rights in SMISC, LLC,
consequently bringing the Company's ownership to 100.0 percent. MA's operations are included in the Company's consolidated

ISC // 2014 ANNUAL REPORT // FORM 10-K // 23

operations subsequent to the date of SMI's abandonment. Prior to January 31, 2014, MA was accounted for as an equity
investment in the Company's financial statements.

November 30, 2013.

reduction of approximately $12.3 million in our long-term deferred income tax liabilities at November 30, 2014 as compared to

As a result of SMI's abandonment of their interest in SMISC, LLC, we recorded other income of approximately $5.4 million,
representing the fair value of MA, over the carrying value, as of January 31, 2014. In addition, we recognized tax benefits of
approximately $4.0 million, representing the tax benefit associated with various operating loss carryforwards of MA that are
expected to be realized in its consolidated tax filings in the future and certain other tax filing positions of SMISC, LLC. MA's
operating income contribution, subsequent to consolidation, was immaterial.

Prior to the SMI abandonment of SMISC, LLC, we did not recognize any equity income in prior periods, as MA operated at
breakeven (see Merchandise Operations in Future Trends In Operating Results of MANAGEMENT'S DISCUSSION AND
ANALYSIS ).

Staten Island Property

On August 5, 2013, we announced that we sold our 676 acre parcel of property located in Staten Island, New York, to Staten
Island Marine Development, LLC (“Marine Development”). Marine Development purchased 100 percent of the outstanding
equity membership interests of 380 Development LLC (“380 Development”), a wholly owned indirect subsidiary of ISC and
owner of the Staten Island property, for a total sales price of $80.0 million. In addition, we previously received approximately
$4.2 million for an option provided to the purchaser that is nonrefundable and does not apply to the $80.0 million sales price.

We received $7.5 million, less closing and other administrative costs, of the sales price at closing. The remaining sales price
was financed with us holding a secured mortgage interest in 380 Development as well as the underlying property. The
mortgage balance bears interest at an annual rate of 7.0 percent. In accordance with the terms of the agreement, we have
received a principal payment of approximately $6.1 million plus interest on the mortgage balance through November 30, 2014,
and we will receive the remaining purchase price of $66.4 million, due March 5, 2016. Interest on the remaining mortgage
balance is due quarterly, in arrears, and Marine Development is current with all payments through January 2015. Based on the
level of Marine Development's initial investment at closing and continuing investment, we have accounted for the transaction
using the cost recovery method and have deferred the recognition of profit of approximately $1.9 million, and interest totaling
approximately $5.6 million at November 30, 2014, until the carrying amount of the property is recovered, which will not be
until the final payment is made.

The net proceeds from the sale, combined with the mortgage interest and related total cash tax benefit, will provide us with
approximately $118.0 million in incremental cash flow through the term of the mortgage.

Income Taxes

The reduction in the valuation allowance associated with the wind-up of certain Canadian business operations is the principal
cause of the decreased effective income tax rate as compared to the statutory income tax rate, for the fiscal year ended
November 30, 2012. Certain state settlements are the principal cause of the decreased effective income tax rate as compared to
the statutory income tax rate, for the fiscal year ended November 30, 2013. The principal causes of the decreased income tax
rate for the fiscal year ended November 30, 2014 are the tax treatment related to the other income recognized as a result of
SMI's abandonment of their interest in SMISC, LLC on January 31, 2014, including the related tax benefits associated with
various operating loss and other carryforwards of MA and certain tax filing positions of SMISC, LLC totaling approximately
$4.0 million, along with certain state income tax adjustments.

As a result of the above items, our effective income tax rate decreased from the statutory income rate to approximately 36.7
percent, 38.0 percent and 33.0 percent for the fiscal years ended November 30, 2012, 2013 and 2014, respectively.

Also of note, while not impacting the combined current and deferred income tax expense and related income tax rate during the
fiscal year ended November 30, 2014, as compared to the prior fiscal year, the tax benefit realized in fiscal 2013 attributable to
the aforementioned sale of our Staten Island property, as well as the effect of the December 2013 expiration of certain tax
legislation impacting depreciation deductions contributed substantially to increased current income taxes paid during the fiscal
year ended November 30, 2014 totaling approximately $51.3 million as compared to approximately $18.1 million during fiscal
2013. In addition this overall impact to the current fiscal year tax depreciation deduction substantially contributed to the overall

In December 2014, Congress passed the Tax Increase Prevention Act which included a retroactive renewal back to January 1,

2014, of the previously expired tax legislation. The impact of this retroactive tax legislation will not affect our fiscal 2015

effective tax rate, but will reduce related income tax payments.

Future Trends in Operating Results

International Speedway Corporation is the leading owner of major motorsports entertainment facilities and promoter of

motorsports-themed entertainment activities in the United States. We compete for discretionary spending and leisure time with

many other entertainment alternatives and are subject to factors that generally affect the recreation, leisure and sports industry,

including general economic conditions. Our operations are also sensitive to factors that affect corporate budgets. Such factors

include, but are not limited to, general economic conditions, employment levels, business conditions, interest and taxation

rates, relative commodity prices, and changes in consumer tastes and spending habits.

The unprecedented adverse economic conditions that began in 2008, which significantly impacted consumer confidence and

disproportionately affected different demographics of our target customers, continue to influence the frequency with which

guests attend our major motorsports entertainment events. Recurring global and regional uncertainty, lack of a broad based

middle class economic recovery, and/or further weakening in the domestic economy may continue to adversely impact

attendance levels, guest spending levels, and our ability to secure corporate marketing partnerships in the future. Reductions in

any of these categories can directly and negatively affect revenues and profitability. Beginning in 2009 we mitigated the

decline of certain revenue categories with sustainable cost containment initiatives. Beginning in 2012, we re-instituted regular

merit pay increases to more normalized levels. Certain non-controllable costs, such as NASCAR sanction fees, have increased

this year and we may continue to experience incremental increases. While we are sustaining the significant cost reductions

previously implemented, we do not expect further significant cost reductions.

Looking ahead, we expect to benefit from the continuing slow but uneven, recovery in the overall U.S. economy, which we

anticipate will improve attendance-related and corporate partnership revenues. Our industry will further benefit from NASCAR

securing its broadcast rights through the 2024 season with the largest broadcast rights deal in the sport's 66-year history.

Consistent with major sports properties throughout the world, broadcast rights represent our company's largest revenue

segment. Expanding and extending this contracted revenue will provide us unparalleled long-term cash flow visibility. We also

believe the strategic initiatives we and the motorsports industry have undertaken to grow the sport will continue to strengthen

the long-term health of our Company.

The industry and its stakeholders have demonstrated their commitment to growing the sport by aligning with and executing

upon growth initiatives supporting NASCAR's Industry Action Plan (“IAP”). The IAP's objective is to build upon NASCAR's

appeal by enhancing the connection with existing fans, as well as attracting and engaging new Gen Y, youth and multicultural

consumers in motorsports. Additional areas of focus within the IAP include building greater product relevance, cultivating

driver star power, growing social media activities and enhancing the event experience. In recent years NASCAR has introduced

several successful on-track innovations such as the Gen 6 Car design, new qualifying formats and enhancements to the Chase

for the Championship that are direct results of IAP initiatives.

In January 2014 NASCAR announced a new championship format that puts greater emphasis on winning races all season long,

expands the current Chase for the NASCAR Sprint Cup field to 16 drivers, and implements a new round-by-round

advancement format that ultimately rewards a battle-tested, worthy champion. The format makes every race matter even more,

diminishes points racing, puts a premium on winning races and concludes with a best-of-the-best, first-to-the-finish line

showdown race – all of which is exactly what fans want. The new Chase structure is expected to drive NASCAR Sprint Cup

competition to a whole new level with a thrilling, easy to understand format. The completion of the 2014 NASCAR season at

Homestead-Miami Speedway saw very encouraging results for both at-track consumer and corporate interest, as well as

improving year-over-year digital and media (television viewership, on-line/social-media) consumption for the 2014 Chase

events.

We support NASCAR's IAP on a number of fronts. As referenced above, we are committed to improving our major

motorsports facilities to create stronger fan engagement. In particular and one of the most important projects in our history is

ISC // 2014 ANNUAL REPORT // FORM 10-K // 24

operations subsequent to the date of SMI's abandonment. Prior to January 31, 2014, MA was accounted for as an equity

investment in the Company's financial statements.

reduction of approximately $12.3 million in our long-term deferred income tax liabilities at November 30, 2014 as compared to
November 30, 2013.

As a result of SMI's abandonment of their interest in SMISC, LLC, we recorded other income of approximately $5.4 million,

representing the fair value of MA, over the carrying value, as of January 31, 2014. In addition, we recognized tax benefits of

approximately $4.0 million, representing the tax benefit associated with various operating loss carryforwards of MA that are

expected to be realized in its consolidated tax filings in the future and certain other tax filing positions of SMISC, LLC. MA's

operating income contribution, subsequent to consolidation, was immaterial.

Prior to the SMI abandonment of SMISC, LLC, we did not recognize any equity income in prior periods, as MA operated at

breakeven (see Merchandise Operations in Future Trends In Operating Results of MANAGEMENT'S DISCUSSION AND

ANALYSIS ).

Staten Island Property

On August 5, 2013, we announced that we sold our 676 acre parcel of property located in Staten Island, New York, to Staten

Island Marine Development, LLC (“Marine Development”). Marine Development purchased 100 percent of the outstanding

equity membership interests of 380 Development LLC (“380 Development”), a wholly owned indirect subsidiary of ISC and

owner of the Staten Island property, for a total sales price of $80.0 million. In addition, we previously received approximately

$4.2 million for an option provided to the purchaser that is nonrefundable and does not apply to the $80.0 million sales price.

We received $7.5 million, less closing and other administrative costs, of the sales price at closing. The remaining sales price

was financed with us holding a secured mortgage interest in 380 Development as well as the underlying property. The

mortgage balance bears interest at an annual rate of 7.0 percent. In accordance with the terms of the agreement, we have

received a principal payment of approximately $6.1 million plus interest on the mortgage balance through November 30, 2014,

and we will receive the remaining purchase price of $66.4 million, due March 5, 2016. Interest on the remaining mortgage

balance is due quarterly, in arrears, and Marine Development is current with all payments through January 2015. Based on the

level of Marine Development's initial investment at closing and continuing investment, we have accounted for the transaction

using the cost recovery method and have deferred the recognition of profit of approximately $1.9 million, and interest totaling

approximately $5.6 million at November 30, 2014, until the carrying amount of the property is recovered, which will not be

until the final payment is made.

The net proceeds from the sale, combined with the mortgage interest and related total cash tax benefit, will provide us with

approximately $118.0 million in incremental cash flow through the term of the mortgage.

Income Taxes

The reduction in the valuation allowance associated with the wind-up of certain Canadian business operations is the principal

cause of the decreased effective income tax rate as compared to the statutory income tax rate, for the fiscal year ended

November 30, 2012. Certain state settlements are the principal cause of the decreased effective income tax rate as compared to

the statutory income tax rate, for the fiscal year ended November 30, 2013. The principal causes of the decreased income tax

rate for the fiscal year ended November 30, 2014 are the tax treatment related to the other income recognized as a result of

SMI's abandonment of their interest in SMISC, LLC on January 31, 2014, including the related tax benefits associated with

various operating loss and other carryforwards of MA and certain tax filing positions of SMISC, LLC totaling approximately

$4.0 million, along with certain state income tax adjustments.

As a result of the above items, our effective income tax rate decreased from the statutory income rate to approximately 36.7

percent, 38.0 percent and 33.0 percent for the fiscal years ended November 30, 2012, 2013 and 2014, respectively.

Also of note, while not impacting the combined current and deferred income tax expense and related income tax rate during the

fiscal year ended November 30, 2014, as compared to the prior fiscal year, the tax benefit realized in fiscal 2013 attributable to

the aforementioned sale of our Staten Island property, as well as the effect of the December 2013 expiration of certain tax

legislation impacting depreciation deductions contributed substantially to increased current income taxes paid during the fiscal

year ended November 30, 2014 totaling approximately $51.3 million as compared to approximately $18.1 million during fiscal

2013. In addition this overall impact to the current fiscal year tax depreciation deduction substantially contributed to the overall

In December 2014, Congress passed the Tax Increase Prevention Act which included a retroactive renewal back to January 1,
2014, of the previously expired tax legislation. The impact of this retroactive tax legislation will not affect our fiscal 2015
effective tax rate, but will reduce related income tax payments.

Future Trends in Operating Results

International Speedway Corporation is the leading owner of major motorsports entertainment facilities and promoter of
motorsports-themed entertainment activities in the United States. We compete for discretionary spending and leisure time with
many other entertainment alternatives and are subject to factors that generally affect the recreation, leisure and sports industry,
including general economic conditions. Our operations are also sensitive to factors that affect corporate budgets. Such factors
include, but are not limited to, general economic conditions, employment levels, business conditions, interest and taxation
rates, relative commodity prices, and changes in consumer tastes and spending habits.

The unprecedented adverse economic conditions that began in 2008, which significantly impacted consumer confidence and
disproportionately affected different demographics of our target customers, continue to influence the frequency with which
guests attend our major motorsports entertainment events. Recurring global and regional uncertainty, lack of a broad based
middle class economic recovery, and/or further weakening in the domestic economy may continue to adversely impact
attendance levels, guest spending levels, and our ability to secure corporate marketing partnerships in the future. Reductions in
any of these categories can directly and negatively affect revenues and profitability. Beginning in 2009 we mitigated the
decline of certain revenue categories with sustainable cost containment initiatives. Beginning in 2012, we re-instituted regular
merit pay increases to more normalized levels. Certain non-controllable costs, such as NASCAR sanction fees, have increased
this year and we may continue to experience incremental increases. While we are sustaining the significant cost reductions
previously implemented, we do not expect further significant cost reductions.

Looking ahead, we expect to benefit from the continuing slow but uneven, recovery in the overall U.S. economy, which we
anticipate will improve attendance-related and corporate partnership revenues. Our industry will further benefit from NASCAR
securing its broadcast rights through the 2024 season with the largest broadcast rights deal in the sport's 66-year history.
Consistent with major sports properties throughout the world, broadcast rights represent our company's largest revenue
segment. Expanding and extending this contracted revenue will provide us unparalleled long-term cash flow visibility. We also
believe the strategic initiatives we and the motorsports industry have undertaken to grow the sport will continue to strengthen
the long-term health of our Company.

The industry and its stakeholders have demonstrated their commitment to growing the sport by aligning with and executing
upon growth initiatives supporting NASCAR's Industry Action Plan (“IAP”). The IAP's objective is to build upon NASCAR's
appeal by enhancing the connection with existing fans, as well as attracting and engaging new Gen Y, youth and multicultural
consumers in motorsports. Additional areas of focus within the IAP include building greater product relevance, cultivating
driver star power, growing social media activities and enhancing the event experience. In recent years NASCAR has introduced
several successful on-track innovations such as the Gen 6 Car design, new qualifying formats and enhancements to the Chase
for the Championship that are direct results of IAP initiatives.

In January 2014 NASCAR announced a new championship format that puts greater emphasis on winning races all season long,
expands the current Chase for the NASCAR Sprint Cup field to 16 drivers, and implements a new round-by-round
advancement format that ultimately rewards a battle-tested, worthy champion. The format makes every race matter even more,
diminishes points racing, puts a premium on winning races and concludes with a best-of-the-best, first-to-the-finish line
showdown race – all of which is exactly what fans want. The new Chase structure is expected to drive NASCAR Sprint Cup
competition to a whole new level with a thrilling, easy to understand format. The completion of the 2014 NASCAR season at
Homestead-Miami Speedway saw very encouraging results for both at-track consumer and corporate interest, as well as
improving year-over-year digital and media (television viewership, on-line/social-media) consumption for the 2014 Chase
events.

We support NASCAR's IAP on a number of fronts. As referenced above, we are committed to improving our major
motorsports facilities to create stronger fan engagement. In particular and one of the most important projects in our history is

ISC // 2014 ANNUAL REPORT // FORM 10-K // 25

the redevelopment of the frontstretch of Daytona, the Company's 55-year-old flagship motorsports facility, to enhance the event
experience for our fans, marketing partners, broadcasters and the motorsports industry (See "DAYTONA Rising: Reimagining
an American Icon"). We are confident that elevating the experience at the most important motorsports facility in North America
will grow the Daytona 500 brand, our 12 other major motorsports facilities' brands and NASCAR's brand. Ultimately this
strategic project will positively influence attendance trends, corporate involvement in the sport, and the long-term strength of
future broadcast media rights revenues.

Admissions

Achieving event sellouts and creating excess demand are crucial to the optimal performance of our major motorsports facilities
that host NASCAR Sprint Cup Series events. An important component of our operating strategy has been our long-standing
practice of focusing on supply and demand when evaluating ticket pricing and adjusting capacity at our facilities. By
effectively managing both ticket prices and seating capacity, we have historically shown the ability to stimulate ticket renewals
and advance ticket sales.

Advance ticket sales result in earlier cash flow and reduce the potential negative impact of actual, as well as forecasted,
inclement weather. With any ticketing initiative, we first examine our ticket pricing structure for each segmented area within
our major motorsports entertainment facilities to ensure prices are on target with market demand. When determined necessary,
we adjust ticket pricing. We believe our ticket pricing is consistent with current demand, providing attractive price points for all
income levels.

It is important that we maintain the integrity of our ticket pricing model by ensuring our customers who purchase tickets during
the renewal period get preferential pricing. We do not adjust pricing downward inside of the sales cycle to avoid rewarding
last-minute ticket buyers by discounting tickets. Further, we closely monitor and manage the availability of promotional tickets.
Encouraging late cycle buying and offering excess promotional tickets could have a detrimental effect on our ticket pricing
model and long-term value of our business. We believe it is more important to encourage advance ticket sales and maintain
price integrity to achieve long-term growth rather than to capture short-term incremental revenue at the expense of our
customers who purchased tickets during the renewal period. We continue to explore and implement innovative ticket pricing
strategies whereby prices increase over time as well as price increases week of/day of races to capture incremental revenues.

Adjusting seating capacity is another consumer-focused strategy to promote sellouts, create excess demand and in turn increase
capacity utilization at our major motorsports facilities. Over the past few years, we have reduced capacity at our major
motorsports facilities. A significant portion of the capacity reduction was a result of our goal to provide improved fan amenities
such as wider seating, create social zones with greater fan interaction/engagement for our guests, and remove sections that do
not provide adequate sight lines. Based on our experience and the continual evolution of modern sports facilities, ticket demand
relies strongly on creating a more personal experience for the fans. Enhancing the live event experience to compete with the at-
home television experience is a critical strategy for our future growth. Other benefits from capacity management include
improved pricing power for our events; increasing tickets sold in the renewal cycle; increasing customer retention; driving
greater attendance to our lead-in events, such as NASCAR's Xfinity and Camping World Truck series events; driving stronger
interest from corporate sponsors; and creating a more visually compelling event for the television audience.

Other key strategic focus areas to build fan engagement include providing enhanced at-track audio and visual experiences,
additional concession and merchandise points-of-sale, more social zones and greater wireless connectivity. We continue to
monitor market demand and explore next generation live-sports entertainment fan amenities, all of which could further impact
how we manage capacity and spend capital at our major motorsports facilities.

Corporate Partnerships

NASCAR is a powerful brand with a loyal fan base that is aware of, appreciates and supports corporate participation to a
greater extent than fans of any other sports property. The combination of brand power and fan loyalty provides an attractive
platform for robust corporate partnerships. The number of Fortune 500 companies invested in NASCAR remains higher than
any other sport. Approximately one-in-four Fortune 500 companies use NASCAR as part of their marketing strategy and the
trend is increasing. The number of Fortune 500 companies investing in NASCAR increased three percent in 2014 versus prior
year; and is an eleven percent improvement versus 2008.

We believe that our presence in key metropolitan statistical areas, year-round event schedule, impressive portfolio of major

motorsports events and attractive fan demographics are beneficial as we continue to pursue renewal and expansion of existing

corporate marketing partnerships and establish new corporate relationships. Companies are demanding more quantifiable return

on investment from their sports marketing strategies and our company is focused on delivering enhanced value through our

strategic initiatives. This includes enhanced facilities, more frequent and diverse content at our facilities, and deeper

understanding of and integration with our customers' business, among other things.

From an entitlement perspective, we secured all NASCAR Sprint Cup and Xfinity and Camping World Truck series event

entitlements for the 2014 fiscal year, which allowed the sales team to focus more resources on media advertising, prospecting

and growing official status categories. As a result, for our 2014 fiscal year, our corporate sales were within one percentage

point of our 2014 target. Excluding soft media sales, the company grew gross corporate partnership revenue (versus prior year)

for the first time since the beginning of the recession.

Looking forward to 2015, we continue to be encouraged by corporate sales trends that have us better positioned than at the

same time in recent prior years. As of late December 2015, we have sold all but one NASCAR Sprint Cup race entitlement,

three Xfinity Series entitlements, and two Camping World Truck Series entitlements and have secured 74.0 percent of our total

2015 corporate sales target compared to 72.0 percent at this point for 2014. In addition, we have secured two long-term

founding partnerships for DAYTONA Rising in Toyota and Florida Hospital, both in excess of ten year partnerships.

Television Broadcast and Ancillary Media Rights

Domestic broadcast and ancillary media rights fees revenues are ISC's largest revenue segment, accounting for approximately

46.5 percent of 2014 total revenues. Starting in 2007, NASCAR entered into combined eight-year agreements with Fox Sports

Group (“FOX”), ABC/ESPN, TNT and SPEED for the domestic broadcast and related rights for its three national touring series

- Sprint Cup, Xfinity and Camping World Truck.

For the first 26 regular season events in fiscal 2014 (i.e. through Richmond fall race), NASCAR Sprint Cup events were the

number one or two sporting event on television for 21 of the 26 weekends (i.e. Texas Sprint Cup event aired on Monday due to

rain). Through 36 broadcast events culminating in the season finale at Homestead-Miami Speedway, the NASCAR Sprint Cup

Series averaged 5.3 million viewers per event with approximately 62 million total unique viewers. As the Chase for the

Championship progressed under the new format, viewership ramped up. The final two events of the 2014 NASCAR Sprint Cup

season saw an approximately ten percent television viewership increase over the same events in 2013. NASCAR has solidified

its place among top major televised sports, placing only second to the NFL for average viewership per event. Also, the

NASCAR Xfinity Series and NASCAR Camping World Truck Series rank as the second and third highest rated motorsports

series (respectively) on television after the NASCAR Sprint Cup Series.

As part of the IAP, NASCAR and FOX Deportes, the number one U.S. Latino Sports network, joined together to provide the

sport's most expansive Spanish-language broadcast offering with coverage of 15 Sprint Cup Series races, including for the first

time, a Spanish-language broadcast of the 2013 Daytona 500. For the 2014 season, Hispanic viewership for the NASCAR

Sprint Cup Series continued the double digit growth-trend, building on growth from the 2013 season that saw a 40.0 percent

increase in that important demographic.

In August 2013, NASCAR finalized multi-platform broadcast rights agreements with NBCUniversal (“NBC”) and FOX for

10 years, beginning in 2015 through the 2024 season, for the broadcast and related rights for NASCAR's three national touring

series. Financial terms were not disclosed but leading industry sources value the combined agreements at approximately

$8.2 billion over the 10 years. The agreements include Spanish-language rights and 'TV Everywhere rights', which will allow

NASCAR content to stream over the broadcasters'-affiliated websites.

FOX has exclusive rights to the first 16 NASCAR Sprint Cup Series point races beginning each year with the prestigious

Daytona 500. In addition, FOX retains the rights to the NASCAR Sprint All-Star Race, The Sprint Unlimited, Budweiser Duel,

14 NASCAR Xfinity Series events and the entire NASCAR Camping World Truck Series. NBC has exclusive rights to the

final 20 NASCAR Sprint Cup Series points races, final 19 NASCAR Xfinity Series events, select NASCAR Regional &

Touring Series events and other live content beginning in 2015. In total, NASCAR will have the same number of Sprint Cup

races on network television, 16; 9 on FOX and 7 on NBC; as it does in the 2007 to 2014 television package.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 26

the redevelopment of the frontstretch of Daytona, the Company's 55-year-old flagship motorsports facility, to enhance the event

experience for our fans, marketing partners, broadcasters and the motorsports industry (See "DAYTONA Rising: Reimagining

an American Icon"). We are confident that elevating the experience at the most important motorsports facility in North America

will grow the Daytona 500 brand, our 12 other major motorsports facilities' brands and NASCAR's brand. Ultimately this

strategic project will positively influence attendance trends, corporate involvement in the sport, and the long-term strength of

future broadcast media rights revenues.

Admissions

Achieving event sellouts and creating excess demand are crucial to the optimal performance of our major motorsports facilities

that host NASCAR Sprint Cup Series events. An important component of our operating strategy has been our long-standing

practice of focusing on supply and demand when evaluating ticket pricing and adjusting capacity at our facilities. By

effectively managing both ticket prices and seating capacity, we have historically shown the ability to stimulate ticket renewals

and advance ticket sales.

Advance ticket sales result in earlier cash flow and reduce the potential negative impact of actual, as well as forecasted,

inclement weather. With any ticketing initiative, we first examine our ticket pricing structure for each segmented area within

our major motorsports entertainment facilities to ensure prices are on target with market demand. When determined necessary,

we adjust ticket pricing. We believe our ticket pricing is consistent with current demand, providing attractive price points for all

It is important that we maintain the integrity of our ticket pricing model by ensuring our customers who purchase tickets during

the renewal period get preferential pricing. We do not adjust pricing downward inside of the sales cycle to avoid rewarding

last-minute ticket buyers by discounting tickets. Further, we closely monitor and manage the availability of promotional tickets.

Encouraging late cycle buying and offering excess promotional tickets could have a detrimental effect on our ticket pricing

model and long-term value of our business. We believe it is more important to encourage advance ticket sales and maintain

price integrity to achieve long-term growth rather than to capture short-term incremental revenue at the expense of our

customers who purchased tickets during the renewal period. We continue to explore and implement innovative ticket pricing

strategies whereby prices increase over time as well as price increases week of/day of races to capture incremental revenues.

Adjusting seating capacity is another consumer-focused strategy to promote sellouts, create excess demand and in turn increase

capacity utilization at our major motorsports facilities. Over the past few years, we have reduced capacity at our major

motorsports facilities. A significant portion of the capacity reduction was a result of our goal to provide improved fan amenities

such as wider seating, create social zones with greater fan interaction/engagement for our guests, and remove sections that do

not provide adequate sight lines. Based on our experience and the continual evolution of modern sports facilities, ticket demand

relies strongly on creating a more personal experience for the fans. Enhancing the live event experience to compete with the at-

home television experience is a critical strategy for our future growth. Other benefits from capacity management include

improved pricing power for our events; increasing tickets sold in the renewal cycle; increasing customer retention; driving

greater attendance to our lead-in events, such as NASCAR's Xfinity and Camping World Truck series events; driving stronger

interest from corporate sponsors; and creating a more visually compelling event for the television audience.

Other key strategic focus areas to build fan engagement include providing enhanced at-track audio and visual experiences,

additional concession and merchandise points-of-sale, more social zones and greater wireless connectivity. We continue to

monitor market demand and explore next generation live-sports entertainment fan amenities, all of which could further impact

how we manage capacity and spend capital at our major motorsports facilities.

Corporate Partnerships

NASCAR is a powerful brand with a loyal fan base that is aware of, appreciates and supports corporate participation to a

greater extent than fans of any other sports property. The combination of brand power and fan loyalty provides an attractive

platform for robust corporate partnerships. The number of Fortune 500 companies invested in NASCAR remains higher than

any other sport. Approximately one-in-four Fortune 500 companies use NASCAR as part of their marketing strategy and the

trend is increasing. The number of Fortune 500 companies investing in NASCAR increased three percent in 2014 versus prior

year; and is an eleven percent improvement versus 2008.

We believe that our presence in key metropolitan statistical areas, year-round event schedule, impressive portfolio of major
motorsports events and attractive fan demographics are beneficial as we continue to pursue renewal and expansion of existing
corporate marketing partnerships and establish new corporate relationships. Companies are demanding more quantifiable return
on investment from their sports marketing strategies and our company is focused on delivering enhanced value through our
strategic initiatives. This includes enhanced facilities, more frequent and diverse content at our facilities, and deeper
understanding of and integration with our customers' business, among other things.

From an entitlement perspective, we secured all NASCAR Sprint Cup and Xfinity and Camping World Truck series event
entitlements for the 2014 fiscal year, which allowed the sales team to focus more resources on media advertising, prospecting
and growing official status categories. As a result, for our 2014 fiscal year, our corporate sales were within one percentage
point of our 2014 target. Excluding soft media sales, the company grew gross corporate partnership revenue (versus prior year)
for the first time since the beginning of the recession.

Looking forward to 2015, we continue to be encouraged by corporate sales trends that have us better positioned than at the
same time in recent prior years. As of late December 2015, we have sold all but one NASCAR Sprint Cup race entitlement,
three Xfinity Series entitlements, and two Camping World Truck Series entitlements and have secured 74.0 percent of our total
2015 corporate sales target compared to 72.0 percent at this point for 2014. In addition, we have secured two long-term
founding partnerships for DAYTONA Rising in Toyota and Florida Hospital, both in excess of ten year partnerships.

income levels.

Television Broadcast and Ancillary Media Rights

Domestic broadcast and ancillary media rights fees revenues are ISC's largest revenue segment, accounting for approximately
46.5 percent of 2014 total revenues. Starting in 2007, NASCAR entered into combined eight-year agreements with Fox Sports
Group (“FOX”), ABC/ESPN, TNT and SPEED for the domestic broadcast and related rights for its three national touring series
- Sprint Cup, Xfinity and Camping World Truck.

For the first 26 regular season events in fiscal 2014 (i.e. through Richmond fall race), NASCAR Sprint Cup events were the
number one or two sporting event on television for 21 of the 26 weekends (i.e. Texas Sprint Cup event aired on Monday due to
rain). Through 36 broadcast events culminating in the season finale at Homestead-Miami Speedway, the NASCAR Sprint Cup
Series averaged 5.3 million viewers per event with approximately 62 million total unique viewers. As the Chase for the
Championship progressed under the new format, viewership ramped up. The final two events of the 2014 NASCAR Sprint Cup
season saw an approximately ten percent television viewership increase over the same events in 2013. NASCAR has solidified
its place among top major televised sports, placing only second to the NFL for average viewership per event. Also, the
NASCAR Xfinity Series and NASCAR Camping World Truck Series rank as the second and third highest rated motorsports
series (respectively) on television after the NASCAR Sprint Cup Series.

As part of the IAP, NASCAR and FOX Deportes, the number one U.S. Latino Sports network, joined together to provide the
sport's most expansive Spanish-language broadcast offering with coverage of 15 Sprint Cup Series races, including for the first
time, a Spanish-language broadcast of the 2013 Daytona 500. For the 2014 season, Hispanic viewership for the NASCAR
Sprint Cup Series continued the double digit growth-trend, building on growth from the 2013 season that saw a 40.0 percent
increase in that important demographic.

In August 2013, NASCAR finalized multi-platform broadcast rights agreements with NBCUniversal (“NBC”) and FOX for
10 years, beginning in 2015 through the 2024 season, for the broadcast and related rights for NASCAR's three national touring
series. Financial terms were not disclosed but leading industry sources value the combined agreements at approximately
$8.2 billion over the 10 years. The agreements include Spanish-language rights and 'TV Everywhere rights', which will allow
NASCAR content to stream over the broadcasters'-affiliated websites.

FOX has exclusive rights to the first 16 NASCAR Sprint Cup Series point races beginning each year with the prestigious
Daytona 500. In addition, FOX retains the rights to the NASCAR Sprint All-Star Race, The Sprint Unlimited, Budweiser Duel,
14 NASCAR Xfinity Series events and the entire NASCAR Camping World Truck Series. NBC has exclusive rights to the
final 20 NASCAR Sprint Cup Series points races, final 19 NASCAR Xfinity Series events, select NASCAR Regional &
Touring Series events and other live content beginning in 2015. In total, NASCAR will have the same number of Sprint Cup
races on network television, 16; 9 on FOX and 7 on NBC; as it does in the 2007 to 2014 television package.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 27

NASCAR's solid ratings as well as other factors such as the strong demand for live broadcasting and the proliferation of digital
video recorders (“DVR”), tablets, and on-demand content were significant factors for NASCAR signing the largest broadcast
rights deal in the sport's 66-year history.

In August 2013, FOX debuted its 24-hour Fox Sports 1 network to compete with ESPN. Fox Sports 1 is available in
approximately 90 million TV households. In addition to NASCAR (beginning in 2015), Fox Sports 1 has new or renewed deals
for Major League Baseball, college football and basketball, Ultimate Fighting Championship, Major League Soccer ("MLS"),
United States Golf Association, as well as other sports. Fox Sports 1 represents the latest in the long migration of marquee
sports from broadcast TV to cable/satellite, who generally can support a higher investment due to subscriber fees that are not
available to traditional networks. In early 2014, the network performed exceptionally well broadcasting NASCAR events
leading up to the DAYTONA 500. The partnership continues in 2015 with Fox Sports 1 broadcasting 7 live NASCAR Sprint
Cup events and 11 NASCAR Xfinity events.

NBC Sports Network is in more than 79 million homes, and in addition to NASCAR (beginning in 2015) serves sports fans by
airing coverage of the Olympic Games and Trials as well as the National Hockey League ("NHL"), MLS, IndyCar Series, Tour
de France, major college football and basketball, and horse racing surrounding the Triple Crown, among other events.

Domestic broadcast media rights fees provide significant cash flow visibility to us, race teams and NASCAR over the contract
term. Television broadcast and ancillary rights fees received from NASCAR for the NASCAR Sprint Cup, Xfinity and
Camping World Truck series events conducted at our facilities under these agreements, and recorded as part of motorsports
related revenue, were approximately $281.2 million, $292.5 million and $302.9 million for fiscal 2012, 2013 and 2014,
respectively. Operating income generated by these media rights were approximately $204.4 million, $213.0 million and
$220.1 million for fiscal 2012, 2013 and 2014, respectively.

Looking forward, television broadcast revenues under the new broadcast rights agreements beginning in 2015 will increase by
3.8 percent over 2014; and our broadcast rights revenues under the new contracts are expected to increase between 3 percent
and 5 percent annually over the 10-year contract term for an average of 3.9 percent. Locking in our largest revenue source
provides the company with a number of significant benefits. This includes greater cash flow visibility and growth providing a
solid base to continue smartly reinvesting in our facilities. We are also confident that working with best-in-class media
partners will take NASCAR to the next level, ultimately growing consumer and corporate participation.

As media rights revenues fluctuate so do the variable costs tied to the percentage of broadcast rights fees required to be paid to
competitors as part of NASCAR Sprint Cup, Xfinity and Camping World Truck series sanction agreements. NASCAR prize
and point fund monies, as well as sanction fees (“NASCAR direct expenses”), are outlined in the sanction agreement for each
event and are negotiated in advance of an event. As previously discussed, included in these NASCAR direct expenses are
amounts equal to 25.0 percent of the gross domestic television broadcast rights fees allocated to our NASCAR Sprint Cup,
Xfinity and Camping World Truck series events, as part of prize and point fund money (See “Critical Accounting Policies and
Estimates - Revenue Recognition”). These annually negotiated contractual amounts paid to NASCAR contribute to the support
and growth of the sport of NASCAR stock car racing through payments to the teams and sanction fees paid to NASCAR. As
such, we do not expect these costs to materially decrease in the future as a percentage of admissions and motorsports related
income.

A rapidly-growing element of our media platform is an expanded focus and investment in the digital media environment. This
includes mobile applications and social media engagement. A November 2014 study of broad based digital media consumption
habits found that amount of time spent on mobile devices has increased twenty percent since 2010, digital video viewing time
has doubled since 2012, and 52 percent of on-line retail traffic now originates from mobile devices. Traditional consumption
channels like television and radio still make up a majority of the average time spent per adult day, but on-line consumption
whether using a desktop or mobile device now equals almost 25 percent of average daily time consuming audio and video
content, skewing higher for younger demographics.

Responding to shifts in the way sports fans consume content, in 2013 and 2014 NASCAR made enhancements to
NASCAR.com and NASCAR Mobile Apps that have strengthened the Industry's digital presence. In addition, NASCAR also
created the Fan and Media Engagement Center to better understand digital conversations and optimize engagement with the
social community. In only the second full year of managing its digital rights in-house, NASCAR experienced significant

growth, exceeding one billion aggregate page views across NASCAR.com, NASCAR mobile web and the NASCAR Mobile

app in 2014. The billion page view milestone marks a 45 percent year-over-year increase in engagement on the platform,

according to data from Adobe Omniture SiteCatalyst. In the 2014 NASCAR season, NASCAR.com averaged 1.4 million

unique visitors on NASCAR Sprint Cup race days; and the NASCAR Mobile applications were downloaded 4.5 million times.

We expect these channels will continue to grow and the industry is well positioned to engage and monetize these digital

channels as our fans (mirroring society-at-large) consume more content via this way.

Sanctioning Bodies

Our success has been, and is expected to remain, dependent on maintaining good working relationships with the organizations

that sanction events at our facilities, particularly with NASCAR, whose sanctioned events at our wholly owned facilities

accounted for approximately 86.3 percent of our revenues in fiscal 2014. NASCAR continues to entertain and discuss proposals

from track operators regarding potential realignment of their portfolio of NASCAR Sprint Cup Series dates to more

geographically diverse and potentially more desirable markets where there may be greater demand, resulting in an opportunity

for increased revenues to the track operators. We believe that realignments have provided, and will continue to provide,

incremental net positive revenue and earnings as well as further enhance the sport's exposure in highly desirable markets, which

we believe benefits the sport's fans, teams, sponsors and television broadcast partners as well as promoters.

Merchandise Operations

In 2015, NASCAR and NASCAR Team Properties announced a 10-year agreement with Fanatics to operate NASCAR’s entire

at-track merchandise business and deliver fans an enhanced, experiential at-track shopping environment. As part of the

agreement, Fanatics will be the exclusive retailer of NASCAR and driver merchandise at trackside for all 38 NASCAR Sprint

Cup Series events. In addition, Fanatics also has contracted with ISC for 10 year exclusive retail merchandise rights for its

track trademarks and certain other intellectual property at all ISC tracks. The new trackside retail model operated by Fanatics

will evolve from using solely haulers for each specific team or driver to displaying all merchandise in a climate-controlled

superstore retail environment supported by, in instances, smaller satellite retail touch points around the track. The new model

will provide a more personal and convenient shopping experience for race fans. We believe this improved trackside

merchandise model, combined with an upgraded online and mobile experience, will better position ISC and the industry to

maximize merchandise sales while delivering top quality experience to our fans. Consequently, ISC's wholly owned

subsidiaries, Americrown and MA, will no longer provide at track merchandise to fans at motorsports events and therefore will

no longer recognize related revenues. Instead, the Company will receive a percentage of sales from Fanatics, recorded as part

of Food, Beverage and Merchandise Revenue. For fiscal 2015, we are projecting a reduction in operating income of

approximately $4.0 million to $5.0 million related to this new merchandise business model. Contributing significantly to this

reduction are one-time, non-recurring operating expenses totaling $3.5 million to $4.5 million related to partial year operations,

for which there is no associated revenue, and restructuring costs to effectively transition merchandise operations.

Capital Improvements

Enhancing the live event experience for our guests is a critical strategy for our future growth. We compete for the consumers'

discretionary dollar with other entertainment options such as concerts and other major sporting events not just motorsports

events. In addition, fans continue to demonstrate willingness to pay for more unique, inversive, and segmented experiences that

cannot be duplicated at-home. Today's consumer wants improved traffic flow, comfortable and wider seating, clean and

available facilities, more points of sale, enhanced audio and visual engagement, social zones and greater connectivity.

Providing these enhancements often requires capital spending.

We remain confident that our focus on driving incremental earnings by improving the fan experience will, in time, lead to

increased ticket sales with better pricing power, growth in sponsorship and hospitality sales, better prospects for continued

growth in broadcast media rights fees agreements, and greater potential to capture market share. As such, ISC's Board of

Directors endorsed a capital allocation plan for fiscal 2013 through fiscal 2017 to not exceed $600.0 million. The five-year

capital expenditure plan encompasses capital expenditures for ISC's 13 major sports facilities, including DAYTONA Rising

(see "DAYTONA Rising: Reimagining an American Icon"), as well as any commitments to undertake ONE DAYTONA (see

"ONE DAYTONA"). It is vital that we continue to elevate our Daytona brand to ensure that it remains the pinnacle of

motorsports facilities, which will generate further profitability and cash flow to the Company. We also anticipate modest

capital spending on other projects for maintenance, safety and regulatory requirements. We are confident that by delivering

ISC // 2014 ANNUAL REPORT // FORM 10-K // 28

NASCAR's solid ratings as well as other factors such as the strong demand for live broadcasting and the proliferation of digital

video recorders (“DVR”), tablets, and on-demand content were significant factors for NASCAR signing the largest broadcast

rights deal in the sport's 66-year history.

In August 2013, FOX debuted its 24-hour Fox Sports 1 network to compete with ESPN. Fox Sports 1 is available in

approximately 90 million TV households. In addition to NASCAR (beginning in 2015), Fox Sports 1 has new or renewed deals

for Major League Baseball, college football and basketball, Ultimate Fighting Championship, Major League Soccer ("MLS"),

sports from broadcast TV to cable/satellite, who generally can support a higher investment due to subscriber fees that are not

available to traditional networks. In early 2014, the network performed exceptionally well broadcasting NASCAR events

leading up to the DAYTONA 500. The partnership continues in 2015 with Fox Sports 1 broadcasting 7 live NASCAR Sprint

Cup events and 11 NASCAR Xfinity events.

NBC Sports Network is in more than 79 million homes, and in addition to NASCAR (beginning in 2015) serves sports fans by

airing coverage of the Olympic Games and Trials as well as the National Hockey League ("NHL"), MLS, IndyCar Series, Tour

de France, major college football and basketball, and horse racing surrounding the Triple Crown, among other events.

Domestic broadcast media rights fees provide significant cash flow visibility to us, race teams and NASCAR over the contract

Camping World Truck series events conducted at our facilities under these agreements, and recorded as part of motorsports

related revenue, were approximately $281.2 million, $292.5 million and $302.9 million for fiscal 2012, 2013 and 2014,

respectively. Operating income generated by these media rights were approximately $204.4 million, $213.0 million and

$220.1 million for fiscal 2012, 2013 and 2014, respectively.

Looking forward, television broadcast revenues under the new broadcast rights agreements beginning in 2015 will increase by

3.8 percent over 2014; and our broadcast rights revenues under the new contracts are expected to increase between 3 percent

and 5 percent annually over the 10-year contract term for an average of 3.9 percent. Locking in our largest revenue source

provides the company with a number of significant benefits. This includes greater cash flow visibility and growth providing a

solid base to continue smartly reinvesting in our facilities. We are also confident that working with best-in-class media

partners will take NASCAR to the next level, ultimately growing consumer and corporate participation.

As media rights revenues fluctuate so do the variable costs tied to the percentage of broadcast rights fees required to be paid to

competitors as part of NASCAR Sprint Cup, Xfinity and Camping World Truck series sanction agreements. NASCAR prize

and point fund monies, as well as sanction fees (“NASCAR direct expenses”), are outlined in the sanction agreement for each

event and are negotiated in advance of an event. As previously discussed, included in these NASCAR direct expenses are

amounts equal to 25.0 percent of the gross domestic television broadcast rights fees allocated to our NASCAR Sprint Cup,

Xfinity and Camping World Truck series events, as part of prize and point fund money (See “Critical Accounting Policies and

and growth of the sport of NASCAR stock car racing through payments to the teams and sanction fees paid to NASCAR. As

such, we do not expect these costs to materially decrease in the future as a percentage of admissions and motorsports related

income.

A rapidly-growing element of our media platform is an expanded focus and investment in the digital media environment. This

includes mobile applications and social media engagement. A November 2014 study of broad based digital media consumption

habits found that amount of time spent on mobile devices has increased twenty percent since 2010, digital video viewing time

has doubled since 2012, and 52 percent of on-line retail traffic now originates from mobile devices. Traditional consumption

channels like television and radio still make up a majority of the average time spent per adult day, but on-line consumption

whether using a desktop or mobile device now equals almost 25 percent of average daily time consuming audio and video

content, skewing higher for younger demographics.

Responding to shifts in the way sports fans consume content, in 2013 and 2014 NASCAR made enhancements to

NASCAR.com and NASCAR Mobile Apps that have strengthened the Industry's digital presence. In addition, NASCAR also

created the Fan and Media Engagement Center to better understand digital conversations and optimize engagement with the

social community. In only the second full year of managing its digital rights in-house, NASCAR experienced significant

United States Golf Association, as well as other sports. Fox Sports 1 represents the latest in the long migration of marquee

Sanctioning Bodies

growth, exceeding one billion aggregate page views across NASCAR.com, NASCAR mobile web and the NASCAR Mobile
app in 2014. The billion page view milestone marks a 45 percent year-over-year increase in engagement on the platform,
according to data from Adobe Omniture SiteCatalyst. In the 2014 NASCAR season, NASCAR.com averaged 1.4 million
unique visitors on NASCAR Sprint Cup race days; and the NASCAR Mobile applications were downloaded 4.5 million times.
We expect these channels will continue to grow and the industry is well positioned to engage and monetize these digital
channels as our fans (mirroring society-at-large) consume more content via this way.

Our success has been, and is expected to remain, dependent on maintaining good working relationships with the organizations
that sanction events at our facilities, particularly with NASCAR, whose sanctioned events at our wholly owned facilities
accounted for approximately 86.3 percent of our revenues in fiscal 2014. NASCAR continues to entertain and discuss proposals
from track operators regarding potential realignment of their portfolio of NASCAR Sprint Cup Series dates to more
geographically diverse and potentially more desirable markets where there may be greater demand, resulting in an opportunity
for increased revenues to the track operators. We believe that realignments have provided, and will continue to provide,
incremental net positive revenue and earnings as well as further enhance the sport's exposure in highly desirable markets, which
we believe benefits the sport's fans, teams, sponsors and television broadcast partners as well as promoters.

term. Television broadcast and ancillary rights fees received from NASCAR for the NASCAR Sprint Cup, Xfinity and

Merchandise Operations

In 2015, NASCAR and NASCAR Team Properties announced a 10-year agreement with Fanatics to operate NASCAR’s entire
at-track merchandise business and deliver fans an enhanced, experiential at-track shopping environment. As part of the
agreement, Fanatics will be the exclusive retailer of NASCAR and driver merchandise at trackside for all 38 NASCAR Sprint
Cup Series events. In addition, Fanatics also has contracted with ISC for 10 year exclusive retail merchandise rights for its
track trademarks and certain other intellectual property at all ISC tracks. The new trackside retail model operated by Fanatics
will evolve from using solely haulers for each specific team or driver to displaying all merchandise in a climate-controlled
superstore retail environment supported by, in instances, smaller satellite retail touch points around the track. The new model
will provide a more personal and convenient shopping experience for race fans. We believe this improved trackside
merchandise model, combined with an upgraded online and mobile experience, will better position ISC and the industry to
maximize merchandise sales while delivering top quality experience to our fans. Consequently, ISC's wholly owned
subsidiaries, Americrown and MA, will no longer provide at track merchandise to fans at motorsports events and therefore will
no longer recognize related revenues. Instead, the Company will receive a percentage of sales from Fanatics, recorded as part
of Food, Beverage and Merchandise Revenue. For fiscal 2015, we are projecting a reduction in operating income of
approximately $4.0 million to $5.0 million related to this new merchandise business model. Contributing significantly to this
reduction are one-time, non-recurring operating expenses totaling $3.5 million to $4.5 million related to partial year operations,
for which there is no associated revenue, and restructuring costs to effectively transition merchandise operations.

Estimates - Revenue Recognition”). These annually negotiated contractual amounts paid to NASCAR contribute to the support

Capital Improvements

Enhancing the live event experience for our guests is a critical strategy for our future growth. We compete for the consumers'
discretionary dollar with other entertainment options such as concerts and other major sporting events not just motorsports
events. In addition, fans continue to demonstrate willingness to pay for more unique, inversive, and segmented experiences that
cannot be duplicated at-home. Today's consumer wants improved traffic flow, comfortable and wider seating, clean and
available facilities, more points of sale, enhanced audio and visual engagement, social zones and greater connectivity.
Providing these enhancements often requires capital spending.

We remain confident that our focus on driving incremental earnings by improving the fan experience will, in time, lead to
increased ticket sales with better pricing power, growth in sponsorship and hospitality sales, better prospects for continued
growth in broadcast media rights fees agreements, and greater potential to capture market share. As such, ISC's Board of
Directors endorsed a capital allocation plan for fiscal 2013 through fiscal 2017 to not exceed $600.0 million. The five-year
capital expenditure plan encompasses capital expenditures for ISC's 13 major sports facilities, including DAYTONA Rising
(see "DAYTONA Rising: Reimagining an American Icon"), as well as any commitments to undertake ONE DAYTONA (see
"ONE DAYTONA"). It is vital that we continue to elevate our Daytona brand to ensure that it remains the pinnacle of
motorsports facilities, which will generate further profitability and cash flow to the Company. We also anticipate modest
capital spending on other projects for maintenance, safety and regulatory requirements. We are confident that by delivering

ISC // 2014 ANNUAL REPORT // FORM 10-K // 29

memorable guest experiences, along with attractive pricing and fantastic racing, we will generate increased revenues as well as
bottom-line results.

Comparison of Fiscal 2014 to Fiscal 2013

The comparison of fiscal 2014 to fiscal 2013 is impacted by the following factors:

While we focus on allocating our capital to generate returns in excess of our cost of capital, certain of our capital improvement
investments may not provide immediate, directly traceable near term positive returns on invested capital but over the longer
term will better enable us to effectively compete with other entertainment venues for consumer and corporate spending.

(cid:127) Drag racing events were held at Auto Club Speedway in fiscal 2014 that were not held in fiscal 2013;

(cid:127) The second annual Faster Horses music festival held during the third quarter of fiscal 2014 includes consolidation of

concessions revenue and expense as compared to similar services provided by a third party for this event held the same

Growth Strategies

Our growth strategies also include exploring ways to grow our businesses through acquisitions and external developments that
offer attractive financial returns. This has been demonstrated through our joint venture to develop and operate a Hollywood-
themed and branded entertainment destination facility overlooking turn two of Kansas Speedway (see “Hollywood Casino at
Kansas Speedway”).

The Hollywood Casino at Kansas Speedway provided positive cash flow to us and included positive equity income in our
consolidated statement of operations for fiscal 2012, 2013 and 2014. We expect for our 2015 fiscal year that our share of the
cash flow from the casino's operations will be approximately $20.0 million to $22.0 million dollars.

Also, we entered into a 50/50 joint venture with Atlanta-based Jacoby Development, Inc. to develop a mixed-use entertainment
destination, named ONE DAYTONA, located on 189 acres we own located directly across from our Daytona motorsports
entertainment facility (see “Liquidity and Capital Resources - ONE DAYTONA”).

We remain interested in pursuing further ancillary developments at certain of our other motorsports facilities which enhance
our core business, are market-driven, and provide a prudent return on investment.

Current Operations Comparison

The following table sets forth, for each of the indicated periods, certain selected statement of operations data as a percentage of
total revenues:

Revenues:

Admissions, net
Motorsports related
Food, beverage and merchandise
Other

Total revenues

Expenses:

Direct:

Prize and point fund monies and NASCAR sanction fees
Motorsports related
Food, beverage and merchandise

General and administrative
Depreciation and amortization
Losses on retirements of long-lived assets

Total expenses

Operating income
Interest expense, net
Loss on early redemption of debt
Other
Equity in net income from equity investments

Income before income taxes
Income taxes
Net income

For the Year Ended

2012

2013

2014

22.2 %
68.1
7.5
2.2
100.0

25.3
20.5
5.8
16.8
12.7

1.8
82.9
17.1
(2.2 )
(1.5 )
0.2
0.5
14.1
5.2
8.9 %

21.2 %
69.5
7.2
2.1
100.0

26.0
20.6
5.4
17.1
15.3

2.7
87.1
12.9
(2.5 )
—
—
1.5
11.9
4.5
7.4 %

19.9 %
66.5
11.2
2.4
100.0

25.0
19.7
8.9
16.7
13.9

1.5
85.7
14.3
(1.1 )
—
0.8
1.4
15.4
5.1
10.3 %

period in fiscal 2013;

(cid:127) On January 31, 2014, SMI abandoned its interest and rights in MA, consequently bringing our ownership of MA to

100.0 percent. MA's operations are included in our consolidated operations subsequent to the date of SMI's

abandonment. Prior to January 31, 2014, MA was accounted for as an equity investment in our financial statements. As

a result of SMI's abandonment of their interest in MA, we recorded other income of approximately $5.4 million

representing the fair value of MA, over the carrying value, as of January 31, 2014. In addition we recognized tax

benefits relating to MA of approximately $4.0 million for fiscal 2014 (see “Equity and Other Investments” and “Income

Taxes”). In addition, we recognized an impairment of a long-lived intangible asset, related to MA, of approximately

$0.6 million, or $0.01 per diluted share. There was no comparable item in the same period of fiscal 2013;

(cid:127) During fiscal 2013, we expensed approximately $2.8 million, or $0.04 per diluted share, of certain ongoing carrying

costs related to our Staten Island property. There were no comparable costs in the same periods of fiscal 2014;

(cid:127) During fiscal 2014, we received a favorable settlement relating to a legal judgment of litigation involving certain

ancillary operations of approximately $0.6 million, or $0.01 per diluted share. During fiscal 2013, we recognized a

charge relating to a settlement of a litigation involving certain ancillary facility operations of approximately

$0.5 million;

(cid:127)

In fiscal 2014, we recognized approximately $1.1 million, or $0.02 per diluted share, in marketing and consulting costs

that are included in general and administrative expense related to DAYTONA Rising. During fiscal 2013, we

recognized approximately $1.5 million, or $0.02 per diluted share, of similar costs;

(cid:127) During fiscal 2014, we recognized approximately $11.1 million, or $0.14 per diluted share, of accelerated depreciation

that was recorded due to the shortening the service lives of certain assets associated with DAYTONA Rising. During

fiscal 2013, we recognized approximately $15.4 million, or $0.20 per diluted share, of accelerated depreciation that was

recorded due to the shortening the service lives of certain assets associated with DAYTONA Rising and capacity

management initiatives;

(cid:127)

In fiscal 2014, we recognized approximately $10.1 million, or $0.12 per diluted share, of losses associated with asset

retirements of losses primarily attributable to demolition and/or asset relocation costs in connection with DAYTONA

Rising, capacity management initiatives and other capital improvements. Included in these losses were approximately

$7.5 million of expenditures related to demolition and/or asset relocation costs, the remaining charges were non-cash,

which included an impairment of a long-lived intangible asset related to MA, discussed above. During fiscal 2013, we

recognized approximately $16.6 million, or $0.21 per diluted share, of similar charges, of which approximately

$6.6 million of expenditures related to demolition and/or asset relocation costs, the remaining charges were non-cash;

(cid:127) During fiscal 2014, we recognized approximately $7.2 million, or $0.09 per diluted share, in capitalized interest related

to DAYTONA Rising. During fiscal 2013, we recognized approximately $0.8 million, or $0.01 per diluted share, of

similar capitalized interest; and

(cid:127) During fiscal 2014, we recognized approximately $8.9 million of income from equity investments associated with our

Hollywood Casino at Kansas Speedway. During fiscal 2013, we recognized income of approximately $9.4 million from

this equity investment, which included a $1.1 million credit for previously paid property taxes related to resolution of

amounts under appeal.

higher average ticket prices include:

Fiscal 2014 admissions revenue of $129.7 million was comparable to fiscal 2013. Factors driving attendance increases and

(cid:127) A schedule change for the Spring Cup event at Kansas featuring the first running of this event in the evening under the

facility’s lights;

(cid:127)

IMSA and Sprint Cup events at Watkins Glen;

ISC // 2014 ANNUAL REPORT // FORM 10-K // 30

bottom-line results.

Growth Strategies

Kansas Speedway”).

investments may not provide immediate, directly traceable near term positive returns on invested capital but over the longer

term will better enable us to effectively compete with other entertainment venues for consumer and corporate spending.

Our growth strategies also include exploring ways to grow our businesses through acquisitions and external developments that

offer attractive financial returns. This has been demonstrated through our joint venture to develop and operate a Hollywood-

themed and branded entertainment destination facility overlooking turn two of Kansas Speedway (see “Hollywood Casino at

The Hollywood Casino at Kansas Speedway provided positive cash flow to us and included positive equity income in our

consolidated statement of operations for fiscal 2012, 2013 and 2014. We expect for our 2015 fiscal year that our share of the

cash flow from the casino's operations will be approximately $20.0 million to $22.0 million dollars.

Also, we entered into a 50/50 joint venture with Atlanta-based Jacoby Development, Inc. to develop a mixed-use entertainment

destination, named ONE DAYTONA, located on 189 acres we own located directly across from our Daytona motorsports

entertainment facility (see “Liquidity and Capital Resources - ONE DAYTONA”).

We remain interested in pursuing further ancillary developments at certain of our other motorsports facilities which enhance

our core business, are market-driven, and provide a prudent return on investment.

Current Operations Comparison

total revenues:

The following table sets forth, for each of the indicated periods, certain selected statement of operations data as a percentage of

Prize and point fund monies and NASCAR sanction fees

Revenues:

Admissions, net

Motorsports related

Food, beverage and merchandise

Other

Total revenues

Expenses:

Direct:

Motorsports related

Food, beverage and merchandise

General and administrative

Depreciation and amortization

Losses on retirements of long-lived assets

Total expenses

Operating income

Interest expense, net

Loss on early redemption of debt

Other

Equity in net income from equity investments

Income before income taxes

Income taxes

Net income

For the Year Ended

2012

2013

2014

22.2 %

21.2 %

19.9 %

68.1

7.5

2.2

100.0

25.3

20.5

5.8

16.8

12.7

1.8

82.9

17.1

0.2

0.5

14.1

5.2

(2.2 )

(1.5 )

69.5

7.2

2.1

100.0

26.0

20.6

5.4

17.1

15.3

2.7

87.1

12.9

(2.5 )

—

1.5

11.9

4.5

66.5

11.2

2.4

100.0

25.0

19.7

8.9

16.7

13.9

1.5

85.7

14.3

(1.1 )

—

0.8

1.4

15.4

5.1

memorable guest experiences, along with attractive pricing and fantastic racing, we will generate increased revenues as well as

Comparison of Fiscal 2014 to Fiscal 2013

The comparison of fiscal 2014 to fiscal 2013 is impacted by the following factors:

While we focus on allocating our capital to generate returns in excess of our cost of capital, certain of our capital improvement

(cid:127) Drag racing events were held at Auto Club Speedway in fiscal 2014 that were not held in fiscal 2013;

(cid:127) The second annual Faster Horses music festival held during the third quarter of fiscal 2014 includes consolidation of

concessions revenue and expense as compared to similar services provided by a third party for this event held the same
period in fiscal 2013;

(cid:127) On January 31, 2014, SMI abandoned its interest and rights in MA, consequently bringing our ownership of MA to

100.0 percent. MA's operations are included in our consolidated operations subsequent to the date of SMI's
abandonment. Prior to January 31, 2014, MA was accounted for as an equity investment in our financial statements. As
a result of SMI's abandonment of their interest in MA, we recorded other income of approximately $5.4 million
representing the fair value of MA, over the carrying value, as of January 31, 2014. In addition we recognized tax
benefits relating to MA of approximately $4.0 million for fiscal 2014 (see “Equity and Other Investments” and “Income
Taxes”). In addition, we recognized an impairment of a long-lived intangible asset, related to MA, of approximately
$0.6 million, or $0.01 per diluted share. There was no comparable item in the same period of fiscal 2013;

(cid:127) During fiscal 2013, we expensed approximately $2.8 million, or $0.04 per diluted share, of certain ongoing carrying
costs related to our Staten Island property. There were no comparable costs in the same periods of fiscal 2014;

(cid:127) During fiscal 2014, we received a favorable settlement relating to a legal judgment of litigation involving certain

ancillary operations of approximately $0.6 million, or $0.01 per diluted share. During fiscal 2013, we recognized a
charge relating to a settlement of a litigation involving certain ancillary facility operations of approximately
$0.5 million;

(cid:127)

In fiscal 2014, we recognized approximately $1.1 million, or $0.02 per diluted share, in marketing and consulting costs
that are included in general and administrative expense related to DAYTONA Rising. During fiscal 2013, we
recognized approximately $1.5 million, or $0.02 per diluted share, of similar costs;

(cid:127) During fiscal 2014, we recognized approximately $11.1 million, or $0.14 per diluted share, of accelerated depreciation
that was recorded due to the shortening the service lives of certain assets associated with DAYTONA Rising. During
fiscal 2013, we recognized approximately $15.4 million, or $0.20 per diluted share, of accelerated depreciation that was
recorded due to the shortening the service lives of certain assets associated with DAYTONA Rising and capacity
management initiatives;

(cid:127)

In fiscal 2014, we recognized approximately $10.1 million, or $0.12 per diluted share, of losses associated with asset
retirements of losses primarily attributable to demolition and/or asset relocation costs in connection with DAYTONA
Rising, capacity management initiatives and other capital improvements. Included in these losses were approximately
$7.5 million of expenditures related to demolition and/or asset relocation costs, the remaining charges were non-cash,
which included an impairment of a long-lived intangible asset related to MA, discussed above. During fiscal 2013, we
recognized approximately $16.6 million, or $0.21 per diluted share, of similar charges, of which approximately
$6.6 million of expenditures related to demolition and/or asset relocation costs, the remaining charges were non-cash;

(cid:127) During fiscal 2014, we recognized approximately $7.2 million, or $0.09 per diluted share, in capitalized interest related
to DAYTONA Rising. During fiscal 2013, we recognized approximately $0.8 million, or $0.01 per diluted share, of
similar capitalized interest; and

(cid:127) During fiscal 2014, we recognized approximately $8.9 million of income from equity investments associated with our

Hollywood Casino at Kansas Speedway. During fiscal 2013, we recognized income of approximately $9.4 million from
this equity investment, which included a $1.1 million credit for previously paid property taxes related to resolution of
amounts under appeal.

Fiscal 2014 admissions revenue of $129.7 million was comparable to fiscal 2013. Factors driving attendance increases and
higher average ticket prices include:

(cid:127) A schedule change for the Spring Cup event at Kansas featuring the first running of this event in the evening under the

facility’s lights;

8.9 %

7.4 %

10.3 %

(cid:127)

IMSA and Sprint Cup events at Watkins Glen;

ISC // 2014 ANNUAL REPORT // FORM 10-K // 31

(cid:127)

Increased attendance for Sprint Cup Chase for the Championship events at Martinsville and Talladega as well as sold
out events for the Fall Phoenix and Homestead Sprint Cup races; and

(cid:127) Certain non-NASCAR events new to the Company’s event schedule in 2014.

Several factors contributed to attendance decreases which offset the noted increases, including:

(cid:127)

Inclement weather and the threat of inclement weather during Speedweeks, resulting in a six hour rain delay for the
Daytona 500;

Inclement weather resulting in postponement of the July Coke Zero 400 at Daytona to the following day;

Inclement weather impacting major events at Richmond and Martinsville;

(cid:127) Moving the Budweiser Duel during Speedweeks at Daytona from its historical Thursday afternoon schedule to an

early evening time slot; and

(cid:127) Other decreases in certain markets.

Motorsports related revenue increased approximately $8.2 million, or 1.9 percent, in fiscal 2014 as compared to fiscal 2013.
The increase is largely attributable to increases in television broadcast revenue of approximately $12.1 million. Also
contributing to the increase were increased hospitality revenues of approximately $1.5 million, as well as the aforementioned
drag race events held at Auto Club Speedway totaling approximately $1.0 million. Partially offsetting the increase was lower
MRN advertising and Sprint Vision revenues of approximately $2.5 million, as well as decreased sponsorship revenues of
approximately $2.2 million, and an adjustment in the 2013 first quarter to increase the ancillary rights fees attributable to fiscal
2012, of approximately $1.7 million, with no comparable adjustment in fiscal 2014.

Food, beverage and merchandise revenue increased approximately $28.8 million, or 65.5 percent, in fiscal 2014 as compared to
fiscal 2013. predominately due to the aforementioned consolidation of MA, of approximately $25.7 million. Also contributing
to the increase were concession sales of approximately $1.1 million related to the aforementioned non-motorsports event held
in the third quarter of fiscal 2014, for which there was no comparable event in fiscal 2013.

Prize and point fund monies and NASCAR sanction fees increased by approximately $3.6 million, or 2.3 percent, in fiscal 2014
as compared to fiscal 2013. The increases are primarily due to increases in television broadcast rights fees for the NASCAR
Sprint Cup, Xfinity and Camping World Truck series events held during the period as standard NASCAR sanctioning
agreements require a specific percentage of television broadcast rights fees to be paid to competitors.

Motorsports related expense increased by approximately $2.3 million, or 1.8 percent, in fiscal 2014 as compared to fiscal 2013.
The increase is primarily due to personnel related expenses, incremental costs for certain events largely driven by inclement
weather, and the aforementioned events held in fiscal 2014 for which there were no comparable events in fiscal 2013, as well as
advertising costs. Partially offsetting the increase were decreases in net purchased services of approximately $0.1 million.
Motorsports related expenses as a percentage of combined admissions and motorsports related revenue remained consistent at
approximately 22.8 percent for fiscal 2014, as compared to 22.7 percent for the same period in the prior year.

Food, beverage and merchandise expense increased approximately $25.1 million, or 75.8 percent, in fiscal 2014 as compared to
fiscal 2013. The increase is predominately attributable to the aforementioned consolidation of MA which increased related
expenses by approximately $21.4 million. Also contributing to the increase were increased catering and merchandise sales, as
well as concession sales related to the aforementioned non-motorsports event held in the third quarter of fiscal 2014, for which
there was no comparable event in fiscal 2013. Food, beverage and merchandise expense as a percentage of food, beverage and
merchandise revenue increased to approximately 79.9 percent for fiscal 2014, as compared to 75.3 percent for the same period
in the prior year. The decrease in margin is primarily a result of the aforementioned consolidation of MA and the
aforementioned non-motorsports event. Excluding MA and the non-motorsports event, food, beverage and merchandise
expense as a percentage of food, beverage and merchandise revenue is comparable to the same periods in 2013.

General and administrative expense increased approximately $3.6 million, or 3.5 percent, in fiscal 2014 as compared to fiscal
2013. The increase is predominately due to certain administrative costs and ancillary facility operations, totaling approximately
$7.9 million, of which approximately $2.5 million was related to MA. Partially offsetting the increase was certain ongoing
carrying costs related to our Staten Island property, of approximately $2.8 million, that occurred in fiscal 2013, for which there

were no comparable costs in the same period of fiscal 2014. Also contributing to offsetting the increase was a net decrease to

our general liability reserve of approximately $1.5 million, due to certain claims not reaching their full exposure, as was

estimated, prior to being resolved. General and administrative expenses as a percentage of total revenues decreased negligibly

to approximately 16.7 percent for fiscal 2014, as compared to 17.1 percent for fiscal 2013. The margin improvement was

predominately due to the aforementioned adjustments in our general liability insurance reserves in the 2014 period as well as

carrying costs related to our Staten Island property.

Depreciation and amortization expense decreased approximately $3.6 million, or 3.9 percent, in fiscal 2014 as compared to

fiscal 2013. The decrease was primarily attributable to the service lives of certain assets associated with DAYTONA Rising

and grandstand seating at Talladega and Richmond whose lives were reduced in the fiscal 2013 period and became fully

depreciated in the same period of fiscal 2014. Partially offsetting the decrease are new assets going into service, predominately

associated with DAYTONA Rising.

Losses on retirements of long-lived assets of approximately $10.1 million during fiscal 2014 is primarily attributable to

demolition costs in connection with DAYTONA Rising, capacity management initiatives and other capital improvements. The

losses on retirements of long-lived assets of approximately $16.6 million in fiscal 2013 is primarily attributable to the removal

of certain assets not fully depreciated in connection with DAYTONA Rising and grandstand seating at Talladega, as well as

guest enhancements at our other facilities.

Interest income during fiscal 2014 increased approximately $2.0 million as compared to fiscal 2013. The increase is

predominately due to a settlement reached in fiscal 2014 related to prior years interest associated with a long-term receivable.

Interest expense decreased approximately $6.0 million, or 39.7 percent, in fiscal 2014, as compared to fiscal 2013. The

decrease was predominately due to higher capitalized interest associated with DAYTONA Rising.

Equity in net income from equity investments in fiscal 2014 and 2013, respectively, represents our 50.0 percent equity

investments in Hollywood Casino at Kansas Speedway (see “Equity and Other Investments”). We did not recognize any net

income or loss from our equity investment in MA in fiscal 2014 or in fiscal 2013 (see “Equity and Other Investments”).

Our effective income tax rate decreased from approximately 38.0 percent to approximately 33.0 percent during fiscal 2014

compared to fiscal 2013 (see “Income Taxes”).

As a result of the foregoing, net income increased approximately $22.1 million, or $0.48 per diluted share, for fiscal 2014 as

compared to fiscal 2013.

Comparison of Fiscal 2013 to Fiscal 2012

The comparison of fiscal 2013 to fiscal 2012 is impacted by the following factors:

(cid:127) Economic conditions, including those affecting disposable consumer income and corporate budgets such as

employment, business conditions, interest rates and taxation rates, continued to impact our ability to sell tickets to our

events and to secure revenues from corporate marketing partnerships. We believe that unprecedented adverse economic

trends, particularly the decline in consumer confidence and the level of unemployment, contributed to the decrease in

attendance related as well as corporate partner revenues for certain of our motorsports entertainment events beginning

in mid-2008;

(cid:127)

In fiscal 2013, we expensed approximately $2.8 million, or $0.04 per diluted share, of certain ongoing carrying costs

related to our Staten Island property. During fiscal 2012, we expensed approximately $4.6 million of similar costs;

(cid:127) During fiscal 2013, we recognized a charge relating to a legal judgment of litigation involving certain ancillary facility

operations of approximately $0.5 million, or $0.01 per diluted share. During fiscal 2012, we recognized a charge

relating to a settlement of a litigation involving certain ancillary facility operations of approximately $1.2 million;

(cid:127)

In fiscal 2013, we recognized approximately $1.5 million, or $0.02 per diluted share, in marketing and consulting costs

that are included in general and administrative expense related to DAYTONA Rising. During fiscal 2012, we

recognized approximately $0.4 million of similar costs;

ISC // 2014 ANNUAL REPORT // FORM 10-K // 32

(cid:127)

Increased attendance for Sprint Cup Chase for the Championship events at Martinsville and Talladega as well as sold

out events for the Fall Phoenix and Homestead Sprint Cup races; and

(cid:127) Certain non-NASCAR events new to the Company’s event schedule in 2014.

Several factors contributed to attendance decreases which offset the noted increases, including:

(cid:127)

Inclement weather and the threat of inclement weather during Speedweeks, resulting in a six hour rain delay for the

Daytona 500;

(cid:127)

Inclement weather resulting in postponement of the July Coke Zero 400 at Daytona to the following day;

Inclement weather impacting major events at Richmond and Martinsville;

(cid:127) Moving the Budweiser Duel during Speedweeks at Daytona from its historical Thursday afternoon schedule to an

early evening time slot; and

(cid:127) Other decreases in certain markets.

Motorsports related revenue increased approximately $8.2 million, or 1.9 percent, in fiscal 2014 as compared to fiscal 2013.

The increase is largely attributable to increases in television broadcast revenue of approximately $12.1 million. Also

contributing to the increase were increased hospitality revenues of approximately $1.5 million, as well as the aforementioned

drag race events held at Auto Club Speedway totaling approximately $1.0 million. Partially offsetting the increase was lower

MRN advertising and Sprint Vision revenues of approximately $2.5 million, as well as decreased sponsorship revenues of

approximately $2.2 million, and an adjustment in the 2013 first quarter to increase the ancillary rights fees attributable to fiscal

2012, of approximately $1.7 million, with no comparable adjustment in fiscal 2014.

Food, beverage and merchandise revenue increased approximately $28.8 million, or 65.5 percent, in fiscal 2014 as compared to

fiscal 2013. predominately due to the aforementioned consolidation of MA, of approximately $25.7 million. Also contributing

to the increase were concession sales of approximately $1.1 million related to the aforementioned non-motorsports event held

in the third quarter of fiscal 2014, for which there was no comparable event in fiscal 2013.

Prize and point fund monies and NASCAR sanction fees increased by approximately $3.6 million, or 2.3 percent, in fiscal 2014

as compared to fiscal 2013. The increases are primarily due to increases in television broadcast rights fees for the NASCAR

Sprint Cup, Xfinity and Camping World Truck series events held during the period as standard NASCAR sanctioning

agreements require a specific percentage of television broadcast rights fees to be paid to competitors.

Motorsports related expense increased by approximately $2.3 million, or 1.8 percent, in fiscal 2014 as compared to fiscal 2013.

The increase is primarily due to personnel related expenses, incremental costs for certain events largely driven by inclement

weather, and the aforementioned events held in fiscal 2014 for which there were no comparable events in fiscal 2013, as well as

advertising costs. Partially offsetting the increase were decreases in net purchased services of approximately $0.1 million.

approximately 22.8 percent for fiscal 2014, as compared to 22.7 percent for the same period in the prior year.

Food, beverage and merchandise expense increased approximately $25.1 million, or 75.8 percent, in fiscal 2014 as compared to

fiscal 2013. The increase is predominately attributable to the aforementioned consolidation of MA which increased related

expenses by approximately $21.4 million. Also contributing to the increase were increased catering and merchandise sales, as

well as concession sales related to the aforementioned non-motorsports event held in the third quarter of fiscal 2014, for which

there was no comparable event in fiscal 2013. Food, beverage and merchandise expense as a percentage of food, beverage and

merchandise revenue increased to approximately 79.9 percent for fiscal 2014, as compared to 75.3 percent for the same period

in the prior year. The decrease in margin is primarily a result of the aforementioned consolidation of MA and the

aforementioned non-motorsports event. Excluding MA and the non-motorsports event, food, beverage and merchandise

expense as a percentage of food, beverage and merchandise revenue is comparable to the same periods in 2013.

General and administrative expense increased approximately $3.6 million, or 3.5 percent, in fiscal 2014 as compared to fiscal

2013. The increase is predominately due to certain administrative costs and ancillary facility operations, totaling approximately

$7.9 million, of which approximately $2.5 million was related to MA. Partially offsetting the increase was certain ongoing

carrying costs related to our Staten Island property, of approximately $2.8 million, that occurred in fiscal 2013, for which there

were no comparable costs in the same period of fiscal 2014. Also contributing to offsetting the increase was a net decrease to
our general liability reserve of approximately $1.5 million, due to certain claims not reaching their full exposure, as was
estimated, prior to being resolved. General and administrative expenses as a percentage of total revenues decreased negligibly
to approximately 16.7 percent for fiscal 2014, as compared to 17.1 percent for fiscal 2013. The margin improvement was
predominately due to the aforementioned adjustments in our general liability insurance reserves in the 2014 period as well as
carrying costs related to our Staten Island property.

Depreciation and amortization expense decreased approximately $3.6 million, or 3.9 percent, in fiscal 2014 as compared to
fiscal 2013. The decrease was primarily attributable to the service lives of certain assets associated with DAYTONA Rising
and grandstand seating at Talladega and Richmond whose lives were reduced in the fiscal 2013 period and became fully
depreciated in the same period of fiscal 2014. Partially offsetting the decrease are new assets going into service, predominately
associated with DAYTONA Rising.

Losses on retirements of long-lived assets of approximately $10.1 million during fiscal 2014 is primarily attributable to
demolition costs in connection with DAYTONA Rising, capacity management initiatives and other capital improvements. The
losses on retirements of long-lived assets of approximately $16.6 million in fiscal 2013 is primarily attributable to the removal
of certain assets not fully depreciated in connection with DAYTONA Rising and grandstand seating at Talladega, as well as
guest enhancements at our other facilities.

Interest income during fiscal 2014 increased approximately $2.0 million as compared to fiscal 2013. The increase is
predominately due to a settlement reached in fiscal 2014 related to prior years interest associated with a long-term receivable.

Interest expense decreased approximately $6.0 million, or 39.7 percent, in fiscal 2014, as compared to fiscal 2013. The
decrease was predominately due to higher capitalized interest associated with DAYTONA Rising.

Equity in net income from equity investments in fiscal 2014 and 2013, respectively, represents our 50.0 percent equity
investments in Hollywood Casino at Kansas Speedway (see “Equity and Other Investments”). We did not recognize any net
income or loss from our equity investment in MA in fiscal 2014 or in fiscal 2013 (see “Equity and Other Investments”).

Our effective income tax rate decreased from approximately 38.0 percent to approximately 33.0 percent during fiscal 2014
compared to fiscal 2013 (see “Income Taxes”).

As a result of the foregoing, net income increased approximately $22.1 million, or $0.48 per diluted share, for fiscal 2014 as
compared to fiscal 2013.

Comparison of Fiscal 2013 to Fiscal 2012

The comparison of fiscal 2013 to fiscal 2012 is impacted by the following factors:

Motorsports related expenses as a percentage of combined admissions and motorsports related revenue remained consistent at

(cid:127) Economic conditions, including those affecting disposable consumer income and corporate budgets such as

employment, business conditions, interest rates and taxation rates, continued to impact our ability to sell tickets to our
events and to secure revenues from corporate marketing partnerships. We believe that unprecedented adverse economic
trends, particularly the decline in consumer confidence and the level of unemployment, contributed to the decrease in
attendance related as well as corporate partner revenues for certain of our motorsports entertainment events beginning
in mid-2008;

(cid:127)

In fiscal 2013, we expensed approximately $2.8 million, or $0.04 per diluted share, of certain ongoing carrying costs
related to our Staten Island property. During fiscal 2012, we expensed approximately $4.6 million of similar costs;

(cid:127) During fiscal 2013, we recognized a charge relating to a legal judgment of litigation involving certain ancillary facility
operations of approximately $0.5 million, or $0.01 per diluted share. During fiscal 2012, we recognized a charge
relating to a settlement of a litigation involving certain ancillary facility operations of approximately $1.2 million;

(cid:127)

In fiscal 2013, we recognized approximately $1.5 million, or $0.02 per diluted share, in marketing and consulting costs
that are included in general and administrative expense related to DAYTONA Rising. During fiscal 2012, we
recognized approximately $0.4 million of similar costs;

ISC // 2014 ANNUAL REPORT // FORM 10-K // 33

(cid:127) During fiscal 2013, we recognized approximately $15.4 million, or $0.20 per diluted share, of accelerated depreciation
that was recorded due to the shortening the service lives of certain assets associated with DAYTONA Rising and
capacity management initiatives. There were no comparable amounts in fiscal 2012;

(cid:127)

In fiscal 2013, we recognized approximately $16.6 million, or $0.21 per diluted share, of losses associated with asset
retirements primarily attributable to the removal of assets not fully depreciated in connection with DAYTONA Rising,
capacity management initiatives and other capital improvements. Included in these losses were approximately
$6.6 million of expenditures related to demolition and/or asset relocation costs, the remaining charges were non-cash.
During fiscal 2012, we recognized approximately $11.1 million of similar charges;

(cid:127)

In fiscal 2013, we recognized approximately $0.8 million, or $0.01 per diluted share, in capitalized interest related to
DAYTONA Rising. There was no comparable amounts related to DAYTONA Rising in fiscal 2012;

(cid:127) During fiscal 2012, we recognized approximately $9.1 million in expenses, or $0.12 per diluted share, related to the

redemption of the remaining $87.0 million principal 5.40 percent Senior Notes maturing in 2014;

(cid:127)

In fiscal 2013, we recorded approximately $0.1 million, or less than $0.01 per diluted share, net gain on the sale of
certain assets. In fiscal 2012, we recognized approximately $0.9 million of similar net gains; and

(cid:127) During fiscal 2013, we recognized approximately $9.4 million of income from equity investments associated with our

facilities.

Hollywood Casino at Kansas Speedway, which included a $1.1 million credit for previously paid property taxes related
to resolution of amounts under appeal. During fiscal 2012, we recognized income of approximately $2.8 million from
this equity investment, which included results of operations beginning in February 2012, net of charges related to
certain startup costs through the opening.

Admissions revenue decreased approximately $6.3 million, or 4.6 percent, in fiscal 2013 as compared to fiscal 2012. The
decrease is largely attributable to decreased attendance for certain events held during fiscal 2013, including certain events held
during Speedweeks at Daytona and the impact of inclement weather at Talladega and Chicagoland. To a lesser extent, a lower
weighted average ticket price for certain of the events contributed to the decline. The 2012 Daytona 500 was postponed for a
day due to inclement weather. Historically, rain delayed or postponed events due to inclement weather have a negative impact
on the following year's ticket renewals for those events. As a result of the postponement in 2012, we believe the 2013 Daytona
500 renewals were negatively impacted, which contributed to a significant portion of the fiscal 2013 decline.

Motorsports related revenue increased approximately $8.8 million, or 2.1 percent, in fiscal 2013 as compared to fiscal 2012.
The increase is largely attributable to increases in television broadcast revenue. Also contributing to the increase was an
incremental payout of fiscal 2012 ancillary rights fees during fiscal 2013. Partially offsetting the increases were lower MRN
advertising and Sprint Vision revenues.

Food, beverage and merchandise revenue decreased approximately $1.9 million, or 4.2 percent, in fiscal 2013 as compared to
fiscal 2012. The decrease is largely due to attendance decreases and lower catering revenues for certain events. To a lesser
extent, higher sales in fiscal 2012 driven by an extra day of selling opportunity as a result of the aforementioned rain delayed
and rescheduled Daytona 500 contributed to the decrease in the current year.

Prize and point fund monies and NASCAR sanction fees increased by approximately $4.7 million, or 3.0 percent, in fiscal 2013
as compared to fiscal 2012. The increase is due to higher television broadcast rights fees for the NASCAR Sprint Cup, Xfinity
and Camping World Truck series events held during the periods as standard NASCAR sanctioning agreements require a
specific percentage of television broadcast rights fees to be paid to competitors. Higher sanction fees paid to NASCAR also
contributed to the increases.

Motorsports related expense increased slightly by approximately $0.9 million, or 0.7 percent, in fiscal 2013 as compared to
fiscal 2012. The slight increase is related to aforementioned merit pay increases, advertising costs, maintenance costs and other
purchased services as well as a net increase in costs for certain non-comparable events year over year. Motorsports related
expenses as a percentage of combined admissions and motorsports related revenue remained consistent at approximately 22.7
percent for fiscal 2013, as compared to 22.6 percent for the same period in the prior year.

Food, beverage and merchandise expense decreased approximately $2.5 million, or 7.0 percent, in fiscal 2013 as compared to
fiscal 2012. The decrease is substantially attributable to lower catering and merchandise sales as well as improved margin on

catering and concession sales for events held during the periods. Food, beverage and merchandise expense as a percentage of

food, beverage and merchandise revenue decreased to approximately 75.3 percent for fiscal 2013, as compared to 77.5 percent

for the same period in the prior year. The increase in margin is a result of streamlined menus throughout our facilities aimed at

reducing overall food costs by leveraging purchasing power while elevating quality and delivery.

General and administrative expense increased approximately $2.0 million, or 1.9 percent, in fiscal 2013 as compared to fiscal

2012. The increase is primarily attributable to certain costs related to DAYTONA Rising, the loss accrual associated with the

incident at Daytona, a judgment in litigation involving certain ancillary facility operations, and certain administrative costs

including the aforementioned merit pay increases. Slightly offsetting the increases were reductions in property taxes at certain

facilities and the settlement of litigation involving certain ancillary facility operations in fiscal 2012. General and

administrative expenses as a percentage of total revenues increased negligibly to approximately 17.1 percent for fiscal 2013, as

compared to 16.8 percent for fiscal 2012.

Depreciation and amortization expense increased approximately $16.1 million, or 20.7 percent, in fiscal 2013 as compared to

fiscal 2012. The increase was primarily attributable accelerated depreciation resulting from shortening the service lives of

certain assets associated with DAYTONA Rising and the aforementioned capacity management initiatives at certain of our

Losses on retirements of long-lived assets of approximately $16.6 million during fiscal 2013 is primarily attributable to the

aforementioned capacity management initiatives at certain of our facilities, removal of certain assets related to DAYTONA

Rising, as well as guest enhancements at our other facilities. The losses on retirements of long-lived assets of approximately

$11.1 million in fiscal 2012 is primarily attributable to the removal of certain assets not fully depreciated in connection with the

repaving of the track at Kansas, as well as guest enhancements at our other facilities.

Interest income during fiscal 2013 was comparable to fiscal 2012.

Interest expense increased approximately $1.7 million, or 12.7 percent, in fiscal 2013, as compared to fiscal 2012. The increase

is due to lower capitalized interest, as well as interest on the $100.0 million principal 3.95 percent Senior Notes, issued in

September 2012. Significantly offsetting the increase was the redemption of the remaining $87.0 million principal 5.40 percent

Senior Notes in March 2012 as well as there being no borrowings outstanding on our $300.0 million revolving credit facility

during fiscal 2013.

Equity in net income from equity investments in fiscal 2013 and 2012, respectively, represents our 50.0 percent equity

investments in Hollywood Casino at Kansas Speedway (see “Equity and Other Investments”). We did not recognize any net

income or loss from our equity investment in MA in fiscal 2013 or in fiscal 2012.

Our effective income tax rate increased from approximately 36.7 percent to approximately 38.0 percent during fiscal 2013

compared to fiscal 2012 (see “Income Taxes”).

As a result of the foregoing, net income decreased approximately $9.3 million, or $0.21 per diluted share, for fiscal 2013 as

compared to fiscal 2012.

Liquidity and Capital Resources

General

We have historically generated sufficient cash flow from operations to fund our working capital needs, capital expenditures at

existing facilities, and return of capital through payments of an annual cash dividend and repurchase of our shares under our

Stock Purchase Plan. In addition, we have used the proceeds from offerings of our Class A Common Stock, the net proceeds

from the issuance of long-term debt, borrowings under our credit facilities and state and local mechanisms to fund acquisitions

and development projects. The following table sets forth certain selected financial information as of November 30, (in

thousands):

ISC // 2014 ANNUAL REPORT // FORM 10-K // 34

(cid:127) During fiscal 2013, we recognized approximately $15.4 million, or $0.20 per diluted share, of accelerated depreciation

that was recorded due to the shortening the service lives of certain assets associated with DAYTONA Rising and

capacity management initiatives. There were no comparable amounts in fiscal 2012;

(cid:127)

In fiscal 2013, we recognized approximately $16.6 million, or $0.21 per diluted share, of losses associated with asset

retirements primarily attributable to the removal of assets not fully depreciated in connection with DAYTONA Rising,

capacity management initiatives and other capital improvements. Included in these losses were approximately

$6.6 million of expenditures related to demolition and/or asset relocation costs, the remaining charges were non-cash.

During fiscal 2012, we recognized approximately $11.1 million of similar charges;

(cid:127)

In fiscal 2013, we recognized approximately $0.8 million, or $0.01 per diluted share, in capitalized interest related to

DAYTONA Rising. There was no comparable amounts related to DAYTONA Rising in fiscal 2012;

(cid:127) During fiscal 2012, we recognized approximately $9.1 million in expenses, or $0.12 per diluted share, related to the

redemption of the remaining $87.0 million principal 5.40 percent Senior Notes maturing in 2014;

(cid:127)

In fiscal 2013, we recorded approximately $0.1 million, or less than $0.01 per diluted share, net gain on the sale of

certain assets. In fiscal 2012, we recognized approximately $0.9 million of similar net gains; and

(cid:127) During fiscal 2013, we recognized approximately $9.4 million of income from equity investments associated with our

Hollywood Casino at Kansas Speedway, which included a $1.1 million credit for previously paid property taxes related

to resolution of amounts under appeal. During fiscal 2012, we recognized income of approximately $2.8 million from

this equity investment, which included results of operations beginning in February 2012, net of charges related to

certain startup costs through the opening.

Admissions revenue decreased approximately $6.3 million, or 4.6 percent, in fiscal 2013 as compared to fiscal 2012. The

decrease is largely attributable to decreased attendance for certain events held during fiscal 2013, including certain events held

during Speedweeks at Daytona and the impact of inclement weather at Talladega and Chicagoland. To a lesser extent, a lower

weighted average ticket price for certain of the events contributed to the decline. The 2012 Daytona 500 was postponed for a

day due to inclement weather. Historically, rain delayed or postponed events due to inclement weather have a negative impact

on the following year's ticket renewals for those events. As a result of the postponement in 2012, we believe the 2013 Daytona

500 renewals were negatively impacted, which contributed to a significant portion of the fiscal 2013 decline.

Motorsports related revenue increased approximately $8.8 million, or 2.1 percent, in fiscal 2013 as compared to fiscal 2012.

The increase is largely attributable to increases in television broadcast revenue. Also contributing to the increase was an

incremental payout of fiscal 2012 ancillary rights fees during fiscal 2013. Partially offsetting the increases were lower MRN

advertising and Sprint Vision revenues.

Food, beverage and merchandise revenue decreased approximately $1.9 million, or 4.2 percent, in fiscal 2013 as compared to

fiscal 2012. The decrease is largely due to attendance decreases and lower catering revenues for certain events. To a lesser

extent, higher sales in fiscal 2012 driven by an extra day of selling opportunity as a result of the aforementioned rain delayed

and rescheduled Daytona 500 contributed to the decrease in the current year.

Prize and point fund monies and NASCAR sanction fees increased by approximately $4.7 million, or 3.0 percent, in fiscal 2013

as compared to fiscal 2012. The increase is due to higher television broadcast rights fees for the NASCAR Sprint Cup, Xfinity

and Camping World Truck series events held during the periods as standard NASCAR sanctioning agreements require a

specific percentage of television broadcast rights fees to be paid to competitors. Higher sanction fees paid to NASCAR also

contributed to the increases.

Motorsports related expense increased slightly by approximately $0.9 million, or 0.7 percent, in fiscal 2013 as compared to

fiscal 2012. The slight increase is related to aforementioned merit pay increases, advertising costs, maintenance costs and other

purchased services as well as a net increase in costs for certain non-comparable events year over year. Motorsports related

expenses as a percentage of combined admissions and motorsports related revenue remained consistent at approximately 22.7

percent for fiscal 2013, as compared to 22.6 percent for the same period in the prior year.

Food, beverage and merchandise expense decreased approximately $2.5 million, or 7.0 percent, in fiscal 2013 as compared to

fiscal 2012. The decrease is substantially attributable to lower catering and merchandise sales as well as improved margin on

catering and concession sales for events held during the periods. Food, beverage and merchandise expense as a percentage of
food, beverage and merchandise revenue decreased to approximately 75.3 percent for fiscal 2013, as compared to 77.5 percent
for the same period in the prior year. The increase in margin is a result of streamlined menus throughout our facilities aimed at
reducing overall food costs by leveraging purchasing power while elevating quality and delivery.

General and administrative expense increased approximately $2.0 million, or 1.9 percent, in fiscal 2013 as compared to fiscal
2012. The increase is primarily attributable to certain costs related to DAYTONA Rising, the loss accrual associated with the
incident at Daytona, a judgment in litigation involving certain ancillary facility operations, and certain administrative costs
including the aforementioned merit pay increases. Slightly offsetting the increases were reductions in property taxes at certain
facilities and the settlement of litigation involving certain ancillary facility operations in fiscal 2012. General and
administrative expenses as a percentage of total revenues increased negligibly to approximately 17.1 percent for fiscal 2013, as
compared to 16.8 percent for fiscal 2012.

Depreciation and amortization expense increased approximately $16.1 million, or 20.7 percent, in fiscal 2013 as compared to
fiscal 2012. The increase was primarily attributable accelerated depreciation resulting from shortening the service lives of
certain assets associated with DAYTONA Rising and the aforementioned capacity management initiatives at certain of our
facilities.

Losses on retirements of long-lived assets of approximately $16.6 million during fiscal 2013 is primarily attributable to the
aforementioned capacity management initiatives at certain of our facilities, removal of certain assets related to DAYTONA
Rising, as well as guest enhancements at our other facilities. The losses on retirements of long-lived assets of approximately
$11.1 million in fiscal 2012 is primarily attributable to the removal of certain assets not fully depreciated in connection with the
repaving of the track at Kansas, as well as guest enhancements at our other facilities.

Interest income during fiscal 2013 was comparable to fiscal 2012.

Interest expense increased approximately $1.7 million, or 12.7 percent, in fiscal 2013, as compared to fiscal 2012. The increase
is due to lower capitalized interest, as well as interest on the $100.0 million principal 3.95 percent Senior Notes, issued in
September 2012. Significantly offsetting the increase was the redemption of the remaining $87.0 million principal 5.40 percent
Senior Notes in March 2012 as well as there being no borrowings outstanding on our $300.0 million revolving credit facility
during fiscal 2013.

Equity in net income from equity investments in fiscal 2013 and 2012, respectively, represents our 50.0 percent equity
investments in Hollywood Casino at Kansas Speedway (see “Equity and Other Investments”). We did not recognize any net
income or loss from our equity investment in MA in fiscal 2013 or in fiscal 2012.

Our effective income tax rate increased from approximately 36.7 percent to approximately 38.0 percent during fiscal 2013
compared to fiscal 2012 (see “Income Taxes”).

As a result of the foregoing, net income decreased approximately $9.3 million, or $0.21 per diluted share, for fiscal 2013 as
compared to fiscal 2012.

Liquidity and Capital Resources

General

We have historically generated sufficient cash flow from operations to fund our working capital needs, capital expenditures at
existing facilities, and return of capital through payments of an annual cash dividend and repurchase of our shares under our
Stock Purchase Plan. In addition, we have used the proceeds from offerings of our Class A Common Stock, the net proceeds
from the issuance of long-term debt, borrowings under our credit facilities and state and local mechanisms to fund acquisitions
and development projects. The following table sets forth certain selected financial information as of November 30, (in
thousands):

ISC // 2014 ANNUAL REPORT // FORM 10-K // 35

Cash and cash equivalents
Working capital

Total debt

2012

2013

2014

78,379 $
50,868

276,932

172,827 $
153,780

274,487

158,847
110,783

271,746

approximately $183.9 million for our 2014 fiscal year. In addition, we incurred charges of approximately $10.1 million of

losses on asset retirements, of which approximately $7.5 million of these charges were cash expenditures related to demolition

and/or asset relocation costs. In comparison, we spent approximately $85.5 million for fiscal 2013, on capital expenditures for

projects at our existing facilities.

At November 30, 2014, our working capital was primarily supported by our cash and cash equivalents totaling approximately
$158.8 million, a decrease of approximately $14.0 million from November 30, 2013. Significant cash flow items during fiscal
the fiscal years ended November 30 are as follows (in thousands):

Net cash provided by operating activities (1)
Capital expenditures (2)

Distribution from equity investee and affiliate (3)

Proceeds from sale of Staten Island property

Equity investments and advances to affiliate (4)

Net payments related to our credit facility

Net proceeds (payments) related to long-term debt
Dividends paid and reacquisitions of previously issued common
stock

2012

2013

2014

150,925 $
(82,872 )

11,000

—

(51,984 )

(50,000 )

10,694

173,395 $
(85,539 )

21,500

5,322

—

(2,513 )

162,847
(183,936 )

22,000

6,100

(1,322 )

—

(2,807 )

Future Liquidity

General

(19,839 )

(10,488 )

(11,504 )

are not limited to, general economic conditions, employment levels, business conditions, interest and taxation rates, relative

(1) Variances in net cash provided by operating activities were predominately due to the amount and timing of cash

payments for income taxes (see "Income Taxes")

(2)

Increase in capital expenditures is predominately due to DAYTONA Rising (see "Capital Expenditures")

(3) Distributions from equity investee and affiliates, consists of amounts received as distribution from their profits and

returns of capital as detailed in our statement of cash flows

(4) Amounts relate to Hollywood Casino at Kansas Speedway (see “Equity and Other Investments”) and ONE DAYTONA

(see "ONE DAYTONA"), respectively

fund:

Our liquidity is primarily generated from our ongoing motorsports operations, and we expect our strong operating cash flow to
continue in the future. In addition, as of November 30, 2014, we have approximately $296.0 million available to draw upon
under our 2012 Credit Facility, if needed. See “Future Liquidity” for additional disclosures relating to our credit facility and
certain risks that may affect our near term operating results and liquidity.

Allocation of capital is driven by our long-term strategic planning and initiatives that encompass our mission, vision and
values. Our primary uses of capital are to maintain modest debt levels that are consistent with our current investment grade debt
rating from Standard and Poor’s. We will invest in our facilities to improve the guest experience and we will make investments
in strategic projects that complement our core business and provide value for our shareholders, all of which is balanced with
returning capital to our shareholders through share repurchases and dividends.

Capital Expenditures

As discussed in “Future Trends in Operating Results,” an important strategy for our future growth will come from investing in
our major motorsports facilities to enhance the live event experience and better enable us to effectively compete with other
entertainment venues for consumer and corporate spending.

In June 2013, ISC's board of directors endorsed a capital allocation plan for fiscal 2013 through fiscal 2017 not to exceed
$600.0 million in capital expenditures over that period. The five-year capital allocation plan encompasses all the capital
expenditures for ISC's 13 major motorsports facilities, including DAYTONA Rising, as well as any equity commitments to
undertake ONE DAYTONA. Of the endorsed five-year capital allocation plan, DAYTONA Rising will account for
approximately $400.0 million of the $600.0 million.

Capital expenditures for projects at existing facilities, including those related to DAYTONA Rising, grandstand seating
enhancements at Talladega; concourse improvements at Richmond; and a variety of other improvements and renovations, was

ISC // 2014 ANNUAL REPORT // FORM 10-K // 36

With the majority of the capital expenditures for DAYTONA Rising occurring in fiscal 2014 and 2015, we estimate capital

expenditures, exclusive of capitalized interest, across all of ISC's existing facilities will be approximately $200.0 million for

fiscal 2015, based on the timing of construction payments. With a target completion date for DAYTONA Rising in January

2016, capital expenditures will then decrease significantly with an expectation of capital expenditures for projects at all of ISC's

existing facilities, exclusive of capitalized interest, to be between $60.0 to $70.0 million in fiscal 2016 and fiscal 2017.

We review the capital expenditure program periodically and modify it as required to meet current business needs.

As discussed in “Future Trends in Operating Results,” we compete for discretionary spending and leisure time with many other

entertainment alternatives and are subject to factors that generally affect the recreation, leisure and sports industry, including

general economic conditions. Our operations are also sensitive to factors that affect corporate budgets. Such factors include, but

commodity prices, and changes in consumer tastes and spending habits. These factors may negatively impact year-over-year

comparability for our revenue categories for the full year, with the exception of domestic broadcast media rights fees. While we

are sustaining the significant cost reductions implemented subsequent to the unprecedented adverse economic conditions that

began in 2008, we do not expect further significant cost reductions.

Our cash flow from operations consists primarily of ticket, hospitality, merchandise, catering and concession sales and

contracted revenues arising from television broadcast rights and marketing partnerships. We believe that cash flows from

operations, along with existing cash, cash equivalents and available borrowings under our credit facility, will be sufficient to

(cid:127) operations of our major motorsports facilities for the foreseeable future;

(cid:127)

the previously discussed five-year capital expenditures plan at our existing facilities, which includes DAYTONA

Rising, any equity commitment to ONE DAYTONA, as well as any future fan and competitor safety, critical

maintenance and regulatory compliance spending;

(cid:127) payments required in connection with the funding of the Unified Government's debt service requirements related to

the TIF bonds;

(cid:127) payments related to our existing debt service commitments;

(cid:127)

contributions in connection with any future expansion of the Hollywood Casino at Kansas Speedway; and

(cid:127) our annual dividend payment and share repurchases under our Stock Purchase Plan.

We remain interested in pursuing acquisition and/or development opportunities that would increase shareholder value, of which

the timing, size, success and associated potential capital commitments, are unknown at this time. Accordingly, a material

acceleration of our growth strategy could require us to obtain additional capital through debt and/or equity financings.

Although there can be no assurance, we believe that adequate debt and equity financing will be available on satisfactory terms.

While we expect our strong operating cash flow to continue in the future, our financial results depend significantly on a number

of factors. In addition to local, national, and global economic and financial market conditions, consumer and corporate

spending could be adversely affected by security and other lifestyle conditions resulting in lower than expected future operating

cash flows. General economic conditions were significantly and negatively impacted by the September 11, 2001 terrorist

attacks and the wars in Iraq and Afghanistan and could be similarly affected by any future attacks or fear of such attacks, or by

conditions resulting from other acts or prospects of war. Any future attacks or wars or related threats could also increase our

expenses related to insurance, security or other related matters. Also, our financial results could be adversely impacted by a

widespread outbreak of a severe epidemiological crisis. The items discussed above could have a singular or compounded

material adverse effect on our financial success and future cash flow.

Cash and cash equivalents

Working capital

Total debt

2012

2013

2014

78,379 $

50,868

276,932

172,827 $

153,780

274,487

158,847

110,783

271,746

approximately $183.9 million for our 2014 fiscal year. In addition, we incurred charges of approximately $10.1 million of
losses on asset retirements, of which approximately $7.5 million of these charges were cash expenditures related to demolition
and/or asset relocation costs. In comparison, we spent approximately $85.5 million for fiscal 2013, on capital expenditures for
projects at our existing facilities.

At November 30, 2014, our working capital was primarily supported by our cash and cash equivalents totaling approximately

$158.8 million, a decrease of approximately $14.0 million from November 30, 2013. Significant cash flow items during fiscal

the fiscal years ended November 30 are as follows (in thousands):

Net cash provided by operating activities (1)

150,925 $

173,395 $

2012

2013

2014

With the majority of the capital expenditures for DAYTONA Rising occurring in fiscal 2014 and 2015, we estimate capital
expenditures, exclusive of capitalized interest, across all of ISC's existing facilities will be approximately $200.0 million for
fiscal 2015, based on the timing of construction payments. With a target completion date for DAYTONA Rising in January
2016, capital expenditures will then decrease significantly with an expectation of capital expenditures for projects at all of ISC's
existing facilities, exclusive of capitalized interest, to be between $60.0 to $70.0 million in fiscal 2016 and fiscal 2017.

We review the capital expenditure program periodically and modify it as required to meet current business needs.

Future Liquidity

General

As discussed in “Future Trends in Operating Results,” we compete for discretionary spending and leisure time with many other
entertainment alternatives and are subject to factors that generally affect the recreation, leisure and sports industry, including
general economic conditions. Our operations are also sensitive to factors that affect corporate budgets. Such factors include, but
are not limited to, general economic conditions, employment levels, business conditions, interest and taxation rates, relative
commodity prices, and changes in consumer tastes and spending habits. These factors may negatively impact year-over-year
comparability for our revenue categories for the full year, with the exception of domestic broadcast media rights fees. While we
are sustaining the significant cost reductions implemented subsequent to the unprecedented adverse economic conditions that
began in 2008, we do not expect further significant cost reductions.

Our cash flow from operations consists primarily of ticket, hospitality, merchandise, catering and concession sales and
contracted revenues arising from television broadcast rights and marketing partnerships. We believe that cash flows from
operations, along with existing cash, cash equivalents and available borrowings under our credit facility, will be sufficient to
fund:

(cid:127) operations of our major motorsports facilities for the foreseeable future;

(cid:127)

the previously discussed five-year capital expenditures plan at our existing facilities, which includes DAYTONA
Rising, any equity commitment to ONE DAYTONA, as well as any future fan and competitor safety, critical
maintenance and regulatory compliance spending;

(cid:127) payments required in connection with the funding of the Unified Government's debt service requirements related to

Allocation of capital is driven by our long-term strategic planning and initiatives that encompass our mission, vision and

the TIF bonds;

(cid:127) payments related to our existing debt service commitments;

(cid:127)

contributions in connection with any future expansion of the Hollywood Casino at Kansas Speedway; and

(cid:127) our annual dividend payment and share repurchases under our Stock Purchase Plan.

We remain interested in pursuing acquisition and/or development opportunities that would increase shareholder value, of which
the timing, size, success and associated potential capital commitments, are unknown at this time. Accordingly, a material
acceleration of our growth strategy could require us to obtain additional capital through debt and/or equity financings.
Although there can be no assurance, we believe that adequate debt and equity financing will be available on satisfactory terms.

While we expect our strong operating cash flow to continue in the future, our financial results depend significantly on a number
of factors. In addition to local, national, and global economic and financial market conditions, consumer and corporate
spending could be adversely affected by security and other lifestyle conditions resulting in lower than expected future operating
cash flows. General economic conditions were significantly and negatively impacted by the September 11, 2001 terrorist
attacks and the wars in Iraq and Afghanistan and could be similarly affected by any future attacks or fear of such attacks, or by
conditions resulting from other acts or prospects of war. Any future attacks or wars or related threats could also increase our
expenses related to insurance, security or other related matters. Also, our financial results could be adversely impacted by a
widespread outbreak of a severe epidemiological crisis. The items discussed above could have a singular or compounded
material adverse effect on our financial success and future cash flow.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 37

Capital expenditures (2)

Distribution from equity investee and affiliate (3)

Proceeds from sale of Staten Island property

Equity investments and advances to affiliate (4)

Net payments related to our credit facility

Net proceeds (payments) related to long-term debt

(82,872 )

11,000

—

(51,984 )

(50,000 )

10,694

(85,539 )

21,500

5,322

—

(2,513 )

162,847

(183,936 )

22,000

6,100

(1,322 )

—

(2,807 )

Dividends paid and reacquisitions of previously issued common

stock

(19,839 )

(10,488 )

(11,504 )

(1) Variances in net cash provided by operating activities were predominately due to the amount and timing of cash

payments for income taxes (see "Income Taxes")

(2)

Increase in capital expenditures is predominately due to DAYTONA Rising (see "Capital Expenditures")

(3) Distributions from equity investee and affiliates, consists of amounts received as distribution from their profits and

returns of capital as detailed in our statement of cash flows

(4) Amounts relate to Hollywood Casino at Kansas Speedway (see “Equity and Other Investments”) and ONE DAYTONA

(see "ONE DAYTONA"), respectively

Our liquidity is primarily generated from our ongoing motorsports operations, and we expect our strong operating cash flow to

continue in the future. In addition, as of November 30, 2014, we have approximately $296.0 million available to draw upon

under our 2012 Credit Facility, if needed. See “Future Liquidity” for additional disclosures relating to our credit facility and

certain risks that may affect our near term operating results and liquidity.

values. Our primary uses of capital are to maintain modest debt levels that are consistent with our current investment grade debt

rating from Standard and Poor’s. We will invest in our facilities to improve the guest experience and we will make investments

in strategic projects that complement our core business and provide value for our shareholders, all of which is balanced with

returning capital to our shareholders through share repurchases and dividends.

Capital Expenditures

As discussed in “Future Trends in Operating Results,” an important strategy for our future growth will come from investing in

our major motorsports facilities to enhance the live event experience and better enable us to effectively compete with other

entertainment venues for consumer and corporate spending.

In June 2013, ISC's board of directors endorsed a capital allocation plan for fiscal 2013 through fiscal 2017 not to exceed

$600.0 million in capital expenditures over that period. The five-year capital allocation plan encompasses all the capital

expenditures for ISC's 13 major motorsports facilities, including DAYTONA Rising, as well as any equity commitments to

undertake ONE DAYTONA. Of the endorsed five-year capital allocation plan, DAYTONA Rising will account for

approximately $400.0 million of the $600.0 million.

Capital expenditures for projects at existing facilities, including those related to DAYTONA Rising, grandstand seating

enhancements at Talladega; concourse improvements at Richmond; and a variety of other improvements and renovations, was

Long-Term Obligations and Commitments

Our $65.0 million principal amount of senior unsecured notes (“4.63 percent Senior Notes”) bear interest at 4.63 percent and
are due January 2021, require semi-annual interest payments on January 18 and July 18 through their maturity. The 4.63
percent Senior Notes may be redeemed in whole or in part, at our option, at any time or from time to time at redemption prices
as defined in the indenture. Certain of our wholly owned domestic subsidiaries are guarantors of the 4.63 percent Senior Notes.
Certain restrictive covenants of the 4.63 percent Senior Notes require that the Company's ratio of its Consolidated Funded
Indebtedness to its Consolidated EBITDA ("leverage ratio") does not exceed 3.50 to 1.0, and its Consolidated EBITDA to
Consolidated Interest Expense ("interest coverage ratio") is not less than 2.0 to 1.0. In addition the Company may not permit
the aggregate of certain Priority Debt to exceed 15.0 percent of its Consolidated Net Worth. The 4.63 percent Senior Notes
contain various other affirmative and negative restrictive covenants including, among others, limitations on liens, sales of
assets, mergers and consolidations and certain transactions with affiliates. As of November 30, 2014, the Company was in
compliance with its various restrictive covenants. At November 30, 2014, outstanding principal on the 4.63 percent Senior
Notes was approximately $65.0 million.

Our $100.0 million principal amount of senior unsecured notes (“3.95 percent Senior Notes”) bear interest at 3.95 percent and
are due September 2024. The 3.95 percent Senior Notes require semi-annual interest payments on March 13 and September 13
through their maturity. The 3.95 percent Senior Notes may be redeemed in whole or in part, at our option, at any time or from
time to time at redemption prices as defined in the indenture. Certain of our wholly owned domestic subsidiaries are guarantors
of the 3.95 percent Senior Notes. Certain restrictive covenants of the 3.95 percent Senior Notes require that the Company's
leverage ratio does not exceed 3.50 to 1.0, and its interest coverage ratio is not less than 2.0 to 1.0. In addition the Company
may not permit the aggregate of certain Priority Debt to exceed 15.0 percent of its Consolidated Net Worth. The 3.95 percent
Senior Notes contain various other affirmative and negative restrictive covenants including, among others, limitations on liens,
sales of assets, mergers and consolidations and certain transactions with affiliates. As of November 30, 2014, the Company was
in compliance with its various restrictive covenants. At November 30, 2014, outstanding principal on the 3.95 percent Senior
Notes was approximately $100.0 million.

Our wholly owned subsidiary, Chicagoland Speedway, LLC, which owns and operates Chicagoland and Route 66, has debt
outstanding in the form of revenue bonds payable (“4.82 percent Revenue Bonds”), consisting of economic development
revenue bonds issued by the City of Joliet, Illinois to finance certain land improvements. The 4.82 percent Revenue Bonds have
an interest rate of 4.82 percent and a monthly payment of approximately $29,000 principal and interest. At November 30, 2014,
outstanding principal on the 4.82 percent Revenue Bonds was approximately $0.3 million.

The term loan (“6.25 percent Term Loan”), related to our International Motorsports Center, has a 25 year term due October
2034, an interest rate of 6.25 percent, and a current monthly payment of approximately $292,000 principal and interest. At
November 30, 2014, the outstanding principal on the 6.25 percent Term Loan was approximately $49.5 million.

At November 30, 2014, outstanding TIF bonds totaled approximately $56.9 million, net of the unamortized discount, which is
comprised of a $7.7 million principal amount, 6.15 percent term bond due December 1, 2017 and a $49.7 million principal
amount, 6.75 percent term bond due December 1, 2027. The TIF bonds are repaid by the Unified Government with payments
made in lieu of property taxes (“Funding Commitment”) by our wholly owned subsidiary, Kansas Speedway Corporation
(“KSC”). Principal (mandatory redemption) payments per the Funding Commitment are payable by KSC on October 1 of each
year. The semi-annual interest component of the Funding Commitment is payable on April 1 and October 1 of each year. KSC
granted a mortgage and security interest in the Kansas project for its Funding Commitment obligation.

In October 2002, the Unified Government issued subordinate sales tax special obligation revenue bonds (“2002 STAR Bonds”)
totaling approximately $6.3 million to reimburse us for certain construction already completed on the second phase of the
Kansas Speedway project and to fund certain additional construction. The 2002 STAR Bonds, which require annual debt
service payments and are due December 1, 2022, will be retired with state and local taxes generated within the Kansas
Speedway’s boundaries and are not our obligation. KSC has agreed to guarantee the payment of principal, any required
premium and interest on the 2002 STAR Bonds. At November 30, 2014, the Unified Government had approximately
$1.4 million in 2002 STAR Bonds outstanding. Under a keepwell agreement, we have agreed to provide financial assistance to
KSC, if necessary, to support its guarantee of the 2002 STAR Bonds.

The 2012 Credit Facility contains a feature that allows us to increase the credit facility from $300.0 million to a total of

$500.0 million, subject to certain conditions, provides for separate sub-limits of $25.0 million for standby letters of credit and

$10.0 million for swing line loans. The 2012 Credit Facility is scheduled to mature in November 2017. Interest accrues, at the

Company's option, at either LIBOR plus 100.0 — 162.5 basis points or a base rate loan at the highest of i) Wells Fargo Bank's

prime lending rate, ii) the Federal Funds rate, as in effect from time to time, plus 0.5 percent, and iii) one month LIBOR plus

1.0 percent. The 2012 Credit Facility also contains a commitment fee ranging from 0.125 percent to 0.225 percent of unused

amounts available for borrowing. The interest rate margin on the LIBOR borrowings and commitment fee are variable

depending on the better of the Company's debt rating as determined by specified rating agencies or its leverage ratio. Certain of

the Company's wholly owned domestic subsidiaries are guarantors on the 2012 Credit Facility. The 2012 Credit Facility

requires that the Company's leverage ratio does not exceed 3.50 to 1.0 (4.0 to 1.0 for the four quarters ending after any

Permitted Acquisition), and its interest coverage ratio is not less than 2.5 to 1.0. The 2012 Credit Facility also contains various

other affirmative and negative restrictive covenants including, among others, limitations on indebtedness, investments, sales of

assets, certain transactions with affiliates, entering into certain restrictive agreements and making certain restricted payments as

detailed in the agreement. As of November 30, 2014, the Company was in compliance with its various restrictive covenants.

At November 30, 2014, the Company had no outstanding borrowings under the 2012 Credit Facility.

At November 30, 2014 we had contractual cash obligations to repay debt and to make payments under operating agreements,

leases and commercial commitments in the form of guarantees and unused lines of credit. Payments due under these long-term

obligations are as follows as of November 30, 2014 (in thousands):

Long-term debt

Interest

agreement

Other operating leases

Motorsports entertainment facility operating

Obligations Due by Period

Total

2-3 Years

4-5 Years

Less Than

One Year

After

5 Years

272,263 $

3,435 $

7,146 $

8,613 $

253,069

129,690

13,870

27,124

26,175

62,521

20,340

43,783

2,220

4,033

2,207

5,373

2,110

3,586

13,803

30,791

Total Contractual Cash Obligations

466,076 $

23,558 $

41,850 $

40,484 $

360,184

Commercial commitment expirations are as follows as of November 30, 2014 (in thousands):

Guarantees

Unused credit facilities

Commitment Expiration by Period

Total

Less Than

One Year

2-3 Years

4-5 Years

1,410 $

300,000

210 $

—

465 $

300,000

After

5 Years

275 $

—

275 $

460

—

460

Total Commercial Commitments

301,410 $

210 $

300,465 $

DAYTONA Rising: Reimagining an American Icon

DAYTONA Rising is the redevelopment of the frontstretch at Daytona, ISC's 55-year-old flagship motorsports facility, to

enhance the event experience for our fans, marketing partners, broadcasters and the motorsports industry.

The vision for DAYTONA Rising places an emphasis on enhancing the complete fan experience, beginning with five expanded

and redesigned fan entrances, or injectors. Each injector will lead directly to a series of escalators and elevators that will

transport fans to any of three different concourse levels, each featuring spacious and strategically-placed social

"neighborhoods" along the nearly mile-long frontstretch.

As part of DAYTONA Rising, we entered into a Design-Build Agreement with Barton Malow Company (“Barton Malow”),

which obligates us to pay Barton Malow approximately $316.0 million for the completion of the work described in the Design-

Build Agreement. The amount is a stipulated sum to be paid for the work, which may not change unless we request a change in

the scope of work. The Design-Build Agreement contains certain provisions and representations usual and customary for

agreements of this type, including, among others, provisions regarding liquidated damages to be assessed for work that is not

ISC // 2014 ANNUAL REPORT // FORM 10-K // 38

Long-Term Obligations and Commitments

Our $65.0 million principal amount of senior unsecured notes (“4.63 percent Senior Notes”) bear interest at 4.63 percent and

are due January 2021, require semi-annual interest payments on January 18 and July 18 through their maturity. The 4.63

percent Senior Notes may be redeemed in whole or in part, at our option, at any time or from time to time at redemption prices

as defined in the indenture. Certain of our wholly owned domestic subsidiaries are guarantors of the 4.63 percent Senior Notes.

Certain restrictive covenants of the 4.63 percent Senior Notes require that the Company's ratio of its Consolidated Funded

Indebtedness to its Consolidated EBITDA ("leverage ratio") does not exceed 3.50 to 1.0, and its Consolidated EBITDA to

Consolidated Interest Expense ("interest coverage ratio") is not less than 2.0 to 1.0. In addition the Company may not permit

the aggregate of certain Priority Debt to exceed 15.0 percent of its Consolidated Net Worth. The 4.63 percent Senior Notes

contain various other affirmative and negative restrictive covenants including, among others, limitations on liens, sales of

assets, mergers and consolidations and certain transactions with affiliates. As of November 30, 2014, the Company was in

compliance with its various restrictive covenants. At November 30, 2014, outstanding principal on the 4.63 percent Senior

Notes was approximately $65.0 million.

Our $100.0 million principal amount of senior unsecured notes (“3.95 percent Senior Notes”) bear interest at 3.95 percent and

are due September 2024. The 3.95 percent Senior Notes require semi-annual interest payments on March 13 and September 13

through their maturity. The 3.95 percent Senior Notes may be redeemed in whole or in part, at our option, at any time or from

time to time at redemption prices as defined in the indenture. Certain of our wholly owned domestic subsidiaries are guarantors

of the 3.95 percent Senior Notes. Certain restrictive covenants of the 3.95 percent Senior Notes require that the Company's

leverage ratio does not exceed 3.50 to 1.0, and its interest coverage ratio is not less than 2.0 to 1.0. In addition the Company

may not permit the aggregate of certain Priority Debt to exceed 15.0 percent of its Consolidated Net Worth. The 3.95 percent

Senior Notes contain various other affirmative and negative restrictive covenants including, among others, limitations on liens,

sales of assets, mergers and consolidations and certain transactions with affiliates. As of November 30, 2014, the Company was

in compliance with its various restrictive covenants. At November 30, 2014, outstanding principal on the 3.95 percent Senior

Notes was approximately $100.0 million.

Our wholly owned subsidiary, Chicagoland Speedway, LLC, which owns and operates Chicagoland and Route 66, has debt

outstanding in the form of revenue bonds payable (“4.82 percent Revenue Bonds”), consisting of economic development

revenue bonds issued by the City of Joliet, Illinois to finance certain land improvements. The 4.82 percent Revenue Bonds have

an interest rate of 4.82 percent and a monthly payment of approximately $29,000 principal and interest. At November 30, 2014,

outstanding principal on the 4.82 percent Revenue Bonds was approximately $0.3 million.

The term loan (“6.25 percent Term Loan”), related to our International Motorsports Center, has a 25 year term due October

2034, an interest rate of 6.25 percent, and a current monthly payment of approximately $292,000 principal and interest. At

November 30, 2014, the outstanding principal on the 6.25 percent Term Loan was approximately $49.5 million.

At November 30, 2014, outstanding TIF bonds totaled approximately $56.9 million, net of the unamortized discount, which is

comprised of a $7.7 million principal amount, 6.15 percent term bond due December 1, 2017 and a $49.7 million principal

amount, 6.75 percent term bond due December 1, 2027. The TIF bonds are repaid by the Unified Government with payments

made in lieu of property taxes (“Funding Commitment”) by our wholly owned subsidiary, Kansas Speedway Corporation

(“KSC”). Principal (mandatory redemption) payments per the Funding Commitment are payable by KSC on October 1 of each

year. The semi-annual interest component of the Funding Commitment is payable on April 1 and October 1 of each year. KSC

granted a mortgage and security interest in the Kansas project for its Funding Commitment obligation.

In October 2002, the Unified Government issued subordinate sales tax special obligation revenue bonds (“2002 STAR Bonds”)

totaling approximately $6.3 million to reimburse us for certain construction already completed on the second phase of the

Kansas Speedway project and to fund certain additional construction. The 2002 STAR Bonds, which require annual debt

service payments and are due December 1, 2022, will be retired with state and local taxes generated within the Kansas

Speedway’s boundaries and are not our obligation. KSC has agreed to guarantee the payment of principal, any required

premium and interest on the 2002 STAR Bonds. At November 30, 2014, the Unified Government had approximately

$1.4 million in 2002 STAR Bonds outstanding. Under a keepwell agreement, we have agreed to provide financial assistance to

KSC, if necessary, to support its guarantee of the 2002 STAR Bonds.

The 2012 Credit Facility contains a feature that allows us to increase the credit facility from $300.0 million to a total of
$500.0 million, subject to certain conditions, provides for separate sub-limits of $25.0 million for standby letters of credit and
$10.0 million for swing line loans. The 2012 Credit Facility is scheduled to mature in November 2017. Interest accrues, at the
Company's option, at either LIBOR plus 100.0 — 162.5 basis points or a base rate loan at the highest of i) Wells Fargo Bank's
prime lending rate, ii) the Federal Funds rate, as in effect from time to time, plus 0.5 percent, and iii) one month LIBOR plus
1.0 percent. The 2012 Credit Facility also contains a commitment fee ranging from 0.125 percent to 0.225 percent of unused
amounts available for borrowing. The interest rate margin on the LIBOR borrowings and commitment fee are variable
depending on the better of the Company's debt rating as determined by specified rating agencies or its leverage ratio. Certain of
the Company's wholly owned domestic subsidiaries are guarantors on the 2012 Credit Facility. The 2012 Credit Facility
requires that the Company's leverage ratio does not exceed 3.50 to 1.0 (4.0 to 1.0 for the four quarters ending after any
Permitted Acquisition), and its interest coverage ratio is not less than 2.5 to 1.0. The 2012 Credit Facility also contains various
other affirmative and negative restrictive covenants including, among others, limitations on indebtedness, investments, sales of
assets, certain transactions with affiliates, entering into certain restrictive agreements and making certain restricted payments as
detailed in the agreement. As of November 30, 2014, the Company was in compliance with its various restrictive covenants.
At November 30, 2014, the Company had no outstanding borrowings under the 2012 Credit Facility.

At November 30, 2014 we had contractual cash obligations to repay debt and to make payments under operating agreements,
leases and commercial commitments in the form of guarantees and unused lines of credit. Payments due under these long-term
obligations are as follows as of November 30, 2014 (in thousands):

Long-term debt
Interest
Motorsports entertainment facility operating
agreement
Other operating leases

Total Contractual Cash Obligations

Obligations Due by Period

Total
272,263 $
129,690

Less Than
One Year

2-3 Years

4-5 Years

After
5 Years

3,435 $
13,870

7,146 $
27,124

8,613 $
26,175

253,069
62,521

20,340
43,783
466,076 $

2,220
4,033
23,558 $

2,207
5,373
41,850 $

2,110
3,586
40,484 $

13,803
30,791

360,184

Commercial commitment expirations are as follows as of November 30, 2014 (in thousands):

Guarantees
Unused credit facilities

Total Commercial Commitments

Commitment Expiration by Period

Total

Less Than
One Year

2-3 Years

4-5 Years

After
5 Years

1,410 $

300,000
301,410 $

210 $
—
210 $

465 $

300,000
300,465 $

275 $
—
275 $

460
—
460

DAYTONA Rising: Reimagining an American Icon

DAYTONA Rising is the redevelopment of the frontstretch at Daytona, ISC's 55-year-old flagship motorsports facility, to
enhance the event experience for our fans, marketing partners, broadcasters and the motorsports industry.

The vision for DAYTONA Rising places an emphasis on enhancing the complete fan experience, beginning with five expanded
and redesigned fan entrances, or injectors. Each injector will lead directly to a series of escalators and elevators that will
transport fans to any of three different concourse levels, each featuring spacious and strategically-placed social
"neighborhoods" along the nearly mile-long frontstretch.

As part of DAYTONA Rising, we entered into a Design-Build Agreement with Barton Malow Company (“Barton Malow”),
which obligates us to pay Barton Malow approximately $316.0 million for the completion of the work described in the Design-
Build Agreement. The amount is a stipulated sum to be paid for the work, which may not change unless we request a change in
the scope of work. The Design-Build Agreement contains certain provisions and representations usual and customary for
agreements of this type, including, among others, provisions regarding liquidated damages to be assessed for work that is not

ISC // 2014 ANNUAL REPORT // FORM 10-K // 39

completed according to the agreed upon schedule, provisions regarding payment schedules, and provisions regarding bonding
and liability insurance policies applicable to the work. In addition, the Design-Build Agreement contains customary provisions
regarding termination, review and inspection of the work, warranties and the use of subcontractors.

forward looking amounts are management’s projections and we believe they are reasonable, our actual results may vary from

these estimates due to unanticipated changes in projected attendance, lower than expected ticket prices, or lower than

forecasted corporate sponsorships. We do not know whether these expectations will ultimately prove correct and actual

A total of 11 neighborhoods, each measuring the size of a football field, will enable fans to meet and socialize during events
without missing any on-track action, thanks to dozens of strategically-placed video screens in every neighborhood. The central
neighborhood, dubbed the "World Center of Racing," features open sight-lines enabling fans to catch all the on-track action
while celebrating the history of Daytona International Speedway and its many unforgettable moments throughout more than 50
years of racing.

Every seat in Daytona's frontstretch will be replaced with wider, more comfortable seating that will provide pristine sight-lines.
There will also be twice as many restrooms and three times as many concessions throughout the facility. For Budweiser
Speedweeks 2015, fans can experience some of DAYTONA Rising’s new amenities including first-ever vertical transportation,
approximately 40,000 new grandstand seats on the frontstretch near Turn 1, and new concessions and restrooms.

In addition to improving the overall fan experience, the corporate entertainment platform at Daytona will be completely
transformed. Corporate hospitality will be moved into permanent structures inside the new grandstand, providing premier
facilities for corporate entertaining throughout our events. Over 60 new trackside corporate suites will provide our premium
guests with breathtaking views and first-class amenities befitting the “World Center of Racing.”

In February 2014, Daytona International Speedway announced Toyota as its first Founding Partner for DAYTONA Rising.
Through this partnership, Toyota will sponsor Injector 4 and one of the neighborhoods, as well as receive 20,000 square feet of
innovative fan engagement space that will enhance the overall guest experience, and nearly 50,000 square feet of interior and
exterior branding space. The partnership runs through 2025.

In November 2014, Florida Hospital was announced as the stadium’s second Founding Partner taking ownership of Injector 1.
As with Toyota, the Florida Hospital brand will be represented on one of five fan injectors, including more than 20,000 square
feet of engagement space. Within this injector, Florida Hospital will also have a presence in one of the “neighborhoods”.

Beginning in January 2015, Florida Hospital will be the exclusive healthcare provider of Daytona, which includes providing
medical equipment and personnel for all events, managing the care center operations and providing ambulances to handle
emergency situations.

In August 2014, Daytona announced that CommScope, Inc. ("CommScope"), a global leader in infrastructure solutions for
communications networks, has become the first technology partner in the expanding DAYTONA Rising “We Built Daytona”
marketing platform. CommScope will deploy a new communications infrastructure at Daytona providing the facility with the
bandwidth and flexibility to offer services that will enhance a fan’s experience, as well as improve stadium operations. The
“We Built Daytona” platform is designed to showcase partners involved in the construction of DAYTONA Rising through a
marketing presence (once their role in the project begins). CommScope joins eight other companies including Kingspan, a
market leader in sustainable building product technology; USG Corporation, a leading building products company; Sherwin-
Williams, an industry leader in the development of technologically advanced paint and coatings; Big Ass Fans, a ceiling fan
design and engineering company; P&S Paving, asphalt and paving company; Jones Signs, leading national sign company;
Schneider Electric, global specialist in energy management; and ROSSETTI, an award-winning architectural design and
planning firm that is leading the master planning of the DAYTONA Rising project.

On October 15, 2014 Daytona hosted DAYTONA Rising’s topping out ceremony, commemorating a significant milestone - the
midway mark of construction. Speedway officials, the France family and Barton Malow presided over the installation of the
highest piece of steel on the project.

We expect that by providing our fans with a better experience as well as an expansive platform for our marketing partners,
including an elevated hospitality experience, DAYTONA Rising, upon completion in 2016, is expected to provide an
immediate incremental lift in Daytona's revenues of approximately $20.0 million, and earnings before interest, taxes,
depreciation and amortization ("EBITDA”) lift of approximately $15.0 million with a mid-single-digit growth rate. We also
currently anticipate the project to be accretive to our net income per share within three years of completion. While these

revenues and operating results may differ materially from these estimates.

We currently anticipate DAYTONA Rising to cost approximately $400.0 million, excluding capitalized interest, which we

expect to fund from cash on hand, cash from our operations, and we may use borrowings on our credit facility for a limited

period of time. In June 2014, House Bill 7095 was signed in Florida creating the Florida Sports Development Program,

establishing a process for distributing state tax revenue for the construction or improvement of professional sports facilities.

The DAYTONA Rising project is among the eligible applicants to receive sales tax incentives based on the project’s capital

investment and amount of sales tax generated by the facility. We filed our application and recently received approval from the

state's Department of Economic Opportunity. The final approval must come from the Legislative Budget Committee, whose

decision is anticipated later in the first quarter of fiscal 2015. The new bill could potentially provide additional capital for the

project.

Despite not anticipating the need for additional long-term debt to fund this project, accounting rules dictate that we capitalize a

portion of the interest on existing outstanding debt during the construction period. We estimate that we will record

approximately $11.0 million to $13.0 million of capitalized interest from fiscal 2013 through fiscal 2016, with roughly half of

the capitalized interest recorded in fiscal 2014.

Total spending incurred for DAYTONA Rising was approximately $119.3 million for fiscal 2014, and is approximately

$170.5 million since the inception of the project. Based on our current expectations of DAYTONA Rising, we have identified

existing assets that are expected to be impacted by the redevelopment and that those assets will require accelerated

depreciation, certain removal costs and losses on asset retirements, totaling approximately $50.0 million over the approximate

26-month project time span. During fiscal 2014, we recognized accelerated depreciation, certain removal costs and losses on

retirements of assets totaling approximately $15.8 million, with a total of approximately $28.0 million recognized since the

inception of the project.

In addition, our depreciation expense, related directly to DAYTONA Rising, will increase incrementally by approximately

$12.0 million to $14.0 million in fiscal 2015, and an additional $9.0 million to $10.0 million in fiscal 2016, respectively. The

incremental increase in depreciation expense for fiscal 2015 is based on the anticipation of opening approximately forty percent

of the new stadium in time for Budweiser Speedweeks 2015. As a result, our total depreciation expense for fiscal 2015 is

estimated to be between approximately $93.0 million and $97.0 million, and approximately $100.0 million to $105.0 million

annually, in fiscal 2016, and then decreasing, due to lower capital spending, to approximately $85.0 million to $90.0 million

beginning in fiscal 2019.

ONE DAYTONA

We entered into a 50/50 joint venture with Atlanta-based Jacoby Development, Inc. to develop a mixed-use entertainment

destination, named ONE DAYTONA, located adjacent to our 188,000 square foot office building, the International

Motorsports Center, on 189 acres we own located directly across from our Daytona motorsports entertainment facility.

We announced that the ONE DAYTONA joint venture has selected Shaner Hotels and Prime Hospitality Group ("PHG") as its

hotel partners. Shaner Hotels and PHG are planning a 145-room full-service boutique property and are working with global

hospitality leader Marriott International to bring an exclusive Marriott Autograph Collection hotel to Daytona Beach and ONE

DAYTONA.

The joint venture continues to refine the conceptual design for the first phase of ONE DAYTONA. Bass Pro Shops®,

America's most popular outdoor store, and Cobb Theatres, the highly respected Southeastern-based exhibitor, have executed

leases to anchor ONE DAYTONA. The joint venture is in active discussions with other potential anchor tenants for ONE

DAYTONA. We have approved land use entitlements for ONE DAYTONA to allow for up to 1.4 million square feet of

retail/dining/entertainment, 2,500 seats in a movie theater, 660 hotel rooms, 1,350 units of residential, 567,000 square feet of

additional office space and 500,000 square feet of commercial/industrial space. Final designs are being completed for ONE

DAYTONA, and the joint venture will incorporate the results of market studies, project costs and financing structures.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 40

completed according to the agreed upon schedule, provisions regarding payment schedules, and provisions regarding bonding

and liability insurance policies applicable to the work. In addition, the Design-Build Agreement contains customary provisions

regarding termination, review and inspection of the work, warranties and the use of subcontractors.

A total of 11 neighborhoods, each measuring the size of a football field, will enable fans to meet and socialize during events

without missing any on-track action, thanks to dozens of strategically-placed video screens in every neighborhood. The central

neighborhood, dubbed the "World Center of Racing," features open sight-lines enabling fans to catch all the on-track action

while celebrating the history of Daytona International Speedway and its many unforgettable moments throughout more than 50

years of racing.

Every seat in Daytona's frontstretch will be replaced with wider, more comfortable seating that will provide pristine sight-lines.

There will also be twice as many restrooms and three times as many concessions throughout the facility. For Budweiser

Speedweeks 2015, fans can experience some of DAYTONA Rising’s new amenities including first-ever vertical transportation,

approximately 40,000 new grandstand seats on the frontstretch near Turn 1, and new concessions and restrooms.

In addition to improving the overall fan experience, the corporate entertainment platform at Daytona will be completely

transformed. Corporate hospitality will be moved into permanent structures inside the new grandstand, providing premier

facilities for corporate entertaining throughout our events. Over 60 new trackside corporate suites will provide our premium

guests with breathtaking views and first-class amenities befitting the “World Center of Racing.”

In February 2014, Daytona International Speedway announced Toyota as its first Founding Partner for DAYTONA Rising.

Through this partnership, Toyota will sponsor Injector 4 and one of the neighborhoods, as well as receive 20,000 square feet of

innovative fan engagement space that will enhance the overall guest experience, and nearly 50,000 square feet of interior and

exterior branding space. The partnership runs through 2025.

In November 2014, Florida Hospital was announced as the stadium’s second Founding Partner taking ownership of Injector 1.

As with Toyota, the Florida Hospital brand will be represented on one of five fan injectors, including more than 20,000 square

feet of engagement space. Within this injector, Florida Hospital will also have a presence in one of the “neighborhoods”.

Beginning in January 2015, Florida Hospital will be the exclusive healthcare provider of Daytona, which includes providing

medical equipment and personnel for all events, managing the care center operations and providing ambulances to handle

emergency situations.

In August 2014, Daytona announced that CommScope, Inc. ("CommScope"), a global leader in infrastructure solutions for

communications networks, has become the first technology partner in the expanding DAYTONA Rising “We Built Daytona”

marketing platform. CommScope will deploy a new communications infrastructure at Daytona providing the facility with the

bandwidth and flexibility to offer services that will enhance a fan’s experience, as well as improve stadium operations. The

“We Built Daytona” platform is designed to showcase partners involved in the construction of DAYTONA Rising through a

marketing presence (once their role in the project begins). CommScope joins eight other companies including Kingspan, a

market leader in sustainable building product technology; USG Corporation, a leading building products company; Sherwin-

Williams, an industry leader in the development of technologically advanced paint and coatings; Big Ass Fans, a ceiling fan

design and engineering company; P&S Paving, asphalt and paving company; Jones Signs, leading national sign company;

Schneider Electric, global specialist in energy management; and ROSSETTI, an award-winning architectural design and

planning firm that is leading the master planning of the DAYTONA Rising project.

On October 15, 2014 Daytona hosted DAYTONA Rising’s topping out ceremony, commemorating a significant milestone - the

midway mark of construction. Speedway officials, the France family and Barton Malow presided over the installation of the

highest piece of steel on the project.

We expect that by providing our fans with a better experience as well as an expansive platform for our marketing partners,

including an elevated hospitality experience, DAYTONA Rising, upon completion in 2016, is expected to provide an

immediate incremental lift in Daytona's revenues of approximately $20.0 million, and earnings before interest, taxes,

depreciation and amortization ("EBITDA”) lift of approximately $15.0 million with a mid-single-digit growth rate. We also

currently anticipate the project to be accretive to our net income per share within three years of completion. While these

forward looking amounts are management’s projections and we believe they are reasonable, our actual results may vary from
these estimates due to unanticipated changes in projected attendance, lower than expected ticket prices, or lower than
forecasted corporate sponsorships. We do not know whether these expectations will ultimately prove correct and actual
revenues and operating results may differ materially from these estimates.

We currently anticipate DAYTONA Rising to cost approximately $400.0 million, excluding capitalized interest, which we
expect to fund from cash on hand, cash from our operations, and we may use borrowings on our credit facility for a limited
period of time. In June 2014, House Bill 7095 was signed in Florida creating the Florida Sports Development Program,
establishing a process for distributing state tax revenue for the construction or improvement of professional sports facilities.
The DAYTONA Rising project is among the eligible applicants to receive sales tax incentives based on the project’s capital
investment and amount of sales tax generated by the facility. We filed our application and recently received approval from the
state's Department of Economic Opportunity. The final approval must come from the Legislative Budget Committee, whose
decision is anticipated later in the first quarter of fiscal 2015. The new bill could potentially provide additional capital for the
project.

Despite not anticipating the need for additional long-term debt to fund this project, accounting rules dictate that we capitalize a
portion of the interest on existing outstanding debt during the construction period. We estimate that we will record
approximately $11.0 million to $13.0 million of capitalized interest from fiscal 2013 through fiscal 2016, with roughly half of
the capitalized interest recorded in fiscal 2014.

Total spending incurred for DAYTONA Rising was approximately $119.3 million for fiscal 2014, and is approximately
$170.5 million since the inception of the project. Based on our current expectations of DAYTONA Rising, we have identified
existing assets that are expected to be impacted by the redevelopment and that those assets will require accelerated
depreciation, certain removal costs and losses on asset retirements, totaling approximately $50.0 million over the approximate
26-month project time span. During fiscal 2014, we recognized accelerated depreciation, certain removal costs and losses on
retirements of assets totaling approximately $15.8 million, with a total of approximately $28.0 million recognized since the
inception of the project.

In addition, our depreciation expense, related directly to DAYTONA Rising, will increase incrementally by approximately
$12.0 million to $14.0 million in fiscal 2015, and an additional $9.0 million to $10.0 million in fiscal 2016, respectively. The
incremental increase in depreciation expense for fiscal 2015 is based on the anticipation of opening approximately forty percent
of the new stadium in time for Budweiser Speedweeks 2015. As a result, our total depreciation expense for fiscal 2015 is
estimated to be between approximately $93.0 million and $97.0 million, and approximately $100.0 million to $105.0 million
annually, in fiscal 2016, and then decreasing, due to lower capital spending, to approximately $85.0 million to $90.0 million
beginning in fiscal 2019.

ONE DAYTONA

We entered into a 50/50 joint venture with Atlanta-based Jacoby Development, Inc. to develop a mixed-use entertainment
destination, named ONE DAYTONA, located adjacent to our 188,000 square foot office building, the International
Motorsports Center, on 189 acres we own located directly across from our Daytona motorsports entertainment facility.

We announced that the ONE DAYTONA joint venture has selected Shaner Hotels and Prime Hospitality Group ("PHG") as its
hotel partners. Shaner Hotels and PHG are planning a 145-room full-service boutique property and are working with global
hospitality leader Marriott International to bring an exclusive Marriott Autograph Collection hotel to Daytona Beach and ONE
DAYTONA.

The joint venture continues to refine the conceptual design for the first phase of ONE DAYTONA. Bass Pro Shops®,
America's most popular outdoor store, and Cobb Theatres, the highly respected Southeastern-based exhibitor, have executed
leases to anchor ONE DAYTONA. The joint venture is in active discussions with other potential anchor tenants for ONE
DAYTONA. We have approved land use entitlements for ONE DAYTONA to allow for up to 1.4 million square feet of
retail/dining/entertainment, 2,500 seats in a movie theater, 660 hotel rooms, 1,350 units of residential, 567,000 square feet of
additional office space and 500,000 square feet of commercial/industrial space. Final designs are being completed for ONE
DAYTONA, and the joint venture will incorporate the results of market studies, project costs and financing structures.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 41

The joint venture has formed a Community Development District ("CDD") for the purpose of installing and maintaining public
infrastructure at ONE DAYTONA. The CDD is a local, special purpose government framework authorized by Chapter 190 of
the Florida Statutes for managing and financing infrastructure to support community development.

us and/or the SEC.

information concerning these, or other factors, which could cause the actual results to differ materially from those in the

forward-looking statements is contained from time to time in our other SEC filings. Copies of those filings are available from

The CDD has negotiated agreements with the City of Daytona Beach and Volusia County for a total of $40.0 million in
incentives to finance a portion of the estimated $53.0 million in infrastructure required to move forward with the ONE
DAYTONA project. We are currently proceeding with the leasing phase of the project while simultaneously completing the
various necessary requirements for the CDD to access the incentives to start infrastructure work.

Speedway Developments

In light of NASCAR's publicly announced position regarding additional potential realignment of the NASCAR Sprint Cup
Series schedule, we believe there are still potential development opportunities for public/private partnerships in new,
underserved markets across the country that would create value for our shareholders. However, we are not currently pursuing
any new speedway development opportunities.

Inflation

We do not believe that inflation has had a material impact on our operating costs and earnings.

Recent Accounting Pronouncements

In February 2013, the Financial Accounting Standards Board ("FASB") issued ASU No. 2013-02, “Reporting of Amounts
Reclassified Out of Accumulated Other Comprehensive Income”. The objective of this Update is to set requirements for
presentation for significant items reclassified to net income in their entirety during the period and for items not reclassified to
net income in their entirety during the period. For public entities, the amended requirements are effective for fiscal years, and
interim periods within those years, beginning after December 15, 2012. This statement only impacts disclosures of
reclassification adjustments and is not material to our financial statement presentation. We have adopted the amendments of
this statement in the first quarter of fiscal 2014.

In May 2014, FASB, in conjunction with the International Accounting Standards Board, issued ASU No. 2014-09, "Revenue
from Contracts with Customers". The objective of this Update is to significantly enhance comparability and clarify principles
of revenue recognition practices across entities, industries, jurisdictions, and capital markets. For a public entity, the
amendments in this Update are effective for annual reporting periods beginning after December 15, 2016, including interim
periods within that reporting period. Early application is not permitted. The standard can be adopted either retrospectively to
each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. We are currently
evaluating the impact of adopting this new guidance on our financial position and results of operations and will adopt the
provisions of this statement in the first quarter of fiscal 2018.

Factors That May Affect Operating Results

This report and the documents incorporated by reference may contain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
You can identify a forward-looking statement by our use of the words “anticipate,” “estimate,” “expect,” “may,” “believe,”
“objective,” “projection,” “forecast,” “goal,” and similar expressions. These forward-looking statements include our statements
regarding the timing of future events, our anticipated future operations and our anticipated future financial position and cash
requirements. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not
know whether our expectations will prove correct. We disclose the important factors that could cause our actual results to differ
from our expectations in cautionary statements made in this report and in other filings we have made with the SEC. All
subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly
qualified in their entirety by these cautionary statements. Our actual results could differ materially from those anticipated in
these forward-looking statements as a result of the risk factors described in this report and other factors set forth in or
incorporated by reference in this report.

Many of these factors are beyond our ability to control or predict. We caution you not to put undue reliance on forward-looking
statements or to project any future results based on such statements or on present or prior earnings levels. Additional

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to market risk from changes in interest rates in the normal course of business. Our interest income and expense

are most sensitive to changes in the general level of U.S. interest rates and the LIBOR rate. In order to manage this exposure,

from time to time we use a combination of debt instruments, including the use of derivatives in the form of interest rate swap

and lock agreements. We do not enter into any derivatives for trading purposes.

The objective of our asset management activities is to provide an adequate level of interest income and liquidity to fund

operations and capital expansion, while minimizing market risk. We utilize overnight sweep accounts and short-term

investments to minimize the interest rate risk. We do not believe that our interest rate risk related to our cash equivalents and

short-term investments is material due to the nature of the investments.

Our objective in managing our interest rate risk on our debt is to negotiate the most favorable interest rate structures that we

can and, as market conditions evolve, adjust our balance of fixed and variable rate debt to optimize our overall borrowing costs

within reasonable risk parameters. Interest rate swaps and locks are used from time to time to convert a portion of our debt

portfolio from a variable rate to a fixed rate or from a fixed rate to a variable rate as well as to lock in certain rates for future

debt issuances.

The following analysis provides quantitative information regarding our exposure to interest rate risk. We utilize valuation

models to evaluate the sensitivity of the fair value of financial instruments with exposure to market risk that assume

instantaneous, parallel shifts in interest rate yield curves. There are certain limitations inherent in the sensitivity analyses

presented, primarily due to the assumption that interest rates change instantaneously. In addition, the analyses are unable to

reflect the complex market reactions that normally would arise from the market shifts modeled.

We have various debt instruments that are issued at fixed rates. These financial instruments, which have a fixed rate of interest,

are exposed to fluctuations in fair value resulting from changes in market interest rates. The fair values of long-term debt are

based on quoted market prices at the date of measurement. Our credit facilities approximate fair value as they bear interest rates

that approximate market. At November 30, 2014, we had no variable debt outstanding.

At November 30, 2014, the fair value of our total long-term debt as determined by quotes from financial institutions was

approximately $291.2 million. The potential decrease in fair value resulting from a hypothetical 10.0 percent shift in interest

rates would be approximately $6.7 million at November 30, 2014.

Credit risk arises from the possible inability of counterparties to meet the terms of their contracts on a net basis. However, we

minimize such risk exposures for these instruments by limiting counterparties to large banks and financial institutions that meet

established credit guidelines. We do not expect to incur any losses as a result of counterparty default.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 42

The joint venture has formed a Community Development District ("CDD") for the purpose of installing and maintaining public

infrastructure at ONE DAYTONA. The CDD is a local, special purpose government framework authorized by Chapter 190 of

the Florida Statutes for managing and financing infrastructure to support community development.

information concerning these, or other factors, which could cause the actual results to differ materially from those in the
forward-looking statements is contained from time to time in our other SEC filings. Copies of those filings are available from
us and/or the SEC.

The CDD has negotiated agreements with the City of Daytona Beach and Volusia County for a total of $40.0 million in

incentives to finance a portion of the estimated $53.0 million in infrastructure required to move forward with the ONE

DAYTONA project. We are currently proceeding with the leasing phase of the project while simultaneously completing the

various necessary requirements for the CDD to access the incentives to start infrastructure work.

Speedway Developments

In light of NASCAR's publicly announced position regarding additional potential realignment of the NASCAR Sprint Cup

Series schedule, we believe there are still potential development opportunities for public/private partnerships in new,

underserved markets across the country that would create value for our shareholders. However, we are not currently pursuing

any new speedway development opportunities.

Inflation

Recent Accounting Pronouncements

We do not believe that inflation has had a material impact on our operating costs and earnings.

In February 2013, the Financial Accounting Standards Board ("FASB") issued ASU No. 2013-02, “Reporting of Amounts

Reclassified Out of Accumulated Other Comprehensive Income”. The objective of this Update is to set requirements for

presentation for significant items reclassified to net income in their entirety during the period and for items not reclassified to

net income in their entirety during the period. For public entities, the amended requirements are effective for fiscal years, and

interim periods within those years, beginning after December 15, 2012. This statement only impacts disclosures of

reclassification adjustments and is not material to our financial statement presentation. We have adopted the amendments of

this statement in the first quarter of fiscal 2014.

In May 2014, FASB, in conjunction with the International Accounting Standards Board, issued ASU No. 2014-09, "Revenue

from Contracts with Customers". The objective of this Update is to significantly enhance comparability and clarify principles

of revenue recognition practices across entities, industries, jurisdictions, and capital markets. For a public entity, the

amendments in this Update are effective for annual reporting periods beginning after December 15, 2016, including interim

periods within that reporting period. Early application is not permitted. The standard can be adopted either retrospectively to

each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. We are currently

evaluating the impact of adopting this new guidance on our financial position and results of operations and will adopt the

provisions of this statement in the first quarter of fiscal 2018.

Factors That May Affect Operating Results

This report and the documents incorporated by reference may contain forward-looking statements within the meaning of

Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

You can identify a forward-looking statement by our use of the words “anticipate,” “estimate,” “expect,” “may,” “believe,”

“objective,” “projection,” “forecast,” “goal,” and similar expressions. These forward-looking statements include our statements

regarding the timing of future events, our anticipated future operations and our anticipated future financial position and cash

requirements. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not

know whether our expectations will prove correct. We disclose the important factors that could cause our actual results to differ

from our expectations in cautionary statements made in this report and in other filings we have made with the SEC. All

subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly

qualified in their entirety by these cautionary statements. Our actual results could differ materially from those anticipated in

these forward-looking statements as a result of the risk factors described in this report and other factors set forth in or

incorporated by reference in this report.

Many of these factors are beyond our ability to control or predict. We caution you not to put undue reliance on forward-looking

statements or to project any future results based on such statements or on present or prior earnings levels. Additional

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to market risk from changes in interest rates in the normal course of business. Our interest income and expense
are most sensitive to changes in the general level of U.S. interest rates and the LIBOR rate. In order to manage this exposure,
from time to time we use a combination of debt instruments, including the use of derivatives in the form of interest rate swap
and lock agreements. We do not enter into any derivatives for trading purposes.

The objective of our asset management activities is to provide an adequate level of interest income and liquidity to fund
operations and capital expansion, while minimizing market risk. We utilize overnight sweep accounts and short-term
investments to minimize the interest rate risk. We do not believe that our interest rate risk related to our cash equivalents and
short-term investments is material due to the nature of the investments.

Our objective in managing our interest rate risk on our debt is to negotiate the most favorable interest rate structures that we
can and, as market conditions evolve, adjust our balance of fixed and variable rate debt to optimize our overall borrowing costs
within reasonable risk parameters. Interest rate swaps and locks are used from time to time to convert a portion of our debt
portfolio from a variable rate to a fixed rate or from a fixed rate to a variable rate as well as to lock in certain rates for future
debt issuances.

The following analysis provides quantitative information regarding our exposure to interest rate risk. We utilize valuation
models to evaluate the sensitivity of the fair value of financial instruments with exposure to market risk that assume
instantaneous, parallel shifts in interest rate yield curves. There are certain limitations inherent in the sensitivity analyses
presented, primarily due to the assumption that interest rates change instantaneously. In addition, the analyses are unable to
reflect the complex market reactions that normally would arise from the market shifts modeled.

We have various debt instruments that are issued at fixed rates. These financial instruments, which have a fixed rate of interest,
are exposed to fluctuations in fair value resulting from changes in market interest rates. The fair values of long-term debt are
based on quoted market prices at the date of measurement. Our credit facilities approximate fair value as they bear interest rates
that approximate market. At November 30, 2014, we had no variable debt outstanding.

At November 30, 2014, the fair value of our total long-term debt as determined by quotes from financial institutions was
approximately $291.2 million. The potential decrease in fair value resulting from a hypothetical 10.0 percent shift in interest
rates would be approximately $6.7 million at November 30, 2014.

Credit risk arises from the possible inability of counterparties to meet the terms of their contracts on a net basis. However, we
minimize such risk exposures for these instruments by limiting counterparties to large banks and financial institutions that meet
established credit guidelines. We do not expect to incur any losses as a result of counterparty default.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 43

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders
International Speedway Corporation

The Board of Directors and Shareholders

International Speedway Corporation

We have audited the accompanying consolidated balance sheets of International Speedway Corporation (the "Company") as of
November 30, 2014 and 2013, and the related consolidated statements of operations, comprehensive income, changes in
shareholders’ equity, and cash flows for each of the three years in the period ended November 30, 2014. Our audits also
included the financial statement schedule listed in the Index at Item 15(a). These financial statements and schedule are the
responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and
schedule based on our audits.

We have audited International Speedway Corporation’s internal control over financial reporting as of November 30, 2014,

based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations

of the Treadway Commission (1992 framework) (the COSO criteria). International Speedway Corporation’s management is

responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of

internal control over financial reporting included in the accompanying Report of Management on Internal Control over

Financial Reporting. Our responsibility is to express an opinion on the company’s internal control over financial reporting

based on our audit.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States).

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal

control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of

internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and

operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered

necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated
financial position of International Speedway Corporation at November 30, 2014 and 2013, and the consolidated results of its
operations and its cash flows for each of the three years in the period ended November 30, 2014, in conformity with U.S.
generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in
relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth
therein.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States),
International Speedway Corporation’s internal control over financial reporting as of November 30, 2014, based on criteria
established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (1992 framework) and our report dated January 27, 2015, expressed an unqualified opinion thereon.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the

reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally

accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures

that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and

dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit

preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and

expenditures of the company are being made only in accordance with authorizations of management and directors of the

company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or

disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,

projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate

because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Jacksonville, Florida
January 27, 2015

/s/ Ernst & Young LLP
Certified Public Accountants

In our opinion, International Speedway Corporation maintained, in all material respects, effective internal control over financial

reporting as of November 30, 2014, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States),

the consolidated balance sheets of International Speedway Corporation as of November 30, 2014 and 2013, and the related

consolidated statements of operations, comprehensive income, changes in shareholders’ equity, and cash flows for each of the

three years in the period ended November 30, 2014 of International Speedway Corporation and our report dated January 27,

2015 expressed an unqualified opinion thereon.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 44

Jacksonville, Florida

January 27, 2015

/s/ Ernst & Young LLP

Certified Public Accountants

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders

International Speedway Corporation

The Board of Directors and Shareholders
International Speedway Corporation

We have audited the accompanying consolidated balance sheets of International Speedway Corporation (the "Company") as of

November 30, 2014 and 2013, and the related consolidated statements of operations, comprehensive income, changes in

shareholders’ equity, and cash flows for each of the three years in the period ended November 30, 2014. Our audits also

included the financial statement schedule listed in the Index at Item 15(a). These financial statements and schedule are the

responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and

schedule based on our audits.

We have audited International Speedway Corporation’s internal control over financial reporting as of November 30, 2014,
based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations
of the Treadway Commission (1992 framework) (the COSO criteria). International Speedway Corporation’s management is
responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of
internal control over financial reporting included in the accompanying Report of Management on Internal Control over
Financial Reporting. Our responsibility is to express an opinion on the company’s internal control over financial reporting
based on our audit.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial

statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and

disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates

made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a

reasonable basis for our opinion.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal
control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of
internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered
necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated

financial position of International Speedway Corporation at November 30, 2014 and 2013, and the consolidated results of its

operations and its cash flows for each of the three years in the period ended November 30, 2014, in conformity with U.S.

generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in

relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth

therein.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States),

International Speedway Corporation’s internal control over financial reporting as of November 30, 2014, based on criteria

established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway

Commission (1992 framework) and our report dated January 27, 2015, expressed an unqualified opinion thereon.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures
that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or
disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Jacksonville, Florida

January 27, 2015

/s/ Ernst & Young LLP

Certified Public Accountants

In our opinion, International Speedway Corporation maintained, in all material respects, effective internal control over financial
reporting as of November 30, 2014, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States),
the consolidated balance sheets of International Speedway Corporation as of November 30, 2014 and 2013, and the related
consolidated statements of operations, comprehensive income, changes in shareholders’ equity, and cash flows for each of the
three years in the period ended November 30, 2014 of International Speedway Corporation and our report dated January 27,
2015 expressed an unqualified opinion thereon.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 45

Jacksonville, Florida
January 27, 2015

/s/ Ernst & Young LLP
Certified Public Accountants

INTERNATIONAL SPEEDWAY CORPORATION
Consolidated Balance Sheets

INTERNATIONAL SPEEDWAY CORPORATION

Consolidated Statements of Operations

ASSETS
Current Assets:

Cash and cash equivalents
Receivables, less allowance of $1,000 in 2013 and 2014, respectively
Inventories
Income taxes receivable
Deferred income taxes
Prepaid expenses and other current assets

Total Current Assets
Property and Equipment, net

Other Assets:

Equity investments
Intangible assets, net
Goodwill
Other

Total Assets

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:

Current portion of long-term debt
Accounts payable
Deferred income
Other current liabilities

Total Current Liabilities
Long-Term Debt
Deferred Income Taxes
Long-Term Deferred Income
Other Long-Term Liabilities
Commitments and Contingencies

Shareholders’ Equity:

November 30,

2013

2014

(in thousands, except share
and per share amounts)

172,827 $
25,910
2,619
17,399
3,122
13,965
235,842
1,276,976

134,327
178,628
118,791
72,942
504,688
2,017,506 $

2,807 $
27,669
35,679
15,907
82,062
271,680
366,531
8,604
1,474
—

158,847
27,598
4,030
6,202
2,789
8,099
207,565
1,381,190

122,565
178,629
118,791
68,911
488,896
2,077,651

3,435
41,491
33,043
18,813
96,782
268,311
354,276
9,548
2,302
—

Class A Common Stock, $.01 par value, 80,000,000 shares authorized;
26,182,518 and 26,248,081 issued and outstanding in 2013 and 2014,
respectively
Class B Common Stock, $.01 par value, 40,000,000 shares authorized;
19,994,663 and 19,967,202 issued and outstanding in 2013 and 2014,
respectively
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss

Total Shareholders’ Equity
Total Liabilities and Shareholders’ Equity

See accompanying notes

261

262

200
445,097
846,235
(4,638 )
1,287,155
2,017,506 $

200
447,518
902,433
(3,981 )
1,346,432
2,077,651

Prize and point fund monies and NASCAR sanction fees

REVENUES:

Admissions, net

Motorsports related

Food, beverage and merchandise

Other

EXPENSES:

Direct:

Motorsports related

Food, beverage and merchandise

General and administrative

Depreciation and amortization

Losses on retirements of long-lived assets

Operating income

Interest income

Interest expense

Loss on early redemption of debt

Other

Equity in net income from equity investments

Income before income taxes

Income taxes

Net income

Earnings per share:

Basic and diluted

Dividends per share

Year Ended November 30,

2012

2013

2014

(in thousands, except share

and per share amounts)

136,099 $

129,824 $

416,699

45,985

13,584

612,367

154,673

125,072

35,642

102,958

77,870

11,143

507,358

105,009

102

(13,501 )

(9,144 )

1,008

2,757

86,231

31,653

425,530

44,046

13,240

612,640

159,349

125,928

33,150

104,925

93,989

16,607

533,948

78,692

(15,221 )

—

9,434

73,076

27,784

54,578 $

45,292 $

1.18 $

0.97 $

0.20 $

0.22 $

129,688

433,738

72,880

15,630

651,936

162,988

128,229

58,265

108,563

90,352

10,148

558,545

93,391

2,107

(9,182 )

—

5,380

8,916

100,612

33,233

67,379

1.45

0.24

Basic weighted average shares outstanding

46,386,355

46,470,647

46,559,232

Diluted weighted average shares outstanding

46,396,631

46,486,561

46,573,038

See accompanying notes

ISC // 2014 ANNUAL REPORT // FORM 10-K // 46

Receivables, less allowance of $1,000 in 2013 and 2014, respectively

172,827 $

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current Liabilities:

Current portion of long-term debt

2,017,506 $

2,077,651

2,807 $

Prepaid expenses and other current assets

ASSETS

Current Assets:

Cash and cash equivalents

Inventories

Income taxes receivable

Deferred income taxes

Total Current Assets

Property and Equipment, net

Other Assets:

Equity investments

Intangible assets, net

Goodwill

Other

Total Assets

Accounts payable

Deferred income

Other current liabilities

Total Current Liabilities

Long-Term Debt

Deferred Income Taxes

Long-Term Deferred Income

Other Long-Term Liabilities

Commitments and Contingencies

Shareholders’ Equity:

November 30,

2013

2014

(in thousands, except share

and per share amounts)

25,910

2,619

17,399

3,122

13,965

235,842

1,276,976

134,327

178,628

118,791

72,942

504,688

27,669

35,679

15,907

82,062

271,680

366,531

8,604

1,474

—

200

445,097

846,235

(4,638 )

1,287,155

158,847

27,598

4,030

6,202

2,789

8,099

207,565

1,381,190

122,565

178,629

118,791

68,911

488,896

3,435

41,491

33,043

18,813

96,782

268,311

354,276

9,548

2,302

—

200

447,518

902,433

(3,981 )

1,346,432

2,077,651

INTERNATIONAL SPEEDWAY CORPORATION

Consolidated Balance Sheets

INTERNATIONAL SPEEDWAY CORPORATION
Consolidated Statements of Operations

REVENUES:

Admissions, net
Motorsports related
Food, beverage and merchandise
Other

EXPENSES:

Direct:

Prize and point fund monies and NASCAR sanction fees
Motorsports related
Food, beverage and merchandise

General and administrative
Depreciation and amortization
Losses on retirements of long-lived assets

Operating income
Interest income
Interest expense
Loss on early redemption of debt
Other
Equity in net income from equity investments
Income before income taxes
Income taxes
Net income

Earnings per share:

Basic and diluted

Dividends per share

Year Ended November 30,

2012

2013

2014

(in thousands, except share
and per share amounts)

136,099 $
416,699
45,985
13,584
612,367

154,673
125,072
35,642
102,958
77,870
11,143
507,358
105,009
102
(13,501 )
(9,144 )
1,008
2,757
86,231
31,653
54,578 $

129,824 $
425,530
44,046
13,240
612,640

159,349
125,928
33,150
104,925
93,989
16,607
533,948
78,692
96
(15,221 )
—
75
9,434
73,076
27,784
45,292 $

1.18 $

0.97 $

0.20 $

0.22 $

129,688
433,738
72,880
15,630
651,936

162,988
128,229
58,265
108,563
90,352
10,148
558,545
93,391
2,107
(9,182 )
—
5,380
8,916
100,612
33,233
67,379

1.45

0.24

Class A Common Stock, $.01 par value, 80,000,000 shares authorized;

26,182,518 and 26,248,081 issued and outstanding in 2013 and 2014,

respectively

Class B Common Stock, $.01 par value, 40,000,000 shares authorized;

19,994,663 and 19,967,202 issued and outstanding in 2013 and 2014,

respectively

Additional paid-in capital

Retained earnings

Accumulated other comprehensive loss

Total Shareholders’ Equity

Total Liabilities and Shareholders’ Equity

See accompanying notes

2,017,506 $

261

262

Diluted weighted average shares outstanding

46,396,631

46,486,561

46,573,038

Basic weighted average shares outstanding

46,386,355

46,470,647

46,559,232

See accompanying notes

ISC // 2014 ANNUAL REPORT // FORM 10-K // 47

INTERNATIONAL SPEEDWAY CORPORATION
Consolidated Statements of Comprehensive Income

INTERNATIONAL SPEEDWAY CORPORATION

Consolidated Statements of Changes in Shareholders’ Equity

Net income

Other comprehensive income:

Year Ended November 30,

2012

2013

2014

(in thousands)

54,578 $

45,292 $

67,379

Foreign currency translation, net of tax benefit (expense) of ($8),
$0 and $0, respectively
Amortization of interest rate swap, net of tax benefit of $424,
$424 and $425, respectively

Comprehensive income

(13 )

—

658
55,223 $

658
45,950 $

—

657
68,036

See accompanying notes

Balance at November 30, 2011

264 $

200 $ 445,005 $ 772,938 $

(5,941 ) $ 1,212,466

(in thousands)

Class A

Class B

Common

Stock

Additional

$.01 Par

Value

Paid-in

Capital

Retained

Earnings

Comprehensive

Shareholders’

(Loss) Income

Equity

Accumulated

Other

Total

260

200 442,474 811,172

(5,296 )

1,248,810

—

(4 )

—

(3,491 )

(914 )

1,874

—

340

(259 )

2,533

54,578

—

(9,283 )

(7,061 )

—

45,292

—

(10,229 )

— 67,379

—

(11,181 )

(323 )

(82 )

2,826

—

645

—

658

—

657

—

54,578

645

(9,283 )

(10,556 )

(914 )

1,874

45,292

658

341

(10,229 )

(259 )

2,533

67,379

657

(11,181 )

(323 )

(81 )

2,826

261

200 445,097 846,235

(4,638 )

1,287,155

262 $

200 $ 447,518 $ 902,433 $

(3,981 ) $ 1,346,432

See accompanying notes

Reacquisition of previously issued common stock

Net income

Other comprehensive income

Cash dividends ($.20 per share)

Other

Stock-based compensation

Balance at November 30, 2012

Net income

Other comprehensive income

Exercise of stock options

Cash dividends ($.22 per share)

Other

Stock-based compensation

Balance at November 30, 2013

Net income

Other comprehensive income

Cash dividends ($.24 per share)

Other

Stock-based compensation

Balance at November 30, 2014

Reacquisition of previously issued common stock

ISC // 2014 ANNUAL REPORT // FORM 10-K // 48

INTERNATIONAL SPEEDWAY CORPORATION

Consolidated Statements of Comprehensive Income

Net income

Other comprehensive income:

$0 and $0, respectively

$424 and $425, respectively

Comprehensive income

Foreign currency translation, net of tax benefit (expense) of ($8),

Amortization of interest rate swap, net of tax benefit of $424,

See accompanying notes

Year Ended November 30,

2012

2013

2014

(in thousands)

54,578 $

45,292 $

67,379

(13 )

658

—

658

55,223 $

45,950 $

—

657

68,036

INTERNATIONAL SPEEDWAY CORPORATION
Consolidated Statements of Changes in Shareholders’ Equity
(in thousands)

Class A
Common
Stock
$.01 Par
Value

Class B
Common
Stock
$.01 Par
Value

Additional
Paid-in
Capital

Retained
Earnings

Accumulated
Other
Comprehensive
(Loss) Income

Total
Shareholders’
Equity

Balance at November 30, 2011

Net income

Other comprehensive income

Cash dividends ($.20 per share)
Reacquisition of previously issued common stock
Other

Stock-based compensation

Balance at November 30, 2012

Net income

Other comprehensive income
Exercise of stock options
Cash dividends ($.22 per share)
Reacquisition of previously issued common stock
Other

Stock-based compensation

Balance at November 30, 2013

Net income

Other comprehensive income

Cash dividends ($.24 per share)
Reacquisition of previously issued common stock
Other

Stock-based compensation

Balance at November 30, 2014

264 $
—
—
—
(4 )
—
—
260
—
—
1
—
—
—
—
261
—
—
—
—
1
—
262 $

200 $ 445,005 $ 772,938 $
54,578
—
—
—
—
—
(9,283 )
—
—
(7,061 )
(3,491 )
—
—
(914 )
—
—
—
1,874
200 442,474 811,172
45,292
—
—
—
—
—
—
340
—
(10,229 )
—
—
—
(259 )
—
—
9
—
—
—
2,533
200 445,097 846,235
— 67,379
—
—
—
—
(11,181 )
—
—
—
(323 )
—
—
(82 )
—
—
—
2,826
200 $ 447,518 $ 902,433 $

See accompanying notes

(5,941 ) $ 1,212,466
54,578
645

—
645
—
—
—
—
(5,296 )
—
658
—
—
—
—
—
(4,638 )
—
657
—
—
—
—

(9,283 )

(10,556 )

(914 )
1,874
1,248,810
45,292
658
341

(10,229 )

(259 )
9
2,533
1,287,155
67,379
657

(11,181 )

(323 )

(81 )
2,826
(3,981 ) $ 1,346,432

ISC // 2014 ANNUAL REPORT // FORM 10-K // 49

INTERNATIONAL SPEEDWAY CORPORATION
Consolidated Statements of Cash Flows

INTERNATIONAL SPEEDWAY CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOVEMBER 30, 2014

OPERATING ACTIVITIES
Net income

Adjustments to reconcile net income to net cash provided by
operating activities:

Gain on assumption of controlling interest in equity
investee
Depreciation and amortization
Stock-based compensation
Amortization of financing costs
Interest received on Staten Island note receivable
Deferred income taxes
Income from equity investments
Distribution from equity investee

Losses on retirements of long-lived assets, non-cash
Other, net

Changes in operating assets and liabilities

Receivables, net
Inventories, prepaid expenses and other assets
Accounts payable and other liabilities
Deferred income
Income taxes
Net cash provided by operating activities
INVESTING ACTIVITIES
Capital expenditures
Distribution from equity investee and affiliate
Equity investments and advances to affiliate
Proceeds from sale of Staten Island property
Cash included in assumption of ownership interest in equity
investee
Other, net

Net cash used in investing activities
FINANCING ACTIVITIES

Proceeds under credit facility
Payments under credit facility
Proceeds from long-term debt
Payment of long-term debt
Deferred financing fees
Exercise of Class A common stock options
Cash dividends paid
Reacquisition of previously issued common stock

Net cash used in financing activities
Net (decrease) increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year

Year Ended November 30,

2012

2013

2014

(in thousands)

54,578 $

45,292 $

67,379

NOTE 1 — DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

DESCRIPTION OF BUSINESS: International Speedway Corporation (“ISC”), including its wholly owned subsidiaries

(collectively the “Company”), is a leading promoter of motorsports themed entertainment activities in the United States. As of

November 30, 2014, the Company owned and/or operated 13 of the nation’s major motorsports entertainment facilities as

—
77,870
1,874
1,605
—
12,184
(2,757 )
—
8,055
(829 )

5,268
966
(2,521 )
(3,023 )
(2,345 )
150,925

(82,872 )
11,000
(51,984 )
—

—
1,423
(122,433 )

130,000
(180,000 )
100,000
(89,306 )
(1,046 )
—
(9,283 )
(10,556 )
(60,191 )
(31,699 )
110,078
78,379 $

—
93,989
2,533
1,397
—
36,012
(9,434 )
8,216
10,023
(26 )

4,920
(479 )
3,658
(8,990 )
(13,716 )
173,395

(85,539 )
13,284
—
5,322

—
646
(66,287 )

—
—
—
(2,513 )
—
341
(10,229 )
(259 )
(12,660 )
94,448
78,379
172,827 $

(5,447 )
90,352
2,826
1,779
5,087
(12,346 )
(8,916 )
10,076
2,644
380

(1,776 )
1,977
(517 )
(1,692 )
11,041
162,847

(183,936 )
11,924
(1,322 )
6,100

4,686
32
(162,516 )

—
—
—
(2,807 )
—
—
(11,181 )
(323 )
(14,311 )
(13,980 )
172,827
158,847

Auto Club Speedway of Southern California

follows:

Track Name

Daytona International Speedway

Talladega Superspeedway

Kansas Speedway

Richmond International Raceway

Michigan International Speedway

Darlington Raceway

Chicagoland Speedway

Martinsville Speedway

Phoenix International Raceway

Homestead-Miami Speedway

Watkins Glen International

Route 66 Raceway

and other racing events, including:

Location

Track Length

Daytona Beach, Florida

Talladega, Alabama

Kansas City, Kansas

Richmond, Virginia

Brooklyn, Michigan

Fontana, California

Darlington, South Carolina

Joliet, Illinois

Martinsville, Virginia

Phoenix, Arizona

Homestead, Florida

Watkins Glen, New York

Joliet, Illinois

2.5 miles

2.7 miles

1.5 miles

0.8 miles

2.0 miles

1.3 miles

1.5 miles

0.5 miles

1.0 miles

1.5 miles

3.4 miles

0.25 miles

In 2014, these motorsports entertainment facilities promoted well over 100 stock car, open wheel, sports car, truck, motorcycle

(cid:127) 21 National Association for Stock Car Auto Racing (“NASCAR”) Sprint Cup Series events;

(cid:127) 15 NASCAR Xfinity Series events;

(cid:127) 9 NASCAR Camping World Truck Series events;

(cid:127) 3 International Motor Sports Association (“IMSA”) Tudor United SportsCar Championship Series events including the

premier sports car endurance event in the United States, the Rolex 24 at Daytona;

(cid:127) One National Hot Rod Association (“NHRA”) Mellow Yellow drag racing series event;

(cid:127) One IndyCar ("IndyCar") Series event; and

(cid:127) A number of other prestigious stock car, sports car, open wheel and motorcycle events.

The general nature of the Company’s business is a motorsports themed amusement enterprise, furnishing amusement to the

public in the form of motorsports themed entertainment. The Company’s motorsports themed event operations consist

principally of racing events at these major motorsports entertainment facilities, which, in total, currently have approximately

831,500 grandstand seats and 527 suites. The Company also conducts, either through operations of the particular facility or

through certain wholly owned subsidiaries operating under the name “Americrown,” souvenir merchandising operations, food

and beverage concession operations and catering services, both in suites and chalets, for customers at its motorsports

entertainment facilities.

At the beginning of fiscal 2015, the NASCAR Nationwide Series became the NASCAR Xfinity Series. Throughout this

document, the naming convention for this series is consistent with the current branding.

Motor Racing Network, Inc. (“MRN”), the Company’s proprietary radio network, produces and syndicates to radio stations live

coverage of the NASCAR Sprint Cup, Xfinity and Camping World Truck series races and certain other races conducted at the

Company’s motorsports entertainment facilities, as well as some races from motorsports entertainment facilities the Company

ISC // 2014 ANNUAL REPORT // FORM 10-K // 50

See accompanying notes

INTERNATIONAL SPEEDWAY CORPORATION

Consolidated Statements of Cash Flows

Year Ended November 30,

2012

2013

2014

(in thousands)

54,578 $

45,292 $

67,379

OPERATING ACTIVITIES

Net income

Adjustments to reconcile net income to net cash provided by

operating activities:

Gain on assumption of controlling interest in equity

investee

Depreciation and amortization

Stock-based compensation

Amortization of financing costs

Deferred income taxes

Income from equity investments

Distribution from equity investee

Interest received on Staten Island note receivable

Losses on retirements of long-lived assets, non-cash

Other, net

Changes in operating assets and liabilities

Receivables, net

Inventories, prepaid expenses and other assets

Accounts payable and other liabilities

Deferred income

Income taxes

Net cash provided by operating activities

INVESTING ACTIVITIES

Capital expenditures

Distribution from equity investee and affiliate

Equity investments and advances to affiliate

Proceeds from sale of Staten Island property

Cash included in assumption of ownership interest in equity

investee

Other, net

Net cash used in investing activities

FINANCING ACTIVITIES

Proceeds under credit facility

Payments under credit facility

Proceeds from long-term debt

Payment of long-term debt

Deferred financing fees

Exercise of Class A common stock options

Cash dividends paid

Reacquisition of previously issued common stock

Net cash used in financing activities

Net (decrease) increase in cash and cash equivalents

Cash and cash equivalents at beginning of year

—

77,870

1,874

1,605

—

12,184

(2,757 )

—

8,055

(829 )

5,268

966

(2,521 )

(3,023 )

(2,345 )

150,925

(82,872 )

11,000

(51,984 )

—

1,423

130,000

(180,000 )

100,000

(89,306 )

(1,046 )

—

(9,283 )

(10,556 )

(60,191 )

(31,699 )

110,078

—

93,989

2,533

1,397

—

36,012

(9,434 )

8,216

10,023

(26 )

4,920

(479 )

3,658

(8,990 )

(13,716 )

173,395

(85,539 )

13,284

—

5,322

—

646

—

(2,513 )

—

341

(10,229 )

(259 )

(12,660 )

94,448

78,379

(5,447 )

90,352

2,826

1,779

5,087

(12,346 )

(8,916 )

10,076

2,644

380

(1,776 )

1,977

(517 )

(1,692 )

11,041

162,847

(183,936 )

11,924

(1,322 )

6,100

4,686

—

(2,807 )

(11,181 )

(323 )

(14,311 )

(13,980 )

172,827

158,847

Cash and cash equivalents at end of year

78,379 $

172,827 $

See accompanying notes

INTERNATIONAL SPEEDWAY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER 30, 2014

NOTE 1 — DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

DESCRIPTION OF BUSINESS: International Speedway Corporation (“ISC”), including its wholly owned subsidiaries
(collectively the “Company”), is a leading promoter of motorsports themed entertainment activities in the United States. As of
November 30, 2014, the Company owned and/or operated 13 of the nation’s major motorsports entertainment facilities as
follows:

Track Name

Daytona International Speedway
Talladega Superspeedway
Kansas Speedway
Richmond International Raceway
Michigan International Speedway
Auto Club Speedway of Southern California
Darlington Raceway
Chicagoland Speedway
Martinsville Speedway
Phoenix International Raceway
Homestead-Miami Speedway
Watkins Glen International
Route 66 Raceway

Location

Track Length

Daytona Beach, Florida
Talladega, Alabama
Kansas City, Kansas
Richmond, Virginia
Brooklyn, Michigan
Fontana, California
Darlington, South Carolina
Joliet, Illinois

Martinsville, Virginia
Phoenix, Arizona
Homestead, Florida
Watkins Glen, New York

Joliet, Illinois

2.5 miles
2.7 miles
1.5 miles
0.8 miles
2.0 miles
2.0 miles
1.3 miles
1.5 miles
0.5 miles
1.0 miles
1.5 miles
3.4 miles
0.25 miles

In 2014, these motorsports entertainment facilities promoted well over 100 stock car, open wheel, sports car, truck, motorcycle
and other racing events, including:

(cid:127) 21 National Association for Stock Car Auto Racing (“NASCAR”) Sprint Cup Series events;

(cid:127) 15 NASCAR Xfinity Series events;

(cid:127) 9 NASCAR Camping World Truck Series events;

(cid:127) 3 International Motor Sports Association (“IMSA”) Tudor United SportsCar Championship Series events including the

premier sports car endurance event in the United States, the Rolex 24 at Daytona;

(cid:127) One National Hot Rod Association (“NHRA”) Mellow Yellow drag racing series event;

(cid:127) One IndyCar ("IndyCar") Series event; and

(122,433 )

(66,287 )

(162,516 )

(cid:127) A number of other prestigious stock car, sports car, open wheel and motorcycle events.

Motor Racing Network, Inc. (“MRN”), the Company’s proprietary radio network, produces and syndicates to radio stations live
coverage of the NASCAR Sprint Cup, Xfinity and Camping World Truck series races and certain other races conducted at the
Company’s motorsports entertainment facilities, as well as some races from motorsports entertainment facilities the Company

ISC // 2014 ANNUAL REPORT // FORM 10-K // 51

does not own. In addition, MRN provides production services for Sprint Vision, the trackside large screen video display units,
at NASCAR Sprint Cup Series event weekends that take place at the Company's motorsports facilities, as well as at Dover
International Speedway and Pocono Raceway. MRN also produces and syndicates daily and weekly NASCAR racing-themed
programs.

SIGNIFICANT ACCOUNTING POLICIES:

PRINCIPLES OF CONSOLIDATION: The accompanying consolidated financial statements include the accounts of
International Speedway Corporation, and its wholly owned subsidiaries. All material intercompany accounts and transactions
have been eliminated in consolidation.

CASH AND CASH EQUIVALENTS: For purposes of reporting cash flows, cash and cash equivalents include cash on hand,
bank demand deposit accounts and overnight sweep accounts used in the Company’s cash management program. All highly
liquid investments with stated maturities of three months or less from the date of purchase are classified as cash equivalents.

The Company maintained its cash and cash equivalents with a limited number of financial institutions at November 30, 2014.

RECEIVABLES: Receivables are stated at their estimated collectible amounts. The allowance for doubtful accounts is
estimated based on historical experience of write offs and current expectations of conditions that might impact the collectability
of accounts.

INVENTORIES: Inventories, consisting of finished goods, are stated at the lower of cost, determined on the first-in, first-out
basis, or market.

PROPERTY AND EQUIPMENT: Property and equipment, including improvements to existing facilities, are stated at cost.
Depreciation is provided for financial reporting purposes using the straight-line method over the estimated useful lives as
follows:

Buildings, grandstands and motorsports entertainment facilities
Furniture and equipment

10-30 years
3-8 years

COMPREHENSIVE INCOME: Comprehensive income is the changes in equity of an enterprise except those resulting from

shareholder transactions. Accumulated other comprehensive income consists of the following as of November 30, (in

Leasehold improvements are depreciated over the shorter of the related lease term or their estimated useful lives. The carrying
values of property and equipment are evaluated for impairment upon the occurrence of an impairment indicator based upon
expected future undiscounted cash flows. If events or circumstances indicate that the carrying value of an asset may not be
recoverable, an impairment loss would be recognized equal to the difference between the carrying value of the asset and its fair
value.

EQUITY INVESTMENTS: The Company’s investments in joint ventures and other investees where it can exert significant
influence on the investee, but does not have effective control over the investee, are accounted for using the equity method of
accounting. The Company’s equity in the net income (loss) from equity method investments is recorded as income (loss) with a
corresponding increase (decrease) in the investment. Distributions received from the equity investees reduce the investment.
Distributions from equity investees representing the Company's share of the equity investee's earnings are treated as cash
proceeds from operations while distributions in excess of the equity investee's earnings are considered a return of capital and
treated as cash proceeds from investing activities in the Company's consolidated statement of cash flows. The Company
recognizes the effects of transactions involving the sale or distribution by an equity investee of its common stock as capital
transactions.

GOODWILL AND INTANGIBLE ASSETS: All business combinations are accounted for under the purchase method. The
excess of the cost of the acquisition over fair value of the net assets acquired (including recognized intangibles) is recorded as
goodwill. Business combinations involving existing motorsports entertainment facilities commonly result in a significant
portion of the purchase price being allocated to the fair value of the contract-based intangible asset associated with long-term
relationships manifest in the sanction agreements with sanctioning bodies, such as NASCAR and IMSA. The continuity of
sanction agreements with these bodies has historically enabled the Company to host these motorsports events year after year.
While individual sanction agreements may be of terms as short as one year, a significant portion of the purchase price in excess
of the fair value of acquired tangible assets is commonly paid to acquire anticipated future cash flows from events promoted

ISC // 2014 ANNUAL REPORT // FORM 10-K // 52

pursuant to these agreements which are expected to continue for the foreseeable future and therefore, in accordance with

Accounting Standards Codification (“ASC”) 805, are recorded as indefinite-lived intangible assets recognized apart from

goodwill. The Company’s goodwill and other intangible assets are all associated with our Motorsports Event segment.

The Company follows applicable authoritative guidance on accounting for goodwill and other intangible assets which specifies,

among other things, non-amortization of goodwill and other intangible assets with indefinite useful lives and requires testing

for possible impairment, either upon the occurrence of an impairment indicator or at least annually. The Company completes its

annual testing in its fiscal fourth quarter, based on assumptions regarding the Company’s future business outlook and expected

future discounted cash flows attributable to such assets (using the fair value assessment provision of applicable authoritative

guidance), supported by quoted market prices or comparable transactions where available or applicable.

In connection with the Company’s fiscal 2014 assessment of goodwill and intangible assets for possible impairment, the

Company used the methodology described above. The Company believes its methods used to determine fair value and evaluate

possible impairment were appropriate, relevant, and represent methods customarily available and used for such purposes. The

Company’s latest annual assessment of goodwill and other intangible assets in the fourth quarter of fiscal 2014 indicated there

had been no impairment and the fair value substantially exceeded the carrying value for the respective reporting units.

During fiscal 2014, the Company believes there has been no significant change in the long-term fundamentals of its ongoing

motorsports event business. The Company believes its present operational and cash flow outlook further support its conclusion.

While the Company continues to review and analyze many factors that can impact its business prospects in the future, its

analysis is subjective and is based on conditions existing at, and trends leading up to, the time the estimates and assumptions

are made. Different conditions or assumptions, or changes in cash flows or profitability, if significant, could have a material

adverse effect on the outcome of the impairment evaluation and the Company’s future condition or results of operations.

DEFERRED FINANCING FEES: Deferred financing fees are amortized over the term of the related debt and are included in

other non-current assets.

thousands):

Interest rate swap, net of tax benefit of $3,025 and $2,600, respectively

(4,638 ) $

(3,981 )

2013

2014

INCOME TAXES: Income taxes have been provided using the liability method. Under this method the Company’s estimates of

deferred income taxes and the significant items giving rise to deferred tax assets and liabilities reflect its assessment of actual

future taxes to be paid on items reflected in its financial statements, giving consideration to both timing and probability of

realization.

The Company establishes tax reserves related to certain matters, including penalties and interest, in the period when it is

determined that it is probable that additional taxes, penalties and interest will be paid, and the amount is reasonably estimable.

Such tax reserves are adjusted, as needed, in light of changing circumstances, such as statute of limitations expirations and

other developments relating to uncertain tax positions and current tax items under examination, appeal or litigation.

REVENUE RECOGNITION: Advance ticket sales and event-related revenues for future events are deferred until earned,

which is generally once the events are conducted. The recognition of event-related expenses is matched with the recognition of

event-related revenues.

NASCAR contracts directly with certain network providers for television rights to the entire NASCAR Sprint Cup, Xfinity and

Camping World Truck series schedules. Event promoters share in the television rights fees in accordance with the provision of

the sanction agreement for each NASCAR Sprint Cup, Xfinity and Camping World Truck series event. Under the terms of this

arrangement, NASCAR retains 10.0 percent of the gross broadcast rights fees allocated to each NASCAR Sprint Cup, Xfinity

and Camping World Truck series event as a component of its sanction fees. The promoter records 90.0 percent of the gross

broadcast rights fees as revenue and then records 25.0 percent of the gross broadcast rights fees as part of its awards to the

does not own. In addition, MRN provides production services for Sprint Vision, the trackside large screen video display units,

at NASCAR Sprint Cup Series event weekends that take place at the Company's motorsports facilities, as well as at Dover

International Speedway and Pocono Raceway. MRN also produces and syndicates daily and weekly NASCAR racing-themed

pursuant to these agreements which are expected to continue for the foreseeable future and therefore, in accordance with
Accounting Standards Codification (“ASC”) 805, are recorded as indefinite-lived intangible assets recognized apart from
goodwill. The Company’s goodwill and other intangible assets are all associated with our Motorsports Event segment.

programs.

SIGNIFICANT ACCOUNTING POLICIES:

PRINCIPLES OF CONSOLIDATION: The accompanying consolidated financial statements include the accounts of

International Speedway Corporation, and its wholly owned subsidiaries. All material intercompany accounts and transactions

have been eliminated in consolidation.

CASH AND CASH EQUIVALENTS: For purposes of reporting cash flows, cash and cash equivalents include cash on hand,

bank demand deposit accounts and overnight sweep accounts used in the Company’s cash management program. All highly

liquid investments with stated maturities of three months or less from the date of purchase are classified as cash equivalents.

The Company maintained its cash and cash equivalents with a limited number of financial institutions at November 30, 2014.

RECEIVABLES: Receivables are stated at their estimated collectible amounts. The allowance for doubtful accounts is

estimated based on historical experience of write offs and current expectations of conditions that might impact the collectability

of accounts.

basis, or market.

follows:

INVENTORIES: Inventories, consisting of finished goods, are stated at the lower of cost, determined on the first-in, first-out

PROPERTY AND EQUIPMENT: Property and equipment, including improvements to existing facilities, are stated at cost.

Depreciation is provided for financial reporting purposes using the straight-line method over the estimated useful lives as

Buildings, grandstands and motorsports entertainment facilities

Furniture and equipment

10-30 years

3-8 years

Leasehold improvements are depreciated over the shorter of the related lease term or their estimated useful lives. The carrying

values of property and equipment are evaluated for impairment upon the occurrence of an impairment indicator based upon

expected future undiscounted cash flows. If events or circumstances indicate that the carrying value of an asset may not be

recoverable, an impairment loss would be recognized equal to the difference between the carrying value of the asset and its fair

value.

EQUITY INVESTMENTS: The Company’s investments in joint ventures and other investees where it can exert significant

influence on the investee, but does not have effective control over the investee, are accounted for using the equity method of

accounting. The Company’s equity in the net income (loss) from equity method investments is recorded as income (loss) with a

corresponding increase (decrease) in the investment. Distributions received from the equity investees reduce the investment.

Distributions from equity investees representing the Company's share of the equity investee's earnings are treated as cash

proceeds from operations while distributions in excess of the equity investee's earnings are considered a return of capital and

treated as cash proceeds from investing activities in the Company's consolidated statement of cash flows. The Company

recognizes the effects of transactions involving the sale or distribution by an equity investee of its common stock as capital

transactions.

GOODWILL AND INTANGIBLE ASSETS: All business combinations are accounted for under the purchase method. The

excess of the cost of the acquisition over fair value of the net assets acquired (including recognized intangibles) is recorded as

goodwill. Business combinations involving existing motorsports entertainment facilities commonly result in a significant

portion of the purchase price being allocated to the fair value of the contract-based intangible asset associated with long-term

relationships manifest in the sanction agreements with sanctioning bodies, such as NASCAR and IMSA. The continuity of

sanction agreements with these bodies has historically enabled the Company to host these motorsports events year after year.

While individual sanction agreements may be of terms as short as one year, a significant portion of the purchase price in excess

of the fair value of acquired tangible assets is commonly paid to acquire anticipated future cash flows from events promoted

The Company follows applicable authoritative guidance on accounting for goodwill and other intangible assets which specifies,
among other things, non-amortization of goodwill and other intangible assets with indefinite useful lives and requires testing
for possible impairment, either upon the occurrence of an impairment indicator or at least annually. The Company completes its
annual testing in its fiscal fourth quarter, based on assumptions regarding the Company’s future business outlook and expected
future discounted cash flows attributable to such assets (using the fair value assessment provision of applicable authoritative
guidance), supported by quoted market prices or comparable transactions where available or applicable.

In connection with the Company’s fiscal 2014 assessment of goodwill and intangible assets for possible impairment, the
Company used the methodology described above. The Company believes its methods used to determine fair value and evaluate
possible impairment were appropriate, relevant, and represent methods customarily available and used for such purposes. The
Company’s latest annual assessment of goodwill and other intangible assets in the fourth quarter of fiscal 2014 indicated there
had been no impairment and the fair value substantially exceeded the carrying value for the respective reporting units.

During fiscal 2014, the Company believes there has been no significant change in the long-term fundamentals of its ongoing
motorsports event business. The Company believes its present operational and cash flow outlook further support its conclusion.
While the Company continues to review and analyze many factors that can impact its business prospects in the future, its
analysis is subjective and is based on conditions existing at, and trends leading up to, the time the estimates and assumptions
are made. Different conditions or assumptions, or changes in cash flows or profitability, if significant, could have a material
adverse effect on the outcome of the impairment evaluation and the Company’s future condition or results of operations.

DEFERRED FINANCING FEES: Deferred financing fees are amortized over the term of the related debt and are included in
other non-current assets.

COMPREHENSIVE INCOME: Comprehensive income is the changes in equity of an enterprise except those resulting from
shareholder transactions. Accumulated other comprehensive income consists of the following as of November 30, (in
thousands):

Interest rate swap, net of tax benefit of $3,025 and $2,600, respectively

(4,638 ) $

(3,981 )

2013

2014

INCOME TAXES: Income taxes have been provided using the liability method. Under this method the Company’s estimates of
deferred income taxes and the significant items giving rise to deferred tax assets and liabilities reflect its assessment of actual
future taxes to be paid on items reflected in its financial statements, giving consideration to both timing and probability of
realization.

The Company establishes tax reserves related to certain matters, including penalties and interest, in the period when it is
determined that it is probable that additional taxes, penalties and interest will be paid, and the amount is reasonably estimable.
Such tax reserves are adjusted, as needed, in light of changing circumstances, such as statute of limitations expirations and
other developments relating to uncertain tax positions and current tax items under examination, appeal or litigation.

REVENUE RECOGNITION: Advance ticket sales and event-related revenues for future events are deferred until earned,
which is generally once the events are conducted. The recognition of event-related expenses is matched with the recognition of
event-related revenues.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 53

competitors. Ultimately, the promoter retains 65.0 percent of the net cash proceeds from the gross broadcast rights fees
allocated to the event.

The Company's revenues from marketing partnerships are paid in accordance with negotiated contracts, with the identities of
partners and the terms of sponsorship changing from time to time. Some of our marketing partnership agreements are for
multiple facilities and/or events and include multiple specified elements, such as tickets, hospitality chalets, suites, display
space and signage for each included event. The allocation of such marketing partnership revenues between the multiple
elements, events and facilities is based on relative selling price. The sponsorship revenue allocated to an event is recognized
when the event is conducted.

Revenues and related costs from the sale of merchandise to retail customers, internet sales and direct sales to dealers are
recognized at the time of sale.

Kansas Speedway ("Kansas") and Chicagoland Speedway ("Chicagoland") offer Preferred Access Speedway Seating (“PASS”)
agreements, which give purchasers the exclusive right and obligation to purchase season-ticket packages for certain sanctioned
racing events annually, under specified terms and conditions. Among the conditions, licensees are required to purchase all
season-ticket packages when and as offered each year. PASS agreements automatically terminate without refund should owners
not purchase any offered season tickets.

Net fees received under PASS agreements are deferred and are amortized into income over the term of the agreements. Long-
term deferred income under the PASS agreements totals approximately $6.5 million and $5.5 million at November 30, 2013
and 2014, respectively.

ADVERTISING EXPENSE: Advertising costs are expensed as incurred. Advertising expense was approximately
$15.3 million, $15.1 million and $16.5 million for the years ended November 30, 2012, 2013 and 2014, respectively.

LOSS CONTINGENCIES: Legal and other costs incurred in conjunction with loss contingencies are expensed as incurred.

USE OF ESTIMATES: The preparation of financial statements in conformity with U.S. generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities,
disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those estimates.

NEW ACCOUNTING PRONOUNCEMENTS: In February 2013, the Financial Accounting Standards Board ("FASB") issued
ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”. The objective of
this Update is to set requirements for presentation for significant items reclassified to net income in their entirety during the
period and for items not reclassified to net income in their entirety during the period. For public entities, the amended
requirements are effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. This
statement only impacts disclosures of reclassification adjustments and is not material to the Company's financial statement
presentation. The Company has adopted the amendments of this statement in the first quarter of fiscal 2014.

In May 2014, FASB, in conjunction with the International Accounting Standards Board, issued ASU No. 2014-09, "Revenue
from Contracts with Customers". The objective of this Update is to significantly enhance comparability and clarify principles
of revenue recognition practices across entities, industries, jurisdictions, and capital markets. For a public entity, the
amendments in this Update are effective for annual reporting periods beginning after December 15, 2016, including interim
periods within that reporting period. Early application is not permitted. The standard can be adopted either retrospectively to
each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. The Company is currently
evaluating the impact of adopting this new guidance on its financial position and results of operations and will adopt the
provisions of this statement in the first quarter of fiscal 2018.

NOTE 2 — EARNINGS PER SHARE

thousands, except share and per share amounts):

The following table sets forth the computation of basic and diluted earnings per share for the years ended November 30, (in

Numerator:

Net income

Denominator:

2012

2013

2014

54,578 $

45,292 $

67,379

Weighted average shares outstanding

Common stock options

46,386,355

46,470,647

46,559,232

10,276

15,914

13,806

Diluted weighted average shares outstanding

46,396,631

46,486,561

46,573,038

Basic and diluted earnings per share

1.18 $

0.97 $

1.45

Anti-dilutive shares excluded in the computation of diluted

earnings per share

231,496

143,656

121,462

NOTE 3 — PROPERTY AND EQUIPMENT

Property and equipment consists of the following as of November 30, (in thousands):

Land and leasehold improvements

Buildings, grandstands and motorsports entertainment facilities

Furniture and equipment

Construction in progress

Less accumulated depreciation

2013

2014

246,138 $

1,520,405

169,979

87,318

2,023,840

746,864

247,883

1,529,904

175,845

245,642

2,199,274

818,084

1,381,190

1,276,976 $

Depreciation expense was approximately $77.8 million, $94.0 million and $90.2 million for the years ended November 30,

2012, 2013 and 2014, respectively. The depreciation expense for the years ended November 30, 2013 and 2014 includes

approximately $15.4 million and $11.1 million, respectively, of accelerated depreciation that was recorded due to the

shortening the service lives of certain assets associated with DAYTONA Rising and capacity management initiatives.

NOTE 4 — RETIREMENTS OF LONG-LIVED ASSETS

The Company recorded before-tax charges relating to retirements of long-lived assets during the fiscal years ending November

30, as follows (in thousands):

Losses on retirements of long-lived assets

Less: cash portion of losses on asset retirements

Non-cash losses on retirements of long-lived assets

11,143 $

3,088

8,055 $

16,607 $

6,584

10,023 $

10,148

7,504

2,644

2012

2013

2014

The fiscal 2012 retirements are primarily attributable to the ongoing removal of certain assets in connection with the repaving

of the track and grandstand enhancements at Phoenix International Raceway (“Phoenix”) and the grandstand enhancements at

Kansas and Talladega Superspeedway (“Talladega”).

The fiscal 2013 retirements are primarily attributable to the ongoing removal of certain assets in connection with the track

repaving at Kansas, as well as guest enhancements at Talladega, Richmond International Raceway (“Richmond”) and certain of

the Company's other facilities.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 54

competitors. Ultimately, the promoter retains 65.0 percent of the net cash proceeds from the gross broadcast rights fees

NOTE 2 — EARNINGS PER SHARE

allocated to the event.

The Company's revenues from marketing partnerships are paid in accordance with negotiated contracts, with the identities of

partners and the terms of sponsorship changing from time to time. Some of our marketing partnership agreements are for

multiple facilities and/or events and include multiple specified elements, such as tickets, hospitality chalets, suites, display

space and signage for each included event. The allocation of such marketing partnership revenues between the multiple

elements, events and facilities is based on relative selling price. The sponsorship revenue allocated to an event is recognized

when the event is conducted.

recognized at the time of sale.

Revenues and related costs from the sale of merchandise to retail customers, internet sales and direct sales to dealers are

Kansas Speedway ("Kansas") and Chicagoland Speedway ("Chicagoland") offer Preferred Access Speedway Seating (“PASS”)

agreements, which give purchasers the exclusive right and obligation to purchase season-ticket packages for certain sanctioned

racing events annually, under specified terms and conditions. Among the conditions, licensees are required to purchase all

season-ticket packages when and as offered each year. PASS agreements automatically terminate without refund should owners

not purchase any offered season tickets.

Net fees received under PASS agreements are deferred and are amortized into income over the term of the agreements. Long-

term deferred income under the PASS agreements totals approximately $6.5 million and $5.5 million at November 30, 2013

and 2014, respectively.

ADVERTISING EXPENSE: Advertising costs are expensed as incurred. Advertising expense was approximately

$15.3 million, $15.1 million and $16.5 million for the years ended November 30, 2012, 2013 and 2014, respectively.

LOSS CONTINGENCIES: Legal and other costs incurred in conjunction with loss contingencies are expensed as incurred.

USE OF ESTIMATES: The preparation of financial statements in conformity with U.S. generally accepted accounting

principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities,

disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and

expenses during the reporting period. Actual results could differ from those estimates.

NEW ACCOUNTING PRONOUNCEMENTS: In February 2013, the Financial Accounting Standards Board ("FASB") issued

ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”. The objective of

this Update is to set requirements for presentation for significant items reclassified to net income in their entirety during the

period and for items not reclassified to net income in their entirety during the period. For public entities, the amended

requirements are effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. This

statement only impacts disclosures of reclassification adjustments and is not material to the Company's financial statement

presentation. The Company has adopted the amendments of this statement in the first quarter of fiscal 2014.

In May 2014, FASB, in conjunction with the International Accounting Standards Board, issued ASU No. 2014-09, "Revenue

from Contracts with Customers". The objective of this Update is to significantly enhance comparability and clarify principles

of revenue recognition practices across entities, industries, jurisdictions, and capital markets. For a public entity, the

amendments in this Update are effective for annual reporting periods beginning after December 15, 2016, including interim

periods within that reporting period. Early application is not permitted. The standard can be adopted either retrospectively to

each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. The Company is currently

evaluating the impact of adopting this new guidance on its financial position and results of operations and will adopt the

provisions of this statement in the first quarter of fiscal 2018.

The following table sets forth the computation of basic and diluted earnings per share for the years ended November 30, (in
thousands, except share and per share amounts):

Numerator:

Net income

Denominator:

2012

2013

2014

54,578 $

45,292 $

67,379

Weighted average shares outstanding
Common stock options

Diluted weighted average shares outstanding

46,386,355
10,276
46,396,631

46,470,647
15,914
46,486,561

46,559,232
13,806
46,573,038

Basic and diluted earnings per share

1.18 $

0.97 $

1.45

Anti-dilutive shares excluded in the computation of diluted
earnings per share

231,496

143,656

121,462

NOTE 3 — PROPERTY AND EQUIPMENT

Property and equipment consists of the following as of November 30, (in thousands):

Land and leasehold improvements
Buildings, grandstands and motorsports entertainment facilities
Furniture and equipment
Construction in progress

Less accumulated depreciation

2013

2014

246,138 $

1,520,405
169,979
87,318
2,023,840
746,864
1,276,976 $

247,883
1,529,904
175,845
245,642
2,199,274
818,084
1,381,190

Depreciation expense was approximately $77.8 million, $94.0 million and $90.2 million for the years ended November 30,
2012, 2013 and 2014, respectively. The depreciation expense for the years ended November 30, 2013 and 2014 includes
approximately $15.4 million and $11.1 million, respectively, of accelerated depreciation that was recorded due to the
shortening the service lives of certain assets associated with DAYTONA Rising and capacity management initiatives.

NOTE 4 — RETIREMENTS OF LONG-LIVED ASSETS

The Company recorded before-tax charges relating to retirements of long-lived assets during the fiscal years ending November
30, as follows (in thousands):

Losses on retirements of long-lived assets

Less: cash portion of losses on asset retirements

Non-cash losses on retirements of long-lived assets

11,143 $
3,088
8,055 $

16,607 $
6,584
10,023 $

10,148
7,504
2,644

2012

2013

2014

The fiscal 2012 retirements are primarily attributable to the ongoing removal of certain assets in connection with the repaving
of the track and grandstand enhancements at Phoenix International Raceway (“Phoenix”) and the grandstand enhancements at
Kansas and Talladega Superspeedway (“Talladega”).

The fiscal 2013 retirements are primarily attributable to the ongoing removal of certain assets in connection with the track
repaving at Kansas, as well as guest enhancements at Talladega, Richmond International Raceway (“Richmond”) and certain of
the Company's other facilities.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 55

The fiscal 2014 retirements are primarily attributable to the removal of assets not fully depreciated in connection with
DAYTONA Rising, capacity management initiatives and other capital improvements.

Motorsports Authentics

NOTE 5 — EQUITY AND OTHER INVESTMENTS

Hollywood Casino at Kansas Speedway

Kansas Entertainment, LLC, (“Kansas Entertainment”) a 50/50 joint venture of Penn Hollywood Kansas, Inc. (“Penn”), a
subsidiary of Penn National Gaming, Inc. and Kansas Speedway Development Corporation (“KSDC”), a wholly owned
indirect subsidiary of ISC, operates the Hollywood-themed casino and branded destination entertainment facility, overlooking
turn two at Kansas Speedway. Penn is the managing member of Kansas Entertainment and is responsible for the operations of
the casino.

The Company has accounted for Kansas Entertainment as an equity investment in its financial statements as of November 30,
2014. The Company’s 50.0 percent portion of Kansas Entertainment’s net income was approximately $2.8 million ,
$9.4 million and $8.9 million for fiscal years 2012, 2013 and 2014, respectively, and is included in equity in net income from
equity investments in the Company's consolidated statements of operations. Included in the Company's fiscal 2013 income
from equity investment amount is approximately $1.1 million related to a one-time property tax refund. Beginning February
2014, Kansas Entertainment began recording expense equal to 1.0 percent of gross gaming revenue since it did not commence
with construction of a hotel by the original deadline. Included in the Company's income from equity investment amounts for
fiscal 2014 is approximately $0.6 million expense, respectively, related to this penalty.

Distributions from Kansas Entertainment, for the years ended November 30, are as follows (in thousands):

Summarized financial information of the Company’s equity investments as of and for the years ended November 30, are as

Distribution from profits

Distribution in excess of profits

Total Distributions

2012

2013

2014

— $

11,000
11,000 $

8,216 $
13,284
21,500 $

10,076
11,924
22,000

Subsequent to November 30, 2014, the Company received an additional $5.5 million from Kansas Entertainment.

Staten Island Property

On August 5, 2013, the Company announced that it sold its 676 acre parcel of property located in Staten Island, New York, to
Staten Island Marine Development, LLC (“Marine Development”). Marine Development purchased 100 percent of the
outstanding equity membership interests of 380 Development LLC (“380 Development”), a wholly owned indirect subsidiary
of ISC and owner of the Staten Island property, for a total sales price of $80.0 million. In addition, the Company previously
received approximately $4.2 million for an option provided to the purchaser that is nonrefundable and does not apply to the
$80.0 million sales price.

The Company received $7.5 million, less closing and other administrative costs, of the sales price at closing. The remaining
sales price was financed with the Company holding a secured mortgage interest in 380 Development as well as the underlying
property. The mortgage balance bears interest at an annual rate of 7.0 percent. In accordance with the terms of the agreement,
the Company has received a principal payment of approximately $6.1 million plus interest on this mortgage balance through
November 30, 2014, and will receive the remaining purchase price of $66.4 million, due March 5, 2016. Interest on the
remaining mortgage balance is due quarterly, in arrears, and Marine Development is current with all payments through January
2015. Based on the level of Marine Development's initial investment at closing and continuing investment, the Company has
accounted for the transaction using the cost recovery method and has deferred the recognition of profit of approximately
$1.9 million, and interest totaling approximately $5.6 million at November 30, 2014, until the carrying amount of the property
is recovered, which will not be until the final payment is made.

The net proceeds from the sale, combined with the mortgage interest and related total cash tax benefit, will provide the
Company with approximately $118.0 million in incremental cash flow through the term of the mortgage.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 56

Prior to January 31, 2014, the Company was partners with Speedway Motorsports, Inc. ("SMI") in a 50/50 joint venture,

SMISC, LLC, which, through its wholly owned subsidiary Motorsports Authentics, LLC conducts business under the name

Motorsports Authentics (“MA”). MA designs, promotes, markets and distributes motorsports licensed merchandise. On

January 31, 2014, SMI abandoned its interest and rights in SMISC, LLC, consequently bringing the Company's ownership to

100.0 percent. MA's operations are included in the Company's consolidated operations subsequent to the date of SMI's

abandonment. Prior to January 31, 2014, MA was accounted for as an equity investment in the Company's financial statements.

As a result of SMI's abandonment of their interest in SMISC, LLC, the Company recorded other income of approximately

$5.4 million, representing the fair value of MA, over the carrying value, as of January 31, 2014. The fair value was based on a

discounted cash flow analysis using level 3 inputs. Most of the fair value represents the value of MA's working capital and the

fair value was not sensitive to assumptions used in the discounted cash flow analysis. In addition, the Company recognized tax

benefits of approximately $4.0 million, representing the tax benefit associated with various operating loss carryforwards of MA

that are expected to be realized in its consolidated tax filings in the future and certain other tax filing positions of SMISC, LLC.

In November 2014, the Company recognized an impairment of a long-lived intangible asset of approximately $0.6 million,

which is included in non-cash losses on retirements of long-lived assets. MA's operating income contribution, subsequent to

consolidation, was immaterial, and is included in the Motorsports Event segment.

Prior to the SMI abandonment of SMISC, LLC, no equity income was recognized in prior periods, by the Company, as MA

operated at breakeven.

follows (in thousands):

Current assets

Noncurrent assets

Current liabilities

Noncurrent liabilities

Net sales

Gross profit

Operating income

Net income

2012

2013

2014

46,054 $

43,062 $

258,239

22,379

1,819

144,715

63,516

8,914

9,266

238,772

21,510

1,242

170,721

82,838

21,770

21,986

33,349

215,226

19,273

—

141,849

72,031

20,153

NOTE 6 — GOODWILL AND INTANGIBLE ASSETS

The gross carrying value and accumulated amortization of the major classes of intangible assets relating to the Motorsports

Event segment as of November 30, are as follows (in thousands):

Amortized intangible assets:

Food, beverage and merchandise contracts

Total amortized intangible assets

Non-amortized intangible assets:

NASCAR — sanction agreements

Other

Total non-amortized intangible assets

Total intangible assets

Gross

Carrying

Amount

2013

Accumulated

Amortization

Net

Carrying

Amount

10 $

102

177,813

793

178,606

178,708 $

8 $

—

80 $

177,813

793

178,606

178,628

The fiscal 2014 retirements are primarily attributable to the removal of assets not fully depreciated in connection with

Motorsports Authentics

DAYTONA Rising, capacity management initiatives and other capital improvements.

NOTE 5 — EQUITY AND OTHER INVESTMENTS

Hollywood Casino at Kansas Speedway

Kansas Entertainment, LLC, (“Kansas Entertainment”) a 50/50 joint venture of Penn Hollywood Kansas, Inc. (“Penn”), a

subsidiary of Penn National Gaming, Inc. and Kansas Speedway Development Corporation (“KSDC”), a wholly owned

indirect subsidiary of ISC, operates the Hollywood-themed casino and branded destination entertainment facility, overlooking

turn two at Kansas Speedway. Penn is the managing member of Kansas Entertainment and is responsible for the operations of

the casino.

The Company has accounted for Kansas Entertainment as an equity investment in its financial statements as of November 30,

2014. The Company’s 50.0 percent portion of Kansas Entertainment’s net income was approximately $2.8 million ,

$9.4 million and $8.9 million for fiscal years 2012, 2013 and 2014, respectively, and is included in equity in net income from

equity investments in the Company's consolidated statements of operations. Included in the Company's fiscal 2013 income

from equity investment amount is approximately $1.1 million related to a one-time property tax refund. Beginning February

2014, Kansas Entertainment began recording expense equal to 1.0 percent of gross gaming revenue since it did not commence

with construction of a hotel by the original deadline. Included in the Company's income from equity investment amounts for

fiscal 2014 is approximately $0.6 million expense, respectively, related to this penalty.

Distributions from Kansas Entertainment, for the years ended November 30, are as follows (in thousands):

2012

2013

2014

— $

11,000

11,000 $

8,216 $

13,284

21,500 $

10,076

11,924

22,000

Distribution from profits

Distribution in excess of profits

Total Distributions

Staten Island Property

Subsequent to November 30, 2014, the Company received an additional $5.5 million from Kansas Entertainment.

On August 5, 2013, the Company announced that it sold its 676 acre parcel of property located in Staten Island, New York, to

Staten Island Marine Development, LLC (“Marine Development”). Marine Development purchased 100 percent of the

outstanding equity membership interests of 380 Development LLC (“380 Development”), a wholly owned indirect subsidiary

of ISC and owner of the Staten Island property, for a total sales price of $80.0 million. In addition, the Company previously

received approximately $4.2 million for an option provided to the purchaser that is nonrefundable and does not apply to the

$80.0 million sales price.

The Company received $7.5 million, less closing and other administrative costs, of the sales price at closing. The remaining

sales price was financed with the Company holding a secured mortgage interest in 380 Development as well as the underlying

property. The mortgage balance bears interest at an annual rate of 7.0 percent. In accordance with the terms of the agreement,

the Company has received a principal payment of approximately $6.1 million plus interest on this mortgage balance through

November 30, 2014, and will receive the remaining purchase price of $66.4 million, due March 5, 2016. Interest on the

remaining mortgage balance is due quarterly, in arrears, and Marine Development is current with all payments through January

2015. Based on the level of Marine Development's initial investment at closing and continuing investment, the Company has

accounted for the transaction using the cost recovery method and has deferred the recognition of profit of approximately

$1.9 million, and interest totaling approximately $5.6 million at November 30, 2014, until the carrying amount of the property

is recovered, which will not be until the final payment is made.

The net proceeds from the sale, combined with the mortgage interest and related total cash tax benefit, will provide the

Company with approximately $118.0 million in incremental cash flow through the term of the mortgage.

Prior to January 31, 2014, the Company was partners with Speedway Motorsports, Inc. ("SMI") in a 50/50 joint venture,
SMISC, LLC, which, through its wholly owned subsidiary Motorsports Authentics, LLC conducts business under the name
Motorsports Authentics (“MA”). MA designs, promotes, markets and distributes motorsports licensed merchandise. On
January 31, 2014, SMI abandoned its interest and rights in SMISC, LLC, consequently bringing the Company's ownership to
100.0 percent. MA's operations are included in the Company's consolidated operations subsequent to the date of SMI's
abandonment. Prior to January 31, 2014, MA was accounted for as an equity investment in the Company's financial statements.

As a result of SMI's abandonment of their interest in SMISC, LLC, the Company recorded other income of approximately
$5.4 million, representing the fair value of MA, over the carrying value, as of January 31, 2014. The fair value was based on a
discounted cash flow analysis using level 3 inputs. Most of the fair value represents the value of MA's working capital and the
fair value was not sensitive to assumptions used in the discounted cash flow analysis. In addition, the Company recognized tax
benefits of approximately $4.0 million, representing the tax benefit associated with various operating loss carryforwards of MA
that are expected to be realized in its consolidated tax filings in the future and certain other tax filing positions of SMISC, LLC.
In November 2014, the Company recognized an impairment of a long-lived intangible asset of approximately $0.6 million,
which is included in non-cash losses on retirements of long-lived assets. MA's operating income contribution, subsequent to
consolidation, was immaterial, and is included in the Motorsports Event segment.

Prior to the SMI abandonment of SMISC, LLC, no equity income was recognized in prior periods, by the Company, as MA
operated at breakeven.

Summarized financial information of the Company’s equity investments as of and for the years ended November 30, are as
follows (in thousands):

Current assets
Noncurrent assets
Current liabilities
Noncurrent liabilities
Net sales
Gross profit
Operating income
Net income

2012

2013

2014

46,054 $
258,239
22,379
1,819
144,715
63,516
8,914
9,266

43,062 $
238,772
21,510
1,242
170,721
82,838
21,770
21,986

33,349
215,226
19,273
—
141,849
72,031
20,153
20,153

NOTE 6 — GOODWILL AND INTANGIBLE ASSETS

The gross carrying value and accumulated amortization of the major classes of intangible assets relating to the Motorsports
Event segment as of November 30, are as follows (in thousands):

Amortized intangible assets:

Food, beverage and merchandise contracts
Other

Total amortized intangible assets
Non-amortized intangible assets:

NASCAR — sanction agreements
Other

Total non-amortized intangible assets
Total intangible assets

Gross
Carrying
Amount

2013

Accumulated
Amortization

Net
Carrying
Amount

10 $
92
102

177,813
793
178,606
178,708 $

8 $
72
80

—
—
—
80 $

2
20
22

177,813
793
178,606
178,628

ISC // 2014 ANNUAL REPORT // FORM 10-K // 57

Amortized intangible assets:

Food, beverage and merchandise contracts
Other

Total amortized intangible assets
Non-amortized intangible assets:

NASCAR — sanction agreements
Other

Total non-amortized intangible assets
Total intangible assets

Gross
Carrying
Amount

2014

Accumulated
Amortization

Net
Carrying
Amount

10 $
109
119

177,813
793
178,606
178,725 $

9 $
87
96

—
—
—
96 $

1
22
23

177,813
793
178,606
178,629

The following table presents current and expected amortization expense of the existing intangible assets as of November 30, for
each of the following periods (in thousands):

For the year ending November 30:

2015

2016

2017

2018

2019

Thereafter

Net premium

Total

Schedule of Payments (in thousands)

3,435

3,408

3,738

4,091

4,522

253,069

272,263

(517 )

271,746

Amortization expense for the year ended November 30, 2014
Estimated amortization expense for the year ending November 30:

2015
2016
2017
2018
2019

7
3
1
1
1

There were no changes in the carrying value of goodwill during fiscal 2013 and 2014.

NOTE 7 — LONG-TERM DEBT

Long-term debt consists of the following as of November 30, (in thousands):

4.63 percent Senior Notes
3.95 percent Senior Notes
4.82 percent Revenue Bonds
6.25 percent Term Loan
TIF bond debt service funding commitment
Revolving Credit Facility

Less: current portion

2013

2014

65,000 $
100,000
662
49,948
58,877
—
274,487
2,807
271,680 $

65,000
100,000
339
49,524
56,883
—
271,746
3,435
268,311

ISC // 2014 ANNUAL REPORT // FORM 10-K // 58

The Company's $65.0 million principal amount of senior unsecured notes (“4.63 percent Senior Notes”) bear interest at 4.63

percent and are due January 2021, require semi-annual interest payments on January 18 and July 18 through their maturity. The

4.63 percent Senior Notes may be redeemed in whole or in part, at the Company’s option, at any time or from time to time at

redemption prices as defined in the indenture. Certain of the Company’s wholly owned domestic subsidiaries are guarantors of

the 4.63 percent Senior Notes. Certain restrictive covenants of the 4.63 percent Senior Notes require that the Company's ratio of

its Consolidated Funded Indebtedness to its Consolidated EBITDA ("leverage ratio") does not exceed 3.50 to 1.0, and its

Consolidated EBITDA to Consolidated Interest Expense ("interest coverage ratio") is not less than 2.0 to 1.0. In addition the

Company may not permit the aggregate of certain Priority Debt to exceed 15.0 percent of its Consolidated Net Worth. The 4.63

percent Senior Notes contain various other affirmative and negative restrictive covenants including, among others, limitations

on liens, sales of assets, mergers and consolidations and certain transactions with affiliates. As of November 30, 2014, the

Company was in compliance with its various restrictive covenants. At November 30, 2014, outstanding principal on the 4.63

percent Senior Notes was approximately $65.0 million.

The Company's $100.0 million principal amount of senior unsecured notes (“3.95 percent Senior Notes”) bear interest at 3.95

percent and are due September 2024. The 3.95 percent Senior Notes require semi-annual interest payments on March 13 and

September 13 through their maturity. The 3.95 percent Senior Notes may be redeemed in whole or in part, at our option, at any

time or from time to time at redemption prices as defined in the indenture. Certain of the Company's wholly owned domestic

subsidiaries are guarantors of the 3.95 percent Senior Notes. Certain restrictive covenants of the 3.95 percent Senior Notes

require that the Company's leverage ratio does not exceed 3.50 to 1.0, and its interest coverage ratio is not less than 2.0 to 1.0.

In addition the Company may not permit the aggregate of certain Priority Debt to exceed 15.0 percent of its Consolidated Net

Worth. The 3.95 percent Senior Notes contain various other affirmative and negative restrictive covenants including, among

others, limitations on liens, sales of assets, mergers and consolidations and certain transactions with affiliates. As of

November 30, 2014, the Company was in compliance with its various restrictive covenants. At November 30, 2014,

outstanding principal on the 3.95 percent Senior Notes was approximately $100.0 million.

Debt associated with the Company's wholly owned subsidiary, Chicagoland Speedway, LLC, which owns and operates

Chicagoland and Route 66 Raceway, consists of revenue bonds payable (“4.82 percent Revenue Bonds”) consisting of

economic development revenue bonds issued by the City of Joliet, Illinois to finance certain land improvements. The 4.82

percent Revenue Bonds have an interest rate of 4.82 percent and a monthly payment of approximately $29,000 principal and

interest. At November 30, 2014, outstanding principal on the 4.82 percent Revenue Bonds was approximately $0.3 million.

The term loan (“6.25 percent Term Loan”), related to the Company’s International Motorsports Center, has a 25 year term due

October 2034, an interest rate of 6.25 percent, and a current monthly payment of approximately $292,000 principal and interest.

At November 30, 2014, the outstanding principal on the 6.25 percent Term Loan was approximately $49.5 million.

At November 30, 2014, in connection with the financing of Kansas Speedway, totaled approximately $56.9 million, net of the

unamortized discount, which is comprised of a $7.7 million principal amount, 6.15 percent term bond due December 1, 2017

and a $49.7 million principal amount, 6.75 percent term bond due December 1, 2027. The TIF bonds are repaid by the Unified

Gross

Carrying

Amount

2014

Accumulated

Amortization

Net

Carrying

Amount

For the year ending November 30:

Schedule of Payments (in thousands)

Amortized intangible assets:

Food, beverage and merchandise contracts

Total amortized intangible assets

Non-amortized intangible assets:

NASCAR — sanction agreements

Other

Total non-amortized intangible assets

Total intangible assets

10 $

109

119

177,813

793

178,606

178,725 $

The following table presents current and expected amortization expense of the existing intangible assets as of November 30, for

each of the following periods (in thousands):

Amortization expense for the year ended November 30, 2014

Estimated amortization expense for the year ending November 30:

2015

2016

2017

2018

2019

There were no changes in the carrying value of goodwill during fiscal 2013 and 2014.

NOTE 7 — LONG-TERM DEBT

Long-term debt consists of the following as of November 30, (in thousands):

9 $

—

96 $

177,813

793

178,606

178,629

65,000

100,000

339

49,524

56,883

—

271,746

3,435

268,311

2013

2014

65,000 $

100,000

662

49,948

58,877

—

274,487

2,807

271,680 $

4.63 percent Senior Notes

3.95 percent Senior Notes

4.82 percent Revenue Bonds

6.25 percent Term Loan

TIF bond debt service funding commitment

Revolving Credit Facility

Less: current portion

2015

2016

2017

2018

2019

Thereafter

Net premium

Total

3,435
3,408
3,738
4,091
4,522
253,069
272,263
(517 )
271,746

The Company's $65.0 million principal amount of senior unsecured notes (“4.63 percent Senior Notes”) bear interest at 4.63
percent and are due January 2021, require semi-annual interest payments on January 18 and July 18 through their maturity. The
4.63 percent Senior Notes may be redeemed in whole or in part, at the Company’s option, at any time or from time to time at
redemption prices as defined in the indenture. Certain of the Company’s wholly owned domestic subsidiaries are guarantors of
the 4.63 percent Senior Notes. Certain restrictive covenants of the 4.63 percent Senior Notes require that the Company's ratio of
its Consolidated Funded Indebtedness to its Consolidated EBITDA ("leverage ratio") does not exceed 3.50 to 1.0, and its
Consolidated EBITDA to Consolidated Interest Expense ("interest coverage ratio") is not less than 2.0 to 1.0. In addition the
Company may not permit the aggregate of certain Priority Debt to exceed 15.0 percent of its Consolidated Net Worth. The 4.63
percent Senior Notes contain various other affirmative and negative restrictive covenants including, among others, limitations
on liens, sales of assets, mergers and consolidations and certain transactions with affiliates. As of November 30, 2014, the
Company was in compliance with its various restrictive covenants. At November 30, 2014, outstanding principal on the 4.63
percent Senior Notes was approximately $65.0 million.

The Company's $100.0 million principal amount of senior unsecured notes (“3.95 percent Senior Notes”) bear interest at 3.95
percent and are due September 2024. The 3.95 percent Senior Notes require semi-annual interest payments on March 13 and
September 13 through their maturity. The 3.95 percent Senior Notes may be redeemed in whole or in part, at our option, at any
time or from time to time at redemption prices as defined in the indenture. Certain of the Company's wholly owned domestic
subsidiaries are guarantors of the 3.95 percent Senior Notes. Certain restrictive covenants of the 3.95 percent Senior Notes
require that the Company's leverage ratio does not exceed 3.50 to 1.0, and its interest coverage ratio is not less than 2.0 to 1.0.
In addition the Company may not permit the aggregate of certain Priority Debt to exceed 15.0 percent of its Consolidated Net
Worth. The 3.95 percent Senior Notes contain various other affirmative and negative restrictive covenants including, among
others, limitations on liens, sales of assets, mergers and consolidations and certain transactions with affiliates. As of
November 30, 2014, the Company was in compliance with its various restrictive covenants. At November 30, 2014,
outstanding principal on the 3.95 percent Senior Notes was approximately $100.0 million.

Debt associated with the Company's wholly owned subsidiary, Chicagoland Speedway, LLC, which owns and operates
Chicagoland and Route 66 Raceway, consists of revenue bonds payable (“4.82 percent Revenue Bonds”) consisting of
economic development revenue bonds issued by the City of Joliet, Illinois to finance certain land improvements. The 4.82
percent Revenue Bonds have an interest rate of 4.82 percent and a monthly payment of approximately $29,000 principal and
interest. At November 30, 2014, outstanding principal on the 4.82 percent Revenue Bonds was approximately $0.3 million.

The term loan (“6.25 percent Term Loan”), related to the Company’s International Motorsports Center, has a 25 year term due
October 2034, an interest rate of 6.25 percent, and a current monthly payment of approximately $292,000 principal and interest.
At November 30, 2014, the outstanding principal on the 6.25 percent Term Loan was approximately $49.5 million.

At November 30, 2014, in connection with the financing of Kansas Speedway, totaled approximately $56.9 million, net of the
unamortized discount, which is comprised of a $7.7 million principal amount, 6.15 percent term bond due December 1, 2017
and a $49.7 million principal amount, 6.75 percent term bond due December 1, 2027. The TIF bonds are repaid by the Unified

ISC // 2014 ANNUAL REPORT // FORM 10-K // 59

Government of Wyandotte County/Kansas City, Kansas (“Unified Government”) with payments made in lieu of property taxes
(“Funding Commitment”) by the Company’s wholly owned subsidiary, Kansas Speedway Corporation (“KSC”). Principal
(mandatory redemption) payments per the Funding Commitment are payable by KSC on October 1 of each year. The semi-
annual interest component of the Funding Commitment is payable on April 1 and October 1 of each year. KSC granted a
mortgage and security interest in the Kansas project for its Funding Commitment obligation.

The Company's $300.0 million revolving credit facility (“2012 Credit Facility”) contains a feature that allows the Company to
increase the credit facility to a total of $500.0 million, subject to certain conditions, provides for separate sub-limits of
$25.0 million for standby letters of credit and $10.0 million for swing line loans. The 2012 Credit Facility is scheduled to
mature in November 2017. Interest accrues, at the Company's option, at either LIBOR plus 100.0 — 162.5 basis points or a
base rate loan at the highest of i) Wells Fargo Bank's prime lending rate, ii) the Federal Funds rate, as in effect from time to
time, plus 0.5 percent, and iii) one month LIBOR plus 1.0 percent. The 2012 Credit Facility also contains a commitment fee
ranging from 0.125 percent to 0.225 percent of unused amounts available for borrowing. The interest rate margin on the
LIBOR borrowings and commitment fee are variable depending on the better of the Company's debt rating as determined by
specified rating agencies or its leverage ratio. Certain of the Company's wholly owned domestic subsidiaries are guarantors on
the 2012 Credit Facility. The 2012 Credit Facility requires that the Company's leverage ratio does not exceed 3.50 to 1.0 (4.0 to
1.0 for the four quarters ending after any Permitted Acquisition), and its interest coverage ratio is not less than 2.5 to 1.0. The
2012 Credit Facility also contains various other affirmative and negative restrictive covenants including, among others,
limitations on indebtedness, investments, sales of assets, certain transactions with affiliates, entering into certain restrictive
agreements and making certain restricted payments as detailed in the agreement. As of November 30, 2014, the Company was
in compliance with its various restrictive covenants. At November 30, 2014, the Company had no outstanding borrowings
under the 2012 Credit Facility.

At November 30, 2014, the Company has approximately $4.0 million, net of tax, deferred in accumulated other comprehensive
loss associated with a terminated interest rate swap which is being amortized as interest expense over life of the 4.63 percent
Senior Notes (see above). The Company expects to recognize approximately $0.7 million, net of tax, of this balance during the
next 12 months in the consolidated statement of operations.

Total interest expense incurred by the Company for the years ended November 30, are as follows (in thousands):

The components of the net deferred tax assets (liabilities) at November 30, are as follows (in thousands):

Interest expense
Less: capitalized interest

Net interest expense

2012

2013

2014

17,220 $
3,719
13,501 $

16,576 $
1,355
15,221 $

16,479
7,297
9,182

Financing costs of approximately $4.4 million and $3.7 million, net of accumulated amortization, have been deferred and are
included in other assets at November 30, 2013 and 2014, respectively. These costs are being amortized on a straight line
method, which approximates the effective yield method, over the life of the related financing.

NOTE 8 — FEDERAL AND STATE INCOME TAXES

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities

for financial reporting purposes and the amounts used for income tax purposes.

Significant components of the provision for income taxes for the years ended November 30, are as follows (in thousands):

Current tax expense (benefit):

Deferred tax expense (benefit):

Federal

State

Federal

State

Foreign

2012

2013

2014

18,466 $

1,003

(8,008 ) $

(220 )

8,608

3,881

(305 )

33,235

2,777

—

Provision for income taxes

31,653 $

27,784 $

The reconciliation of income tax expense computed at the federal statutory tax rates to income tax expense from continuing

operations for the years ended November 30, is as follows (percent of pre-tax income):

42,243

3,336

(13,450 )

1,104

—

33,233

35.0 %

3.8

(5.9 )

—

0.1

33.0 %

13,518

3,313

4,649

3,556

4,077

895

30,008

(7,832 )

22,176

(369,033 )

(4,285 )

(345 )

(373,663 )

(351,487 )

2,789

(354,276 )

(351,487 )

2012

2013

2014

35.0 %

4.5

—

(2.7 )

(0.6 )

0.5

36.7 %

35.0 %

4.2

—

(1.2 )

38.0 %

2013

2014

9,919 $

3,684

3,754

3,075

4,749

901

26,082

(1,363 )

24,719

(381,144 )

(6,620 )

(364 )

(388,128 )

(363,409 ) $

3,122 $

(366,531 )

(363,409 ) $

Income tax computed at federal statutory rates

State income taxes, net of federal tax benefit

MA abandonment benefit

Valuation allowance

State tax credits, net of federal tax benefit

Other, net

Loss carryforwards

Deferred revenues

Accruals

Compensation related

Interest

Other

Deferred tax assets

Valuation allowance

Deferred tax assets, net of valuation allowance

Amortization and depreciation

Equity investment

Other

Deferred tax liabilities

Net deferred tax liabilities

Deferred tax assets — current

Deferred tax liabilities — noncurrent

Net deferred tax liabilities

ISC // 2014 ANNUAL REPORT // FORM 10-K // 60

(“Funding Commitment”) by the Company’s wholly owned subsidiary, Kansas Speedway Corporation (“KSC”). Principal

(mandatory redemption) payments per the Funding Commitment are payable by KSC on October 1 of each year. The semi-

annual interest component of the Funding Commitment is payable on April 1 and October 1 of each year. KSC granted a

mortgage and security interest in the Kansas project for its Funding Commitment obligation.

The Company's $300.0 million revolving credit facility (“2012 Credit Facility”) contains a feature that allows the Company to

increase the credit facility to a total of $500.0 million, subject to certain conditions, provides for separate sub-limits of

$25.0 million for standby letters of credit and $10.0 million for swing line loans. The 2012 Credit Facility is scheduled to

mature in November 2017. Interest accrues, at the Company's option, at either LIBOR plus 100.0 — 162.5 basis points or a

time, plus 0.5 percent, and iii) one month LIBOR plus 1.0 percent. The 2012 Credit Facility also contains a commitment fee

ranging from 0.125 percent to 0.225 percent of unused amounts available for borrowing. The interest rate margin on the

LIBOR borrowings and commitment fee are variable depending on the better of the Company's debt rating as determined by

specified rating agencies or its leverage ratio. Certain of the Company's wholly owned domestic subsidiaries are guarantors on

the 2012 Credit Facility. The 2012 Credit Facility requires that the Company's leverage ratio does not exceed 3.50 to 1.0 (4.0 to

1.0 for the four quarters ending after any Permitted Acquisition), and its interest coverage ratio is not less than 2.5 to 1.0. The

2012 Credit Facility also contains various other affirmative and negative restrictive covenants including, among others,

limitations on indebtedness, investments, sales of assets, certain transactions with affiliates, entering into certain restrictive

agreements and making certain restricted payments as detailed in the agreement. As of November 30, 2014, the Company was

in compliance with its various restrictive covenants. At November 30, 2014, the Company had no outstanding borrowings

under the 2012 Credit Facility.

Government of Wyandotte County/Kansas City, Kansas (“Unified Government”) with payments made in lieu of property taxes

NOTE 8 — FEDERAL AND STATE INCOME TAXES

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities
for financial reporting purposes and the amounts used for income tax purposes.

Significant components of the provision for income taxes for the years ended November 30, are as follows (in thousands):

base rate loan at the highest of i) Wells Fargo Bank's prime lending rate, ii) the Federal Funds rate, as in effect from time to

Deferred tax expense (benefit):

Current tax expense (benefit):

Federal
State

Federal
State
Foreign

Provision for income taxes

2012

2013

2014

18,466 $
1,003

8,608
3,881
(305 )
31,653 $

(8,008 ) $
(220 )

33,235
2,777
—
27,784 $

42,243
3,336

(13,450 )
1,104
—
33,233

At November 30, 2014, the Company has approximately $4.0 million, net of tax, deferred in accumulated other comprehensive

Valuation allowance

loss associated with a terminated interest rate swap which is being amortized as interest expense over life of the 4.63 percent

Senior Notes (see above). The Company expects to recognize approximately $0.7 million, net of tax, of this balance during the

State tax credits, net of federal tax benefit

Other, net

next 12 months in the consolidated statement of operations.

Income tax computed at federal statutory rates
State income taxes, net of federal tax benefit
MA abandonment benefit

2012

2013

2014

35.0 %
4.5
—

(2.7 )
(0.6 )
0.5
36.7 %

35.0 %
4.2
—
—
—
(1.2 )
38.0 %

35.0 %
3.8
(5.9 )
—
—
0.1
33.0 %

Total interest expense incurred by the Company for the years ended November 30, are as follows (in thousands):

The components of the net deferred tax assets (liabilities) at November 30, are as follows (in thousands):

The reconciliation of income tax expense computed at the federal statutory tax rates to income tax expense from continuing
operations for the years ended November 30, is as follows (percent of pre-tax income):

Interest expense

Less: capitalized interest

Net interest expense

2012

2013

2014

17,220 $

3,719

13,501 $

16,576 $

1,355

15,221 $

16,479

7,297

9,182

Financing costs of approximately $4.4 million and $3.7 million, net of accumulated amortization, have been deferred and are

included in other assets at November 30, 2013 and 2014, respectively. These costs are being amortized on a straight line

method, which approximates the effective yield method, over the life of the related financing.

Loss carryforwards
Deferred revenues
Accruals
Compensation related
Interest
Other

Deferred tax assets
Valuation allowance

Deferred tax assets, net of valuation allowance
Amortization and depreciation
Equity investment
Other

Deferred tax liabilities
Net deferred tax liabilities

Deferred tax assets — current
Deferred tax liabilities — noncurrent

Net deferred tax liabilities

2013

2014

9,919 $
3,684
3,754
3,075
4,749
901
26,082
(1,363 )
24,719
(381,144 )
(6,620 )
(364 )
(388,128 )
(363,409 ) $

3,122 $

(366,531 )
(363,409 ) $

13,518
3,313
4,649
3,556
4,077
895
30,008
(7,832 )
22,176
(369,033 )
(4,285 )
(345 )
(373,663 )
(351,487 )

2,789
(354,276 )
(351,487 )

ISC // 2014 ANNUAL REPORT // FORM 10-K // 61

The increase in the valuation allowance at November 30, 2014 is primarily a result of the consolidation of MA and related
various state loss carryforwards for which they carried a full valuation allowance. At November 30, 2014 the Company has
deferred tax assets related to these and other various state loss carryforwards totaling approximately $13.5 million that expire in
varying amounts beginning in fiscal 2019. The valuation allowance has been provided due to the uncertainty regarding the
realization of state deferred tax assets associated with these loss carryforwards. In evaluating the Company’s ability to recover
its deferred income tax assets it considers all available positive and negative evidence, including operating results, ongoing tax
planning and forecasts of future taxable income on a jurisdiction by jurisdiction basis.

Federal returns for fiscal years 2010 through 2013 remain open and subject to examination by the Internal Revenue Service.
The Company files and remits state income taxes in various states where the Company has determined it is required to file state
income taxes. The Company’s filings with those states remain open for audit for the fiscal years 2009 through 2013.

A reconciliation of the beginning and ending amount of unrecognized tax liability is as follows (in thousands):

Balance at December 1, 2013

Additions based on tax positions related to the current year

Additions for tax positions of prior years

Reductions for tax positions of prior years

Balance at November 30, 2014

430
—
—
(31 )
399

As a result of the above items, the Company’s effective income tax rate decreased from the statutory income rate to
approximately 36.7 percent, 38.0 percent and 33.0 percent for the fiscal years ended November 30, 2012, 2013 and 2014,
respectively.

Also of note, while not impacting the combined current and deferred income tax expense and related income tax rate during the
fiscal year ended November 30, 2014, as compared to the prior fiscal year, the tax benefit realized in fiscal 2013 attributable to
the aforementioned sale of the Company's Staten Island property, as well as the effect of the December 2013 expiration of
certain tax legislation impacting depreciation deductions contributed substantially to increased current income taxes paid
during the fiscal year ended November 30, 2014 totaling approximately $51.3 million as compared to approximately $18.1
million during fiscal 2013. In addition this overall impact to the current fiscal year tax depreciation deduction substantially
contributed to the overall reduction of approximately $12.3 million in our long-term deferred income tax liabilities at
November 30, 2014 as compared to November 30, 2013.

In December 2014, Congress passed the Tax Increase Prevention Act which included a retroactive renewal back to January 1,
2014, of the previously expired tax legislation. The impact of this retroactive tax legislation will not affect the Company's
fiscal 2015 effective tax rate, but will reduce related income tax payments.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 62

NOTE 9 — CAPITAL STOCK

The Company’s authorized capital includes 80.0 million shares of Class A Common Stock, par value $.01 (“Class A Common

Stock”), 40.0 million shares of Class B Common Stock, par value $.01 (“Class B Common Stock”), and 1.0 million shares of

Preferred Stock, par value $.01 (“Preferred Stock”). The shares of Class A Common Stock and Class B Common Stock are

identical in all respects, except for voting rights and conversion rights as described below. Each share of Class A Common

Stock entitles the holder to one-fifth (1/5) vote on each matter submitted to a vote of the Company’s shareholders and each

share of Class B Common Stock entitles the holder to one (1) vote on each such matter, in each case including the election of

directors. Holders of Class A Common Stock and Class B Common Stock are entitled to receive dividends at the same rate if

and when declared by the Board of Directors out of funds legally available there from, subject to the dividend and liquidation

rights of any Preferred Stock that may be issued and outstanding. Class A Common Stock has no conversion rights. Class B

Common Stock is convertible into Class A Common Stock, in whole or in part, at any time at the option of the holder on the

basis of one share of Class A Common Stock for each share of Class B Common Stock converted. Each share of Class B

Common Stock will also automatically convert into one share of Class A Common Stock if, on the record date of any meeting

of the shareholders, the number of shares of Class B Common Stock then outstanding is less than 10.0 percent of the aggregate

number of shares of Class A Common Stock and Class B Common Stock then outstanding.

The Board of Directors of the Company is authorized, without further shareholder action, to divide any or all shares of the

authorized Preferred Stock into series and fix and determine the designations, preferences and relative rights and qualifications,

limitations, or restrictions thereon of any series so established, including voting powers, dividend rights, liquidation

preferences, redemption rights and conversion privileges. No shares of Preferred Stock are outstanding. The Board of Directors

has not authorized any series of Preferred Stock, and there are no plans, agreements or understandings for the authorization or

issuance of any shares of Preferred Stock.

Stock Purchase Plan

The Company has a share repurchase program (“Stock Purchase Plan”) under which it is authorized to purchase up to

$330.0 million of its outstanding Class A common shares. The timing and amount of any shares repurchased under the Stock

Purchase Plan will depend on a variety of factors, including price, corporate and regulatory requirements, capital availability

and other market conditions. The Stock Purchase Plan may be suspended or discontinued at any time without prior notice. No

shares have been or will be knowingly purchased from Company insiders or their affiliates.

Since inception of the Stock Purchase Plan through November 30, 2014, the Company has purchased 7,063,962 shares of its

Class A common shares, for a total of approximately $268.3 million. There were no purchases of the Company's Class A shares

during fiscal 2013 or 2014. Transactions occur in open market purchases and pursuant to a trading plan under Rule 10b5-1. At

November 30, 2014, the Company has approximately $61.7 million remaining repurchase authority under the current Stock

Purchase Plan.

NOTE 10 — COMMITMENTS AND CONTINGENCIES

International Speedway Corporation has a salary incentive plan (the “ISC Plan”) designed to qualify under Section 401(k) of

the Internal Revenue Code. Employees of International Speedway Corporation and certain participating subsidiaries who have

completed one month of continuous service are eligible to participate in the ISC Plan. After twelve months of continuous

service, matching contributions are made to a savings trust (subject to certain limits) concurrent with employees’ contributions.

The level of the matching contribution depends upon the amount of the employee contribution. Employees become 100 percent

vested upon entrance to the ISC Plan. The contribution expense for the ISC Plan was approximately $1.4 million, $1.4 million

and $1.6 million for the years ended November 30, 2012, 2013 and 2014, respectively.

The estimated cost to complete approved projects and current construction in progress at November 30, 2014 at the Company’s

existing facilities is approximately $172.3 million.

In October 2002, the Unified Government issued subordinate sales tax special obligation revenue bonds (“2002 STAR Bonds”)

totaling approximately $6.3 million to reimburse the Company for certain construction already completed on the second phase

The increase in the valuation allowance at November 30, 2014 is primarily a result of the consolidation of MA and related

NOTE 9 — CAPITAL STOCK

various state loss carryforwards for which they carried a full valuation allowance. At November 30, 2014 the Company has

deferred tax assets related to these and other various state loss carryforwards totaling approximately $13.5 million that expire in

varying amounts beginning in fiscal 2019. The valuation allowance has been provided due to the uncertainty regarding the

realization of state deferred tax assets associated with these loss carryforwards. In evaluating the Company’s ability to recover

its deferred income tax assets it considers all available positive and negative evidence, including operating results, ongoing tax

planning and forecasts of future taxable income on a jurisdiction by jurisdiction basis.

Federal returns for fiscal years 2010 through 2013 remain open and subject to examination by the Internal Revenue Service.

The Company files and remits state income taxes in various states where the Company has determined it is required to file state

income taxes. The Company’s filings with those states remain open for audit for the fiscal years 2009 through 2013.

A reconciliation of the beginning and ending amount of unrecognized tax liability is as follows (in thousands):

Balance at December 1, 2013

Additions based on tax positions related to the current year

Additions for tax positions of prior years

Reductions for tax positions of prior years

Balance at November 30, 2014

430

—

(31 )

399

The reduction in the valuation allowance associated with the wind-up of certain Canadian business operations is the principal

cause of the decreased effective income tax rate as compared to the statutory income tax rate, for the fiscal year ended

November 30, 2012. Certain state settlements are the principal cause of the decreased effective income tax rate as compared to

the statutory income tax rate, for the fiscal year ended November 30, 2013. The principal causes of the decreased income tax

rate for the fiscal year ended November 30, 2014 are the tax treatment related to the other income recognized as a result of

SMI's abandonment of their interest in SMISC, LLC on January 31, 2014, including the related tax benefits associated with

various operating loss and other carryforwards of MA and certain tax filing positions of SMISC, LLC totaling approximately

$4.0 million along with certain state income tax adjustments.

As a result of the above items, the Company’s effective income tax rate decreased from the statutory income rate to

approximately 36.7 percent, 38.0 percent and 33.0 percent for the fiscal years ended November 30, 2012, 2013 and 2014,

respectively.

Also of note, while not impacting the combined current and deferred income tax expense and related income tax rate during the

fiscal year ended November 30, 2014, as compared to the prior fiscal year, the tax benefit realized in fiscal 2013 attributable to

the aforementioned sale of the Company's Staten Island property, as well as the effect of the December 2013 expiration of

certain tax legislation impacting depreciation deductions contributed substantially to increased current income taxes paid

during the fiscal year ended November 30, 2014 totaling approximately $51.3 million as compared to approximately $18.1

million during fiscal 2013. In addition this overall impact to the current fiscal year tax depreciation deduction substantially

contributed to the overall reduction of approximately $12.3 million in our long-term deferred income tax liabilities at

November 30, 2014 as compared to November 30, 2013.

In December 2014, Congress passed the Tax Increase Prevention Act which included a retroactive renewal back to January 1,

2014, of the previously expired tax legislation. The impact of this retroactive tax legislation will not affect the Company's

fiscal 2015 effective tax rate, but will reduce related income tax payments.

The Company’s authorized capital includes 80.0 million shares of Class A Common Stock, par value $.01 (“Class A Common
Stock”), 40.0 million shares of Class B Common Stock, par value $.01 (“Class B Common Stock”), and 1.0 million shares of
Preferred Stock, par value $.01 (“Preferred Stock”). The shares of Class A Common Stock and Class B Common Stock are
identical in all respects, except for voting rights and conversion rights as described below. Each share of Class A Common
Stock entitles the holder to one-fifth (1/5) vote on each matter submitted to a vote of the Company’s shareholders and each
share of Class B Common Stock entitles the holder to one (1) vote on each such matter, in each case including the election of
directors. Holders of Class A Common Stock and Class B Common Stock are entitled to receive dividends at the same rate if
and when declared by the Board of Directors out of funds legally available there from, subject to the dividend and liquidation
rights of any Preferred Stock that may be issued and outstanding. Class A Common Stock has no conversion rights. Class B
Common Stock is convertible into Class A Common Stock, in whole or in part, at any time at the option of the holder on the
basis of one share of Class A Common Stock for each share of Class B Common Stock converted. Each share of Class B
Common Stock will also automatically convert into one share of Class A Common Stock if, on the record date of any meeting
of the shareholders, the number of shares of Class B Common Stock then outstanding is less than 10.0 percent of the aggregate
number of shares of Class A Common Stock and Class B Common Stock then outstanding.

The Board of Directors of the Company is authorized, without further shareholder action, to divide any or all shares of the
authorized Preferred Stock into series and fix and determine the designations, preferences and relative rights and qualifications,
limitations, or restrictions thereon of any series so established, including voting powers, dividend rights, liquidation
preferences, redemption rights and conversion privileges. No shares of Preferred Stock are outstanding. The Board of Directors
has not authorized any series of Preferred Stock, and there are no plans, agreements or understandings for the authorization or
issuance of any shares of Preferred Stock.

Stock Purchase Plan

Since inception of the Stock Purchase Plan through November 30, 2014, the Company has purchased 7,063,962 shares of its
Class A common shares, for a total of approximately $268.3 million. There were no purchases of the Company's Class A shares
during fiscal 2013 or 2014. Transactions occur in open market purchases and pursuant to a trading plan under Rule 10b5-1. At
November 30, 2014, the Company has approximately $61.7 million remaining repurchase authority under the current Stock
Purchase Plan.

NOTE 10 — COMMITMENTS AND CONTINGENCIES

International Speedway Corporation has a salary incentive plan (the “ISC Plan”) designed to qualify under Section 401(k) of
the Internal Revenue Code. Employees of International Speedway Corporation and certain participating subsidiaries who have
completed one month of continuous service are eligible to participate in the ISC Plan. After twelve months of continuous
service, matching contributions are made to a savings trust (subject to certain limits) concurrent with employees’ contributions.
The level of the matching contribution depends upon the amount of the employee contribution. Employees become 100 percent
vested upon entrance to the ISC Plan. The contribution expense for the ISC Plan was approximately $1.4 million, $1.4 million
and $1.6 million for the years ended November 30, 2012, 2013 and 2014, respectively.

The estimated cost to complete approved projects and current construction in progress at November 30, 2014 at the Company’s
existing facilities is approximately $172.3 million.

In October 2002, the Unified Government issued subordinate sales tax special obligation revenue bonds (“2002 STAR Bonds”)
totaling approximately $6.3 million to reimburse the Company for certain construction already completed on the second phase

ISC // 2014 ANNUAL REPORT // FORM 10-K // 63

of the Kansas Speedway project and to fund certain additional construction. The 2002 STAR Bonds, which require annual debt
service payments and are due December 1, 2022, will be retired with state and local taxes generated within the speedway’s
boundaries and are not the Company’s obligation. KSC has agreed to guarantee the payment of principal, any required
premium and interest on the 2002 STAR Bonds. At November 30, 2014, the Unified Government had approximately
$1.4 million outstanding on 2002 STAR Bonds. Under a keepwell agreement, the Company has agreed to provide financial
assistance to KSC, if necessary, to support KSC’s guarantee of the 2002 STAR Bonds.

The Company operates Homestead-Miami Speedway under an operating agreement which expires December 31, 2032 and
provides for subsequent renewal terms through December 31, 2075. The Company operates Daytona International Speedway
under an operating lease agreement which expires November 7, 2054. The Company also has various operating leases for
office space and equipment. The future minimum payments under the operating agreement and leases utilized by the Company
having initial or remaining non-cancelable terms in excess of one year at November 30, 2014, are as follows (in thousands):

For the year ending November 30:
2015
2016
2017
2018
2019
Thereafter

Total

Operating
Agreement

Operating
Leases

2,220 $
1,152
1,055
1,055
1,055
13,803
20,340 $

4,033
2,974
2,399
2,005
1,581
30,791
43,783

Total expenses incurred under the track operating agreement, these operating leases and all other short-term rentals during the
years ended November 30, 2012, 2013 and 2014 were approximately $13.5 million, $13.5 million, and $14.7 million,
respectively.

In connection with the Company’s automobile and workers’ compensation insurance coverages and certain construction
contracts, the Company has standby letter of credit agreements in favor of third parties totaling approximately $4.0 million at
November 30, 2014. At November 30, 2014, there were no amounts drawn on the standby letters of credit.

Current Litigation

The Company is from time to time a party to routine litigation incidental to its business. Management does not believe that the
resolution of any or all of such litigation will have a material adverse effect on the Company’s financial condition or results of
operations.

NOTE 11 — RELATED PARTY DISCLOSURES AND TRANSACTIONS

All of the racing events that take place during the Company’s fiscal year are sanctioned by various racing organizations such as
the American Historic Racing Motorcycle Association, the American Motorcyclist Association, the Automobile Racing Club of
America, the American Sportbike Racing Association — Championship Cup Series, the Federation Internationale de
L’Automobile, the Federation Internationale Motocycliste, IMSA, Historic Sportscar Racing, IndyCar Series, NASCAR,
NHRA, the Porsche Club of America, the Sports Car Club of America, the Sportscar Vintage Racing Association, the United
States Auto Club and the World Karting Association. NASCAR, which sanctions many of the Company’s principal racing
events, is a member of the France Family Group which controls over 72.0 percent of the combined voting power of the
outstanding stock of the Company, as of November 30, 2014, and some members of which serve as directors and officers of the
Company. Standard NASCAR sanction agreements require racetrack operators to pay sanction fees and prize and point fund
monies for each sanctioned event conducted. The prize and point fund monies are distributed by NASCAR to participants in
the events. Prize and point fund monies paid by the Company to NASCAR for disbursement to competitors, which are
exclusive of NASCAR sanction fees, totaled approximately $128.7 million, $132.2 million and $134.5 million, for the years
ended November 30, 2012, 2013 and 2014, respectively. The Company has outstanding receivables related to NASCAR and its
affiliates of approximately $18.5 million and $19.3 million at November 30, 2013 and 2014, respectively.

Under current agreements, NASCAR contracts directly with certain network providers for television rights to the entire

NASCAR Sprint Cup, Xfinity and Camping World Truck series schedules. Under the terms of this arrangement, NASCAR

retains 10.0 percent of the gross broadcast rights fees allocated to each NASCAR Sprint Cup, Xfinity and Camping World

Truck series event as a component of its sanction fees. The promoter records 90.0 percent of the gross broadcast rights fees as

revenue and then records 25.0 percent of the gross broadcast rights fees as part of its awards to the competitors. Ultimately, the

promoter retains 65.0 percent of the net cash proceeds from the gross broadcast rights fees allocated to the event. The

Company’s television broadcast and ancillary rights fees received from NASCAR for the NASCAR Sprint Cup, Xfinity and

Camping World Truck series events conducted at its wholly owned facilities were approximately $281.2 million, $292.5

million and $302.9 million in fiscal years 2012, 2013 and 2014, respectively.

In addition, NASCAR and the Company share a variety of expenses in the ordinary course of business. NASCAR pays rent, as

well as a related maintenance fee (allocated based on square footage), to the Company for office space in Daytona Beach,

Florida. NASCAR pays the Company for radio, program and strategic initiative advertising, hospitality and suite rentals,

various tickets and credentials, catering services, participation in a NASCAR racing event banquet, and track and other

equipment rentals based on similar prices paid by unrelated, third party purchasers of similar items. The Company pays

NASCAR for certain advertising, participation in NASCAR racing series banquets, the use of NASCAR trademarks and

intellectual images and production space for Sprint Vision based on similar prices paid by unrelated, third party purchasers of

similar items. The Company’s payments to NASCAR for MRN’s broadcast rights to NASCAR Camping World Truck races

represent an agreed-upon percentage of the Company’s advertising revenues attributable to such race broadcasts. NASCAR

also reimburses the Company for 50.0 percent of the compensation paid to certain personnel working in the Company’s legal,

risk management and transportation departments, as well as 50.0 percent of the compensation expense associated with certain

receptionists. The Company reimburses NASCAR for 50.0 percent of the compensation paid to certain personnel working in

NASCAR’s legal department. NASCAR’s reimbursement for use of the Company’s mailroom, janitorial services, security

services, catering, graphic arts, photo and publishing services, telephone system and the Company’s reimbursement of

NASCAR for use of corporate aircraft is based on actual usage or an allocation of total actual usage. The aggregate amount

received from NASCAR by the Company for shared expenses, net of amounts paid by the Company for shared expenses,

totaled approximately $8.6 million, $9.3 million and $10.5 million during fiscal 2012, 2013 and 2014, respectively.

IMSA, a wholly owned subsidiary of NASCAR, sanctions various events at certain of the Company’s facilities. Standard

IMSA sanction agreements require racetrack operators to pay sanction fees and prize and point fund monies for each

sanctioned event conducted. The prize and point fund monies are distributed by IMSA to participants in the events. Sanction

fees paid by the Company to IMSA totaled approximately $1.2 million, $1.3 million and $1.3 million for the years ended

November 30, 2012, 2013 and 2014, respectively.

AMA Pro Racing, an entity controlled by a member of the France Family Group, sanctions various events at certain of the

Company’s facilities. Standard AMA Pro Racing sanction agreements require racetrack operators to pay sanction fees and prize

and point fund monies for each sanctioned event conducted. The prize and point fund monies are distributed by AMA Pro

Racing to participants in the events. Sanction fees paid by the Company to AMA Pro Racing totaled approximately

$0.6 million, $0.6 million and $0.5 million during fiscal 2012, 2013 and 2014, respectively.

The Company strives to ensure, and management believes that, the terms of the Company’s transactions with NASCAR, IMSA

and AMA Pro Racing are no less favorable to the Company than could be obtained in arms-length negotiations.

Certain members of the France Family Group paid the Company for the utilization of security services, event planning, event

tickets, purchase of catering services, maintenance services, and certain equipment. The amounts paid for these items were

based on actual costs incurred, similar prices paid by unrelated third party purchasers of similar items or estimated fair market

values. The net amount received by the Company for these items, totaled approximately $318,000, $398,000 and $320,000

during fiscal 2012, 2013 and 2014, respectively.

Crotty, Bartlett & Kelly, P.A. (“Crotty, Bartlett & Kelly”), is a law firm controlled by family members of W. Garrett Crotty,

one of the Company’s executive officers. The Company engages Crotty, Bartlett & Kelly for certain legal and consulting

services. The aggregate amount paid to Crotty, Bartlett & Kelly by the Company for legal and consulting services totaled

approximately $30,000, $31,000 and $31,000 during fiscal 2012, 2013 and 2014, respectively.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 64

of the Kansas Speedway project and to fund certain additional construction. The 2002 STAR Bonds, which require annual debt

service payments and are due December 1, 2022, will be retired with state and local taxes generated within the speedway’s

boundaries and are not the Company’s obligation. KSC has agreed to guarantee the payment of principal, any required

premium and interest on the 2002 STAR Bonds. At November 30, 2014, the Unified Government had approximately

$1.4 million outstanding on 2002 STAR Bonds. Under a keepwell agreement, the Company has agreed to provide financial

assistance to KSC, if necessary, to support KSC’s guarantee of the 2002 STAR Bonds.

The Company operates Homestead-Miami Speedway under an operating agreement which expires December 31, 2032 and

provides for subsequent renewal terms through December 31, 2075. The Company operates Daytona International Speedway

under an operating lease agreement which expires November 7, 2054. The Company also has various operating leases for

office space and equipment. The future minimum payments under the operating agreement and leases utilized by the Company

having initial or remaining non-cancelable terms in excess of one year at November 30, 2014, are as follows (in thousands):

Operating

Agreement

Operating

Leases

2,220 $

1,152

1,055

13,803

20,340 $

4,033

2,974

2,399

2,005

1,581

30,791

43,783

For the year ending November 30:

2015

2016

2017

2018

2019

Thereafter

Total

respectively.

Current Litigation

operations.

Total expenses incurred under the track operating agreement, these operating leases and all other short-term rentals during the

years ended November 30, 2012, 2013 and 2014 were approximately $13.5 million, $13.5 million, and $14.7 million,

In connection with the Company’s automobile and workers’ compensation insurance coverages and certain construction

contracts, the Company has standby letter of credit agreements in favor of third parties totaling approximately $4.0 million at

November 30, 2014. At November 30, 2014, there were no amounts drawn on the standby letters of credit.

The Company is from time to time a party to routine litigation incidental to its business. Management does not believe that the

resolution of any or all of such litigation will have a material adverse effect on the Company’s financial condition or results of

NOTE 11 — RELATED PARTY DISCLOSURES AND TRANSACTIONS

All of the racing events that take place during the Company’s fiscal year are sanctioned by various racing organizations such as

the American Historic Racing Motorcycle Association, the American Motorcyclist Association, the Automobile Racing Club of

America, the American Sportbike Racing Association — Championship Cup Series, the Federation Internationale de

L’Automobile, the Federation Internationale Motocycliste, IMSA, Historic Sportscar Racing, IndyCar Series, NASCAR,

NHRA, the Porsche Club of America, the Sports Car Club of America, the Sportscar Vintage Racing Association, the United

States Auto Club and the World Karting Association. NASCAR, which sanctions many of the Company’s principal racing

events, is a member of the France Family Group which controls over 72.0 percent of the combined voting power of the

outstanding stock of the Company, as of November 30, 2014, and some members of which serve as directors and officers of the

Company. Standard NASCAR sanction agreements require racetrack operators to pay sanction fees and prize and point fund

monies for each sanctioned event conducted. The prize and point fund monies are distributed by NASCAR to participants in

the events. Prize and point fund monies paid by the Company to NASCAR for disbursement to competitors, which are

exclusive of NASCAR sanction fees, totaled approximately $128.7 million, $132.2 million and $134.5 million, for the years

ended November 30, 2012, 2013 and 2014, respectively. The Company has outstanding receivables related to NASCAR and its

affiliates of approximately $18.5 million and $19.3 million at November 30, 2013 and 2014, respectively.

Under current agreements, NASCAR contracts directly with certain network providers for television rights to the entire
NASCAR Sprint Cup, Xfinity and Camping World Truck series schedules. Under the terms of this arrangement, NASCAR
retains 10.0 percent of the gross broadcast rights fees allocated to each NASCAR Sprint Cup, Xfinity and Camping World
Truck series event as a component of its sanction fees. The promoter records 90.0 percent of the gross broadcast rights fees as
revenue and then records 25.0 percent of the gross broadcast rights fees as part of its awards to the competitors. Ultimately, the
promoter retains 65.0 percent of the net cash proceeds from the gross broadcast rights fees allocated to the event. The
Company’s television broadcast and ancillary rights fees received from NASCAR for the NASCAR Sprint Cup, Xfinity and
Camping World Truck series events conducted at its wholly owned facilities were approximately $281.2 million, $292.5
million and $302.9 million in fiscal years 2012, 2013 and 2014, respectively.

In addition, NASCAR and the Company share a variety of expenses in the ordinary course of business. NASCAR pays rent, as
well as a related maintenance fee (allocated based on square footage), to the Company for office space in Daytona Beach,
Florida. NASCAR pays the Company for radio, program and strategic initiative advertising, hospitality and suite rentals,
various tickets and credentials, catering services, participation in a NASCAR racing event banquet, and track and other
equipment rentals based on similar prices paid by unrelated, third party purchasers of similar items. The Company pays
NASCAR for certain advertising, participation in NASCAR racing series banquets, the use of NASCAR trademarks and
intellectual images and production space for Sprint Vision based on similar prices paid by unrelated, third party purchasers of
similar items. The Company’s payments to NASCAR for MRN’s broadcast rights to NASCAR Camping World Truck races
represent an agreed-upon percentage of the Company’s advertising revenues attributable to such race broadcasts. NASCAR
also reimburses the Company for 50.0 percent of the compensation paid to certain personnel working in the Company’s legal,
risk management and transportation departments, as well as 50.0 percent of the compensation expense associated with certain
receptionists. The Company reimburses NASCAR for 50.0 percent of the compensation paid to certain personnel working in
NASCAR’s legal department. NASCAR’s reimbursement for use of the Company’s mailroom, janitorial services, security
services, catering, graphic arts, photo and publishing services, telephone system and the Company’s reimbursement of
NASCAR for use of corporate aircraft is based on actual usage or an allocation of total actual usage. The aggregate amount
received from NASCAR by the Company for shared expenses, net of amounts paid by the Company for shared expenses,
totaled approximately $8.6 million, $9.3 million and $10.5 million during fiscal 2012, 2013 and 2014, respectively.

IMSA, a wholly owned subsidiary of NASCAR, sanctions various events at certain of the Company’s facilities. Standard
IMSA sanction agreements require racetrack operators to pay sanction fees and prize and point fund monies for each
sanctioned event conducted. The prize and point fund monies are distributed by IMSA to participants in the events. Sanction
fees paid by the Company to IMSA totaled approximately $1.2 million, $1.3 million and $1.3 million for the years ended
November 30, 2012, 2013 and 2014, respectively.

AMA Pro Racing, an entity controlled by a member of the France Family Group, sanctions various events at certain of the
Company’s facilities. Standard AMA Pro Racing sanction agreements require racetrack operators to pay sanction fees and prize
and point fund monies for each sanctioned event conducted. The prize and point fund monies are distributed by AMA Pro
Racing to participants in the events. Sanction fees paid by the Company to AMA Pro Racing totaled approximately
$0.6 million, $0.6 million and $0.5 million during fiscal 2012, 2013 and 2014, respectively.

The Company strives to ensure, and management believes that, the terms of the Company’s transactions with NASCAR, IMSA
and AMA Pro Racing are no less favorable to the Company than could be obtained in arms-length negotiations.

Certain members of the France Family Group paid the Company for the utilization of security services, event planning, event
tickets, purchase of catering services, maintenance services, and certain equipment. The amounts paid for these items were
based on actual costs incurred, similar prices paid by unrelated third party purchasers of similar items or estimated fair market
values. The net amount received by the Company for these items, totaled approximately $318,000, $398,000 and $320,000
during fiscal 2012, 2013 and 2014, respectively.

Crotty, Bartlett & Kelly, P.A. (“Crotty, Bartlett & Kelly”), is a law firm controlled by family members of W. Garrett Crotty,
one of the Company’s executive officers. The Company engages Crotty, Bartlett & Kelly for certain legal and consulting
services. The aggregate amount paid to Crotty, Bartlett & Kelly by the Company for legal and consulting services totaled
approximately $30,000, $31,000 and $31,000 during fiscal 2012, 2013 and 2014, respectively.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 65

J. Hyatt Brown, one of the Company’s directors, serves as Chairman of Brown & Brown, Inc. (“Brown & Brown”). Brown &
Brown has received commissions for serving as the Company’s insurance broker for several of the Company’s insurance
policies, including the Company’s property and casualty policy and certain employee benefit programs. The aggregate
commissions received by Brown & Brown in connection with the Company’s policies were approximately $466,000, $487,000
and $492,000 during fiscal 2012, 2013 and 2014, respectively. In fiscal 2013 and 2014, Brown & Brown paid the Company
approximately $122,000 and $100,000, respectively, for the purchase of tickets. The amounts paid for these items were based
on actual costs incurred, similar prices paid by unrelated third party purchasers of similar items or estimated fair market values.

One of the Company’s directors, Christy F. Harris, is Of Counsel to Kinsey, Vincent Pyle, L.C., a law firm that provided legal
services to the Company during fiscal 2012, 2013 and 2014. The Company paid approximately $83,000, $114,000 and $78,000
for these services in fiscal 2012, 2013 and 2014, respectively, which were charged to the Company on the same basis as those
provided other clients.

NOTE 12 — SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid for income taxes and interest for the years ended November 30, is summarized as follows (in thousands):

Income taxes paid

Interest paid

2012

2013

2014

20,923 $

18,141 $

51,314

15,099 $

14,731 $

14,429

NOTE 13 — LONG-TERM STOCK INCENTIVE PLAN

On November 30, 2014, the Company has two share-based compensation plans, which are described below. Compensation cost
included in operating expenses in the accompanying statement of operations for those plans was $1.9 million, $2.5 million, and
$2.8 million for the years ended November 30, 2012, 2013 and 2014, respectively. The total income tax benefit recognized in
the income statement for share-based compensation arrangements was approximately $0.7 million, $1.0 million and
$1.2 million for the years ended November 30, 2012, 2013 and 2014, respectively.

The Company’s 1996 Long-Term Stock Incentive Plan (the “1996 Plan”) authorized the grant of stock options (incentive and
nonqualified), stock appreciation rights and restricted stock. The Company reserved an aggregate of 1,000,000 shares (subject
to adjustment for stock splits and similar capital changes) of the Company’s Class A Common Stock for grants under the 1996
Plan. The 1996 Plan terminated in September 2006. All unvested stock options and restricted stock granted prior to the
termination will continue to vest and will continue to be exercisable in accordance with their original terms.

In April, 2006, the Company’s shareholders’ approved the 2006 Long-Term Incentive Plan (the “2006 Plan”) which authorizes
the grant of stock options (incentive and non-qualified), stock appreciation rights, restricted and unrestricted stock, cash awards
and Performance Units (as defined in the 2006 Plan) to employees, consultants and advisors of the Company capable of
contributing to the Company’s performance. The Company has reserved an aggregate of 1,000,000 shares (subject to
adjustment for stock splits and similar capital changes) of the Company’s Class A Common Stock for grants under the 2006
Plan. Incentive Stock Options may be granted only to employees eligible to receive them under the Internal Revenue Code of
1996, as amended. The 2006 Plan approved by the shareholders appoints the Compensation Committee (the “Committee”) to
administer the 2006 Plan. Awards under the 2006 Plan will contain such terms and conditions not inconsistent with the 2006
Plan as the Committee in its discretion approves. The Committee has discretion to administer the 2006 Plan in the manner
which it determines, from time to time, is in the best interest of the Company.

Restricted Stock Awards

Restricted stock awarded under the 1996 Plan and 2006 Plan (collectively the “Plans”) generally is subject to forfeiture in the
event of termination of employment prior to vesting dates. Prior to vesting, the Plans participants own the shares and may vote
and receive dividends, but are subject to certain restrictions. Restrictions include the prohibition of the sale or transfer of the
shares during the period prior to vesting of the shares. The Company also has the right of first refusal to purchase any shares of
stock issued under the Plans which are offered for sale subsequent to vesting. In accordance with ASC 718, “Compensation -

Stock Compensation” the Company is recognizing stock-based compensation on these restricted shares awarded on the

accelerated method over the requisite service period. The fair value of nonvested restricted stock is determined based on the

opening trading price of the Company’s Class A Common Stock on the grant date.

The Company granted 171,802, 80,514 and 91,076 shares of restricted stock awards of the Company’s Class A Common Stock

during the fiscal years ended November 30, 2012, 2013 and 2014, respectively, to certain officers, managers, and other

employees under the Plans. The shares of restricted stock awarded vest at the rate of 50.0 percent on the third anniversary of

the award date and the remaining 50.0 percent on the fifth anniversary of the award date. The weighted average grant date fair

value of these restricted stock awards was $26.69, $32.87 and $31.44 per share, respectively.

The Company granted 9,168, 9,540 and 8,118 shares of restricted stock awards of the Company’s Class A Common Stock

during the fiscal years ended November 30, 2012, 2013 and 2014, respectively, to non-employee directors as partial

compensation for their service as a director. The shares of restricted stock awarded vest at the rate of 100.0 percent on the one

year anniversary after the date of grant. The weighted average grant date fair value of these restricted share awards was $26.18,

$31.47 and $33.28 per share, respectively.

November 30, 2014, is presented as follows:

A summary of the status of the Company’s restricted stock as of November 30, 2014, and changes during the fiscal year ended

Weighted-

Average

Grant-

Date

Fair Value

(Per Share)

Weighted-

Average

Remaining

Contractual

Term

(Years)

Restricted

338,389 $

99,194

(48,316 )

(20,287 )

368,980

28.88

31.59

28.28

29.16

29.68

Unvested at November 30, 2013

Granted

Vested

Forfeited

Unvested at November 30, 2014

3.5

As of November 30, 2014, there was approximately $5.2 million of total unrecognized compensation cost related to unvested

restricted stock awards granted under the Stock Plans. This cost is expected to be recognized over a weighted-average period of

approximately 3.5 years . The total fair value of restricted stock awards vested during the fiscal years ended November 30,

2012, 2013 and 2014, was approximately $1.3 million, $1.3 million and $1.5 million, respectively.

Nonqualified and Incentive Stock Options

In fiscal 2010 a portion of each non-employee director’s compensation for their service as a director is through awards of

options to acquire shares of the Company’s Class A Common Stock under the Plans. These options become exercisable one

year after the date of grant and expire on the tenth anniversary of the date of grant. The Company also grants options to certain

non-officer managers to purchase the Company’s Class A Common Stock under the Plans. These options generally vest over a

two and one-half year period and expire on the tenth anniversary of the date of grant. The Company records stock-based

compensation cost on its stock options awarded on the straight-line method over the requisite service period.

The fair value of each option granted is estimated on the grant date using the Black-Scholes-Merton option-pricing valuation

model that uses the assumptions noted in the following table. Expected volatilities are based on implied volatilities from

historical volatility of the Company’s stock and other factors. The Company uses historical data to estimate option exercises

and employee terminations within the valuation model. Separate groups of employees that have similar historical exercise

behavior are considered separately for valuation purposes. The expected term of options granted is estimated based on

historical exercise behavior and represents the period of time that options granted are expected to be outstanding. The risk-free

rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 66

J. Hyatt Brown, one of the Company’s directors, serves as Chairman of Brown & Brown, Inc. (“Brown & Brown”). Brown &

Brown has received commissions for serving as the Company’s insurance broker for several of the Company’s insurance

policies, including the Company’s property and casualty policy and certain employee benefit programs. The aggregate

commissions received by Brown & Brown in connection with the Company’s policies were approximately $466,000, $487,000

and $492,000 during fiscal 2012, 2013 and 2014, respectively. In fiscal 2013 and 2014, Brown & Brown paid the Company

approximately $122,000 and $100,000, respectively, for the purchase of tickets. The amounts paid for these items were based

on actual costs incurred, similar prices paid by unrelated third party purchasers of similar items or estimated fair market values.

One of the Company’s directors, Christy F. Harris, is Of Counsel to Kinsey, Vincent Pyle, L.C., a law firm that provided legal

services to the Company during fiscal 2012, 2013 and 2014. The Company paid approximately $83,000, $114,000 and $78,000

for these services in fiscal 2012, 2013 and 2014, respectively, which were charged to the Company on the same basis as those

provided other clients.

NOTE 12 — SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid for income taxes and interest for the years ended November 30, is summarized as follows (in thousands):

Income taxes paid

Interest paid

NOTE 13 — LONG-TERM STOCK INCENTIVE PLAN

2012

2013

2014

20,923 $

18,141 $

51,314

15,099 $

14,731 $

14,429

$2.8 million for the years ended November 30, 2012, 2013 and 2014, respectively. The total income tax benefit recognized in

the income statement for share-based compensation arrangements was approximately $0.7 million, $1.0 million and

$1.2 million for the years ended November 30, 2012, 2013 and 2014, respectively.

The Company’s 1996 Long-Term Stock Incentive Plan (the “1996 Plan”) authorized the grant of stock options (incentive and

nonqualified), stock appreciation rights and restricted stock. The Company reserved an aggregate of 1,000,000 shares (subject

to adjustment for stock splits and similar capital changes) of the Company’s Class A Common Stock for grants under the 1996

Plan. The 1996 Plan terminated in September 2006. All unvested stock options and restricted stock granted prior to the

termination will continue to vest and will continue to be exercisable in accordance with their original terms.

In April, 2006, the Company’s shareholders’ approved the 2006 Long-Term Incentive Plan (the “2006 Plan”) which authorizes

the grant of stock options (incentive and non-qualified), stock appreciation rights, restricted and unrestricted stock, cash awards

and Performance Units (as defined in the 2006 Plan) to employees, consultants and advisors of the Company capable of

contributing to the Company’s performance. The Company has reserved an aggregate of 1,000,000 shares (subject to

adjustment for stock splits and similar capital changes) of the Company’s Class A Common Stock for grants under the 2006

Plan. Incentive Stock Options may be granted only to employees eligible to receive them under the Internal Revenue Code of

1996, as amended. The 2006 Plan approved by the shareholders appoints the Compensation Committee (the “Committee”) to

administer the 2006 Plan. Awards under the 2006 Plan will contain such terms and conditions not inconsistent with the 2006

Plan as the Committee in its discretion approves. The Committee has discretion to administer the 2006 Plan in the manner

which it determines, from time to time, is in the best interest of the Company.

Restricted Stock Awards

Restricted stock awarded under the 1996 Plan and 2006 Plan (collectively the “Plans”) generally is subject to forfeiture in the

event of termination of employment prior to vesting dates. Prior to vesting, the Plans participants own the shares and may vote

and receive dividends, but are subject to certain restrictions. Restrictions include the prohibition of the sale or transfer of the

shares during the period prior to vesting of the shares. The Company also has the right of first refusal to purchase any shares of

stock issued under the Plans which are offered for sale subsequent to vesting. In accordance with ASC 718, “Compensation -

Stock Compensation” the Company is recognizing stock-based compensation on these restricted shares awarded on the
accelerated method over the requisite service period. The fair value of nonvested restricted stock is determined based on the
opening trading price of the Company’s Class A Common Stock on the grant date.

The Company granted 171,802, 80,514 and 91,076 shares of restricted stock awards of the Company’s Class A Common Stock
during the fiscal years ended November 30, 2012, 2013 and 2014, respectively, to certain officers, managers, and other
employees under the Plans. The shares of restricted stock awarded vest at the rate of 50.0 percent on the third anniversary of
the award date and the remaining 50.0 percent on the fifth anniversary of the award date. The weighted average grant date fair
value of these restricted stock awards was $26.69, $32.87 and $31.44 per share, respectively.

The Company granted 9,168, 9,540 and 8,118 shares of restricted stock awards of the Company’s Class A Common Stock
during the fiscal years ended November 30, 2012, 2013 and 2014, respectively, to non-employee directors as partial
compensation for their service as a director. The shares of restricted stock awarded vest at the rate of 100.0 percent on the one
year anniversary after the date of grant. The weighted average grant date fair value of these restricted share awards was $26.18,
$31.47 and $33.28 per share, respectively.

A summary of the status of the Company’s restricted stock as of November 30, 2014, and changes during the fiscal year ended
November 30, 2014, is presented as follows:

On November 30, 2014, the Company has two share-based compensation plans, which are described below. Compensation cost

included in operating expenses in the accompanying statement of operations for those plans was $1.9 million, $2.5 million, and

Unvested at November 30, 2013

Granted
Vested
Forfeited

Unvested at November 30, 2014

Weighted-
Average
Grant-
Date
Fair Value
(Per Share)

Weighted-
Average
Remaining
Contractual
Term
(Years)

28.88
31.59
28.28
29.16
29.68

3.5

Restricted
Shares

338,389 $
99,194
(48,316 )
(20,287 )
368,980

As of November 30, 2014, there was approximately $5.2 million of total unrecognized compensation cost related to unvested
restricted stock awards granted under the Stock Plans. This cost is expected to be recognized over a weighted-average period of
approximately 3.5 years . The total fair value of restricted stock awards vested during the fiscal years ended November 30,
2012, 2013 and 2014, was approximately $1.3 million, $1.3 million and $1.5 million, respectively.

Nonqualified and Incentive Stock Options

In fiscal 2010 a portion of each non-employee director’s compensation for their service as a director is through awards of
options to acquire shares of the Company’s Class A Common Stock under the Plans. These options become exercisable one
year after the date of grant and expire on the tenth anniversary of the date of grant. The Company also grants options to certain
non-officer managers to purchase the Company’s Class A Common Stock under the Plans. These options generally vest over a
two and one-half year period and expire on the tenth anniversary of the date of grant. The Company records stock-based
compensation cost on its stock options awarded on the straight-line method over the requisite service period.

The fair value of each option granted is estimated on the grant date using the Black-Scholes-Merton option-pricing valuation
model that uses the assumptions noted in the following table. Expected volatilities are based on implied volatilities from
historical volatility of the Company’s stock and other factors. The Company uses historical data to estimate option exercises
and employee terminations within the valuation model. Separate groups of employees that have similar historical exercise
behavior are considered separately for valuation purposes. The expected term of options granted is estimated based on
historical exercise behavior and represents the period of time that options granted are expected to be outstanding. The risk-free
rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 67

A summary of option activity under the Stock Plan as of November 30, 2014, and changes during the year then ended is
presented as follows:

NOTE 15 — QUARTERLY DATA (UNAUDITED)

Options

Outstanding at November 30, 2013

Expired

Exercised

Forfeited

Outstanding at November 30, 2014

194,073 $
(31,025 )
—
—
163,048

Weighted-
Average
Exercise
Price

Weighted-
Average
Remaining
Contractual
Term
(Years)

Aggregate
Intrinsic
Value

41.03
47.38
—
—

39.82

3.4 $

324,338

Basic and diluted earnings (loss) per share

The Company derives most of its income from a limited number of NASCAR-sanctioned races. As a result, the Company’s

business has been, and is expected to remain, highly seasonal based on the timing of major events.

The following table presents certain unaudited financial data for each quarter of fiscal 2013 and 2014 (in thousands, except per

Vested and Exercisable at November 30, 2014

163,048 $

39.82

3.4 $

324,338

There were no options granted in fiscal years 2012, 2013 and 2014. There were zero, 13,250, and zero options exercised during
fiscal years 2012, 2013and 2014, respectively. The total intrinsic value of options exercised during the fiscal years ended
November 30, 2012, 2013 and 2014, respectively were approximately zero, $102,000 and zero, respectively. The actual tax
benefit realized for the tax deductions from exercise of the stock options totaled approximately zero, $40,000 and zero for the
fiscal years ended November 30, 2012, 2013and 2014, respectively.

As of November 30, 2014, there was no unrecognized compensation cost related to unvested stock options granted under the
Stock Plan.

NOTE 14 — FINANCIAL INSTRUMENTS

In accordance with the “Financial Instruments” Topic, ASC 825-10 and in accordance with the “Fair Value Measurements and
Disclosures” Topic, ASC 820-10, these topics discuss key considerations in determining fair value in such markets, and
expanding disclosures on recurring fair value measurements using unobservable inputs (Level 3), clarification and additional
disclosure is required about the use of fair value measurements.

Various inputs are considered when determining the carrying values of cash and cash equivalents, accounts receivable,
accounts payable, and accrued liabilities. These items approximate fair value due to the short-term maturities of these assets
and liabilities. These inputs are summarized in the three broad levels listed below:

(cid:127) Level 1 — observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets

unit’s net revenues to total net revenues.

(cid:127) Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk,

etc.)

(cid:127) Level 3 — significant unobservable inputs (including the Company’s own assumptions in determining the fair value of

investments)

At November 30, 2014, the Company had money market funds totaling approximately $62.6 million and are included in cash
and cash equivalents in consolidated balance sheets. All inputs used to determine fair value are considered level 1 inputs.

Fair values of long-term debt are based on quoted market prices at the date of measurement. The Company’s credit facilities
approximate fair value as they bear interest rates that approximate market. These inputs used to determine fair value are
considered level 2 inputs. At November 30, 2014, the fair value of the long-term debt, as determined by quotes from financial
institutions, was approximately $291.2 million compared to the carrying amount of approximately $271.7 million.

The Company had no level 3 inputs as of November 30, 2014.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 68

share amounts):

Total revenue

Operating income

Net income (loss)

Total revenue

Operating income (loss)

Net income

Basic and diluted earnings per share

NOTE 16 — SEGMENT REPORTING

Fiscal Quarter Ended

February 28,

2013

May 31,

2013

August 31,

2013

November 30,

2013

128,552 $

178,374 $

25,147

13,513

0.29

37,080

22,440

0.48

117,046 $

(13,067 )

(7,866 )

(0.17 )

188,668

29,532

17,205

0.37

Fiscal Quarter Ended

February 28,

2014

May 31,

2014

August 31,

2014

November 30,

2014

131,789 $

190,311 $

130,083 $

199,753

22,339

19,895

0.43

34,739

21,469

0.46

(3,525 )

191

—

39,838

25,824

0.55

The general nature of the Company’s business is a motorsports themed amusement enterprise, furnishing amusement to the

public in the form of motorsports themed entertainment. The Company’s motorsports event operations consist principally of

racing events at its major motorsports entertainment facilities. The reporting units within the motorsports segment portfolio are

reviewed together as the nature of the products and services, the production processes used, the type or class of customer using

our products and services, and the methods used to distribute our products or provide their services are consistent in objectives

and principles, and predominately uniform and centralized throughout the Company. The Company’s remaining business units,

which are comprised of the radio network production and syndication of numerous racing events and programs, certain

souvenir merchandising operations not associated with the promotion of motorsports events at the Company’s facilities,

construction management services, leasing operations, and financing and licensing operations are included in the “All Other”

segment. The Company evaluates financial performance of the business units on operating profit after allocation of corporate

general and administrative (“G&A”) expenses. Corporate G&A expenses are allocated to business units based on each business

The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

Intersegment sales are accounted for at prices comparable to unaffiliated customers. Intersegment revenues were approximately

$2.1 million, $2.4 million and $2.0 million for the years ended November 30, 2012, 2013 and 2014, respectively. The following

table shows information by operating segment (in thousands):

A summary of option activity under the Stock Plan as of November 30, 2014, and changes during the year then ended is

NOTE 15 — QUARTERLY DATA (UNAUDITED)

The Company derives most of its income from a limited number of NASCAR-sanctioned races. As a result, the Company’s
business has been, and is expected to remain, highly seasonal based on the timing of major events.

The following table presents certain unaudited financial data for each quarter of fiscal 2013 and 2014 (in thousands, except per
share amounts):

Total revenue
Operating income
Net income (loss)
Basic and diluted earnings (loss) per share

Total revenue
Operating income (loss)
Net income
Basic and diluted earnings per share

February 28,
2013

May 31,
2013

August 31,
2013

November 30,
2013

Fiscal Quarter Ended

128,552 $
25,147
13,513
0.29

178,374 $
37,080
22,440
0.48

117,046 $
(13,067 )
(7,866 )
(0.17 )

188,668
29,532
17,205
0.37

February 28,
2014

May 31,
2014

August 31,
2014

November 30,
2014

Fiscal Quarter Ended

131,789 $
22,339
19,895
0.43

190,311 $
34,739
21,469
0.46

130,083 $
(3,525 )
191
—

199,753
39,838
25,824
0.55

As of November 30, 2014, there was no unrecognized compensation cost related to unvested stock options granted under the

NOTE 16 — SEGMENT REPORTING

The general nature of the Company’s business is a motorsports themed amusement enterprise, furnishing amusement to the
public in the form of motorsports themed entertainment. The Company’s motorsports event operations consist principally of
racing events at its major motorsports entertainment facilities. The reporting units within the motorsports segment portfolio are
reviewed together as the nature of the products and services, the production processes used, the type or class of customer using
our products and services, and the methods used to distribute our products or provide their services are consistent in objectives
and principles, and predominately uniform and centralized throughout the Company. The Company’s remaining business units,
which are comprised of the radio network production and syndication of numerous racing events and programs, certain
souvenir merchandising operations not associated with the promotion of motorsports events at the Company’s facilities,
construction management services, leasing operations, and financing and licensing operations are included in the “All Other”
segment. The Company evaluates financial performance of the business units on operating profit after allocation of corporate
general and administrative (“G&A”) expenses. Corporate G&A expenses are allocated to business units based on each business
unit’s net revenues to total net revenues.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies.
Intersegment sales are accounted for at prices comparable to unaffiliated customers. Intersegment revenues were approximately
$2.1 million, $2.4 million and $2.0 million for the years ended November 30, 2012, 2013 and 2014, respectively. The following
table shows information by operating segment (in thousands):

presented as follows:

Weighted-

Average

Exercise

Price

Weighted-

Average

Remaining

Contractual

Term

(Years)

Aggregate

Intrinsic

Value

Options

Outstanding at November 30, 2013

Expired

Exercised

Forfeited

194,073 $

(31,025 )

—

41.03

47.38

—

Outstanding at November 30, 2014

163,048

39.82

3.4 $

324,338

Vested and Exercisable at November 30, 2014

163,048 $

39.82

3.4 $

324,338

There were no options granted in fiscal years 2012, 2013 and 2014. There were zero, 13,250, and zero options exercised during

fiscal years 2012, 2013and 2014, respectively. The total intrinsic value of options exercised during the fiscal years ended

November 30, 2012, 2013 and 2014, respectively were approximately zero, $102,000 and zero, respectively. The actual tax

benefit realized for the tax deductions from exercise of the stock options totaled approximately zero, $40,000 and zero for the

fiscal years ended November 30, 2012, 2013and 2014, respectively.

Stock Plan.

NOTE 14 — FINANCIAL INSTRUMENTS

In accordance with the “Financial Instruments” Topic, ASC 825-10 and in accordance with the “Fair Value Measurements and

Disclosures” Topic, ASC 820-10, these topics discuss key considerations in determining fair value in such markets, and

expanding disclosures on recurring fair value measurements using unobservable inputs (Level 3), clarification and additional

disclosure is required about the use of fair value measurements.

Various inputs are considered when determining the carrying values of cash and cash equivalents, accounts receivable,

accounts payable, and accrued liabilities. These items approximate fair value due to the short-term maturities of these assets

and liabilities. These inputs are summarized in the three broad levels listed below:

(cid:127) Level 1 — observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets

(cid:127) Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk,

(cid:127) Level 3 — significant unobservable inputs (including the Company’s own assumptions in determining the fair value of

etc.)

investments)

At November 30, 2014, the Company had money market funds totaling approximately $62.6 million and are included in cash

and cash equivalents in consolidated balance sheets. All inputs used to determine fair value are considered level 1 inputs.

Fair values of long-term debt are based on quoted market prices at the date of measurement. The Company’s credit facilities

approximate fair value as they bear interest rates that approximate market. These inputs used to determine fair value are

considered level 2 inputs. At November 30, 2014, the fair value of the long-term debt, as determined by quotes from financial

institutions, was approximately $291.2 million compared to the carrying amount of approximately $271.7 million.

The Company had no level 3 inputs as of November 30, 2014.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 69

Revenues
Depreciation and amortization
Operating income (loss)
Equity investments income
Capital expenditures
Total assets
Equity investments

Motorsports
Event

For the Year Ended November 30, 2012
All
Other

Total

585,097 $
71,781
107,118
—
79,334
1,598,551
—

29,338 $
6,089
(2,109 )
2,757
3,538
343,190
146,378

614,435
77,870
105,009
2,757
82,872
1,941,741
146,378

Motorsports
Event

For the Year Ended November 30, 2013
All
Other

Total

589,435 $
88,499
82,500
—
81,938
1,520,069
—

25,618 $
5,490
(3,808 )
9,434
3,601
497,437
134,327

615,053
93,989
78,692
9,434
85,539
2,017,506
134,327

Motorsports
Event

For the Year Ended November 30, 2014
All
Other

Total

609,973 $
84,614
99,332
—
177,318
1,621,726
—

43,981 $
5,738
(5,941 )
8,916
6,618
455,925
122,565

653,954
90,352
93,391
8,916
183,936
2,077,651
122,565

Schedule II — Valuation and Qualifying Accounts (in thousands)

Description
For the year ended November 30, 2012 Allowance for doubtful
accounts
For the year ended November 30, 2013 Allowance for doubtful
accounts
For the year ended November 30, 2014 Allowance for doubtful
accounts
(A)

Uncollectible accounts written off, net of recoveries.

Balance
beginning
of period

Additions
charged
to
costs and
expenses

Deductions
(A)

Balance
at end
of
period

1,000

341

1,000

382

101

382

101

1,000

ITEM 9A. CONTROLS AND PROCEDURES

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

We conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as such

term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (Exchange Act),

under the supervision of and with the participation of our management, including the Chief Executive Officer and Chief

Financial Officer. Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial

Officer, concluded that our disclosure controls and procedures, subject to limitations as noted below, were effective at

November 30, 2014, and during the period prior to and including the date of this report.

Because of its inherent limitations, our disclosure controls and procedures may not prevent or detect misstatements. A control

system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of

the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide

absolute assurance that all control issues and instances of fraud, if any, have been detected.

Report of Management on Internal Control Over Financial Reporting

January 27, 2015

We, as members of management of International Speedway Corporation, are responsible for establishing and maintaining

adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f). Internal control

over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting

and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting

principles. Internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of

records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2) provide

reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance

with U.S. generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance

with authorizations of our management and directors; and (3) provide reasonable assurance regarding prevention or timely

detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial

statements.

Because of its inherent limitations, our disclosure controls and procedures may not prevent or detect misstatements. A control

system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of

the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide

absolute assurance that all control issues and instances of fraud, if any, have been detected. Also, projections of any evaluation

of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,

or that the degree of compliance with the policies and procedures may deteriorate.

We, under the supervision of and with the participation of our management, including the Chief Executive Officer and Chief

Financial Officer, assessed the Company’s internal control over financial reporting as of November 30, 2014, based on criteria

for effective internal control over financial reporting described in “Internal Control-Integrated Framework” issued by the

Committee of Sponsoring Organizations of the Treadway Commission (1992 framework). Based on this assessment, we

concluded that we maintained effective internal control over financial reporting as of November 30, 2014, based on the

specified criteria. There were no changes in our internal control over financial reporting during the quarter ended November 30,

2014, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

The effectiveness of our internal control over financial reporting has been audited by Ernst & Young LLP, an independent

registered public accounting firm, as stated in their report which is included herein.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE

None.

ITEM 9B. OTHER INFORMATION

None

ISC // 2014 ANNUAL REPORT // FORM 10-K // 70

Revenues

Depreciation and amortization

Operating income (loss)

Equity investments income

Capital expenditures

Total assets

Equity investments

Revenues

Depreciation and amortization

Operating income (loss)

Equity investments income

Capital expenditures

Total assets

Equity investments

Revenues

Depreciation and amortization

Operating income (loss)

Equity investments income

Capital expenditures

Total assets

Equity investments

For the Year Ended November 30, 2012

ITEM 9A. CONTROLS AND PROCEDURES

Motorsports

Event

All

Other

585,097 $

29,338 $

For the Year Ended November 30, 2013

Motorsports

Event

All

Other

Total

589,435 $

25,618 $

615,053

71,781

107,118

—

79,334

1,598,551

—

88,499

82,500

—

81,938

1,520,069

—

84,614

99,332

—

177,318

1,621,726

—

Total

614,435

77,870

105,009

2,757

82,872

1,941,741

146,378

93,989

78,692

9,434

85,539

2,017,506

134,327

Total

653,954

90,352

93,391

8,916

183,936

2,077,651

122,565

6,089

(2,109 )

2,757

3,538

343,190

146,378

5,490

(3,808 )

9,434

3,601

497,437

134,327

5,738

(5,941 )

8,916

6,618

455,925

122,565

For the Year Ended November 30, 2014

Motorsports

Event

All

Other

609,973 $

43,981 $

Balance

beginning

of period

Additions

charged

costs and

expenses

Deductions

(A)

Balance

at end

period

1,000

341

1,000

382

101

382

101

1,000

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

We conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as such
term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (Exchange Act),
under the supervision of and with the participation of our management, including the Chief Executive Officer and Chief
Financial Officer. Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial
Officer, concluded that our disclosure controls and procedures, subject to limitations as noted below, were effective at
November 30, 2014, and during the period prior to and including the date of this report.

Report of Management on Internal Control Over Financial Reporting

January 27, 2015

We, as members of management of International Speedway Corporation, are responsible for establishing and maintaining
adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f). Internal control
over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting
principles. Internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with U.S. generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance
with authorizations of our management and directors; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial
statements.

Because of its inherent limitations, our disclosure controls and procedures may not prevent or detect misstatements. A control
system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of
the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide
absolute assurance that all control issues and instances of fraud, if any, have been detected. Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies and procedures may deteriorate.

We, under the supervision of and with the participation of our management, including the Chief Executive Officer and Chief
Financial Officer, assessed the Company’s internal control over financial reporting as of November 30, 2014, based on criteria
for effective internal control over financial reporting described in “Internal Control-Integrated Framework” issued by the
Committee of Sponsoring Organizations of the Treadway Commission (1992 framework). Based on this assessment, we
concluded that we maintained effective internal control over financial reporting as of November 30, 2014, based on the
specified criteria. There were no changes in our internal control over financial reporting during the quarter ended November 30,
2014, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

The effectiveness of our internal control over financial reporting has been audited by Ernst & Young LLP, an independent
registered public accounting firm, as stated in their report which is included herein.

ITEM 9B. OTHER INFORMATION

None

ISC // 2014 ANNUAL REPORT // FORM 10-K // 71

Schedule II — Valuation and Qualifying Accounts (in thousands)

Description

accounts

For the year ended November 30, 2012 Allowance for doubtful

For the year ended November 30, 2013 Allowance for doubtful

For the year ended November 30, 2014 Allowance for doubtful

(A)

Uncollectible accounts written off, net of recoveries.

DISCLOSURE

None.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information required by this Item is set forth under the headings “Directors, Nominees, and Officers ” and under the
subheading “Section 16(a) Beneficial Ownership Reporting Compliance” in the Company’s 2015 Proxy Statement to be filed
with the U.S. Securities and Exchange Commission (“SEC”) within 120 days after November 30, 2014 in connection with the
solicitation of proxies for the Company’s 2015 annual meeting of shareholders and is incorporated herein by reference.

ITEM 11. EXECUTIVE COMPENSATION

The information required by this Item is set forth under the heading “Executive Compensation” and under the heading
“Directors, Nominees and Officers” in the Company’s 2015 Proxy Statement to be filed with the SEC within 120 days after
November 30, 2014 and is incorporated herein by reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDER MATTERS

The information required by this Item is set forth under the headings “Voting Securities and Principal Holders” and under the
heading “Directors, Nominees and Officers” in the Company’s 2015 Proxy Statement to be filed with the SEC within 120 days
after November 30, 2014 and is incorporated herein by reference.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

The information required by this Item is set forth under the heading under the subheading "Compensation Committee
Interlocks and Insider Participation" under the heading "Executive Compensation" and under the subheadings "Directors
Holding Office Until 2015 Annual Meeting", "Board Leadership" and “Certain Relationships and Related Transactions” under
the heading “Directors, Nominees and Officers” in the Company’s 2015 Proxy Statement to be filed with the SEC within 120
days after November 30, 2014 and is incorporated herein by reference.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

The information required by this Item is set forth under the heading "Registered Independent Public Accounting Firm" and
subheading “Policy on Audit Committee Pre-Approval Policies and Procedures” under the heading “Registered Independent
Public Accounting Firm” in the Company’s 2015 Proxy Statement to be filed with the SEC within 120 days after November 30,
2014 and is incorporated herein by reference.

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

PART IV

(a) Documents filed as a part of this report

1. Consolidated Financial Statements listed below:

International Speedway Corporation

Consolidated Balance Sheets

— November 30, 2013 and 2014

Consolidated Statements of Operations

— Years ended November 30, 2012, 2013, and 2014

Consolidated Statements of Comprehensive Income

— Years ended November 30, 2012, 2013, and 2014

Consolidated Statements of Changes in Shareholders’ Equity

— Years ended November 30, 2012, 2013, and 2014

ISC // 2014 ANNUAL REPORT // FORM 10-K // 72

Consolidated Statements of Cash Flows

— Years ended November 30, 2012, 2013, and 2014

Notes to Consolidated Financial Statements

2. Consolidated Financial Statement Schedules listed below:

II — Valuation and qualifying accounts

All other schedules are omitted since the required information is not present or is not present in amounts sufficient to require

submission of the schedule, or because the information required is included in the financial statements and notes thereto.

3. Exhibits:

Exhibit

Number

3.1

3.2

3.3

4.1

4.2

4.3

4.4

4.5

10.1

10.2

10.3

10.4

23.1

31.1

31.2

101.INS

101.SCH

101.CAL

101.DEF

101.LAB

101.PRE

—

Description of Exhibit

Articles of Amendment of the Restated and Amended Articles of Incorporation of the Company,

as filed with the Florida Department of State on July 26, 1999. (3.1)*

Conformed Copy of Amended and Restated Articles of Incorporation of the Company, as

amended as of July 26, 1999. (3.2)*

—

Conformed Copy of Amended and Restated By-Laws of the Company. (3)(ii)**

—

Note Purchase Agreement, dated as of September 13, 2012, among the Company and purchasers

party thereto. (4.2)***

—

Form of Series 2012A Note due 2024 (included in Exhibit 4.1). (4.2)***

Amended and Restated Revolving Credit Agreement, dated as of November 15, 2012, among the

Company, certain subsidiaries and the lenders party thereto. (10.1)****

Note Purchase Agreement, dated as of January 18, 2011, among the Company and purchasers

party thereto. (10.1)*****

Form of Series 2011A Note due 2021 (included in Exhibit 10.1). (10.1)*****

Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer — filed herewith

Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer — filed herewith.

Daytona Property Lease. (10.4)******

1996 Long-Term Incentive Plan. (10.6)******

2006 Long-Term Incentive Plan. (4)*******

Design-Build Agreement. (10.1) ********

Subsidiaries of the Registrant — filed herewith.

Consent of Ernst &Young LLP — filed herewith.

Section 1350 Certification — filed herewith.

XBRL Instance Document

XBRL Taxonomy Extension Schema

XBRL Taxonomy Extension Calculation Linkbase

XBRL Taxonomy Extension Definition Linkbase

XBRL Taxonomy Extension Label Linkbase

XBRL Taxonomy Extension Presentation Linkbase

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information required by this Item is set forth under the headings “Directors, Nominees, and Officers ” and under the

subheading “Section 16(a) Beneficial Ownership Reporting Compliance” in the Company’s 2015 Proxy Statement to be filed

with the U.S. Securities and Exchange Commission (“SEC”) within 120 days after November 30, 2014 in connection with the

Consolidated Statements of Cash Flows

— Years ended November 30, 2012, 2013, and 2014

Notes to Consolidated Financial Statements

2. Consolidated Financial Statement Schedules listed below:

solicitation of proxies for the Company’s 2015 annual meeting of shareholders and is incorporated herein by reference.

II — Valuation and qualifying accounts

ITEM 11. EXECUTIVE COMPENSATION

The information required by this Item is set forth under the heading “Executive Compensation” and under the heading

“Directors, Nominees and Officers” in the Company’s 2015 Proxy Statement to be filed with the SEC within 120 days after

November 30, 2014 and is incorporated herein by reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED

STOCKHOLDER MATTERS

The information required by this Item is set forth under the headings “Voting Securities and Principal Holders” and under the

heading “Directors, Nominees and Officers” in the Company’s 2015 Proxy Statement to be filed with the SEC within 120 days

after November 30, 2014 and is incorporated herein by reference.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

The information required by this Item is set forth under the heading under the subheading "Compensation Committee

Interlocks and Insider Participation" under the heading "Executive Compensation" and under the subheadings "Directors

Holding Office Until 2015 Annual Meeting", "Board Leadership" and “Certain Relationships and Related Transactions” under

the heading “Directors, Nominees and Officers” in the Company’s 2015 Proxy Statement to be filed with the SEC within 120

days after November 30, 2014 and is incorporated herein by reference.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

The information required by this Item is set forth under the heading "Registered Independent Public Accounting Firm" and

subheading “Policy on Audit Committee Pre-Approval Policies and Procedures” under the heading “Registered Independent

Public Accounting Firm” in the Company’s 2015 Proxy Statement to be filed with the SEC within 120 days after November 30,

2014 and is incorporated herein by reference.

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

PART IV

(a) Documents filed as a part of this report

1. Consolidated Financial Statements listed below:

International Speedway Corporation

Consolidated Balance Sheets

— November 30, 2013 and 2014

Consolidated Statements of Operations

— Years ended November 30, 2012, 2013, and 2014

Consolidated Statements of Comprehensive Income

— Years ended November 30, 2012, 2013, and 2014

Consolidated Statements of Changes in Shareholders’ Equity

— Years ended November 30, 2012, 2013, and 2014

All other schedules are omitted since the required information is not present or is not present in amounts sufficient to require
submission of the schedule, or because the information required is included in the financial statements and notes thereto.

3. Exhibits:

Exhibit
Number

3.1

3.2

3.3

4.1

4.2

4.3

4.4

4.5

10.1

10.2

10.3

10.4

23.1

31.1

31.2

101.INS

101.SCH

101.CAL

101.DEF

101.LAB

101.PRE

Description of Exhibit

—

Articles of Amendment of the Restated and Amended Articles of Incorporation of the Company,
as filed with the Florida Department of State on July 26, 1999. (3.1)*
Conformed Copy of Amended and Restated Articles of Incorporation of the Company, as
amended as of July 26, 1999. (3.2)*

—
—

—

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

Conformed Copy of Amended and Restated By-Laws of the Company. (3)(ii)**
Note Purchase Agreement, dated as of September 13, 2012, among the Company and purchasers
party thereto. (4.2)***

Form of Series 2012A Note due 2024 (included in Exhibit 4.1). (4.2)***
Amended and Restated Revolving Credit Agreement, dated as of November 15, 2012, among the
Company, certain subsidiaries and the lenders party thereto. (10.1)****
Note Purchase Agreement, dated as of January 18, 2011, among the Company and purchasers
party thereto. (10.1)*****

Form of Series 2011A Note due 2021 (included in Exhibit 10.1). (10.1)*****

Daytona Property Lease. (10.4)******

1996 Long-Term Incentive Plan. (10.6)******

2006 Long-Term Incentive Plan. (4)*******

Design-Build Agreement. (10.1) ********

Subsidiaries of the Registrant — filed herewith.

Consent of Ernst &Young LLP — filed herewith.

Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer — filed herewith

Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer — filed herewith.

Section 1350 Certification — filed herewith.

XBRL Instance Document

XBRL Taxonomy Extension Schema

XBRL Taxonomy Extension Calculation Linkbase

XBRL Taxonomy Extension Definition Linkbase

XBRL Taxonomy Extension Label Linkbase

XBRL Taxonomy Extension Presentation Linkbase

ISC // 2014 ANNUAL REPORT // FORM 10-K // 73

***

****

*****

******

*******

********

Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s Report on Form 8-
K dated July 26, 1999.
Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s report on Form 10-
Q for the quarter ended February 28, 2003.
Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s report on Form 8-K
filed on September 18, 2012.
Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s report on Form 8-K
filed on November 19, 2012.
Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s report on Form 8-K
filed on January 20, 2011.
Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s Report on Form 10-
K for the year ended November 30, 1998.
Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s Registration
Statement on Form S-8 as filed on February 11, 2010.
Incorporated by reference to the exhibit shown in parentheses and filed with the Company's Amended Form 10-
Q for the quarter ended May 31, 2013.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly

caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

International Speedway Corporation

By:

/s/ Daniel W. Houser

Daniel W. Houser

Senior Vice President and Chief Financial Officer

Dated: January 27, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following

persons on behalf of the registrant and in the capacities and on the dates indicated.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 74

Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s Report on Form 8-

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly

caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

*******

Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s Registration

Dated: January 27, 2015

********

Incorporated by reference to the exhibit shown in parentheses and filed with the Company's Amended Form 10-

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following

persons on behalf of the registrant and in the capacities and on the dates indicated.

International Speedway Corporation

By:

/s/ Daniel W. Houser

Daniel W. Houser
Senior Vice President and Chief Financial Officer

K dated July 26, 1999.

Q for the quarter ended February 28, 2003.

Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s report on Form 10-

***

Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s report on Form 8-K

****

Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s report on Form 8-K

*****

Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s report on Form 8-K

filed on September 18, 2012.

filed on November 19, 2012.

filed on January 20, 2011.

******

Incorporated by reference to the exhibit shown in parentheses and filed with the Company’s Report on Form 10-

K for the year ended November 30, 1998.

Statement on Form S-8 as filed on February 11, 2010.

Q for the quarter ended May 31, 2013.

ISC // 2014 ANNUAL REPORT // FORM 10-K // 75

Signature

Title

Date

/s/ Lesa France Kennedy

Lesa France Kennedy

/s/ Daniel W. Houser

Daniel W. Houser

/s/ James C. France

James C. France

/s/ Brian Z. France

Brian Z. France

/s/ Larry Aiello, Jr.

Larry Aiello, Jr.

/s/ J. Hyatt Brown

J. Hyatt Brown

/s/ William P. Graves

William P. Graves

/s/ Christy F. Harris

Christy F. Harris

/s/ Morteza Hosseini – Kargar

Morteza Hosseini – Kargar

/s/ Edsel B. Ford II

Edsel B. Ford II

/s/ Sonia M. Green

Sonia M. Green

/s/ Larry Woodard

Larry Woodard

Chief Executive Officer and Vice Chairman of the
Board (Principal Executive Officer)

January 27, 2015

Senior Vice President, Chief Financial Officer and
Treasurer (Principal Financial Officer and Principal
Accounting Officer)

January 27, 2015

Chairman of the Board

January 27, 2015

Director

January 27, 2015

ISC // 2014 ANNUAL REPORT // FORM 10-K // 76

INFORMATION
STATEMENT

2015

This page was intentionally left blank.

3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount

on which the filing fee is calculated and state how it was determined):

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Information Statement Pursuant to Section 14(c) of the Securities Exchange Act of 1934

Washington, D.C. 20549

SCHEDULE 14C INFORMATION

(Amendment No. )

Filed by the Registrant

Filed by a Party other than the Registrant "

Check the appropriate box:

! Definitive Information Statement

" Preliminary Information Statement " Confidential, for Use of Commission Only (as permitted by Rule 14c-5(d)(2))

INTERNATIONAL SPEEDWAY CORPORATION

(Name of Registrant as Specified in Its Charter)

Payment of Filing Fee (Check the appropriate box):

! No fee required

" Fee computed on table below per Exchange Act Rules 14c-5(g) and 0-11.

1) Title of each class of securities to which transaction applies:

2) Aggregate number of securities to which transaction applies:

" Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which

the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or

4) Proposed maximum aggregate value of transaction:

5) Total fee paid:

" Fee paid previously with preliminary materials.

Schedule and the date of its filing.

1) Amount Previously Paid:

2) Form, Schedule or Registration Statement No.:

3) Filing Party:

4) Date Filed:

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14C INFORMATION
Information Statement Pursuant to Section 14(c) of the Securities Exchange Act of 1934
(Amendment No. )

!
Filed by the Registrant
Filed by a Party other than the Registrant "
Check the appropriate box:
" Preliminary Information Statement " Confidential, for Use of Commission Only (as permitted by Rule 14c-5(d)(2))
! Definitive Information Statement

INTERNATIONAL SPEEDWAY CORPORATION
(Name of Registrant as Specified in Its Charter)

Payment of Filing Fee (Check the appropriate box):

! No fee required

" Fee computed on table below per Exchange Act Rules 14c-5(g) and 0-11.

1) Title of each class of securities to which transaction applies:

2) Aggregate number of securities to which transaction applies:

3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount
on which the filing fee is calculated and state how it was determined):

4) Proposed maximum aggregate value of transaction:

5) Total fee paid:

" Fee paid previously with preliminary materials.

" Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which
the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or
Schedule and the date of its filing.

1) Amount Previously Paid:

2) Form, Schedule or Registration Statement No.:

3) Filing Party:

4) Date Filed:

INTERNATIONAL SPEEDWAY CORPORATION
One Daytona Boulevard
Daytona Beach, Florida 32114

NOTICE OF 2015 ANNUAL MEETING OF SHAREHOLDERS

To the Shareholders of International Speedway Corporation:

The Annual Meeting of the Shareholders of International Speedway Corporation will be held at
THE INTERNATIONAL MOTORSPORTS CENTER, One Daytona Boulevard, Daytona Beach, FL 32114 on
Wednesday, the 8th day of April 2015, commencing at 9:00 A.M. (local time), for the following purposes:

(a)

(b)

To elect four (4) Directors of the Corporation.

To transact such other business as may properly come before the meeting.

ALL Shareholders of record as of January 31, 2015, will be entitled to vote, either in person or by proxy. Due to logistical
considerations, please be present by 8:45 A.M. Shareholder registration tables will open at 8:00 A.M.

INTERNATIONAL SPEEDWAY CORPORATION

One Daytona Boulevard

Daytona Beach, Florida 32114

_______________________________________________

INFORMATION STATEMENT

Pursuant to Section 14(c)

of the Securities Exchange Act of 1934

and Regulation 14C and Schedule 14C thereunder

_______________________________________________

WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE

REQUESTED NOT TO SEND US A PROXY

This Information Statement has been filed with the Securities and Exchange Commission (the “SEC”) and is first being mailed

on or about March 10, 2015 to holders of record on January 31, 2015 (the “Record Date”) of shares of all classes of the

common stock of International Speedway Corporation, a Florida corporation (the “Company”). This Information Statement

relates to an Annual Meeting of Shareholders and the only matter to be acted upon at the meeting is the election of directors.

By Order of the Board of Directors

You are being provided with this Information Statement pursuant to Section 14(c) of the Securities Exchange Act of 1934, as

amended (the “Exchange Act”), and Regulation 14C and Schedule 14C thereunder.

March 6, 2015

W. Garrett Crotty

Senior Vice President, Secretary and
General Counsel

This Notice of 2015 Annual Meeting and the attached Information Statement dated March 6, 2015 should be read in
combination with the Company’s annual report on Form 10-K for the fiscal year ended November 30, 2014 and the Annual
Report. Collectively these documents contain all of the information and disclosures required in connection with the 2015
Annual Meeting of Shareholders. Copies of all of these materials can be found in the Financial Information/SEC Filings
section of the Investor Relations page on our website at www.internationalspeedwaycorporation.com.

INTERNATIONAL SPEEDWAY CORPORATION

One Daytona Boulevard

Daytona Beach, Florida 32114

NOTICE OF 2015 ANNUAL MEETING OF SHAREHOLDERS

To the Shareholders of International Speedway Corporation:

The Annual Meeting of the Shareholders of International Speedway Corporation will be held at

THE INTERNATIONAL MOTORSPORTS CENTER, One Daytona Boulevard, Daytona Beach, FL 32114 on

Wednesday, the 8th day of April 2015, commencing at 9:00 A.M. (local time), for the following purposes:

(a)

(b)

To elect four (4) Directors of the Corporation.

To transact such other business as may properly come before the meeting.

ALL Shareholders of record as of January 31, 2015, will be entitled to vote, either in person or by proxy. Due to logistical

considerations, please be present by 8:45 A.M. Shareholder registration tables will open at 8:00 A.M.

By Order of the Board of Directors

W. Garrett Crotty

Senior Vice President, Secretary and

General Counsel

March 6, 2015

This Notice of 2015 Annual Meeting and the attached Information Statement dated March 6, 2015 should be read in

combination with the Company’s annual report on Form 10-K for the fiscal year ended November 30, 2014 and the Annual

Report. Collectively these documents contain all of the information and disclosures required in connection with the 2015

Annual Meeting of Shareholders. Copies of all of these materials can be found in the Financial Information/SEC Filings

section of the Investor Relations page on our website at www.internationalspeedwaycorporation.com.

INTERNATIONAL SPEEDWAY CORPORATION
One Daytona Boulevard
Daytona Beach, Florida 32114
_______________________________________________

INFORMATION STATEMENT

Pursuant to Section 14(c)
of the Securities Exchange Act of 1934
and Regulation 14C and Schedule 14C thereunder
_______________________________________________

WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE
REQUESTED NOT TO SEND US A PROXY

This Information Statement has been filed with the Securities and Exchange Commission (the “SEC”) and is first being mailed
on or about March 10, 2015 to holders of record on January 31, 2015 (the “Record Date”) of shares of all classes of the
common stock of International Speedway Corporation, a Florida corporation (the “Company”). This Information Statement
relates to an Annual Meeting of Shareholders and the only matter to be acted upon at the meeting is the election of directors.

You are being provided with this Information Statement pursuant to Section 14(c) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), and Regulation 14C and Schedule 14C thereunder.

This page was intentionally left blank.

Contents

DATE, TIME AND PLACE INFORMATION

VOTING SECURITIES AND PRINCIPAL HOLDERS

DIRECTORS, NOMINEES AND OFFICERS

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

DIRECTOR MEETINGS AND COMMITTEES

BOARD LEADERSHIP

RISK OVERSIGHT

DIRECTOR NOMINATION PROCESS

SHAREHOLDER COMMUNICATIONS TO THE BOARD

CODE OF ETHICS

SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

REGISTERED INDEPENDENT PUBLIC ACCOUNTING FIRM

AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES

REPORT OF THE AUDIT COMMITTEE

EXECUTIVE COMPENSATION

COMPENSATION DISCUSSION AND ANALYSIS

Overview and Objectives of Compensation Program

Base Salary, Non-Equity Incentives and Cash Bonuses

Long —Term Compensation - 2006 Long Term Incentive Plan

Roles of Compensation Committee and Named Executives

Other Compensation

Compensation Implementation

Determination of Compensation

Compensation Consultants

Equity Grant Practices

Share Ownership Guidelines

Tax Deductibility of Compensation

Potential Impact on Compensation from Executive Misconduct

Compensation for the Named Executive Officers in 2014

Company Performance

CEO Compensation

Other Named Officers

SUMMARY COMPENSATION TABLE

GRANTS OF PLAN-BASED AWARDS

COMPENSATION OF DIRECTORS

DIRECTOR COMPENSATION TABLE

COMPENSATION COMMITTEE REPORT

PERFORMANCE GRAPH

VOTING PROCEDURE

DISSENTERS’ RIGHT OF APPRAISAL

AVAILABLE INFORMATION

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR -END

OPTION EXERCISES AND STOCK VESTED

POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE -IN-CONTROL

COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION

iii

Contents

DATE, TIME AND PLACE INFORMATION
VOTING SECURITIES AND PRINCIPAL HOLDERS
DIRECTORS, NOMINEES AND OFFICERS
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

DIRECTOR MEETINGS AND COMMITTEES

BOARD LEADERSHIP

RISK OVERSIGHT

DIRECTOR NOMINATION PROCESS

SHAREHOLDER COMMUNICATIONS TO THE BOARD

CODE OF ETHICS

SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
REGISTERED INDEPENDENT PUBLIC ACCOUNTING FIRM
AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES
REPORT OF THE AUDIT COMMITTEE
EXECUTIVE COMPENSATION
COMPENSATION DISCUSSION AND ANALYSIS

Overview and Objectives of Compensation Program

Base Salary, Non-Equity Incentives and Cash Bonuses
Long —Term Compensation - 2006 Long Term Incentive Plan
Other Compensation

Compensation Implementation

Determination of Compensation
Roles of Compensation Committee and Named Executives
Compensation Consultants
Equity Grant Practices
Share Ownership Guidelines
Tax Deductibility of Compensation
Potential Impact on Compensation from Executive Misconduct

Compensation for the Named Executive Officers in 2014

Company Performance
CEO Compensation
Other Named Officers
SUMMARY COMPENSATION TABLE

GRANTS OF PLAN-BASED AWARDS

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR -END

OPTION EXERCISES AND STOCK VESTED

POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE -IN-CONTROL

COMPENSATION OF DIRECTORS

DIRECTOR COMPENSATION TABLE

COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION

COMPENSATION COMMITTEE REPORT

PERFORMANCE GRAPH
VOTING PROCEDURE
DISSENTERS’ RIGHT OF APPRAISAL
AVAILABLE INFORMATION

iii

1
1
4
7
8
9
10
10
11
12
12
12
12
13
14
14
14
14
14
15
15
15
16
17
17
17
18
18
19
19
19
20
22
23
24
26
26
26
27
28
28
29
30
30
30

DATE, TIME AND PLACE INFORMATION

(1) Unless otherwise indicated the address of each of the beneficial owners identified is c/o the Company, One Daytona

Our Annual Meeting of Shareholders will be held on Wednesday, April 8, 2015 commencing at 9:00 A.M. (local time) at THE
INTERNATIONAL MOTORSPORTS CENTER, One Daytona Boulevard, Daytona Beach, Florida, 32114. Shareholder
registration tables will open at 8:00 A.M. The mailing address of our principal executive offices is One Daytona Boulevard,
Daytona Beach, Florida 32114.

VOTING SECURITIES AND PRINCIPAL HOLDERS

stock.

This Information Statement is being mailed commencing on or about March 10, 2015 to all of our shareholders of record as of
the Record Date. The Record Date for the Annual Meeting is January 31, 2015. As of the Record Date, we had
26,616,977 shares of class A common stock and 19,966,496 shares of class B common stock issued and outstanding. Each
share of the class A common stock is entitled to one-fifth of one vote on matters submitted to shareholder approval or a vote of
shareholders. Each share of the class B common stock is entitled to one vote on matters submitted to shareholder approval or a
vote of shareholders.

Name of Beneficial Owner (1)
France Family Group (8)
James C. France (9)
Betty Jane France (10)
Ariel Investments, LLC (11)
Blackrock, Inc. (12)
Vanguard Group (13)
River Road Asset Management, LLC (14)
Lesa France Kennedy (15)
Brian Z. France (16)
John R. Saunders
Edsel B. Ford II (17)
J. Hyatt Brown (18)
Christy F. Harris (19)
Morteza Hosseini-Kargar (20)
Daniel W. Houser
Joel S. Chitwood
Brian K. Wilson
William P. Graves
Sonia M. Green
Larry D. Woodard
All directors and executive officers as a
group (22 persons)(21)

Number of Shares of Common
Stock Beneficially Owned (2)
Class B (4)

Class A (3)
18,338,213
6,214,471
6,244,474
6,415,756
2,188,222
1,591,061
1,582,260
794,577
378,140
62,107
35,637
25,147
22,002
21,997
21,350
14,934
14,501
13,747
1,856
1,856

18,179,581
6,121,757
6,244,474
0
0
0
0
732,717
359,056
11,286
0
9,000
150
0
0
0
0
0
0
0

Percentage of
Common Stock Beneficially Owned

Percentage of
Combined
Voting Power of
Common Stock

Class A (5)

Class B (6)

(7)

40.93 %
18.89 %
19.02 %
24.10 %
8.22 %
5.98 %
5.94 %
2.91 %
1.42 %
0.19 %
0.13 %
0.09 %
0.08 %
0.08 %
0.08 %
0.06 %
0.05 %
0.05 %
0.01 %
0.01 %

91.05 %
30.66 %
31.27 %
0.00 %
0.00 %
0.00 %
0.00 %
3.67 %
1.80 %
0.06 %
0.00 %
0.04 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %
0.00 %

72.00 %
24.28 %
24.69 %
5.07 %
1.73 %
1.26 %
1.25 %
2.95 %
1.43 %
0.08 %
0.03 %
0.05 %
0.02 %
0.02 %
0.02 %
0.01 %
0.01 %
0.01 %
0.00 %
0.00 %

18,657,842

18,202,891

41.65 %

91.17 %

72.34 %

No. 4 to Schedule 13G, which was filed with the SEC on February 13, 2015.

The preceding table sets forth information regarding the beneficial ownership of our class A common stock and our class B
common stock as of the Record Date by:

(cid:127) All persons known to us who beneficially own 5% or more of either class of our common stock;

(cid:127) Each “named executive officer” in the Summary Compensation Table in this Information Statement;

(cid:127) Each of our directors and director nominees; and

(cid:127) All of our directors, director nominees and officers as a group.

As described in the following notes to the table, voting and/or investment power with respect to certain shares of common stock
is shared by the named individuals. Consequently, such shares may be shown as beneficially owned by more than one person.

ISC // 2015 INFORMATION STATEMENT // 1

Boulevard, Daytona Beach, Florida 32114.

(2) Unless otherwise indicated, each person has sole voting and investment power with respect to all such shares.

(3) Reflects the aggregate number of shares held by the named beneficial owner assuming (i) the exercise of any options to

acquire shares of class A common stock that are held by such beneficial owner that are exercisable within 60 days and

(ii) the conversion of all shares of class B common stock held by such beneficial owner into shares of class A common

(4) Assumes no conversion of shares of class B common stock into shares of class A common stock.

(5) Assumes (i) the exercise of any options to acquire shares of class A common stock that are held by the named beneficial

owner that are exercisable within 60 days, (ii) the conversion of all shares of class B common stock held by such

beneficial owner into shares of class A common stock, and (iii) the assumption that no other named beneficial owner has

exercised any such options or converted any such shares.

(6) Reflects current ownership percentage of named beneficial owner’s shares of class B common stock without any

conversion of shares of B common stock into shares of class A common stock.

(7) Assumes no exercise of options or conversion of shares of class B common stock into shares of class A common stock.

(8)

The France Family Group consists of Betty Jane France, James C. France, Lesa France Kennedy, Brian Z. France and

members of their families and entities controlled by the natural person members of the group. A complete list of all the

members of the France Family Group can be found in its 21st amendment to Schedule 13G which was filed with the

SEC on February 13, 2015. Amounts shown reflect the non-duplicative aggregate of 158,632 Class A and 13,458,878

Class B shares indicated in the table as beneficially owned by Betty Jane France, James C. France, Lesa France Kennedy

and Brian Z. France, as well as 4,732,742 Class B shares held by the adult children of James C. France and the adult

child of Lesa France Kennedy. See footnotes (9), (10), (15), and (16).

(9)

Includes (i) 1,500 Class B shares held of record by Sharon M. France, his spouse, (ii) 3,311,967 Class B shares held of

record by Western Opportunity Limited Partnership (“Western Opportunity”), (iii) 29,238 Class B shares held of record

by Carl Investment Limited Partnership (“Carl”), (iv) all of the 78,243 Class B shares held of record by Quaternary

Investment Company, (v) 130 Class B shares held of record by Carl Two Limited Partnership (“Carl Two”), (vi) all of

the 1,749,848 Class B shares held of record by Carl Three Limited Partnership (“Carl Three”), (vii) all of the 919 Class

B shares held of record by Carl Two, LLC, (viii) 40,251 Class B shares held of record by Automotive Research Bureau

(“ARB”), and (ix) all of the 547,166 Class B shares held of record by SM Holder Limited Partnership. James C. France

is the sole shareholder and director of (x) Principal Investment Company, one of the two general partners of Western

Opportunity and (y) Quaternary Investment Company, the general partner of Carl. He is also the sole member of Carl

Two, LLC, the general partner of Carl Two, and Carl Three, LLC the general partner of Carl Three. Does not include

shares held beneficially by the adult children of James C. France or their descendants.

(10)

Includes (i) 3,264,792 Class B shares held of record by Western Opportunity, (ii) 26,662 Class B shares held of record

by WCF Family I, Inc., (iii) 22,194 Class B shares held of record by WCF Family I, Inc. through Western Opportunity,

(iv) 40,251 Class B shares held of record by ARB, (v) 801,075 Class B shares held of record by WCF Silver State

Limited Partnership, and (vi) 80 Class B shares held of record by WCF Nevada, LLC.

(11) This owner’s address is 200 East Randolph Drive, Suite 2900, Chicago, Illinois 60601, as reflected on its Amendment

(12) This owner’s address is 40 East 52nd Street, New York, NY 10022, as reflected on its Amendment No. 5 to Schedule

13G, which was filed with the SEC on January 23, 2015.

(13) This owner's address is 100 Vanguard Blvd., Malvern, Pennsylvania 19355, as reflected on its Amendment No. 2 to

Schedule 13G, which was filed with the SEC on February 10, 2015.

(14) This owner’s address is 462 South 4th Street, Suite 1600, Louisville, Kentucky 40202, as reflected on its Schedule 13G,

which was filed with the SEC on February 12, 2015.

(15)

Includes (i) 361,988 Class B shares held of record by BBL Limited Partnership, (ii) 76,071 Class B shares held of record

by Western Opportunity, (iii) 26,662 Class B shares held of record by WCF Family I, Inc., (iv) 73,199 Class B shares

held of record by Sierra Central LLC, and (v) 22,194 Class B shares held of record by WCF Family I, Inc. through

Western Opportunity. Ms. Kennedy is the sole shareholder and a director of BBL Company, the sole general partner of

DATE, TIME AND PLACE INFORMATION

(1) Unless otherwise indicated the address of each of the beneficial owners identified is c/o the Company, One Daytona

Our Annual Meeting of Shareholders will be held on Wednesday, April 8, 2015 commencing at 9:00 A.M. (local time) at THE

INTERNATIONAL MOTORSPORTS CENTER, One Daytona Boulevard, Daytona Beach, Florida, 32114. Shareholder

registration tables will open at 8:00 A.M. The mailing address of our principal executive offices is One Daytona Boulevard,

Daytona Beach, Florida 32114.

VOTING SECURITIES AND PRINCIPAL HOLDERS

This Information Statement is being mailed commencing on or about March 10, 2015 to all of our shareholders of record as of

the Record Date. The Record Date for the Annual Meeting is January 31, 2015. As of the Record Date, we had

26,616,977 shares of class A common stock and 19,966,496 shares of class B common stock issued and outstanding. Each

share of the class A common stock is entitled to one-fifth of one vote on matters submitted to shareholder approval or a vote of

shareholders. Each share of the class B common stock is entitled to one vote on matters submitted to shareholder approval or a

vote of shareholders.

Boulevard, Daytona Beach, Florida 32114.

(2) Unless otherwise indicated, each person has sole voting and investment power with respect to all such shares.
(3) Reflects the aggregate number of shares held by the named beneficial owner assuming (i) the exercise of any options to
acquire shares of class A common stock that are held by such beneficial owner that are exercisable within 60 days and
(ii) the conversion of all shares of class B common stock held by such beneficial owner into shares of class A common
stock.

(4) Assumes no conversion of shares of class B common stock into shares of class A common stock.
(5) Assumes (i) the exercise of any options to acquire shares of class A common stock that are held by the named beneficial
owner that are exercisable within 60 days, (ii) the conversion of all shares of class B common stock held by such
beneficial owner into shares of class A common stock, and (iii) the assumption that no other named beneficial owner has
exercised any such options or converted any such shares.

(6) Reflects current ownership percentage of named beneficial owner’s shares of class B common stock without any

conversion of shares of B common stock into shares of class A common stock.

Number of Shares of Common

Stock Beneficially Owned (2)

Percentage of

Common Stock Beneficially Owned

Class A (5)

Class B (6)

(7)

Class A (3)

Class B (4)

18,338,213

18,179,581

6,121,757

6,244,474

Percentage of

Combined

Voting Power of

Common Stock

91.05 %

30.66 %

31.27 %

72.00 %

24.28 %

24.69 %

6,214,471

6,244,474

6,415,756

2,188,222

1,591,061

1,582,260

794,577

378,140

62,107

35,637

25,147

22,002

21,997

21,350

14,934

14,501

13,747

1,856

732,717

359,056

11,286

9,000

150

40.93 %

18.89 %

19.02 %

24.10 %

8.22 %

5.98 %

5.94 %

2.91 %

1.42 %

0.19 %

0.13 %

0.09 %

0.08 %

0.06 %

0.05 %

0.01 %

0.00 %

3.67 %

1.80 %

0.06 %

0.00 %

0.04 %

0.00 %

5.07 %

1.73 %

1.26 %

1.25 %

2.95 %

1.43 %

0.08 %

0.03 %

0.05 %

0.02 %

0.01 %

0.00 %

River Road Asset Management, LLC (14)

Lesa France Kennedy (15)

Name of Beneficial Owner (1)

France Family Group (8)

James C. France (9)

Betty Jane France (10)

Ariel Investments, LLC (11)

Blackrock, Inc. (12)

Vanguard Group (13)

Morteza Hosseini-Kargar (20)

Brian Z. France (16)

John R. Saunders

Edsel B. Ford II (17)

J. Hyatt Brown (18)

Christy F. Harris (19)

Daniel W. Houser

Joel S. Chitwood

Brian K. Wilson

William P. Graves

Sonia M. Green

Larry D. Woodard

All directors and executive officers as a

group (22 persons)(21)

common stock as of the Record Date by:

The preceding table sets forth information regarding the beneficial ownership of our class A common stock and our class B

(cid:127) All persons known to us who beneficially own 5% or more of either class of our common stock;

(cid:127) Each “named executive officer” in the Summary Compensation Table in this Information Statement;

(cid:127) Each of our directors and director nominees; and

(cid:127) All of our directors, director nominees and officers as a group.

As described in the following notes to the table, voting and/or investment power with respect to certain shares of common stock

is shared by the named individuals. Consequently, such shares may be shown as beneficially owned by more than one person.

(9)

(7) Assumes no exercise of options or conversion of shares of class B common stock into shares of class A common stock.
(8)

The France Family Group consists of Betty Jane France, James C. France, Lesa France Kennedy, Brian Z. France and
members of their families and entities controlled by the natural person members of the group. A complete list of all the
members of the France Family Group can be found in its 21st amendment to Schedule 13G which was filed with the
SEC on February 13, 2015. Amounts shown reflect the non-duplicative aggregate of 158,632 Class A and 13,458,878
Class B shares indicated in the table as beneficially owned by Betty Jane France, James C. France, Lesa France Kennedy
and Brian Z. France, as well as 4,732,742 Class B shares held by the adult children of James C. France and the adult
child of Lesa France Kennedy. See footnotes (9), (10), (15), and (16).
Includes (i) 1,500 Class B shares held of record by Sharon M. France, his spouse, (ii) 3,311,967 Class B shares held of
record by Western Opportunity Limited Partnership (“Western Opportunity”), (iii) 29,238 Class B shares held of record
by Carl Investment Limited Partnership (“Carl”), (iv) all of the 78,243 Class B shares held of record by Quaternary
Investment Company, (v) 130 Class B shares held of record by Carl Two Limited Partnership (“Carl Two”), (vi) all of
the 1,749,848 Class B shares held of record by Carl Three Limited Partnership (“Carl Three”), (vii) all of the 919 Class
B shares held of record by Carl Two, LLC, (viii) 40,251 Class B shares held of record by Automotive Research Bureau
(“ARB”), and (ix) all of the 547,166 Class B shares held of record by SM Holder Limited Partnership. James C. France
is the sole shareholder and director of (x) Principal Investment Company, one of the two general partners of Western
Opportunity and (y) Quaternary Investment Company, the general partner of Carl. He is also the sole member of Carl
Two, LLC, the general partner of Carl Two, and Carl Three, LLC the general partner of Carl Three. Does not include
shares held beneficially by the adult children of James C. France or their descendants.

18,657,842

18,202,891

41.65 %

91.17 %

72.34 %

No. 4 to Schedule 13G, which was filed with the SEC on February 13, 2015.

(10)

Includes (i) 3,264,792 Class B shares held of record by Western Opportunity, (ii) 26,662 Class B shares held of record
by WCF Family I, Inc., (iii) 22,194 Class B shares held of record by WCF Family I, Inc. through Western Opportunity,
(iv) 40,251 Class B shares held of record by ARB, (v) 801,075 Class B shares held of record by WCF Silver State
Limited Partnership, and (vi) 80 Class B shares held of record by WCF Nevada, LLC.

(11) This owner’s address is 200 East Randolph Drive, Suite 2900, Chicago, Illinois 60601, as reflected on its Amendment

(12) This owner’s address is 40 East 52nd Street, New York, NY 10022, as reflected on its Amendment No. 5 to Schedule

13G, which was filed with the SEC on January 23, 2015.

(13) This owner's address is 100 Vanguard Blvd., Malvern, Pennsylvania 19355, as reflected on its Amendment No. 2 to

Schedule 13G, which was filed with the SEC on February 10, 2015.

(14) This owner’s address is 462 South 4th Street, Suite 1600, Louisville, Kentucky 40202, as reflected on its Schedule 13G,

which was filed with the SEC on February 12, 2015.

(15)

Includes (i) 361,988 Class B shares held of record by BBL Limited Partnership, (ii) 76,071 Class B shares held of record
by Western Opportunity, (iii) 26,662 Class B shares held of record by WCF Family I, Inc., (iv) 73,199 Class B shares
held of record by Sierra Central LLC, and (v) 22,194 Class B shares held of record by WCF Family I, Inc. through
Western Opportunity. Ms. Kennedy is the sole shareholder and a director of BBL Company, the sole general partner of

ISC // 2015 INFORMATION STATEMENT // 2

(16)

BBL Limited Partnership. She is also the sole member of Sierra Central LLC, one of the two general partners of
Western Opportunity. Does not include shares held beneficially by the adult child of Lesa France Kennedy.
Includes (i) 83,168 Class B shares held of record by Western Opportunity, (ii) 26,662 Class B shares held of record by
WCF Family I, Inc., (iii) 15,695 Class B shares held of record by Western Opportunity as custodian for minor children,
and (iv) 22,194 Class B shares held of record by WCF Family I, Inc. through Western Opportunity.

As of the Record Date our officers, directors and nominees were as follows:

DIRECTORS, NOMINEES AND OFFICERS

(17)
Includes 10,000 Class A shares held by a revocable trust.
(18) Held of record as joint tenants with Cynthia R. Brown, his spouse.
(19)

Includes 300 Class A shares held by M. Dale Harris, his spouse, and 1,500 Class A shares held by Mr. Harris as trustee
of a Profit Sharing Plan and Trust.
Includes 5,000 Class A shares held as trustee of a qualified trust.

(20)
(21) See footnotes (8) through (10) and footnotes (15) through (20).

Chairman of the Board, Assistant Treasurer and Director

Vice Chairwoman, Chief Executive Officer and Director

Position With the Company

President

Senior Vice President, Secretary and General Counsel

Senior Vice President, Chief Financial Officer and Treasurer

Senior Vice President, Business Development & Chief Digital Officer

Senior Vice President, Chief Marketing Officer

Vice President

Vice President, Corporate Services

Assistant Secretary

Vice President — Deputy General Counsel, Chief Compliance Officer and

Name

James C. France

Lesa France Kennedy

John R. Saunders

W. Garrett Crotty

Daniel W. Houser

Craig A. Neeb

Daryl Q. Wolfe

Joel S. Chitwood

Laura E. Jackson

Brett M. Scharback

Larry Aiello, Jr.

J. Hyatt Brown

Edsel B. Ford, II

Brian Z. France

William P. Graves

Sonia M. Green

Christy F. Harris

Morteza Hosseini-Kargar

Larry D. Woodard

Age

Director

Our Board of Directors is divided into three classes, with regular three year staggered terms. Ms. Kennedy and Messrs. Aiello

and Brown were elected to hold office until the annual meeting of shareholders to be held in 2015. Ms. Green was elected by

the Board of Directors to complete the unexpired term of former director Edward Rensi, and is up for election at the annual

meeting of shareholders to be held in 2015. Messrs. Ford, Graves, Harris and Hosseini were elected to hold office until the

annual meeting of shareholders to be held in 2016. Messrs. James C. France, Brian Z. France and Woodard were elected to

hold office until the annual meeting of shareholders to be held in 2017.

For the election of directors at the Annual Meeting of Shareholders in April 2015, the Board has accepted the recommendation

of the Nominating and Corporate Governance Committee and approved the nomination of Ms. Kennedy, Ms. Green and

Messrs. Aiello and Brown as directors to serve three-year terms and hold office until the annual meeting of shareholders to be

held in 2018.

James C. France is the uncle of Lesa France Kennedy and Brian Z. France who are siblings. There are no other family

relationships among our executive officers and directors.

Directors Holding Office Until 2015 Annual Meeting

Ms. Lesa France Kennedy, a director since 1984, became Vice Chairwoman July 2007 and was named our Chief Executive

Officer in June 2009. Previously, she served as our President from April 2003 until June 2009. Ms. Kennedy served as our

Executive Vice President from January 1996 until April 2003, Secretary from 1987 until January 1996 and served as our

Treasurer from 1989 until January 1996. Ms. Kennedy is also Vice Chairwoman, Executive Vice President and Assistant

Treasurer of NASCAR. Ms. Kennedy’s experience in the motorsports industry, her knowledge of our Company and proven

leadership ability are among the factors the Board considered with respect to her nomination for re-election to the Board.

Mr. Larry Aiello, Jr., a director since 2003, served as the President and Chief Executive Officer of Corning Cable Systems,

which is part of Corning, Inc. from 2002 until his retirement in 2008. Mr. Aiello joined Corning, Inc. in 1973. He was named

senior vice president and chief of staff-Corning Optical Communications in 2000. Mr. Aiello’s business background and

experience enhance his ability to analyze and contribute valuable insight on matters such as financing and capital management.

ISC // 2015 INFORMATION STATEMENT // 3

BBL Limited Partnership. She is also the sole member of Sierra Central LLC, one of the two general partners of

Western Opportunity. Does not include shares held beneficially by the adult child of Lesa France Kennedy.

(16)

Includes (i) 83,168 Class B shares held of record by Western Opportunity, (ii) 26,662 Class B shares held of record by

WCF Family I, Inc., (iii) 15,695 Class B shares held of record by Western Opportunity as custodian for minor children,

and (iv) 22,194 Class B shares held of record by WCF Family I, Inc. through Western Opportunity.

(19)

Includes 300 Class A shares held by M. Dale Harris, his spouse, and 1,500 Class A shares held by Mr. Harris as trustee

(17)

Includes 10,000 Class A shares held by a revocable trust.

(18) Held of record as joint tenants with Cynthia R. Brown, his spouse.

of a Profit Sharing Plan and Trust.

(20)

Includes 5,000 Class A shares held as trustee of a qualified trust.

(21) See footnotes (8) through (10) and footnotes (15) through (20).

As of the Record Date our officers, directors and nominees were as follows:

DIRECTORS, NOMINEES AND OFFICERS

Name
James C. France
Lesa France Kennedy
John R. Saunders
W. Garrett Crotty
Daniel W. Houser
Craig A. Neeb
Daryl Q. Wolfe
Joel S. Chitwood
Laura E. Jackson
Brett M. Scharback

Larry Aiello, Jr.
J. Hyatt Brown
Edsel B. Ford, II
Brian Z. France
William P. Graves
Sonia M. Green
Christy F. Harris
Morteza Hosseini-Kargar
Larry D. Woodard

Age
70
53
58
51
63
54
47
45
49
40

64
77
66
52
62
65
69
59
55

Position With the Company

Chairman of the Board, Assistant Treasurer and Director
Vice Chairwoman, Chief Executive Officer and Director
President
Senior Vice President, Secretary and General Counsel
Senior Vice President, Chief Financial Officer and Treasurer
Senior Vice President, Business Development & Chief Digital Officer
Senior Vice President, Chief Marketing Officer
Vice President
Vice President, Corporate Services

Vice President — Deputy General Counsel, Chief Compliance Officer and
Assistant Secretary

Director
Director
Director
Director
Director
Director
Director
Director
Director

Our Board of Directors is divided into three classes, with regular three year staggered terms. Ms. Kennedy and Messrs. Aiello
and Brown were elected to hold office until the annual meeting of shareholders to be held in 2015. Ms. Green was elected by
the Board of Directors to complete the unexpired term of former director Edward Rensi, and is up for election at the annual
meeting of shareholders to be held in 2015. Messrs. Ford, Graves, Harris and Hosseini were elected to hold office until the
annual meeting of shareholders to be held in 2016. Messrs. James C. France, Brian Z. France and Woodard were elected to
hold office until the annual meeting of shareholders to be held in 2017.

For the election of directors at the Annual Meeting of Shareholders in April 2015, the Board has accepted the recommendation
of the Nominating and Corporate Governance Committee and approved the nomination of Ms. Kennedy, Ms. Green and
Messrs. Aiello and Brown as directors to serve three-year terms and hold office until the annual meeting of shareholders to be
held in 2018.

James C. France is the uncle of Lesa France Kennedy and Brian Z. France who are siblings. There are no other family
relationships among our executive officers and directors.

Directors Holding Office Until 2015 Annual Meeting

Ms. Lesa France Kennedy, a director since 1984, became Vice Chairwoman July 2007 and was named our Chief Executive
Officer in June 2009. Previously, she served as our President from April 2003 until June 2009. Ms. Kennedy served as our
Executive Vice President from January 1996 until April 2003, Secretary from 1987 until January 1996 and served as our
Treasurer from 1989 until January 1996. Ms. Kennedy is also Vice Chairwoman, Executive Vice President and Assistant
Treasurer of NASCAR. Ms. Kennedy’s experience in the motorsports industry, her knowledge of our Company and proven
leadership ability are among the factors the Board considered with respect to her nomination for re-election to the Board.

Mr. Larry Aiello, Jr., a director since 2003, served as the President and Chief Executive Officer of Corning Cable Systems,
which is part of Corning, Inc. from 2002 until his retirement in 2008. Mr. Aiello joined Corning, Inc. in 1973. He was named
senior vice president and chief of staff-Corning Optical Communications in 2000. Mr. Aiello’s business background and
experience enhance his ability to analyze and contribute valuable insight on matters such as financing and capital management.

ISC // 2015 INFORMATION STATEMENT // 4

In addition, his contributions as a member and then Chairman of our Audit Committee are among the factors the Board
considered with respect to his nomination for re-election to the Board.

of NASCAR. Mr. France’s extensive business and motorsports industry experience, knowledge of our Company and proven

leadership ability are among the factors the Board considered in concluding he is qualified to serve as a Board member.

Mr. J. Hyatt Brown, a director since 1987, serves as the Chairman of Brown & Brown, Inc. and has been in the insurance
business since 1959. Mr. Brown also currently serves as a director of NextEra Energy, Inc. and Verisk Analytics, Inc. Until
January 2010, Mr. Brown served on the Board of Rock-Tenn Company, until April 2008, he served on the Board of SunTrust
Banks, Inc. and until December 2006, he served on the Board of BellSouth Corporation, each a publicly held company.
Mr. Brown’s extensive business experience, service on boards of other publicly traded companies and proven leadership
abilities are among the factors the Board considered with respect to his nomination for re-election to the Board. Mr. Brown is
our lead independent director. The Board has adopted a guideline that Board candidates should not be eligible for election to
the Board if 75 years of age or older, unless the Nominating and Corporate Governance Committee recommends to the Board a
candidate because he or she continues to satisfy the Board's criteria and maintains relevant and current business experience.
Because of the above experience and abilities, and his continued service as our lead independent director, the Nominating and
Corporate Governance Committee (with Mr. Brown excusing himself from such vote) recommended Mr. Brown stand for
election at the Annual Meeting of Shareholders in April 2015.

Ms. Sonia M. Green, a director since April 2013, currently serves on the board of The Soup Kitchen of Boynton Beach and is a
member of the 4Kids Business Development Council. From 2001 to 2008, Ms. Green served as Director of Diversity
Marketing and Sales for General Motors Corporation. She also previously served on the board of the Greater Miami Chamber
of Commerce and the Avon Products Foundation. Ms. Green’s nationally recognized leadership in marketing and brand
communications for more than 20 years, with a specialty in multicultural/diversity marketing, as well as her experience as a
trusted spokesperson on diversity and marketing issues for both Spanish and English media outlets, are among the factors the
Board considered with respect to her nomination for re-election to the Board.

Directors Holding Office Until 2016 Annual Meeting

Mr. Edsel B. Ford, II, a director since November 2007, is a director and consultant for Ford Motor Company. Mr. Ford is a
retired Vice President of Ford Motor Company and former President and Chief Operating Officer of Ford Motor Credit
Company. Mr. Ford was an employee of Ford Motor Company for over 25 years. Mr. Ford’s experience as an executive at a
major automobile manufacturer, along with his extensive experience in the motorsports industry are among the factors the
Board considered in concluding he is qualified to serve as a Board member.

Mr. William P. Graves, a director since September 2003, has served as President and Chief Executive Officer of the American
Trucking Association since January 2003. Mr. Graves served as Governor of the State of Kansas from January 1995 until
January 2003. Mr. Graves’ experience as a governor, as well as his knowledge of governmental affairs are among the factors
the Board considered in concluding he is qualified to serve as a Board member.

Mr. Christy F. Harris, a director since 1984, has been engaged in the private practice of business and commercial law for more
than 40 years and currently is Of Counsel with Kinsey, Vincent, Pyle, P.L. Mr. Harris served as a Managing Director of AMA
Pro Racing until 2013. Mr. Harris also has served on the Board of ACCUS (Automobile Competition Committee for the
United States) for over five years and as a judge of the FIM International Tribunal for Motorsports Controversies and Disputes.
Mr. Harris’ experience as an attorney and counselor to businesses and their management, along with his extensive knowledge
of our business, are among the factors the Board considered in concluding he is qualified to serve as a Board member.

Mr. Morteza Hosseini-Kargar, a director since 2007, is the Chairman and Chief Executive Officer of Intervest Construction,
Inc. and has served in that role for over five years. Mr. Hosseini’s experience in real estate development and successful
ownership and operation of businesses are among the factors the Board considered in concluding he is qualified to serve as a
Board member.

Directors Holding Office Until 2017 Annual Meeting

Mr. James C. France, a director since 1970, has served as our Chairman since July 2007, and as our Assistant Treasurer since
June 2009. Previously, he served as our Chairman and Chief Executive Officer from July 2007 until June 2009 and he served as
Vice Chairman and Chief Executive Officer from April 2003 until July 2007. He also served as our President and Chief
Operating Officer from 1987 until 2003. Mr. France is also Vice Chairman, Executive Vice President and Assistant Secretary

ISC // 2015 INFORMATION STATEMENT // 5

Mr. Brian Z. France, a director since 1994, has served as NASCAR’s Chairman and Chief Executive Officer since September

2003, Executive Vice President from February 2001 to September 2003 and Vice Chairman from January 2003 to September

2003. Previously, he served as NASCAR’s Senior Vice President from 1999 to 2001. Mr. France’s extensive experience in and

knowledge of the motorsports industry, in particular NASCAR, are among the factors the Board considered in concluding he is

qualified to serve as a Board member.

Mr. Larry D. Woodard, a director since April 2013, is President and CEO at Graham Stanley Advertising, a firm he founded in

2010, which integrates traditional and digital advertising. Prior to that, Mr. Woodard served as the President and CEO of

Vigilante Advertising for over a decade. Mr. Woodard’s 26 years of experience as a highly regarded and successful advertising

industry executive, his experience in business, and being a weekly columnist and on air commentator regarding advertising

and marketing issues, are among the factors the Board considered in concluding he is qualified to serve as a Board member.

Ms. Green and Messrs. Aiello, Brown, Ford, Graves, Hosseini and Woodard have been determined by the Board to be

“independent” as that term is presently defined in Rule 4200(a)(15) of the NASDAQ listing standards.

Officers

Mr. Joel S. Chitwood has been a Vice President for us since August 2009, and in August 2010 was named President of Daytona

International Speedway, one of our subsidiaries. Prior to that, he served as President and Chief Operating Officer of

Indianapolis Motor Speedway from November 2004 through August 2009. He served as Senior Vice President, Business

Affairs for Indianapolis Motor Speedway from October 2002 to November 2004. Mr. Chitwood also served as Vice President

and General Manager of Raceway Associates, LLC, which oversaw construction of Chicagoland Speedway from 1999 to 2002.

Mr. W. Garrett Crotty became a Senior Vice President in April 2004. Mr. Crotty was named a Vice President in July 1999 and

since 1996 has served as Secretary and General Counsel. Mr. Crotty has also served as General Counsel of NASCAR since

1996 and as a member of NASCAR’s Board of Directors since 2006.

Mr. Daniel W. Houser, a Certified Public Accountant, was named a Senior Vice President in June 2009. He became Chief

Financial Officer in February 2009 and has been a Vice President since 2004. Prior to his appointment as our Chief Financial

Officer, Mr. Houser had been our Controller and Chief Accounting Officer for over five years.

Ms. Laura E. Jackson was named Vice President, Corporate Services in February 2013, after serving as our Vice President,

Human Resources from April 2010 through January 2013. Prior to that, she had served as our Managing Director, Human

Resources from January 2009 through March 2010. Prior to joining the Company, Ms. Jackson served as Senior Vice

President, Human Resources for Textron, Inc. from September 2003 through January 2009.

Mr. Craig A. Neeb has served as Senior Vice President, Business Development and Chief Digital Officer since April 2014. Mr.

Neeb was named our Vice President, Business Development and Chief Digital Officer in February 2013, after serving as our

Vice President — Multi Channel Marketing from June 2009 through January 2013. Mr. Neeb also served as our Chief

Information Officer from November 2000 until February 2013. Mr. Neeb also served as our Managing Director of Marketing

Services from 2008 to June 2009.

Mr. John R. Saunders was appointed our President in June 2009. Previously he served as Executive Vice President from April

2004 until June 2009 and from April 2003 until June 2009 served as our Chief Operating Officer. He had served as Senior Vice

President-Operations from July 1999 until April 2003, at which time he was appointed Senior Vice President and Chief

Operating Officer. He had served as a Vice President since 1997 and was President of Watkins Glen International, a subsidiary

of the Company, from 1983 until 1997.

Mr. Brett M. Scharback has served as Vice President — Deputy General Counsel, Chief Compliance Officer and Assistant

Secretary since April 2010. Prior to that, he served as Managing Director, Deputy General Counsel from May 2009 through

March 2010 and served as our Associate General Counsel from October 2004 through April 2009. Prior to joining us,

Mr. Scharback was an Associate in the Washington, D.C. office of Baker Botts L.L.P.

Mr. J. Hyatt Brown, a director since 1987, serves as the Chairman of Brown & Brown, Inc. and has been in the insurance

business since 1959. Mr. Brown also currently serves as a director of NextEra Energy, Inc. and Verisk Analytics, Inc. Until

January 2010, Mr. Brown served on the Board of Rock-Tenn Company, until April 2008, he served on the Board of SunTrust

Banks, Inc. and until December 2006, he served on the Board of BellSouth Corporation, each a publicly held company.

Mr. Brown’s extensive business experience, service on boards of other publicly traded companies and proven leadership

abilities are among the factors the Board considered with respect to his nomination for re-election to the Board. Mr. Brown is

our lead independent director. The Board has adopted a guideline that Board candidates should not be eligible for election to

the Board if 75 years of age or older, unless the Nominating and Corporate Governance Committee recommends to the Board a

candidate because he or she continues to satisfy the Board's criteria and maintains relevant and current business experience.

Because of the above experience and abilities, and his continued service as our lead independent director, the Nominating and

Corporate Governance Committee (with Mr. Brown excusing himself from such vote) recommended Mr. Brown stand for

election at the Annual Meeting of Shareholders in April 2015.

Ms. Sonia M. Green, a director since April 2013, currently serves on the board of The Soup Kitchen of Boynton Beach and is a

Marketing and Sales for General Motors Corporation. She also previously served on the board of the Greater Miami Chamber

of Commerce and the Avon Products Foundation. Ms. Green’s nationally recognized leadership in marketing and brand

communications for more than 20 years, with a specialty in multicultural/diversity marketing, as well as her experience as a

trusted spokesperson on diversity and marketing issues for both Spanish and English media outlets, are among the factors the

Board considered with respect to her nomination for re-election to the Board.

Directors Holding Office Until 2016 Annual Meeting

Mr. Edsel B. Ford, II, a director since November 2007, is a director and consultant for Ford Motor Company. Mr. Ford is a

retired Vice President of Ford Motor Company and former President and Chief Operating Officer of Ford Motor Credit

Company. Mr. Ford was an employee of Ford Motor Company for over 25 years. Mr. Ford’s experience as an executive at a

major automobile manufacturer, along with his extensive experience in the motorsports industry are among the factors the

Board considered in concluding he is qualified to serve as a Board member.

Mr. William P. Graves, a director since September 2003, has served as President and Chief Executive Officer of the American

Trucking Association since January 2003. Mr. Graves served as Governor of the State of Kansas from January 1995 until

January 2003. Mr. Graves’ experience as a governor, as well as his knowledge of governmental affairs are among the factors

the Board considered in concluding he is qualified to serve as a Board member.

Mr. Christy F. Harris, a director since 1984, has been engaged in the private practice of business and commercial law for more

than 40 years and currently is Of Counsel with Kinsey, Vincent, Pyle, P.L. Mr. Harris served as a Managing Director of AMA

Pro Racing until 2013. Mr. Harris also has served on the Board of ACCUS (Automobile Competition Committee for the

United States) for over five years and as a judge of the FIM International Tribunal for Motorsports Controversies and Disputes.

Mr. Harris’ experience as an attorney and counselor to businesses and their management, along with his extensive knowledge

of our business, are among the factors the Board considered in concluding he is qualified to serve as a Board member.

Mr. Morteza Hosseini-Kargar, a director since 2007, is the Chairman and Chief Executive Officer of Intervest Construction,

Inc. and has served in that role for over five years. Mr. Hosseini’s experience in real estate development and successful

ownership and operation of businesses are among the factors the Board considered in concluding he is qualified to serve as a

Board member.

Directors Holding Office Until 2017 Annual Meeting

Mr. James C. France, a director since 1970, has served as our Chairman since July 2007, and as our Assistant Treasurer since

June 2009. Previously, he served as our Chairman and Chief Executive Officer from July 2007 until June 2009 and he served as

Vice Chairman and Chief Executive Officer from April 2003 until July 2007. He also served as our President and Chief

Operating Officer from 1987 until 2003. Mr. France is also Vice Chairman, Executive Vice President and Assistant Secretary

In addition, his contributions as a member and then Chairman of our Audit Committee are among the factors the Board

considered with respect to his nomination for re-election to the Board.

of NASCAR. Mr. France’s extensive business and motorsports industry experience, knowledge of our Company and proven
leadership ability are among the factors the Board considered in concluding he is qualified to serve as a Board member.

Mr. Brian Z. France, a director since 1994, has served as NASCAR’s Chairman and Chief Executive Officer since September
2003, Executive Vice President from February 2001 to September 2003 and Vice Chairman from January 2003 to September
2003. Previously, he served as NASCAR’s Senior Vice President from 1999 to 2001. Mr. France’s extensive experience in and
knowledge of the motorsports industry, in particular NASCAR, are among the factors the Board considered in concluding he is
qualified to serve as a Board member.

Mr. Larry D. Woodard, a director since April 2013, is President and CEO at Graham Stanley Advertising, a firm he founded in
2010, which integrates traditional and digital advertising. Prior to that, Mr. Woodard served as the President and CEO of
Vigilante Advertising for over a decade. Mr. Woodard’s 26 years of experience as a highly regarded and successful advertising
industry executive, his experience in business, and being a weekly columnist and on air commentator regarding advertising
and marketing issues, are among the factors the Board considered in concluding he is qualified to serve as a Board member.

Ms. Green and Messrs. Aiello, Brown, Ford, Graves, Hosseini and Woodard have been determined by the Board to be
“independent” as that term is presently defined in Rule 4200(a)(15) of the NASDAQ listing standards.

member of the 4Kids Business Development Council. From 2001 to 2008, Ms. Green served as Director of Diversity

Officers

Mr. Joel S. Chitwood has been a Vice President for us since August 2009, and in August 2010 was named President of Daytona
International Speedway, one of our subsidiaries. Prior to that, he served as President and Chief Operating Officer of
Indianapolis Motor Speedway from November 2004 through August 2009. He served as Senior Vice President, Business
Affairs for Indianapolis Motor Speedway from October 2002 to November 2004. Mr. Chitwood also served as Vice President
and General Manager of Raceway Associates, LLC, which oversaw construction of Chicagoland Speedway from 1999 to 2002.

Mr. W. Garrett Crotty became a Senior Vice President in April 2004. Mr. Crotty was named a Vice President in July 1999 and
since 1996 has served as Secretary and General Counsel. Mr. Crotty has also served as General Counsel of NASCAR since
1996 and as a member of NASCAR’s Board of Directors since 2006.

Mr. Daniel W. Houser, a Certified Public Accountant, was named a Senior Vice President in June 2009. He became Chief
Financial Officer in February 2009 and has been a Vice President since 2004. Prior to his appointment as our Chief Financial
Officer, Mr. Houser had been our Controller and Chief Accounting Officer for over five years.

Ms. Laura E. Jackson was named Vice President, Corporate Services in February 2013, after serving as our Vice President,
Human Resources from April 2010 through January 2013. Prior to that, she had served as our Managing Director, Human
Resources from January 2009 through March 2010. Prior to joining the Company, Ms. Jackson served as Senior Vice
President, Human Resources for Textron, Inc. from September 2003 through January 2009.

Mr. Craig A. Neeb has served as Senior Vice President, Business Development and Chief Digital Officer since April 2014. Mr.
Neeb was named our Vice President, Business Development and Chief Digital Officer in February 2013, after serving as our
Vice President — Multi Channel Marketing from June 2009 through January 2013. Mr. Neeb also served as our Chief
Information Officer from November 2000 until February 2013. Mr. Neeb also served as our Managing Director of Marketing
Services from 2008 to June 2009.

Mr. John R. Saunders was appointed our President in June 2009. Previously he served as Executive Vice President from April
2004 until June 2009 and from April 2003 until June 2009 served as our Chief Operating Officer. He had served as Senior Vice
President-Operations from July 1999 until April 2003, at which time he was appointed Senior Vice President and Chief
Operating Officer. He had served as a Vice President since 1997 and was President of Watkins Glen International, a subsidiary
of the Company, from 1983 until 1997.

Mr. Brett M. Scharback has served as Vice President — Deputy General Counsel, Chief Compliance Officer and Assistant
Secretary since April 2010. Prior to that, he served as Managing Director, Deputy General Counsel from May 2009 through
March 2010 and served as our Associate General Counsel from October 2004 through April 2009. Prior to joining us,
Mr. Scharback was an Associate in the Washington, D.C. office of Baker Botts L.L.P.

ISC // 2015 INFORMATION STATEMENT // 6

Mr. Daryl Q. Wolfe has served as Senior Vice President, Chief Marketing Officer since April 2012. Prior to that, he served as
Vice President, Chief Marketing Officer from April 2007 to April 2012. He had previously served as Vice President, Sales and
Media from 2005 to 2007. Mr. Wolfe had served as Managing Director, Marketing Partnerships from 2003 to 2005, and as
Senior Director, Marketing Partnerships from 2001 to 2003.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

All of the racing events that take place during our fiscal year (from December 1 to November 30) are sanctioned by various
racing organizations such as the American Historic Racing Motorcycle Association, the American Motorcyclist Association,
the Automobile Racing Club of America, the American Sportbike Racing Association - Championship Cup Series, the
Federation Internationale de L’Automobile, the Federation Internationale Motocycliste, International Motor Sports Association
(“IMSA”), Historic Sportscar Racing, IndyCar Series, NASCAR, National Hot Rod Association, the Porsche Club of America,
the Sports Car Club of America, the Sportscar Vintage Racing Association, the United States Auto Club and the World Karting
Association. NASCAR, which sanctions many of our principal racing events, is a member of the France Family Group which
controls over 72.0 percent of the combined voting power of our outstanding stock and some members of which serve as
directors and officers of our Company. In accordance with NASCAR's standard sanction agreements, we pay sanction fees and
prize and point fund monies for each sanctioned event conducted. The prize and point fund monies are distributed by NASCAR
to participants in the events. Prize and point fund monies paid by us to NASCAR for disbursement to competitors, which are
exclusive of NASCAR sanction fees, totaled approximately $134.5 million for the year ended November 30, 2014. We have
outstanding receivables related to NASCAR and its affiliates of approximately $19.3 million at November 30, 2014.

Under current agreements, NASCAR contracts directly with certain network providers for television rights to the entire
NASCAR Sprint Cup, Xfinity and Camping World Truck series schedules. Under the terms of this arrangement, NASCAR
retains 10.0 percent of the gross broadcast rights fees allocated to each NASCAR Sprint Cup, Xfinity and Camping World
Truck series event as a component of its sanction fees. The promoter records 90.0 percent of the gross broadcast rights fees as
revenue and then records 25.0 percent of the gross broadcast rights fees as part of its awards to the competitors. Ultimately, the
promoter retains 65.0 percent of the net cash proceeds from the gross broadcast rights fees allocated to the event. Our television
broadcast and ancillary rights fees received from NASCAR for the NASCAR Sprint Cup, Xfinity and Camping World Truck
series events conducted at its wholly owned facilities were approximately $302.9 million in fiscal year 2014.

In addition, we share a variety of expenses with NASCAR in the ordinary course of business. NASCAR pays rent, as well as a
related maintenance fee (allocated based on square footage), to us for office space in Daytona Beach, Florida. NASCAR pays
us for radio, program and strategic initiative advertising, hospitality and suite rentals, various tickets and credentials, catering
services, participation in a NASCAR racing event banquet, and track and other equipment rentals based on similar prices paid
by unrelated, third party purchasers of similar items. We pay NASCAR for certain advertising, participation in NASCAR
racing series banquets, the use of NASCAR trademarks and intellectual images and production space for Sprint Vision based
on similar prices paid by unrelated, third party purchasers of similar items. Our payments to NASCAR for Motor Racing
Network’s broadcast rights to NASCAR Camping World Truck races represent an agreed-upon percentage of our advertising
revenues attributable to such race broadcasts. NASCAR also reimburses us for 50.0 percent of the compensation paid to certain
personnel working in our legal, risk management and transportation departments, as well as 50.0 percent of the compensation
expense associated with certain receptionists. We reimburse NASCAR for 50.0 percent of the compensation paid to certain
personnel working in NASCAR’s legal department. NASCAR’s reimbursement for use of our mailroom, janitorial services,
security services, catering, graphic arts, photo and publishing services, telephone system and our reimbursement of NASCAR
for use of corporate aircraft is based on actual usage or an allocation of total actual usage. The aggregate amount received from
NASCAR by us for shared expenses, net of amounts paid by us for shared expenses, totaled approximately $10.5 million
during fiscal 2014.

IMSA, a wholly owned subsidiary of NASCAR, sanctions various events at certain of our facilities. Standard IMSA sanction
agreements require racetrack operators to pay sanction fees and prize and point fund monies for each sanctioned event
conducted. The prize and point fund monies are distributed by IMSA to participants in the events. Sanction fees paid by us to
IMSA totaled approximately $1.3 million for the year ended November 30, 2014.

ISC // 2015 INFORMATION STATEMENT // 7

AMA Pro Racing, an entity controlled by a member of the France Family Group, sanctions various events at certain of our

facilities. Standard AMA Pro Racing sanction agreements require racetrack operators to pay sanction fees and prize and point

fund monies for each sanctioned event conducted. The prize and point fund monies are distributed by AMA Pro Racing to

participants in the events. Sanction fees paid by us to AMA Pro Racing totaled approximately $0.5 million during fiscal 2014.

We strive to ensure, and management believes that, the terms of our transactions with NASCAR, IMSA and AMA Pro Racing

are no less favorable to us than could be obtained in arms-length negotiations.

Certain members of the France Family Group paid us for the utilization of security services, event planning, event tickets,

purchase of catering services, maintenance services, and certain equipment. The amounts paid for these items were based on

actual costs incurred; similar prices paid by unrelated third party purchasers of similar items or estimated fair market values.

The net amount received by us for these items, totaled approximately $320,000 during fiscal 2014.

Crotty, Bartlett & Kelly, P.A. (“Crotty, Bartlett & Kelly”), is a law firm controlled by family members of W. Garrett Crotty,

one of our executive officers. We engage Crotty, Bartlett & Kelly for certain legal and consulting services. The aggregate

amount paid to Crotty, Bartlett & Kelly by us for legal and consulting services totaled approximately $31,000 during fiscal

2014.

J. Hyatt Brown, one of our directors, serves as Chairman of Brown & Brown, Inc. (“Brown & Brown”). Brown & Brown has

received commissions for serving as our insurance broker for several of our insurance policies, including our property and

casualty policy and certain employee benefit programs. The aggregate commissions received by Brown & Brown in connection

with our policies were approximately $492,000 during fiscal 2014. In fiscal 2014, Brown & Brown paid us approximately

$100,000 for the purchase of tickets. The amounts paid for these items were based on actual costs incurred; similar prices paid

by unrelated third party purchasers of similar items or estimated fair market values.

One of our directors, Christy F. Harris, is Of Counsel to Kinsey, Vincent Pyle, L.C., a law firm that provided legal services to

us during fiscal 2014. We paid approximately $78,000 for these services in fiscal 2014, which were charged to us on the same

basis as those provided other clients.

Approval of Related Party Transactions

We have adopted written policies and procedures for review, approval and ratification of transactions with related persons.

These policies are evidenced in the Code of Conduct. In addition, our employees are subject to similar policies concerning

conflicts of interest, business ethics and conduct, as contained in our Employee Handbook. The Audit Committee is charged in

its Charter with the ultimate responsibility for the review and approval of all related party transactions meeting the thresholds

that require disclosure pursuant to Item 404 of Regulation S-K. All proposed transactions (regardless of the amount involved)

with any director or executive officer (or their affiliates) are required to be submitted to the Audit Committee for approval prior

to the transaction taking place. As part of our disclosure controls, all related party transactions are reported monthly and

reviewed by the Disclosure Committee quarterly, which includes the Chief Compliance Officer and the Director of Internal

Audit. The Disclosure Committee is responsible for elevating matters for Audit Committee consideration. While the standard

used to evaluate a transaction will vary depending upon the particular circumstances, the goal is to make sure that we are

treated fairly and on the same basis as transactions with parties that are not related. There have been no instances during the last

fiscal year where such policies and procedures were not followed, nor were there any transactions listed in “Certain

Relationships and Related Transactions” that were not reviewed by the Audit Committee.

DIRECTOR MEETINGS AND COMMITTEES

Our Board of Directors met three times during fiscal 2014. Our Board of Directors has an Audit Committee, a Compensation

Committee, a Nominating and Corporate Governance Committee, a Growth & Development Committee and a Financing and

Stock Repurchase Committee.

The functions of the Audit Committee (which presently consists of Messrs. Aiello (Chair), Brown, and Graves) include

(i) meeting with auditors to discuss the scope, fees, timing and results of the annual audit, (ii) reviewing our consolidated

financial statements, and (iii) performing other duties deemed appropriate by the Board. The Board of Directors has adopted a

written charter for the Audit Committee, which is available on our website at www.internationalspeedwaycorporation.com. The

Board of Directors has determined that Messrs. Aiello and Brown are qualified as audit committee financial experts (as defined

Mr. Daryl Q. Wolfe has served as Senior Vice President, Chief Marketing Officer since April 2012. Prior to that, he served as

Vice President, Chief Marketing Officer from April 2007 to April 2012. He had previously served as Vice President, Sales and

Media from 2005 to 2007. Mr. Wolfe had served as Managing Director, Marketing Partnerships from 2003 to 2005, and as

Senior Director, Marketing Partnerships from 2001 to 2003.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

All of the racing events that take place during our fiscal year (from December 1 to November 30) are sanctioned by various

racing organizations such as the American Historic Racing Motorcycle Association, the American Motorcyclist Association,

the Automobile Racing Club of America, the American Sportbike Racing Association - Championship Cup Series, the

Federation Internationale de L’Automobile, the Federation Internationale Motocycliste, International Motor Sports Association

(“IMSA”), Historic Sportscar Racing, IndyCar Series, NASCAR, National Hot Rod Association, the Porsche Club of America,

the Sports Car Club of America, the Sportscar Vintage Racing Association, the United States Auto Club and the World Karting

Association. NASCAR, which sanctions many of our principal racing events, is a member of the France Family Group which

controls over 72.0 percent of the combined voting power of our outstanding stock and some members of which serve as

directors and officers of our Company. In accordance with NASCAR's standard sanction agreements, we pay sanction fees and

prize and point fund monies for each sanctioned event conducted. The prize and point fund monies are distributed by NASCAR

to participants in the events. Prize and point fund monies paid by us to NASCAR for disbursement to competitors, which are

exclusive of NASCAR sanction fees, totaled approximately $134.5 million for the year ended November 30, 2014. We have

outstanding receivables related to NASCAR and its affiliates of approximately $19.3 million at November 30, 2014.

Under current agreements, NASCAR contracts directly with certain network providers for television rights to the entire

NASCAR Sprint Cup, Xfinity and Camping World Truck series schedules. Under the terms of this arrangement, NASCAR

retains 10.0 percent of the gross broadcast rights fees allocated to each NASCAR Sprint Cup, Xfinity and Camping World

Truck series event as a component of its sanction fees. The promoter records 90.0 percent of the gross broadcast rights fees as

revenue and then records 25.0 percent of the gross broadcast rights fees as part of its awards to the competitors. Ultimately, the

promoter retains 65.0 percent of the net cash proceeds from the gross broadcast rights fees allocated to the event. Our television

series events conducted at its wholly owned facilities were approximately $302.9 million in fiscal year 2014.

In addition, we share a variety of expenses with NASCAR in the ordinary course of business. NASCAR pays rent, as well as a

related maintenance fee (allocated based on square footage), to us for office space in Daytona Beach, Florida. NASCAR pays

us for radio, program and strategic initiative advertising, hospitality and suite rentals, various tickets and credentials, catering

services, participation in a NASCAR racing event banquet, and track and other equipment rentals based on similar prices paid

by unrelated, third party purchasers of similar items. We pay NASCAR for certain advertising, participation in NASCAR

racing series banquets, the use of NASCAR trademarks and intellectual images and production space for Sprint Vision based

on similar prices paid by unrelated, third party purchasers of similar items. Our payments to NASCAR for Motor Racing

Network’s broadcast rights to NASCAR Camping World Truck races represent an agreed-upon percentage of our advertising

revenues attributable to such race broadcasts. NASCAR also reimburses us for 50.0 percent of the compensation paid to certain

personnel working in our legal, risk management and transportation departments, as well as 50.0 percent of the compensation

expense associated with certain receptionists. We reimburse NASCAR for 50.0 percent of the compensation paid to certain

personnel working in NASCAR’s legal department. NASCAR’s reimbursement for use of our mailroom, janitorial services,

security services, catering, graphic arts, photo and publishing services, telephone system and our reimbursement of NASCAR

for use of corporate aircraft is based on actual usage or an allocation of total actual usage. The aggregate amount received from

NASCAR by us for shared expenses, net of amounts paid by us for shared expenses, totaled approximately $10.5 million

during fiscal 2014.

IMSA, a wholly owned subsidiary of NASCAR, sanctions various events at certain of our facilities. Standard IMSA sanction

agreements require racetrack operators to pay sanction fees and prize and point fund monies for each sanctioned event

conducted. The prize and point fund monies are distributed by IMSA to participants in the events. Sanction fees paid by us to

IMSA totaled approximately $1.3 million for the year ended November 30, 2014.

AMA Pro Racing, an entity controlled by a member of the France Family Group, sanctions various events at certain of our
facilities. Standard AMA Pro Racing sanction agreements require racetrack operators to pay sanction fees and prize and point
fund monies for each sanctioned event conducted. The prize and point fund monies are distributed by AMA Pro Racing to
participants in the events. Sanction fees paid by us to AMA Pro Racing totaled approximately $0.5 million during fiscal 2014.

We strive to ensure, and management believes that, the terms of our transactions with NASCAR, IMSA and AMA Pro Racing
are no less favorable to us than could be obtained in arms-length negotiations.

Certain members of the France Family Group paid us for the utilization of security services, event planning, event tickets,
purchase of catering services, maintenance services, and certain equipment. The amounts paid for these items were based on
actual costs incurred; similar prices paid by unrelated third party purchasers of similar items or estimated fair market values.
The net amount received by us for these items, totaled approximately $320,000 during fiscal 2014.

Crotty, Bartlett & Kelly, P.A. (“Crotty, Bartlett & Kelly”), is a law firm controlled by family members of W. Garrett Crotty,
one of our executive officers. We engage Crotty, Bartlett & Kelly for certain legal and consulting services. The aggregate
amount paid to Crotty, Bartlett & Kelly by us for legal and consulting services totaled approximately $31,000 during fiscal
2014.

J. Hyatt Brown, one of our directors, serves as Chairman of Brown & Brown, Inc. (“Brown & Brown”). Brown & Brown has
received commissions for serving as our insurance broker for several of our insurance policies, including our property and
casualty policy and certain employee benefit programs. The aggregate commissions received by Brown & Brown in connection
with our policies were approximately $492,000 during fiscal 2014. In fiscal 2014, Brown & Brown paid us approximately
$100,000 for the purchase of tickets. The amounts paid for these items were based on actual costs incurred; similar prices paid
by unrelated third party purchasers of similar items or estimated fair market values.

One of our directors, Christy F. Harris, is Of Counsel to Kinsey, Vincent Pyle, L.C., a law firm that provided legal services to
us during fiscal 2014. We paid approximately $78,000 for these services in fiscal 2014, which were charged to us on the same
basis as those provided other clients.

broadcast and ancillary rights fees received from NASCAR for the NASCAR Sprint Cup, Xfinity and Camping World Truck

Approval of Related Party Transactions

We have adopted written policies and procedures for review, approval and ratification of transactions with related persons.
These policies are evidenced in the Code of Conduct. In addition, our employees are subject to similar policies concerning
conflicts of interest, business ethics and conduct, as contained in our Employee Handbook. The Audit Committee is charged in
its Charter with the ultimate responsibility for the review and approval of all related party transactions meeting the thresholds
that require disclosure pursuant to Item 404 of Regulation S-K. All proposed transactions (regardless of the amount involved)
with any director or executive officer (or their affiliates) are required to be submitted to the Audit Committee for approval prior
to the transaction taking place. As part of our disclosure controls, all related party transactions are reported monthly and
reviewed by the Disclosure Committee quarterly, which includes the Chief Compliance Officer and the Director of Internal
Audit. The Disclosure Committee is responsible for elevating matters for Audit Committee consideration. While the standard
used to evaluate a transaction will vary depending upon the particular circumstances, the goal is to make sure that we are
treated fairly and on the same basis as transactions with parties that are not related. There have been no instances during the last
fiscal year where such policies and procedures were not followed, nor were there any transactions listed in “Certain
Relationships and Related Transactions” that were not reviewed by the Audit Committee.

DIRECTOR MEETINGS AND COMMITTEES

Our Board of Directors met three times during fiscal 2014. Our Board of Directors has an Audit Committee, a Compensation
Committee, a Nominating and Corporate Governance Committee, a Growth & Development Committee and a Financing and
Stock Repurchase Committee.

The functions of the Audit Committee (which presently consists of Messrs. Aiello (Chair), Brown, and Graves) include
(i) meeting with auditors to discuss the scope, fees, timing and results of the annual audit, (ii) reviewing our consolidated
financial statements, and (iii) performing other duties deemed appropriate by the Board. The Board of Directors has adopted a
written charter for the Audit Committee, which is available on our website at www.internationalspeedwaycorporation.com. The
Board of Directors has determined that Messrs. Aiello and Brown are qualified as audit committee financial experts (as defined

ISC // 2015 INFORMATION STATEMENT // 8

by the SEC) and that all of the members of the Audit Committee are “independent” (as independence is presently defined in
Rule 4200(a)(15) of the NASDAQ listing standards). The Audit Committee met five times during fiscal 2014.

The functions of the Compensation Committee (which presently consists of Messrs. Ford (Chair), Graves and Woodard)
include (i) reviewing existing compensation levels of executive officers, (ii) making compensation recommendations to
management and the Board, and (iii) performing other duties deemed appropriate by the Board. The Board of Directors has
adopted a written charter for the Compensation Committee, which is available on our website at
www.internationalspeedwaycorporation.com. The Board has determined that all the members of the Compensation Committee
are “independent” (as independence is presently defined in Rule 4200(a)(15) of the NASDAQ listing standards). The
Compensation Committee met four times during fiscal 2014.

The functions of the Nominating and Corporate Governance Committee (which presently consists of Messrs. Brown (Chair),
Ford and Graves) include (i) selecting and recommending to the Board director nominees for election at each annual meeting of
shareholders, as well as director nominees to fill vacancies arising between annual meetings, (ii) reviewing and recommending
to the Board changes to the compensation package for directors, (iii) reviewing and, if appropriate, making changes to the
responsibilities of directors and the qualifications for new nominees, (iv) annually assessing the Board’s effectiveness as a
whole as well as the effectiveness of the individual directors and the Board’s various committees, (v) reviewing and
recommending to the Board changes to the corporate governance standards for the Board and its committees, and
(vi) performing other duties deemed appropriate by the Board. The Nominating and Corporate Governance Committee met
once during fiscal 2014.

The functions of the Growth and Development Committee (which presently consists of Ms. Green and Messrs. Aiello, Brown,
Ford, Brian Z. France, Harris (Chair) and Hosseini) include (i) reviewing the actual and proposed internal growth and external
development projects of the Company, (ii) making recommendations to management and the Board regarding matters that
come before the Committee, and (iii) performing other duties deemed appropriate by the Board. The Growth and Development
Committee met four times during fiscal 2014.

The functions of the Financing and Stock Repurchase Committee (which presently consists of Messrs. Aiello, Brown, James C.
France (Chair) and Harris) include (i) reviewing, as needed, the actual and proposed mechanisms used by the Company to
obtain financing for the Company, (ii) overseeing and monitoring the stock repurchase activities of the Company,
(iii) exercising authority delegated to it by the Board to approve changes to the Company’s stock repurchase program within
limits established by the Board, (iv) making recommendations to management and the Board regarding matters that come
before the Committee, and (v) performing other duties deemed appropriate by the Board. The Financing and Stock Repurchase
Committee met twice during fiscal 2014.

During fiscal 2014, all of the directors except Mr. Brian Z. France attended at least 75% of the aggregate of (1) the total
number of meetings of the Board of Directors and (2) the total number of meetings held by all committees of the Board on
which they served.

BOARD LEADERSHIP

Our Board has the flexibility to determine whether the roles of Chairman of the Board and Chief Executive Officer should be
separated or combined. The Board makes this decision based on its evaluation of the circumstances and the Company’s specific
needs. Effective June 2009, upon the retirement of James C. France from the position of Chief Executive Officer, the roles of
Chairman and Chief Executive Officer were separated. James C. France continues to serve as Chairman of the Board, while
Lesa France Kennedy serves as Vice Chair and Chief Executive Officer. Prior to June 2009, the positions of Chairman and
Chief Executive Officer were held jointly by James C. France.

We believe that this leadership structure is desirable under present circumstances because it allows Ms. Kennedy to focus her
efforts on running our business and managing it in the best interests of our shareholders, while we are able to continue to
benefit from Mr. James C. France’s extensive business and motorsports industry experience, knowledge of our Company and
proven leadership ability. We believe that having Mr. James C. France as Chairman benefits the Company in that it allows him
to use his expertise in both industry relationships and sanctioning body partnerships, as well as his extensive Company
knowledge, in setting the strategic agenda of the Board.

ISC // 2015 INFORMATION STATEMENT // 9

Our lead independent director, J. Hyatt Brown, coordinates providing feedback from other non-management members of the

Board to the Chief Executive Officer and other management regarding business issues and risk. Mr. Brown, through his role as

Chairman of the Nominating and Corporate Governance Committee, also manages the process of annual director self-

assessment and evaluation of the Board as a whole.

RISK OVERSIGHT

Our Board of Directors takes an active role in the oversight of risks impacting our Company. While management is responsible

for managing the Company’s risk on a daily basis and for bringing to the Board’s attention areas of risk which are most

material to our business, the Board and management work closely to ensure that integrity and accountability are integrated into

our operations. The Board, including through certain of its committees, discussed in more detail below (which are comprised

solely of independent directors), and through regular meetings of the independent directors without management present,

regularly reviews areas of risk (both compliance and business risk) to us and advises and directs management on the scope and

implementation of policies, strategy and other actions designed to mitigate such risks.

Many of the direct risk oversight functions are performed by the Audit Committee and our internal audit staff. Specific

examples of risks primarily overseen by the Audit Committee include risks related to the preparation of our financial

statements, disclosure controls and procedures, internal controls and procedures required by the Sarbanes-Oxley Act,

accounting, financial and auditing risks, matters reported to the Audit Committee through our Internal Audit Department and

through anonymous reporting procedures, cyber security, and regulations and risks associated with related party transactions.

Through our regular compliance work related to the Sarbanes-Oxley Act, we have created entity level controls that are

validated on a regular basis by our Internal Audit Department. These controls are designed to help prevent control failures as

well as assist in the awareness of a control failure. Members of our management team also participate in an enterprise risk

management committee, which regularly evaluates those risks deemed to be significant to us. The Audit Committee receives

regular updates regarding those risks identified by the enterprise risk management committee.

The Nominating and Corporate Governance Committee regularly monitors our compliance with corporate governance

standards and regulations. The Compensation Committee reviews and evaluates potential risks related to compensation

programs for executive and certain non-executive employees of the Company, as further described below in the section entitled

“Compensation Discussion and Analysis.” The Growth and Development Committee reviews and evaluates risks related to any

strategic ventures, transactions or capital expenditures.

In addition to the foregoing, the Board has adopted a Code of Ethics, which is applicable to all of our employees, including the

directors, our principal executive officer, the principal financial officer and the principal accounting officer. The Code of Ethics

is designed, among other things, to deter wrongdoing and promote ethical conduct, full and accurate reporting in all our filings

with the SEC, and compliance with applicable laws. The Code of Ethics mandates the maintenance of a 24 hour hotline that

any employee can use to report, anonymously if they so choose, any suspected fraud, financial impropriety or other alleged

wrongdoing. All calls are handled by the Chief Compliance Officer, Vice President, Corporate Services and/or Director of

Internal Audit, as appropriate, who regularly report to the Audit Committee on calls received. A copy of the current Code of

Ethics is available on our website at www.internationalspeedwaycorporation.com.

DIRECTOR NOMINATION PROCESS

A current copy of the Nominating and Corporate Governance Committee charter is available on our website at

www.internationalspeedwaycorporation.com. Each director on the Nominating and Corporate Governance Committee has been

determined by the Board to be “independent” (as independence is presently defined by the NASDAQ listing standards).

As part of its process and procedures, the Nominating and Corporate Governance Committee considers director candidates

recommended by shareholders. All recommendations of director candidates by shareholders following the proper procedures

(as set forth below) will be furnished to the Nominating and Corporate Governance Committee and will be considered in the

same manner and according to the same criteria as would all other director candidates.

There have been no material changes to the procedures by which shareholders may recommend nominees to our Board.

Shareholders who wish to nominate directors for election at an annual meeting of shareholders are required to follow the

procedures contained in Article VI of our Amended and Restated Articles of Incorporation, which are available on our website

by the SEC) and that all of the members of the Audit Committee are “independent” (as independence is presently defined in

Rule 4200(a)(15) of the NASDAQ listing standards). The Audit Committee met five times during fiscal 2014.

The functions of the Compensation Committee (which presently consists of Messrs. Ford (Chair), Graves and Woodard)

include (i) reviewing existing compensation levels of executive officers, (ii) making compensation recommendations to

management and the Board, and (iii) performing other duties deemed appropriate by the Board. The Board of Directors has

adopted a written charter for the Compensation Committee, which is available on our website at

www.internationalspeedwaycorporation.com. The Board has determined that all the members of the Compensation Committee

are “independent” (as independence is presently defined in Rule 4200(a)(15) of the NASDAQ listing standards). The

Compensation Committee met four times during fiscal 2014.

The functions of the Nominating and Corporate Governance Committee (which presently consists of Messrs. Brown (Chair),

Ford and Graves) include (i) selecting and recommending to the Board director nominees for election at each annual meeting of

shareholders, as well as director nominees to fill vacancies arising between annual meetings, (ii) reviewing and recommending

to the Board changes to the compensation package for directors, (iii) reviewing and, if appropriate, making changes to the

responsibilities of directors and the qualifications for new nominees, (iv) annually assessing the Board’s effectiveness as a

whole as well as the effectiveness of the individual directors and the Board’s various committees, (v) reviewing and

recommending to the Board changes to the corporate governance standards for the Board and its committees, and

(vi) performing other duties deemed appropriate by the Board. The Nominating and Corporate Governance Committee met

once during fiscal 2014.

The functions of the Growth and Development Committee (which presently consists of Ms. Green and Messrs. Aiello, Brown,

Ford, Brian Z. France, Harris (Chair) and Hosseini) include (i) reviewing the actual and proposed internal growth and external

development projects of the Company, (ii) making recommendations to management and the Board regarding matters that

come before the Committee, and (iii) performing other duties deemed appropriate by the Board. The Growth and Development

Committee met four times during fiscal 2014.

The functions of the Financing and Stock Repurchase Committee (which presently consists of Messrs. Aiello, Brown, James C.

France (Chair) and Harris) include (i) reviewing, as needed, the actual and proposed mechanisms used by the Company to

obtain financing for the Company, (ii) overseeing and monitoring the stock repurchase activities of the Company,

(iii) exercising authority delegated to it by the Board to approve changes to the Company’s stock repurchase program within

limits established by the Board, (iv) making recommendations to management and the Board regarding matters that come

before the Committee, and (v) performing other duties deemed appropriate by the Board. The Financing and Stock Repurchase

Committee met twice during fiscal 2014.

During fiscal 2014, all of the directors except Mr. Brian Z. France attended at least 75% of the aggregate of (1) the total

number of meetings of the Board of Directors and (2) the total number of meetings held by all committees of the Board on

which they served.

BOARD LEADERSHIP

needs. Effective June 2009, upon the retirement of James C. France from the position of Chief Executive Officer, the roles of

Chairman and Chief Executive Officer were separated. James C. France continues to serve as Chairman of the Board, while

Lesa France Kennedy serves as Vice Chair and Chief Executive Officer. Prior to June 2009, the positions of Chairman and

Chief Executive Officer were held jointly by James C. France.

We believe that this leadership structure is desirable under present circumstances because it allows Ms. Kennedy to focus her

efforts on running our business and managing it in the best interests of our shareholders, while we are able to continue to

benefit from Mr. James C. France’s extensive business and motorsports industry experience, knowledge of our Company and

proven leadership ability. We believe that having Mr. James C. France as Chairman benefits the Company in that it allows him

to use his expertise in both industry relationships and sanctioning body partnerships, as well as his extensive Company

knowledge, in setting the strategic agenda of the Board.

Our lead independent director, J. Hyatt Brown, coordinates providing feedback from other non-management members of the
Board to the Chief Executive Officer and other management regarding business issues and risk. Mr. Brown, through his role as
Chairman of the Nominating and Corporate Governance Committee, also manages the process of annual director self-
assessment and evaluation of the Board as a whole.

RISK OVERSIGHT

Our Board of Directors takes an active role in the oversight of risks impacting our Company. While management is responsible
for managing the Company’s risk on a daily basis and for bringing to the Board’s attention areas of risk which are most
material to our business, the Board and management work closely to ensure that integrity and accountability are integrated into
our operations. The Board, including through certain of its committees, discussed in more detail below (which are comprised
solely of independent directors), and through regular meetings of the independent directors without management present,
regularly reviews areas of risk (both compliance and business risk) to us and advises and directs management on the scope and
implementation of policies, strategy and other actions designed to mitigate such risks.

Many of the direct risk oversight functions are performed by the Audit Committee and our internal audit staff. Specific
examples of risks primarily overseen by the Audit Committee include risks related to the preparation of our financial
statements, disclosure controls and procedures, internal controls and procedures required by the Sarbanes-Oxley Act,
accounting, financial and auditing risks, matters reported to the Audit Committee through our Internal Audit Department and
through anonymous reporting procedures, cyber security, and regulations and risks associated with related party transactions.
Through our regular compliance work related to the Sarbanes-Oxley Act, we have created entity level controls that are
validated on a regular basis by our Internal Audit Department. These controls are designed to help prevent control failures as
well as assist in the awareness of a control failure. Members of our management team also participate in an enterprise risk
management committee, which regularly evaluates those risks deemed to be significant to us. The Audit Committee receives
regular updates regarding those risks identified by the enterprise risk management committee.

The Nominating and Corporate Governance Committee regularly monitors our compliance with corporate governance
standards and regulations. The Compensation Committee reviews and evaluates potential risks related to compensation
programs for executive and certain non-executive employees of the Company, as further described below in the section entitled
“Compensation Discussion and Analysis.” The Growth and Development Committee reviews and evaluates risks related to any
strategic ventures, transactions or capital expenditures.

In addition to the foregoing, the Board has adopted a Code of Ethics, which is applicable to all of our employees, including the
directors, our principal executive officer, the principal financial officer and the principal accounting officer. The Code of Ethics
is designed, among other things, to deter wrongdoing and promote ethical conduct, full and accurate reporting in all our filings
with the SEC, and compliance with applicable laws. The Code of Ethics mandates the maintenance of a 24 hour hotline that
any employee can use to report, anonymously if they so choose, any suspected fraud, financial impropriety or other alleged
wrongdoing. All calls are handled by the Chief Compliance Officer, Vice President, Corporate Services and/or Director of
Internal Audit, as appropriate, who regularly report to the Audit Committee on calls received. A copy of the current Code of
Ethics is available on our website at www.internationalspeedwaycorporation.com.

Our Board has the flexibility to determine whether the roles of Chairman of the Board and Chief Executive Officer should be

separated or combined. The Board makes this decision based on its evaluation of the circumstances and the Company’s specific

DIRECTOR NOMINATION PROCESS

A current copy of the Nominating and Corporate Governance Committee charter is available on our website at
www.internationalspeedwaycorporation.com. Each director on the Nominating and Corporate Governance Committee has been
determined by the Board to be “independent” (as independence is presently defined by the NASDAQ listing standards).

As part of its process and procedures, the Nominating and Corporate Governance Committee considers director candidates
recommended by shareholders. All recommendations of director candidates by shareholders following the proper procedures
(as set forth below) will be furnished to the Nominating and Corporate Governance Committee and will be considered in the
same manner and according to the same criteria as would all other director candidates.

There have been no material changes to the procedures by which shareholders may recommend nominees to our Board.
Shareholders who wish to nominate directors for election at an annual meeting of shareholders are required to follow the
procedures contained in Article VI of our Amended and Restated Articles of Incorporation, which are available on our website

ISC // 2015 INFORMATION STATEMENT // 10

at www.internationalspeedwaycorporation.com. Nominations must be in writing, addressed to the Secretary, and must be
received in writing not less than 120 days nor more than 180 days prior to the first anniversary of the date of our notice of
annual meeting of shareholders provided for the previous year’s annual meeting. The shareholder’s notice to the Secretary must
set forth (i) certain information regarding the nominee, such as name, age and principal occupation, and (ii) certain information
regarding the shareholder(s) such as the name and record address of the shareholder(s) and the number of shares of our capital
stock such shareholder(s) own. No person nominated by shareholders will be eligible for election as a director unless
nominated in accordance with these procedures. There were no shareholder nominations submitted for the 2015 annual meeting
of shareholders. Nominations by shareholders for the 2016 annual meeting must be received by the Secretary between
September 6, 2015 and November 5, 2015.

As stated in its charter, the Nominating and Corporate Governance Committee will annually assess the Board’s effectiveness,
including the core competencies and qualifications of members of the Board. If the Nominating and Corporate Governance
Committee deems it necessary, it may select and retain an executive search firm to identify qualified candidates for nomination
to serve as members of the Board.

The Nominating and Corporate Governance Committee will consider all nominees to our Board of Directors, and make its
recommendations to the full Board, which will then decide whether to nominate a Board candidate. The Nominating and
Corporate Governance Committee will consider each nominee’s skill, experience, knowledge and judgment, and believes that
members of and nominees to the Board should reflect expertise in one or more of the following areas important to us:
accounting and finance, business of motorsports, mergers and acquisitions, leadership, business and management, strategic
planning, government relations, investor relations, legal issues, executive leadership development and executive compensation.
Further, the assessment of a nominee’s qualifications will include consideration of the nominee’s ability to use sound
judgment; service on the boards of directors of other companies, public and private; integrity, honesty, fairness and
independence; understanding of our business; and interest and willingness to serve on the Board and dedicate the requisite time
and attention to service on the Board. All nominees to our Board will be considered by the Nominating and Corporate
Governance Committee with these factors in mind.

As part of the Nominating and Corporate Governance Committee’s assessment of a prospective director nominee’s skill,
experience, knowledge and judgment, the committee considers diversity of background and personal experience. Ideally, the
Board should be composed of persons having a diversity of skills, background and experience that are useful to us and our
present and future needs. However, the Nominating and Corporate Governance Committee does not have a formal policy
specifying how diversity of background and personal experience should be applied and assessed in identifying or evaluating
director nominees. When considering potential nominees for the Board, the Nominating and Corporate Governance Committee
considers the standards above and each potential nominee’s individual qualifications in light of the needs of the Board at such
time and its anticipated needs in the future.

It is our policy to hold the annual meeting of directors immediately following the annual meeting of shareholders. All Board
members are invited to attend the annual meeting of shareholders and are expected to attend, but are not required to attend. In
fiscal 2014, one member of the Board did not attend the annual meeting of shareholders.

SHAREHOLDER COMMUNICATIONS TO THE BOARD

Shareholders may contact an individual director, the Board as a group, or a specified Board committee or group, including the
non-employee directors as a group, by mailing correspondence in the following manner:

International Speedway Corporation
c/o Legal Department
One Daytona Blvd.
Daytona Beach, Florida 32114
Attention: Board of Directors

Each communication should specify the applicable addressee or addressees to be contacted as well as the general topic of the
communication. Our Legal Department will initially receive and process communications before forwarding them to the
addressee. All communications from shareholders will be promptly forwarded to the addressee(s).

ISC // 2015 INFORMATION STATEMENT // 11

CODE OF ETHICS

Our Audit Committee has adopted a code of ethics that applies to all of our employees, including our senior financial officers,

our principal executive officer and our principal financial officer. A copy of that code of ethics is available on our website at

www.internationalspeedwaycorporation.com. We intend to satisfy our disclosure obligations regarding any amendment to, or

waiver from, any provision of our code of ethics that applies to any of our senior financial officers by posting that information

on our website, as well as making all public disclosures required by the SEC. At the present time there have been no

amendments or waivers.

SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Based upon a review of Forms 3 and 4 and amendments thereto furnished to us during the fiscal year ended

November 30, 2014, Forms 5 and amendments thereto furnished to us with respect to the fiscal year ended November 30, 2014,

and written representations furnished to us, there is no person who, at any time during the fiscal year, was a director, officer, or

beneficial owner of more than ten percent of any class of our securities that failed to file on a timely basis the reports required

by section 16(a) of the Exchange Act during the fiscal year ended November 30, 2014.

REGISTERED INDEPENDENT PUBLIC ACCOUNTING FIRM

Ernst & Young LLP, and its predecessors have served as our auditors since 1966. Representatives of Ernst & Young LLP will

be present at the Annual Meeting of Shareholders with the opportunity to make a statement, if they so desire, and will be

available to respond to appropriate questions from shareholders.

The following table presents fees for all professional services provided by Ernst & Young LLP for the audit of our consolidated

financial statements for the years ended November 30, 2014 and 2013, and fees billed for other services rendered by Ernst &

Young LLP during those periods.

Fee Category

Audit fees (1)

Audit-related fees (2)

Tax fees (3)

All other fees (4)

Fiscal Year

2014

2013

804,370 $

793,735

— $

175,000

—

(1) Audit fees consisted principally of professional services rendered for the annual integrated audit of our consolidated

financial statements and the effectiveness of our internal control over financial reporting, the review of our quarterly

consolidated financial statements and services that are normally provided by the accountant in connection with statutory

and regulatory filings or engagements.

(2) Audit-related fees consists of professional services rendered for assurance and related services that are reasonably

related to the performance of the audit or review of our financial statements and are not included in Audit Fees above.

There were no such services rendered during fiscal 2014 and 2013.

(3)

(4)

Tax fees consisted principally of professional services rendered for tax compliance and tax advice.

There were no other fees for products and services that are not disclosed in the previous categories.

AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES

The Audit Committee, or one of its members who has been delegated pre-approval authority, considers and has approval

authority over all engagements of the independent auditors. If a decision on an engagement is made by an individual member,

the decision is presented at the next meeting of the Audit Committee. All of the engagements resulting in the fees disclosed

above for fiscal 2014 and 2013 were approved by the Audit Committee prior to the engagement.

received in writing not less than 120 days nor more than 180 days prior to the first anniversary of the date of our notice of

annual meeting of shareholders provided for the previous year’s annual meeting. The shareholder’s notice to the Secretary must

set forth (i) certain information regarding the nominee, such as name, age and principal occupation, and (ii) certain information

regarding the shareholder(s) such as the name and record address of the shareholder(s) and the number of shares of our capital

stock such shareholder(s) own. No person nominated by shareholders will be eligible for election as a director unless

nominated in accordance with these procedures. There were no shareholder nominations submitted for the 2015 annual meeting

of shareholders. Nominations by shareholders for the 2016 annual meeting must be received by the Secretary between

As stated in its charter, the Nominating and Corporate Governance Committee will annually assess the Board’s effectiveness,

including the core competencies and qualifications of members of the Board. If the Nominating and Corporate Governance

Committee deems it necessary, it may select and retain an executive search firm to identify qualified candidates for nomination

to serve as members of the Board.

The Nominating and Corporate Governance Committee will consider all nominees to our Board of Directors, and make its

recommendations to the full Board, which will then decide whether to nominate a Board candidate. The Nominating and

Corporate Governance Committee will consider each nominee’s skill, experience, knowledge and judgment, and believes that

members of and nominees to the Board should reflect expertise in one or more of the following areas important to us:

accounting and finance, business of motorsports, mergers and acquisitions, leadership, business and management, strategic

planning, government relations, investor relations, legal issues, executive leadership development and executive compensation.

Further, the assessment of a nominee’s qualifications will include consideration of the nominee’s ability to use sound

judgment; service on the boards of directors of other companies, public and private; integrity, honesty, fairness and

independence; understanding of our business; and interest and willingness to serve on the Board and dedicate the requisite time

and attention to service on the Board. All nominees to our Board will be considered by the Nominating and Corporate

Governance Committee with these factors in mind.

As part of the Nominating and Corporate Governance Committee’s assessment of a prospective director nominee’s skill,

experience, knowledge and judgment, the committee considers diversity of background and personal experience. Ideally, the

Board should be composed of persons having a diversity of skills, background and experience that are useful to us and our

present and future needs. However, the Nominating and Corporate Governance Committee does not have a formal policy

specifying how diversity of background and personal experience should be applied and assessed in identifying or evaluating

director nominees. When considering potential nominees for the Board, the Nominating and Corporate Governance Committee

considers the standards above and each potential nominee’s individual qualifications in light of the needs of the Board at such

time and its anticipated needs in the future.

It is our policy to hold the annual meeting of directors immediately following the annual meeting of shareholders. All Board

fiscal 2014, one member of the Board did not attend the annual meeting of shareholders.

SHAREHOLDER COMMUNICATIONS TO THE BOARD

Shareholders may contact an individual director, the Board as a group, or a specified Board committee or group, including the

non-employee directors as a group, by mailing correspondence in the following manner:

International Speedway Corporation

c/o Legal Department

One Daytona Blvd.

Daytona Beach, Florida 32114

Attention: Board of Directors

Each communication should specify the applicable addressee or addressees to be contacted as well as the general topic of the

communication. Our Legal Department will initially receive and process communications before forwarding them to the

addressee. All communications from shareholders will be promptly forwarded to the addressee(s).

at www.internationalspeedwaycorporation.com. Nominations must be in writing, addressed to the Secretary, and must be

CODE OF ETHICS

Our Audit Committee has adopted a code of ethics that applies to all of our employees, including our senior financial officers,
our principal executive officer and our principal financial officer. A copy of that code of ethics is available on our website at
www.internationalspeedwaycorporation.com. We intend to satisfy our disclosure obligations regarding any amendment to, or
waiver from, any provision of our code of ethics that applies to any of our senior financial officers by posting that information
on our website, as well as making all public disclosures required by the SEC. At the present time there have been no
amendments or waivers.

September 6, 2015 and November 5, 2015.

SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Based upon a review of Forms 3 and 4 and amendments thereto furnished to us during the fiscal year ended
November 30, 2014, Forms 5 and amendments thereto furnished to us with respect to the fiscal year ended November 30, 2014,
and written representations furnished to us, there is no person who, at any time during the fiscal year, was a director, officer, or
beneficial owner of more than ten percent of any class of our securities that failed to file on a timely basis the reports required
by section 16(a) of the Exchange Act during the fiscal year ended November 30, 2014.

REGISTERED INDEPENDENT PUBLIC ACCOUNTING FIRM

Ernst & Young LLP, and its predecessors have served as our auditors since 1966. Representatives of Ernst & Young LLP will
be present at the Annual Meeting of Shareholders with the opportunity to make a statement, if they so desire, and will be
available to respond to appropriate questions from shareholders.

The following table presents fees for all professional services provided by Ernst & Young LLP for the audit of our consolidated
financial statements for the years ended November 30, 2014 and 2013, and fees billed for other services rendered by Ernst &
Young LLP during those periods.

Fee Category
Audit fees (1)
Audit-related fees (2)
Tax fees (3)
All other fees (4)

Fiscal Year

2014

2013

$
$
$
$

804,370 $
— $
— $
— $

793,735
—
175,000
—

(1) Audit fees consisted principally of professional services rendered for the annual integrated audit of our consolidated
financial statements and the effectiveness of our internal control over financial reporting, the review of our quarterly
consolidated financial statements and services that are normally provided by the accountant in connection with statutory
and regulatory filings or engagements.

members are invited to attend the annual meeting of shareholders and are expected to attend, but are not required to attend. In

(2) Audit-related fees consists of professional services rendered for assurance and related services that are reasonably

related to the performance of the audit or review of our financial statements and are not included in Audit Fees above.
There were no such services rendered during fiscal 2014 and 2013.

(3)

(4)

Tax fees consisted principally of professional services rendered for tax compliance and tax advice.

There were no other fees for products and services that are not disclosed in the previous categories.

AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES

The Audit Committee, or one of its members who has been delegated pre-approval authority, considers and has approval
authority over all engagements of the independent auditors. If a decision on an engagement is made by an individual member,
the decision is presented at the next meeting of the Audit Committee. All of the engagements resulting in the fees disclosed
above for fiscal 2014 and 2013 were approved by the Audit Committee prior to the engagement.

ISC // 2015 INFORMATION STATEMENT // 12

REPORT OF THE AUDIT COMMITTEE

EXECUTIVE COMPENSATION

The following is the report of the Audit Committee with respect to the Company’s audited financial statements for the fiscal
year ended November 30, 2014. The information contained in this report shall not be deemed “soliciting material” or
otherwise considered “filed” with the SEC, and such information shall not be incorporated by reference into any future filing
under the Securities Act or the Exchange Act except to the extent the Company specifically incorporates such information by
reference of such filing.

The Audit Committee consists of three members: Messrs. Aiello, Brown and Graves. The Board of Directors has adopted a
written charter for the Audit Committee, which is available on our website at www.internationalspeedwaycorporation.com. The
Board of Directors has determined that Messrs. Aiello and Brown are qualified as audit committee financial experts (as defined
by the SEC) and that all of the members of the Audit Committee are “independent” (as independence is presently defined in
Rule 4200(a)(15) of the NASDAQ listing standards).

The Audit Committee oversees the Company's financial reporting process on behalf of the Board of Directors. The Audit
Committee also is responsible for appointing the independent registered public accounting firm, reviewing services provided by
the independent registered public accounting firm and internal audit department, evaluating the Company’s accounting policies
and the Company’s system of internal controls that management and the Board of Directors have established, reviewing
significant financial transactions, and overseeing enterprise risk management. The Audit Committee does not itself prepare
financial statements or perform audits, and its members are not auditors or certifiers of the Company’s financial statements.

In fulfilling its oversight responsibilities, the Audit Committee reviewed and discussed the audited consolidated financial
statements in the Annual Report with Company management including a discussion of the quality, not just the acceptability, of
the accounting principles, the reasonableness of significant judgments, and the clarity of disclosures in the financial statements.
The Audit Committee reviewed with Ernst & Young LLP (“EY”), the Company's independent registered public accounting
firm, which is responsible for expressing an opinion on the conformity of those audited consolidated financial statements with
U.S. generally accepted accounting principles, its judgments as to the quality, not just the acceptability, of the Company's
accounting principles and such other matters as are required to be discussed with the Audit Committee by Public Company
Accounting Oversight Board Audit Standard No. 16, Communications with Audit Committee, other standards of the Public
Company Accounting Oversight Board (United States), rules of the Securities and Exchange Commission, and other applicable
regulations. In addition, the Audit Committee has discussed with the independent registered public accounting firm the firm's
independence from Company management and the Company, including the matters in the letter from the firm required by
PCAOB Rule 3526, Communication with Audit Committees Concerning Independence, and considered the scope of the audit,
audit fees, and the compatibility of non-audit services with the independent registered public accounting firm's independence,
including PCAOB Rule 3524, Audit Committee Pre-approval of Certain Tax Services. The Audit Committee approves the
audit and non-audit services and related budget in advance and reviews a quarterly report on such fees. In April 2014, the Audit
Committee approved the selection of EY which performed the fiscal 2014 annual audit of the Company's financial statements
and the effectiveness of the Company's internal control over financial reporting.

The Audit Committee has reviewed and discussed the audited financial statements for the year ended November 30, 2014 with
the Company’s management and EY. The Audit Committee has also reviewed management's report on its assessment of the
effectiveness of the Company's internal control over financial reporting and EY's report on the effectiveness of the Company's
internal control over financial reporting. The Audit Committee met with the internal auditors and EY, with and without
management present, to discuss the results of their examinations, their evaluations of the Company's internal control, including
internal control over financial reporting, and the overall quality of the Company's financial reporting. The Audit Committee
held five meetings during fiscal year 2014.

In reliance on the reviews and discussions referred to above, the Audit Committee recommended to the Board of Directors that
the financial statements referred to above be included in the Annual Report on Form 10-K for the year ended November 30,
2014 for filing with the Securities and Exchange Commission.

COMPENSATION DISCUSSION AND ANALYSIS

Overview and Objectives of Compensation Program

The goal of the compensation programs for our named executive officers is to retain and reward leaders who create long-term

value for our shareholders. This goal affects the compensation elements we use and our compensation decisions.

We have designed and implemented our compensation programs for our named executives to:

(cid:127)

reward them for financial and operating performance;

align their interests with those of our shareholders; and

encourage them to remain with the Company.

These elements consist of:

(cid:127)

salary and annual discretionary bonus;

Most of our compensation elements simultaneously fulfill one or more of our performance, alignment and retention objectives.

(cid:127) non-equity (cash) incentive compensation based upon annually determined performance criteria;

(cid:127)

equity incentive compensation based upon annually determined performance criteria combined with a time based

vesting schedule; and

(cid:127) other benefits.

In deciding on the type and amount of compensation for each executive, we focus almost exclusively on each executive’s

current pay, rather than historic pay. We combine the compensation elements for each executive in a manner we believe

optimizes the value for our shareholders and supports the goals of our compensation programs.

We provide a combination of pay elements with the goal of aligning executive incentives with shareholder value. The three

major elements of our executive compensation — base salary, annual cash awards (which include bonuses and non-equity

incentives) and long-term equity incentives — simultaneously fulfill one or more of our performance, alignment and retention

The following summarizes the compensation elements we use as tools to reward, retain and align the performance expectations

objectives.

of our named executives.

Base Salary, Non-Equity Incentives and Cash Bonuses

Base salaries for our named executives are designed to provide competitive levels of compensation dependent on the scope of

their responsibilities, their leadership skills and values, and their performance. For each named executive officer, we pay annual

non-equity incentives each February for the prior year’s performance based upon management’s evaluation and the

Compensation Committee’s qualitative assessment of the executives’ performance. This short term compensation element is in

line with the stated goal of our compensation programs, namely retaining and rewarding leaders who create long-term value for

our shareholders. The incentives were determined using the criteria approved by the Compensation Committee for

performance against normalized corporate financial performance measures based on budget of revenue; operating margin based

on budget, and capital allocation based on budget. For fiscal 2014, the corporate financial measurements for these non-equity

incentives were weighted as follows: 1) revenue based on budget as 34%, 2) operating margin based on budget as 33% and 3)

capital allocation based on budget as 33%.

In addition to amounts paid pursuant to our non-equity incentive plan, the Compensation Committee retains discretion to award

cash bonuses where performance may warrant. We also award a small annual holiday cash bonus based on seniority.

Long —Term Compensation — 2006 Long Term Incentive Plan

Larry Aiello, Jr., Chairman
J. Hyatt Brown
William P. Graves

We emphasize long-term variable compensation at the senior executive levels because of our desire to reward effective long-

term management decision making and our desire to retain executive officers who have the potential to impact both our short-

term and long-term profitability. We believe that providing Restricted Stock Units (RSUs) is an effective means to focus our

ISC // 2015 INFORMATION STATEMENT // 13

REPORT OF THE AUDIT COMMITTEE

EXECUTIVE COMPENSATION

The following is the report of the Audit Committee with respect to the Company’s audited financial statements for the fiscal

year ended November 30, 2014. The information contained in this report shall not be deemed “soliciting material” or

otherwise considered “filed” with the SEC, and such information shall not be incorporated by reference into any future filing

under the Securities Act or the Exchange Act except to the extent the Company specifically incorporates such information by

reference of such filing.

The Audit Committee consists of three members: Messrs. Aiello, Brown and Graves. The Board of Directors has adopted a

written charter for the Audit Committee, which is available on our website at www.internationalspeedwaycorporation.com. The

Board of Directors has determined that Messrs. Aiello and Brown are qualified as audit committee financial experts (as defined

by the SEC) and that all of the members of the Audit Committee are “independent” (as independence is presently defined in

Rule 4200(a)(15) of the NASDAQ listing standards).

The Audit Committee oversees the Company's financial reporting process on behalf of the Board of Directors. The Audit

Committee also is responsible for appointing the independent registered public accounting firm, reviewing services provided by

the independent registered public accounting firm and internal audit department, evaluating the Company’s accounting policies

and the Company’s system of internal controls that management and the Board of Directors have established, reviewing

significant financial transactions, and overseeing enterprise risk management. The Audit Committee does not itself prepare

financial statements or perform audits, and its members are not auditors or certifiers of the Company’s financial statements.

In fulfilling its oversight responsibilities, the Audit Committee reviewed and discussed the audited consolidated financial

statements in the Annual Report with Company management including a discussion of the quality, not just the acceptability, of

the accounting principles, the reasonableness of significant judgments, and the clarity of disclosures in the financial statements.

The Audit Committee reviewed with Ernst & Young LLP (“EY”), the Company's independent registered public accounting

firm, which is responsible for expressing an opinion on the conformity of those audited consolidated financial statements with

U.S. generally accepted accounting principles, its judgments as to the quality, not just the acceptability, of the Company's

accounting principles and such other matters as are required to be discussed with the Audit Committee by Public Company

Accounting Oversight Board Audit Standard No. 16, Communications with Audit Committee, other standards of the Public

Company Accounting Oversight Board (United States), rules of the Securities and Exchange Commission, and other applicable

regulations. In addition, the Audit Committee has discussed with the independent registered public accounting firm the firm's

independence from Company management and the Company, including the matters in the letter from the firm required by

PCAOB Rule 3526, Communication with Audit Committees Concerning Independence, and considered the scope of the audit,

audit fees, and the compatibility of non-audit services with the independent registered public accounting firm's independence,

including PCAOB Rule 3524, Audit Committee Pre-approval of Certain Tax Services. The Audit Committee approves the

audit and non-audit services and related budget in advance and reviews a quarterly report on such fees. In April 2014, the Audit

Committee approved the selection of EY which performed the fiscal 2014 annual audit of the Company's financial statements

and the effectiveness of the Company's internal control over financial reporting.

The Audit Committee has reviewed and discussed the audited financial statements for the year ended November 30, 2014 with

the Company’s management and EY. The Audit Committee has also reviewed management's report on its assessment of the

effectiveness of the Company's internal control over financial reporting and EY's report on the effectiveness of the Company's

internal control over financial reporting. The Audit Committee met with the internal auditors and EY, with and without

management present, to discuss the results of their examinations, their evaluations of the Company's internal control, including

internal control over financial reporting, and the overall quality of the Company's financial reporting. The Audit Committee

held five meetings during fiscal year 2014.

In reliance on the reviews and discussions referred to above, the Audit Committee recommended to the Board of Directors that

the financial statements referred to above be included in the Annual Report on Form 10-K for the year ended November 30,

2014 for filing with the Securities and Exchange Commission.

COMPENSATION DISCUSSION AND ANALYSIS

Overview and Objectives of Compensation Program

The goal of the compensation programs for our named executive officers is to retain and reward leaders who create long-term
value for our shareholders. This goal affects the compensation elements we use and our compensation decisions.

We have designed and implemented our compensation programs for our named executives to:

(cid:127)

reward them for financial and operating performance;

align their interests with those of our shareholders; and

encourage them to remain with the Company.

Most of our compensation elements simultaneously fulfill one or more of our performance, alignment and retention objectives.
These elements consist of:

(cid:127)

salary and annual discretionary bonus;

(cid:127) non-equity (cash) incentive compensation based upon annually determined performance criteria;

(cid:127)

equity incentive compensation based upon annually determined performance criteria combined with a time based
vesting schedule; and

(cid:127) other benefits.

In deciding on the type and amount of compensation for each executive, we focus almost exclusively on each executive’s
current pay, rather than historic pay. We combine the compensation elements for each executive in a manner we believe
optimizes the value for our shareholders and supports the goals of our compensation programs.

We provide a combination of pay elements with the goal of aligning executive incentives with shareholder value. The three
major elements of our executive compensation — base salary, annual cash awards (which include bonuses and non-equity
incentives) and long-term equity incentives — simultaneously fulfill one or more of our performance, alignment and retention
objectives.

The following summarizes the compensation elements we use as tools to reward, retain and align the performance expectations
of our named executives.

Base Salary, Non-Equity Incentives and Cash Bonuses

Base salaries for our named executives are designed to provide competitive levels of compensation dependent on the scope of
their responsibilities, their leadership skills and values, and their performance. For each named executive officer, we pay annual
non-equity incentives each February for the prior year’s performance based upon management’s evaluation and the
Compensation Committee’s qualitative assessment of the executives’ performance. This short term compensation element is in
line with the stated goal of our compensation programs, namely retaining and rewarding leaders who create long-term value for
our shareholders. The incentives were determined using the criteria approved by the Compensation Committee for
performance against normalized corporate financial performance measures based on budget of revenue; operating margin based
on budget, and capital allocation based on budget. For fiscal 2014, the corporate financial measurements for these non-equity
incentives were weighted as follows: 1) revenue based on budget as 34%, 2) operating margin based on budget as 33% and 3)
capital allocation based on budget as 33%.

In addition to amounts paid pursuant to our non-equity incentive plan, the Compensation Committee retains discretion to award
cash bonuses where performance may warrant. We also award a small annual holiday cash bonus based on seniority.

Long —Term Compensation — 2006 Long Term Incentive Plan

Larry Aiello, Jr., Chairman

J. Hyatt Brown

William P. Graves

We emphasize long-term variable compensation at the senior executive levels because of our desire to reward effective long-
term management decision making and our desire to retain executive officers who have the potential to impact both our short-
term and long-term profitability. We believe that providing Restricted Stock Units (RSUs) is an effective means to focus our

ISC // 2015 INFORMATION STATEMENT // 14

named executives on delivering long-term value to our shareholders. RSUs allow us to reward and retain the named executives
by offering them the opportunity to receive shares of our stock on the date the restrictions lapse so long as they continue to be
employed by the Company.

Other Compensation

We provide our named executive officers with other benefits, reflected in the All Other Compensation column in the Summary
Compensation Table, that we believe are reasonable, competitive and consistent with our overall compensation program and
goals. The costs of these benefits constitute only a small percentage of each named executive officer’s total compensation, and
include premiums paid on life insurance policies and Company contributions to a 401(k) plan. The named executive officers
also participate in the standard health insurance benefits offered to all employees. We also provide the use of a car provided by
the Company and comprehensive physical examinations every other year. The named executive officers are encouraged to
attend events at the motorsports entertainment facilities operated by the Company as part of their job function and permitted to
bring a guest with them to these events at no charge to the executive.

Compensation Implementation

Determination of Compensation

As part of our total overall compensation plan the compensation for our named executive officers depends on the scope of their
responsibilities, their leadership skills and values, and their individual performance, as well as the Company's performance.
Decisions regarding salary increases are affected by the named executives’ current salary and the amounts paid within and
outside the Company. Base salary rates are reviewed on annual basis and adjusted when appropriate by the Compensation
Committee based upon changes in market conditions and the Company’s performance factors. When making decisions
regarding compensation, we focus almost exclusively on each executive's current pay, rather than historic pay.

The Compensation Committee exercises its discretion in initially making compensation decisions, after reviewing the
performance of the Company and evaluating an executive’s prospects and performance during the year against established
goals, operational performance, business responsibilities, and current compensation arrangements. The following is a summary
of key considerations affecting the determination of compensation for the named executives:

Emphasis on Consistent Performance. Our compensation program provides a greater pay opportunity for executives who
demonstrate superior performance for sustained periods of time. Each of our named officers has served us for many years,
during which she/he has held diverse positions of increasing responsibility. The amount of their pay reflects their consistent
contribution with the expectation of continued contribution to our success. Our emphasis on performance affects our
discretionary annual cash bonus, non-equity incentives and equity incentive compensation. We incorporate current year and
expected performance into our compensation decisions and percentage increases or decreases in the amount of annual
compensation. For fiscal 2014, the criteria to determine overall compensation remained consistent with prior years and our
stated philosophy.

Discretion and Judgment. We generally adhere to our historic practices and formulas in determining the amount and mix of
compensation elements. Because of our reliance on the formulaic achievement of annual Company financial goals in
determining the amount of plan-based compensation, short term changes in business performance can have a significant impact
on the compensation of the named executive officers. We consider competitive market compensation paid by other companies
of similar size and market capitalization, but we do not attempt to maintain a certain target percentile within a peer group or
otherwise rely on data of peer companies to determine executive compensation.

We do not have any specific apportionment goal with respect to the mix between equity incentive awards and cash payments.
We generally attempt to assess an executive’s total pay opportunities and whether we have provided the appropriate incentives
to accomplish our compensation objectives. Our mix of compensation elements is designed to reward recent results and
performance through a combination of non-equity (cash) and equity incentive awards. We also seek to balance compensation
elements that are based on financial, operational and strategic metrics. We believe the most important indicator of whether our
compensation objectives are being met is our ability to motivate our named executives to deliver superior performance and
retain them.

ISC // 2015 INFORMATION STATEMENT // 15

Significance of Company Results. The Compensation Committee primarily evaluates the named executives’ contributions to the

Company’s overall performance rather than focusing only on their individual function. The Compensation Committee believes

that the named executives share the responsibility to support the goals and performance of the Company, as the executive

members of the Company’s leadership team. While this compensation philosophy influences all of the committee’s

compensation decisions, it has the biggest impact on annual non-equity incentive awards and, generally, discretionary bonuses.

Consideration of Risk. Our compensation programs are discretionary, balanced and focused on rewarding performance for both

current year and long-term strategy. Under this structure, a greater amount of compensation can be achieved through consistent

superior performance over sustained periods of time. Long term incentive plan compensation in the form of restricted stock is

restricted to multiple vesting years with 50% vesting in three years and the remainder vesting in five years. We believe this

provides strong incentives for our named executive officers to manage the Company for the long term while avoiding excessive

risk-taking in the short term. Goals and objectives reflect a balanced mix of quantitative and qualitative performance measures

to avoid excessive weight on a single performance measure. The elements of compensation are mixed among current non-

equity (cash) payments and equity awards. With limited exceptions the Compensation Committee retains the ability to adjust

compensation for quality of performance and adherence to our values. The Company does not believe that its compensation

policies and practices are reasonably likely to have a material adverse effect on the Company.

No Employment and Severance Agreements. None of our named executive officers have employment or change-of-control

agreements nor do they have pre-negotiated severance agreements in place. Our named executive officers serve at the will of

the Board, which enables the Company to terminate their employment with discretion as to the terms of any severance

arrangement. This is consistent with our performance-based employment and compensation philosophy. Of course, the fact that

our Chairman of the Board and our Vice Chairman and Chief Executive Officer are members of the France Family Group,

which has the ability to elect the entire Board, does impact such discretion in their case. In addition, the time vesting of our

plan–based restricted stock awards help retain our executives by subjecting to forfeiture any unvested shares if they leave the

Company prior to retirement. There are change-of-control provisions associated with each award of such plan-based restricted

stock awards. Change of control is defined in the individual participant plans for all participants in the restricted stock incentive

program. A copy of the plan is on file with the SEC in connection with our Form S-8 registration statement, filed on

February 11, 2010.

Roles of Compensation Committee and Named Executives

Executive officer compensation is overseen by the Compensation Committee of the Board of Directors, which is composed

entirely of independent directors, pursuant to its charter. A copy of the charter may be viewed on the Company’s website at

www.internationalspeedwaycorporation.com.

Prior to the beginning of each fiscal year the Compensation Committee establishes a total pool of dollars to be used for

increases in annual salary compensation for all of our employees, including all of the named executive officers. In setting this

total pool of dollars the members of the Compensation Committee consider a variety of factors, including, but not limited to,

historic and projected earnings per share, anticipated revenue growth, established salary ranges and market conditions. The

committee members then use their collective business judgment to establish the total pool of dollars for increases in annual

salary compensation.

Under the direction of the CEO, the proposed salaries, individual performance goals and targeted bonuses for each of the

named executive officers other than the CEO are presented to the Compensation Committee which reviews and approves them.

The salary of the CEO is then separately considered and approved by the Compensation Committee. Although no particular

weighting of the factors or formula is used, the Committee considers (1) Company and individual performance as measured

against management goals approved by the Board of Directors, (2) personal performance in support of the Company’s goals as

measured by annual evaluation criteria, and (3) intangible factors and criteria such as payments by competitors for similar

positions and market movement.

Each of the named executive officers is assigned a target non-equity incentive opportunity based on corporate and personal

goals for the year. The actual non-equity incentive for each named executive officer will range from 0% to 150% of the target

depending upon results of corporate performance and personal performance during the year. The 2014 fiscal year corporate

financial measurements consist of three components which are weighted as follows: 1) revenue based on budget as 34%, 2)

named executives on delivering long-term value to our shareholders. RSUs allow us to reward and retain the named executives

by offering them the opportunity to receive shares of our stock on the date the restrictions lapse so long as they continue to be

employed by the Company.

Other Compensation

We provide our named executive officers with other benefits, reflected in the All Other Compensation column in the Summary

Compensation Table, that we believe are reasonable, competitive and consistent with our overall compensation program and

goals. The costs of these benefits constitute only a small percentage of each named executive officer’s total compensation, and

include premiums paid on life insurance policies and Company contributions to a 401(k) plan. The named executive officers

also participate in the standard health insurance benefits offered to all employees. We also provide the use of a car provided by

the Company and comprehensive physical examinations every other year. The named executive officers are encouraged to

attend events at the motorsports entertainment facilities operated by the Company as part of their job function and permitted to

bring a guest with them to these events at no charge to the executive.

Compensation Implementation

Determination of Compensation

As part of our total overall compensation plan the compensation for our named executive officers depends on the scope of their

responsibilities, their leadership skills and values, and their individual performance, as well as the Company's performance.

Decisions regarding salary increases are affected by the named executives’ current salary and the amounts paid within and

outside the Company. Base salary rates are reviewed on annual basis and adjusted when appropriate by the Compensation

Committee based upon changes in market conditions and the Company’s performance factors. When making decisions

regarding compensation, we focus almost exclusively on each executive's current pay, rather than historic pay.

The Compensation Committee exercises its discretion in initially making compensation decisions, after reviewing the

performance of the Company and evaluating an executive’s prospects and performance during the year against established

goals, operational performance, business responsibilities, and current compensation arrangements. The following is a summary

of key considerations affecting the determination of compensation for the named executives:

demonstrate superior performance for sustained periods of time. Each of our named officers has served us for many years,

during which she/he has held diverse positions of increasing responsibility. The amount of their pay reflects their consistent

contribution with the expectation of continued contribution to our success. Our emphasis on performance affects our

discretionary annual cash bonus, non-equity incentives and equity incentive compensation. We incorporate current year and

expected performance into our compensation decisions and percentage increases or decreases in the amount of annual

compensation. For fiscal 2014, the criteria to determine overall compensation remained consistent with prior years and our

stated philosophy.

Discretion and Judgment. We generally adhere to our historic practices and formulas in determining the amount and mix of

compensation elements. Because of our reliance on the formulaic achievement of annual Company financial goals in

determining the amount of plan-based compensation, short term changes in business performance can have a significant impact

on the compensation of the named executive officers. We consider competitive market compensation paid by other companies

of similar size and market capitalization, but we do not attempt to maintain a certain target percentile within a peer group or

otherwise rely on data of peer companies to determine executive compensation.

We do not have any specific apportionment goal with respect to the mix between equity incentive awards and cash payments.

We generally attempt to assess an executive’s total pay opportunities and whether we have provided the appropriate incentives

to accomplish our compensation objectives. Our mix of compensation elements is designed to reward recent results and

performance through a combination of non-equity (cash) and equity incentive awards. We also seek to balance compensation

elements that are based on financial, operational and strategic metrics. We believe the most important indicator of whether our

compensation objectives are being met is our ability to motivate our named executives to deliver superior performance and

retain them.

Significance of Company Results. The Compensation Committee primarily evaluates the named executives’ contributions to the
Company’s overall performance rather than focusing only on their individual function. The Compensation Committee believes
that the named executives share the responsibility to support the goals and performance of the Company, as the executive
members of the Company’s leadership team. While this compensation philosophy influences all of the committee’s
compensation decisions, it has the biggest impact on annual non-equity incentive awards and, generally, discretionary bonuses.

Consideration of Risk. Our compensation programs are discretionary, balanced and focused on rewarding performance for both
current year and long-term strategy. Under this structure, a greater amount of compensation can be achieved through consistent
superior performance over sustained periods of time. Long term incentive plan compensation in the form of restricted stock is
restricted to multiple vesting years with 50% vesting in three years and the remainder vesting in five years. We believe this
provides strong incentives for our named executive officers to manage the Company for the long term while avoiding excessive
risk-taking in the short term. Goals and objectives reflect a balanced mix of quantitative and qualitative performance measures
to avoid excessive weight on a single performance measure. The elements of compensation are mixed among current non-
equity (cash) payments and equity awards. With limited exceptions the Compensation Committee retains the ability to adjust
compensation for quality of performance and adherence to our values. The Company does not believe that its compensation
policies and practices are reasonably likely to have a material adverse effect on the Company.

No Employment and Severance Agreements. None of our named executive officers have employment or change-of-control
agreements nor do they have pre-negotiated severance agreements in place. Our named executive officers serve at the will of
the Board, which enables the Company to terminate their employment with discretion as to the terms of any severance
arrangement. This is consistent with our performance-based employment and compensation philosophy. Of course, the fact that
our Chairman of the Board and our Vice Chairman and Chief Executive Officer are members of the France Family Group,
which has the ability to elect the entire Board, does impact such discretion in their case. In addition, the time vesting of our
plan–based restricted stock awards help retain our executives by subjecting to forfeiture any unvested shares if they leave the
Company prior to retirement. There are change-of-control provisions associated with each award of such plan-based restricted
stock awards. Change of control is defined in the individual participant plans for all participants in the restricted stock incentive
program. A copy of the plan is on file with the SEC in connection with our Form S-8 registration statement, filed on
February 11, 2010.

Emphasis on Consistent Performance. Our compensation program provides a greater pay opportunity for executives who

Roles of Compensation Committee and Named Executives

Executive officer compensation is overseen by the Compensation Committee of the Board of Directors, which is composed
entirely of independent directors, pursuant to its charter. A copy of the charter may be viewed on the Company’s website at
www.internationalspeedwaycorporation.com.

Prior to the beginning of each fiscal year the Compensation Committee establishes a total pool of dollars to be used for
increases in annual salary compensation for all of our employees, including all of the named executive officers. In setting this
total pool of dollars the members of the Compensation Committee consider a variety of factors, including, but not limited to,
historic and projected earnings per share, anticipated revenue growth, established salary ranges and market conditions. The
committee members then use their collective business judgment to establish the total pool of dollars for increases in annual
salary compensation.

Under the direction of the CEO, the proposed salaries, individual performance goals and targeted bonuses for each of the
named executive officers other than the CEO are presented to the Compensation Committee which reviews and approves them.
The salary of the CEO is then separately considered and approved by the Compensation Committee. Although no particular
weighting of the factors or formula is used, the Committee considers (1) Company and individual performance as measured
against management goals approved by the Board of Directors, (2) personal performance in support of the Company’s goals as
measured by annual evaluation criteria, and (3) intangible factors and criteria such as payments by competitors for similar
positions and market movement.

Each of the named executive officers is assigned a target non-equity incentive opportunity based on corporate and personal
goals for the year. The actual non-equity incentive for each named executive officer will range from 0% to 150% of the target
depending upon results of corporate performance and personal performance during the year. The 2014 fiscal year corporate
financial measurements consist of three components which are weighted as follows: 1) revenue based on budget as 34%, 2)

ISC // 2015 INFORMATION STATEMENT // 16

Tax Deductibility of Compensation

Section 162(m) of the Internal Revenue Code of 1986, as amended, imposes a $1.0 million limit on the amount that a public

company may deduct for compensation paid to the company’s CEO or any of the Company’s four other most highly

compensated executive officers who are employed as of the end of the year. None of the individuals covered by Section 162(m)

received taxable compensation in excess of the $1.0 million limit. The amounts shown in the Summary Compensation Table

contain components which are not considered taxable income to the individuals under current Internal Revenue Code

provisions. The Company does not presently structure any component of executive compensation to meet the requirements

under Section 162(m) for “qualifying performance-based” compensation (i.e., compensation paid only if the individual’s

performance meets pre-established objective goals based on performance criteria approved by shareholders).

Potential Impact on Compensation from Executive Misconduct

If the Board should determine that an executive officer has engaged in fraudulent or intentional misconduct, the Board could

take action to remedy the misconduct, prevent its recurrence, and impose such discipline on the wrongdoers as would be

appropriate. Discipline would vary depending on the facts and circumstances, and may include, without limitation,

(1) termination of employment, (2) initiating an action for breach of fiduciary duty, and (3) if the misconduct resulted in a

restatement of the Company’s financial results, seeking reimbursement of any portion of performance-based or incentive

compensation paid or awarded to the executive that is greater than would have been paid or awarded if calculated based on the

restated financial results. These remedies would be in addition to, and not in lieu of, any actions imposed by law enforcement

agencies, regulators or other authorities.

operating margin based on budget as 33% and 3) capital allocation based on budget as 33%. Both the targets and the actual
performance are determined on a normalized basis and may vary from year to year as established by the Compensation
Committee.

For fiscal 2014, our named executive officers are: Ms. Lesa France Kennedy, Chief Executive Officer; Mr. James C. France,
Chairman of the Board of Directors and Assistant Treasurer; Mr. John R. Saunders, President; Mr. Daniel W. Houser, Chief
Financial Officer; and Mr. Joel S. Chitwood, our Vice President and President of Daytona International Speedway. Mr. Brian
K. Wilson exited the position Vice President, Corporate Development effective September 30, 2014.

The Compensation Committee reviews and approves the recommended corporate performance goals and objectives which are
used in establishing plan-based incentive compensation for all of the named executive officers.

Compensation Consultants

Neither the Company nor the Compensation Committee has any contractual arrangement with any compensation consultant
who has a role in determining or recommending the amount or form of senior executive or director compensation. Our named
executive officers have not participated in the selection of any particular compensation consultant. The Company obtains
market intelligence on compensation trends from a variety of sources through our human resources personnel, with the
oversight of the Committee. Each year we participate in compensation surveys conducted by well-known compensation
consultants as a means of understanding external market practices. Except for the foregoing, we have not used the services of
any other compensation consultant in matters affecting senior executive or director compensation. In the future, either the
Company or the Compensation Committee may engage or seek the advice of compensation consultants.

Equity Grant Practices

The only form of equity compensation currently provided to our named executive officers is awards of shares of restricted
stock under our 2006 Long Term Incentive Plan. For each fiscal year the named executive officers are provided an opportunity
to be awarded shares of restricted stock based upon the same normalized corporate financial performance measures established
for non-equity incentive payments, as discussed above. The targeted number of shares is fixed by the Compensation Committee
and represents a specified percentage of the named executive officer’s annual base salary based upon the average price of our
publicly traded shares during the fiscal year prior to the establishment of the share target. This targeted share award amount is
communicated to the named executive officers during the second quarter of our fiscal year. Upon completion of the fiscal year
and the financial audit, our normalized performance against the financial performance measures is evaluated, a percentage of
the targeted award to be actually awarded is determined, reviewed and approved by the Compensation Committee and the
restricted shares are issued in the name of the named executive officers on May 1 following the completion of the fiscal year.
The restricted shares then vest over time, with 50% vesting three years after issuance and the remaining 50% vesting five years
after issuance. Prior to vesting the recipient may vote the shares and receive dividends on the restricted shares as granted. If
employment ends prior to the expiration of the vesting period due to a change of control or for reasons acceptable to the
Compensation Committee (death, disability, retirement, etc.) all or a portion of the unvested restricted shares may be allowed to
vest. Termination of employment for any other reason will result in forfeiture of all unvested shares. The timing of calculations
of opportunities, amounts, awards and vesting dates are made solely for administrative efficiency and without regard to
earnings or other major announcements by the Company. There are change-of-control provisions associated with each award of
restricted shares. Change of control is defined in the individual participant plans for all participants in the restricted stock
incentive program. A copy of the plan is on file with the SEC in connection with our Form S-8 registration statement, filed on
February 11, 2010.

Share Ownership Guidelines

The Company has no equity security ownership guidelines or requirements for the named executive officers. During 2012, we
instituted share ownership guidelines for our non-employee directors, as more fully described below in the “Compensation of
Directors” section.

ISC // 2015 INFORMATION STATEMENT // 17

operating margin based on budget as 33% and 3) capital allocation based on budget as 33%. Both the targets and the actual

performance are determined on a normalized basis and may vary from year to year as established by the Compensation

Committee.

For fiscal 2014, our named executive officers are: Ms. Lesa France Kennedy, Chief Executive Officer; Mr. James C. France,

Chairman of the Board of Directors and Assistant Treasurer; Mr. John R. Saunders, President; Mr. Daniel W. Houser, Chief

Financial Officer; and Mr. Joel S. Chitwood, our Vice President and President of Daytona International Speedway. Mr. Brian

K. Wilson exited the position Vice President, Corporate Development effective September 30, 2014.

The Compensation Committee reviews and approves the recommended corporate performance goals and objectives which are

used in establishing plan-based incentive compensation for all of the named executive officers.

Compensation Consultants

Neither the Company nor the Compensation Committee has any contractual arrangement with any compensation consultant

who has a role in determining or recommending the amount or form of senior executive or director compensation. Our named

executive officers have not participated in the selection of any particular compensation consultant. The Company obtains

market intelligence on compensation trends from a variety of sources through our human resources personnel, with the

oversight of the Committee. Each year we participate in compensation surveys conducted by well-known compensation

consultants as a means of understanding external market practices. Except for the foregoing, we have not used the services of

any other compensation consultant in matters affecting senior executive or director compensation. In the future, either the

Company or the Compensation Committee may engage or seek the advice of compensation consultants.

Equity Grant Practices

The only form of equity compensation currently provided to our named executive officers is awards of shares of restricted

stock under our 2006 Long Term Incentive Plan. For each fiscal year the named executive officers are provided an opportunity

to be awarded shares of restricted stock based upon the same normalized corporate financial performance measures established

for non-equity incentive payments, as discussed above. The targeted number of shares is fixed by the Compensation Committee

and represents a specified percentage of the named executive officer’s annual base salary based upon the average price of our

publicly traded shares during the fiscal year prior to the establishment of the share target. This targeted share award amount is

communicated to the named executive officers during the second quarter of our fiscal year. Upon completion of the fiscal year

and the financial audit, our normalized performance against the financial performance measures is evaluated, a percentage of

the targeted award to be actually awarded is determined, reviewed and approved by the Compensation Committee and the

restricted shares are issued in the name of the named executive officers on May 1 following the completion of the fiscal year.

The restricted shares then vest over time, with 50% vesting three years after issuance and the remaining 50% vesting five years

after issuance. Prior to vesting the recipient may vote the shares and receive dividends on the restricted shares as granted. If

employment ends prior to the expiration of the vesting period due to a change of control or for reasons acceptable to the

Compensation Committee (death, disability, retirement, etc.) all or a portion of the unvested restricted shares may be allowed to

vest. Termination of employment for any other reason will result in forfeiture of all unvested shares. The timing of calculations

of opportunities, amounts, awards and vesting dates are made solely for administrative efficiency and without regard to

earnings or other major announcements by the Company. There are change-of-control provisions associated with each award of

restricted shares. Change of control is defined in the individual participant plans for all participants in the restricted stock

incentive program. A copy of the plan is on file with the SEC in connection with our Form S-8 registration statement, filed on

February 11, 2010.

Share Ownership Guidelines

Directors” section.

The Company has no equity security ownership guidelines or requirements for the named executive officers. During 2012, we

instituted share ownership guidelines for our non-employee directors, as more fully described below in the “Compensation of

Tax Deductibility of Compensation

Section 162(m) of the Internal Revenue Code of 1986, as amended, imposes a $1.0 million limit on the amount that a public
company may deduct for compensation paid to the company’s CEO or any of the Company’s four other most highly
compensated executive officers who are employed as of the end of the year. None of the individuals covered by Section 162(m)
received taxable compensation in excess of the $1.0 million limit. The amounts shown in the Summary Compensation Table
contain components which are not considered taxable income to the individuals under current Internal Revenue Code
provisions. The Company does not presently structure any component of executive compensation to meet the requirements
under Section 162(m) for “qualifying performance-based” compensation (i.e., compensation paid only if the individual’s
performance meets pre-established objective goals based on performance criteria approved by shareholders).

Potential Impact on Compensation from Executive Misconduct

If the Board should determine that an executive officer has engaged in fraudulent or intentional misconduct, the Board could
take action to remedy the misconduct, prevent its recurrence, and impose such discipline on the wrongdoers as would be
appropriate. Discipline would vary depending on the facts and circumstances, and may include, without limitation,
(1) termination of employment, (2) initiating an action for breach of fiduciary duty, and (3) if the misconduct resulted in a
restatement of the Company’s financial results, seeking reimbursement of any portion of performance-based or incentive
compensation paid or awarded to the executive that is greater than would have been paid or awarded if calculated based on the
restated financial results. These remedies would be in addition to, and not in lieu of, any actions imposed by law enforcement
agencies, regulators or other authorities.

ISC // 2015 INFORMATION STATEMENT // 18

Compensation for the Named Executive Officers in 2014

Company Performance

The specific compensation decisions made for each of the named executive officers for fiscal 2014 reflect the focus on the
performance of the Company against specific financial and operational measurements.

A significant portion of each of the named executive officer’s plan-based incentive compensation is based upon the Company’s
performance against the normalized corporate financial performance measures and weighting of 1) revenue based on budget
(34%), 2) operating margin based on budget (33%), and 3) capital allocation based on budget (33%). Based on the evaluation
of the Company’s performance against these measures in fiscal 2014, the payout of plan based non-equity incentives was at
93% of the targeted opportunity, with weighted performance of 34% for the revenue target, 26% for the operating margin target
and 33% for capital allocation based on budget. For fiscal 2014, the non-equity incentives further aligned earning opportunities
in support of overall business cost containment measures, as well as the execution of long term strategic growth measures such
as managing to budget our Daytona Rising project. Accordingly, and consistent with the Company's cost containment
initiatives, the plan-based non-equity incentive was capped at 75% of the usual earning potential for named executive officers.
Amounts described below regarding plan-based non-equity incentives are reflective of performance against this earning
opportunity. Potential awards of restricted stock made pursuant to our long-term incentive plan continued to be at 100% of
earning potential for the named executive officers.

For the named executive officers eligible for plan-based non-equity incentives, 100% of the earning potential for fiscal 2014
(which, as noted above, is 75% of the usual earning potential) was as follows: $291,625 for Ms. Kennedy; $114,173 for Mr.
Houser; $227,079 for Mr. Saunders; $72,838 for Mr. Wilson; and $84,186 for Mr. Chitwood. A more detailed analysis of our
financial and operational performance is contained in the Management’s Discussion & Analysis section of our 2014 Annual
Report on Form 10-K filed with the SEC.

CEO Compensation

In determining Ms. Kennedy’s base salary compensation for 2014, the Compensation Committee considered her performance
as CEO and the performance of the Company in fiscal 2014. In addition, the Compensation Committee considered general
trends of Company performance over the prior several years, outcomes related to growth and development activities and
strategic initiatives, market conditions, as well as the responsibilities of the position and her strategic value to the Company.
Ms. Kennedy and the Board continued to respond to the evolving economic conditions by focusing on the following
performance framework (1) outperforming in a tough environment, (2) maintaining and maximizing financial flexibility,
(3) optimizing sustainable cost containment and (4) protecting the Company’s reputation and long-term strategy. The
Committee determined that Ms. Kennedy performed at a high level resulting in a 3.0% increase in base salary for Ms. Kennedy
from the previous year.

The Compensation Committee believes that Ms. Kennedy performed well in 2014 by executing on the established performance
framework and in delivering a strong financial performance during a slow to recover economy. The Compensation Committee
believes that the Company’s fiscal 2014 reflected leadership decisions that effectively mitigated revenue deterioration with
sustainable cost containment, capital allocation discipline and execution against defined strategic initiatives, including meeting
financial and schedule metrics for the complete reconstruction of Daytona International Speedway, the Company's flagship
facility. In determining the bonus and incentive portions of her compensation for fiscal 2014, the Compensation Committee
determined that Ms. Kennedy performed at a high level. In light of Ms. Kennedy's performance, she received a total plan-
based non-equity incentive of $281,711, which was 97% of her $291,625 total target opportunity. This reflects a 93% payout
due to performance against the corporate financial performance measures, as well as an additional amount related to her
performance against individual goals set by the Compensation Committee. Ms. Kennedy also received 10,446 shares of
restricted stock (valued at $328,422 as of the May 1, 2014 grant date) for her fiscal year 2013 leadership performance. This
grant is pursuant to the established long-term incentive plan of the Company. The restricted stock is subject to a vesting
schedule, with 50% vesting in three years and the remainder vesting in five years. The final value will be determined on the
actual vesting date.

ISC // 2015 INFORMATION STATEMENT // 19

In addition, pursuant to the aforementioned fiscal year 2014 performance factors, the Compensation Committee determined that

Ms. Kennedy is eligible for a restricted stock award of 10,567 shares, the value of which will be determined based upon the

May 1, 2015 grant date. This grant is pursuant to the established long-term incentive plan and based on annual financial

performance of the Company.

Other Named Officers

In determining the base salary compensation of Mr. France, Mr. Saunders, Mr. Houser and Mr. Chitwood for fiscal 2014 the

Compensation Committee considered the same criteria as for the CEO. The Compensation Committee also considered the

recommendations based upon evaluation of individual functional area responsibilities and goals as submitted by the CEO.

The non-equity incentive plan compensation was determined with the criteria for effectively mitigating revenue deterioration

with sustainable cost containment, capital allocation discipline and execution against defined financial measures.

James C. France: In fiscal 2014, per Mr. France’s role as Chairman of the Board of Directors and Assistant Treasurer, and

adjusted responsibilities, he received no plan-based incentive and a $300 holiday cash bonus. Mr. France received an award of

4,897 shares of restricted stock (valued at $153,962 as of the May 1, 2014 grant date) for his fiscal year 2013 leadership

performance. The restricted stock is subject to a vesting schedule, with 50% vesting in three years and the remainder vesting in

five years. The final value will be determined on the actual vesting date.

Mr. France continues to provide the Company significant benefit from his business and industry expertise, experience and

leadership. The Compensation Committee recognizes Mr. France’s significant contribution and as such has determined that for

fiscal year 2014, he is eligible for a restricted stock award of 4,953 shares, the value of which will be determined based upon

the May 1, 2015 grant date. This grant is pursuant to the established long-term incentive plan of the Company.

John R. Saunders: Mr. Saunders, in his position as President, had financial objectives that focused on the overall performance

of the Company and were the same as Ms. Kennedy’s.

His strategic and operational goals included providing operational and leadership support for the Company’s strategy

development and execution against the Board approved strategic plan focusing on maintaining and growing the core business,

leveraging the core business and driving a top performing organization. Mr. Saunders led the Company’s core business growth

activities which included revenue generation and improving performance and cost competitiveness, and driving the

achievement of key financial and schedule deliverables for the complete reconstruction of Daytona International Speedway. In

fiscal 2014, Mr. Saunders led the Company in continuing to maintain cost containment initiatives.

Mr. Saunders' base salary increased 3.0% in fiscal 2014. The Compensation Committee assessment of Mr. Saunders’

performance in 2014 aligned to support his receiving a plan-based non-equity incentive of $219,358, which was reflective of

97% of his $227,079 total target opportunity. This reflects a 93% payout due to performance against the corporate financial

performance measures, as well as an additional amount related to his performance against individual goals set by the

Compensation Committee. Mr. Saunders also received 7,345 shares of restricted stock (valued at $230,926 as of the May 1,

2014 grant date) for his fiscal year 2013 leadership performance. This grant is pursuant to the established long-term incentive

plan of the Company. The restricted stock is subject to a vesting schedule, with 50% vesting in three years and the remainder

vesting in five years. The final value will be determined on the actual vesting date.

In addition, the Compensation Committee determined, based on Mr. Saunders’ significant performance in fiscal year 2014, that

he is eligible for a restricted stock award of 7,430 shares, the value of which will be determined upon the May 1, 2015 grant

date. This grant is pursuant to the established long-term incentive plan and based on annual financial performance of the

Company.

Daniel W. Houser: Mr. Houser has been our Chief Financial Officer since 2009 and is also a Senior Vice President of the

Company. Mr. Houser’s financial objectives, as the leader of our finance organization, focused on the overall performance of

the Company. His strategic and operational goals focused on providing operational support in achieving financial goals,

including serving as the process driver for maintaining the Company's cost containment deliverables, balance sheet

management, delivering on financial commitments for the Company's complete reconstruction of Daytona International

Speedway, and leading the Company’s relationship with rating agencies.

Compensation for the Named Executive Officers in 2014

Company Performance

The specific compensation decisions made for each of the named executive officers for fiscal 2014 reflect the focus on the

performance of the Company against specific financial and operational measurements.

A significant portion of each of the named executive officer’s plan-based incentive compensation is based upon the Company’s

performance against the normalized corporate financial performance measures and weighting of 1) revenue based on budget

(34%), 2) operating margin based on budget (33%), and 3) capital allocation based on budget (33%). Based on the evaluation

of the Company’s performance against these measures in fiscal 2014, the payout of plan based non-equity incentives was at

93% of the targeted opportunity, with weighted performance of 34% for the revenue target, 26% for the operating margin target

and 33% for capital allocation based on budget. For fiscal 2014, the non-equity incentives further aligned earning opportunities

in support of overall business cost containment measures, as well as the execution of long term strategic growth measures such

as managing to budget our Daytona Rising project. Accordingly, and consistent with the Company's cost containment

initiatives, the plan-based non-equity incentive was capped at 75% of the usual earning potential for named executive officers.

Amounts described below regarding plan-based non-equity incentives are reflective of performance against this earning

opportunity. Potential awards of restricted stock made pursuant to our long-term incentive plan continued to be at 100% of

earning potential for the named executive officers.

For the named executive officers eligible for plan-based non-equity incentives, 100% of the earning potential for fiscal 2014

(which, as noted above, is 75% of the usual earning potential) was as follows: $291,625 for Ms. Kennedy; $114,173 for Mr.

Houser; $227,079 for Mr. Saunders; $72,838 for Mr. Wilson; and $84,186 for Mr. Chitwood. A more detailed analysis of our

financial and operational performance is contained in the Management’s Discussion & Analysis section of our 2014 Annual

Report on Form 10-K filed with the SEC.

CEO Compensation

In determining Ms. Kennedy’s base salary compensation for 2014, the Compensation Committee considered her performance

as CEO and the performance of the Company in fiscal 2014. In addition, the Compensation Committee considered general

trends of Company performance over the prior several years, outcomes related to growth and development activities and

strategic initiatives, market conditions, as well as the responsibilities of the position and her strategic value to the Company.

Ms. Kennedy and the Board continued to respond to the evolving economic conditions by focusing on the following

performance framework (1) outperforming in a tough environment, (2) maintaining and maximizing financial flexibility,

(3) optimizing sustainable cost containment and (4) protecting the Company’s reputation and long-term strategy. The

Committee determined that Ms. Kennedy performed at a high level resulting in a 3.0% increase in base salary for Ms. Kennedy

from the previous year.

The Compensation Committee believes that Ms. Kennedy performed well in 2014 by executing on the established performance

framework and in delivering a strong financial performance during a slow to recover economy. The Compensation Committee

believes that the Company’s fiscal 2014 reflected leadership decisions that effectively mitigated revenue deterioration with

sustainable cost containment, capital allocation discipline and execution against defined strategic initiatives, including meeting

financial and schedule metrics for the complete reconstruction of Daytona International Speedway, the Company's flagship

facility. In determining the bonus and incentive portions of her compensation for fiscal 2014, the Compensation Committee

determined that Ms. Kennedy performed at a high level. In light of Ms. Kennedy's performance, she received a total plan-

based non-equity incentive of $281,711, which was 97% of her $291,625 total target opportunity. This reflects a 93% payout

due to performance against the corporate financial performance measures, as well as an additional amount related to her

performance against individual goals set by the Compensation Committee. Ms. Kennedy also received 10,446 shares of

restricted stock (valued at $328,422 as of the May 1, 2014 grant date) for her fiscal year 2013 leadership performance. This

grant is pursuant to the established long-term incentive plan of the Company. The restricted stock is subject to a vesting

schedule, with 50% vesting in three years and the remainder vesting in five years. The final value will be determined on the

actual vesting date.

In addition, pursuant to the aforementioned fiscal year 2014 performance factors, the Compensation Committee determined that
Ms. Kennedy is eligible for a restricted stock award of 10,567 shares, the value of which will be determined based upon the
May 1, 2015 grant date. This grant is pursuant to the established long-term incentive plan and based on annual financial
performance of the Company.

Other Named Officers

In determining the base salary compensation of Mr. France, Mr. Saunders, Mr. Houser and Mr. Chitwood for fiscal 2014 the
Compensation Committee considered the same criteria as for the CEO. The Compensation Committee also considered the
recommendations based upon evaluation of individual functional area responsibilities and goals as submitted by the CEO.

The non-equity incentive plan compensation was determined with the criteria for effectively mitigating revenue deterioration
with sustainable cost containment, capital allocation discipline and execution against defined financial measures.

James C. France: In fiscal 2014, per Mr. France’s role as Chairman of the Board of Directors and Assistant Treasurer, and
adjusted responsibilities, he received no plan-based incentive and a $300 holiday cash bonus. Mr. France received an award of
4,897 shares of restricted stock (valued at $153,962 as of the May 1, 2014 grant date) for his fiscal year 2013 leadership
performance. The restricted stock is subject to a vesting schedule, with 50% vesting in three years and the remainder vesting in
five years. The final value will be determined on the actual vesting date.

Mr. France continues to provide the Company significant benefit from his business and industry expertise, experience and
leadership. The Compensation Committee recognizes Mr. France’s significant contribution and as such has determined that for
fiscal year 2014, he is eligible for a restricted stock award of 4,953 shares, the value of which will be determined based upon
the May 1, 2015 grant date. This grant is pursuant to the established long-term incentive plan of the Company.

John R. Saunders: Mr. Saunders, in his position as President, had financial objectives that focused on the overall performance
of the Company and were the same as Ms. Kennedy’s.

His strategic and operational goals included providing operational and leadership support for the Company’s strategy
development and execution against the Board approved strategic plan focusing on maintaining and growing the core business,
leveraging the core business and driving a top performing organization. Mr. Saunders led the Company’s core business growth
activities which included revenue generation and improving performance and cost competitiveness, and driving the
achievement of key financial and schedule deliverables for the complete reconstruction of Daytona International Speedway. In
fiscal 2014, Mr. Saunders led the Company in continuing to maintain cost containment initiatives.

Mr. Saunders' base salary increased 3.0% in fiscal 2014. The Compensation Committee assessment of Mr. Saunders’
performance in 2014 aligned to support his receiving a plan-based non-equity incentive of $219,358, which was reflective of
97% of his $227,079 total target opportunity. This reflects a 93% payout due to performance against the corporate financial
performance measures, as well as an additional amount related to his performance against individual goals set by the
Compensation Committee. Mr. Saunders also received 7,345 shares of restricted stock (valued at $230,926 as of the May 1,
2014 grant date) for his fiscal year 2013 leadership performance. This grant is pursuant to the established long-term incentive
plan of the Company. The restricted stock is subject to a vesting schedule, with 50% vesting in three years and the remainder
vesting in five years. The final value will be determined on the actual vesting date.

In addition, the Compensation Committee determined, based on Mr. Saunders’ significant performance in fiscal year 2014, that
he is eligible for a restricted stock award of 7,430 shares, the value of which will be determined upon the May 1, 2015 grant
date. This grant is pursuant to the established long-term incentive plan and based on annual financial performance of the
Company.

Daniel W. Houser: Mr. Houser has been our Chief Financial Officer since 2009 and is also a Senior Vice President of the
Company. Mr. Houser’s financial objectives, as the leader of our finance organization, focused on the overall performance of
the Company. His strategic and operational goals focused on providing operational support in achieving financial goals,
including serving as the process driver for maintaining the Company's cost containment deliverables, balance sheet
management, delivering on financial commitments for the Company's complete reconstruction of Daytona International
Speedway, and leading the Company’s relationship with rating agencies.

ISC // 2015 INFORMATION STATEMENT // 20

Mr. Houser's base salary increased 3.0% in fiscal 2014. The Compensation Committee assessment of Mr. Houser’s
performance in fiscal 2014 aligned to support a non-equity incentive in the amount of $110,292, which was 97% of his
$114,173 total target opportunity. This reflects a 93% payout due to performance against the corporate financial performance
measures, as well as an additional amount related to his performance against individual goals set by the Compensation
Committee. Mr. Houser also received 5,121 shares of restricted stock (valued at $161,004 as of the May 1, 2014 grant date) for
his performance in fiscal year 2013. The restricted stock is subject to a vesting schedule, with 50% vesting in three years and
the remainder vesting in five years. The final value will be determined on the actual vesting date. This grant is pursuant to the
established long-term incentive plan of the Company.

In addition, the Compensation Committee determined, based on Mr. Houser’s fiscal year 2014 performance, that he is eligible
for a restricted stock award of 5,180 shares, the value of which will be determined upon the May 1, 2015 grant date. This grant
is pursuant to the established long-term incentive plan and based on annual financial performance of the Company.

Brian K. Wilson: Mr. Wilson, Vice President, Corporate Development, terminated employment with the Company effective
September 30, 2014. In addition to the Company's overall financial and strategic goals, Mr. Wilson also had goals and
objectives for his functional areas of responsibility. His strategic operational goals included oversight for corporate
development and strategic planning and executing to monetize the Company's real estate holdings. In light of senior
leadership's assessment of Mr. Wilson's performance during his tenure in fiscal 2014, he received a total non-equity incentive
in the amount of $65,555, which was 90% of his $72,838 total target opportunity. Mr. Wilson also received 2,938 shares of
restricted stock (valued at $92,371 as of the May 1, 2014 grant date) for his performance in fiscal year 2013. The restricted
stock is subject to a vesting schedule, with 50% vesting in three years and the remainder vesting in five years. The final value
will be determined on the actual vesting date. This grant is pursuant to the established long-term incentive plan of the
Company.

Mr. Wilson received no additional restricted stock for fiscal 2014 performance due to his exit from the Company prior to the
close of fiscal year 2014.

Joel S. Chitwood: Mr. Chitwood, in his position as Vice President of ISC and President of Daytona International Speedway,
had financial objectives that focused on the overall performance of the Company, as well as goals and objectives for his
functional area of responsibility in leading the strategic and revenue generation performance of Daytona International
Speedway. His strategic goals included creating brand interest and demand for product, as well as focusing on elements of
pricing strategies and margin rates to drive customer renewal and retention, and the overall guest experience. The
Compensation Committee, based on Mr. Chitwood's fiscal year 2014 performance, determined to support receiving a non-
equity incentive of $100,000 which was 119% of his $84,186 total target opportunity. This amount is reflective of his
successful undertaking of the Daytona Rising project, as well as continued operational performance of Daytona International
Speedway. Mr. Chitwood also received a grant of 3,754 shares of restricted stock (valued at $118,026 as of the May 1, 2014
grant date) for his fiscal year 2013 performance. The restricted stock is subject to a vesting schedule, with 50% vesting in three
years and the remainder vesting in five years. The final value will be determined on the actual vesting date. This grant is
pursuant to the established long-term incentive plan of the Company.

In addition, the Compensation Committee determined, based on his fiscal year 2014 performance, that Mr. Chitwood is eligible
for a restricted stock award of 3,795 shares, the value of which will be determined upon the May 1, 2015 grant date. This grant
is pursuant to the established long-term incentive plan and based on annual financial performance of the Company.

ISC // 2015 INFORMATION STATEMENT // 21

SUMMARY COMPENSATION TABLE

Name and Principal Position

Year

Salary ($)

Bonus (1) ($)

(2) ($)

2014 $

648,630 $

2013 $

629,908 $

2012 $

621,185 $

2014 $

331,134 $

2013 $

321,671 $

2014 $

416,551 $

2013 $

404,632 $

2012 $

401,602 $

2014 $

550,934 $

2013 $

535,076 $

Stock Awards

Non-Equity

Incentive Plan

Compensation

(3) ($)

All Other

Compensation

(4) ($)

Total ($)

300 $

250 $

200 $

300 $

328,422 $

310,096 $

281,711 $

175,542 $

19,077 $ 1,278,140

21,250 $ 1,137,096

482,235 $

159,146 $

21,148 $ 1,284,014

161,004 $

110,292 $

40,291 $

642,971

151,991 $

153,962 $

145,351 $

134,438 $

68,726 $

62,307 $

— $

37,646 $

580,234

31,443 $

613,634

21,926 $

592,739

33,934 $

584,217

26,108 $

562,448

230,927 $

219,358 $

43,158 $ 1,044,677

218,027 $

136,688 $

44,928 $

935,019

2012 $

317,231 $

20,200 $

182,453 $

2012 $

527,667 $

300 $

353,856 $

123,921 $

45,025 $ 1,050,769

2014 $

247,464

—

92,371

65,555

332,062

737,452

2014 $

312,090 $

100 $

118,026 $

100,000 $

39,389 $

569,605

2013 $

300,454 $

100 $

111,429 $

68,904 $

33,186 $

514,073

Lesa France Kennedy

Vice Chairman and

CEO

Daniel W. Houser

SVP, CFO,

Treasurer

James C. France

Chairman and Asst.

Treasurer

John R. Saunders

President

Brian K. Wilson

Vice President,

Corporate Development

Joel S. Chitwood

President - Daytona

International Speedway

(1) Amounts shown in this column represent amounts for a small holiday bonus based on seniority. Mr. Houser received a

cash bonus of $20,000 for services performed during fiscal 2012.

(2) Amounts shown in this column represent stock awards made to each of the named executives pursuant to our 2006

Long-Term Incentive Plan as a result of the executives' prior fiscal year performance. All amounts reflected are as of the

grant date. For further information on these awards, please see the discussion labeled “Compensation for the Named

Executive Officers in 2014” beginning on page 19 herein. For fiscal 2012, amounts shown in this column also include

stock awards pursuant to our 2006 Long-Term Incentive Plan made to Ms. Kennedy and Messrs. Houser and Saunders

due to the suspension of the fiscal year 2011 cash bonus. The amounts for Stock Awards reflect the aggregate grant date

fair value of such awards, computed in accordance with Financial Accounting Standards Board ASC Topic 718. See

Note 13 — Long-Term Stock Incentive Plan to the Consolidated Financial Statements in our fiscal 2014 Annual Report

on Form 10-K for additional information concerning this plan and related Stock Awards and valuation assumptions.

(3)

For additional information on our annual incentive compensation plan for management, please see the discussion labeled

“Compensation for the Named Executive Officers in 2014” beginning on page 19 herein.

(4) Amounts shown under the “All Other Compensation” column represent amounts paid for basic employee benefits

available to all employees (i.e. group life insurance, accidental death and dismemberment insurance, group health

insurance, long term disability insurance, and short term disability coverage), the annual lease value of Company-

provided vehicles, travel related costs of guests in connection with attending events at the motorsports entertainment

facilities operated by the Company, a NASCAR banquet, other business related travel, as well as other personal travel,

and 401(K) contributions. Although the coverage limits for Life Insurance and long term disability are different for

officers, the cost incurred by the Company to provide the executive benefit is the same as the cost for basic employee

benefits. Mr. Wilson's "All Other Compensation" includes a severance payment in the amount of $303,493 made in

accordance with a fully executed Separation Agreement and General Release. Mr. Wilson's satisfaction of performance

Mr. Houser's base salary increased 3.0% in fiscal 2014. The Compensation Committee assessment of Mr. Houser’s

SUMMARY COMPENSATION TABLE

performance in fiscal 2014 aligned to support a non-equity incentive in the amount of $110,292, which was 97% of his

$114,173 total target opportunity. This reflects a 93% payout due to performance against the corporate financial performance

measures, as well as an additional amount related to his performance against individual goals set by the Compensation

Committee. Mr. Houser also received 5,121 shares of restricted stock (valued at $161,004 as of the May 1, 2014 grant date) for

his performance in fiscal year 2013. The restricted stock is subject to a vesting schedule, with 50% vesting in three years and

the remainder vesting in five years. The final value will be determined on the actual vesting date. This grant is pursuant to the

established long-term incentive plan of the Company.

In addition, the Compensation Committee determined, based on Mr. Houser’s fiscal year 2014 performance, that he is eligible

for a restricted stock award of 5,180 shares, the value of which will be determined upon the May 1, 2015 grant date. This grant

is pursuant to the established long-term incentive plan and based on annual financial performance of the Company.

Brian K. Wilson: Mr. Wilson, Vice President, Corporate Development, terminated employment with the Company effective

September 30, 2014. In addition to the Company's overall financial and strategic goals, Mr. Wilson also had goals and

objectives for his functional areas of responsibility. His strategic operational goals included oversight for corporate

development and strategic planning and executing to monetize the Company's real estate holdings. In light of senior

leadership's assessment of Mr. Wilson's performance during his tenure in fiscal 2014, he received a total non-equity incentive

in the amount of $65,555, which was 90% of his $72,838 total target opportunity. Mr. Wilson also received 2,938 shares of

restricted stock (valued at $92,371 as of the May 1, 2014 grant date) for his performance in fiscal year 2013. The restricted

stock is subject to a vesting schedule, with 50% vesting in three years and the remainder vesting in five years. The final value

will be determined on the actual vesting date. This grant is pursuant to the established long-term incentive plan of the

Mr. Wilson received no additional restricted stock for fiscal 2014 performance due to his exit from the Company prior to the

Company.

close of fiscal year 2014.

Joel S. Chitwood: Mr. Chitwood, in his position as Vice President of ISC and President of Daytona International Speedway,

had financial objectives that focused on the overall performance of the Company, as well as goals and objectives for his

functional area of responsibility in leading the strategic and revenue generation performance of Daytona International

Speedway. His strategic goals included creating brand interest and demand for product, as well as focusing on elements of

pricing strategies and margin rates to drive customer renewal and retention, and the overall guest experience. The

Compensation Committee, based on Mr. Chitwood's fiscal year 2014 performance, determined to support receiving a non-

equity incentive of $100,000 which was 119% of his $84,186 total target opportunity. This amount is reflective of his

successful undertaking of the Daytona Rising project, as well as continued operational performance of Daytona International

Speedway. Mr. Chitwood also received a grant of 3,754 shares of restricted stock (valued at $118,026 as of the May 1, 2014

grant date) for his fiscal year 2013 performance. The restricted stock is subject to a vesting schedule, with 50% vesting in three

years and the remainder vesting in five years. The final value will be determined on the actual vesting date. This grant is

pursuant to the established long-term incentive plan of the Company.

In addition, the Compensation Committee determined, based on his fiscal year 2014 performance, that Mr. Chitwood is eligible

for a restricted stock award of 3,795 shares, the value of which will be determined upon the May 1, 2015 grant date. This grant

is pursuant to the established long-term incentive plan and based on annual financial performance of the Company.

Name and Principal Position
Lesa France Kennedy
Vice Chairman and
CEO

Daniel W. Houser
SVP, CFO,
Treasurer

James C. France
Chairman and Asst.
Treasurer

John R. Saunders
President

Brian K. Wilson
Vice President,
Corporate Development
Joel S. Chitwood
President - Daytona
International Speedway

Salary ($)

Bonus (1) ($)

Year
2014 $
2013 $
2012 $
2014 $
2013 $
2012 $
2014 $
2013 $
2012 $
2014 $
2013 $
2012 $
2014 $

648,630 $
629,908 $
621,185 $
331,134 $
321,671 $
317,231 $
416,551 $
404,632 $
401,602 $
550,934 $
535,076 $
527,667 $
$
247,464

Stock Awards
(2) ($)
328,422 $
310,096 $
482,235 $
161,004 $
151,991 $
182,453 $
153,962 $
145,351 $
134,438 $
230,927 $
218,027 $
353,856 $
$
92,371

300 $
300 $
300 $
250 $
200 $
20,200 $
300 $
300 $
300 $
300 $
300 $
300 $
$
—

Non-Equity
Incentive Plan
Compensation
(3) ($)

All Other
Compensation
(4) ($)

Total ($)

281,711 $
175,542 $
159,146 $
110,292 $
68,726 $
62,307 $
— $
— $
— $
219,358 $
136,688 $
123,921 $
$
65,555

19,077 $ 1,278,140
21,250 $ 1,137,096
21,148 $ 1,284,014
642,971
40,291 $
580,234
37,646 $
613,634
31,443 $
592,739
21,926 $
33,934 $
584,217
562,448
26,108 $
43,158 $ 1,044,677
44,928 $
935,019
45,025 $ 1,050,769
737,452
332,062

2014 $
2013 $

312,090 $
300,454 $

100 $
100 $

118,026 $
111,429 $

100,000 $
68,904 $

39,389 $
33,186 $

569,605
514,073

(1) Amounts shown in this column represent amounts for a small holiday bonus based on seniority. Mr. Houser received a

cash bonus of $20,000 for services performed during fiscal 2012.

(2) Amounts shown in this column represent stock awards made to each of the named executives pursuant to our 2006

Long-Term Incentive Plan as a result of the executives' prior fiscal year performance. All amounts reflected are as of the
grant date. For further information on these awards, please see the discussion labeled “Compensation for the Named
Executive Officers in 2014” beginning on page 19 herein. For fiscal 2012, amounts shown in this column also include
stock awards pursuant to our 2006 Long-Term Incentive Plan made to Ms. Kennedy and Messrs. Houser and Saunders
due to the suspension of the fiscal year 2011 cash bonus. The amounts for Stock Awards reflect the aggregate grant date
fair value of such awards, computed in accordance with Financial Accounting Standards Board ASC Topic 718. See
Note 13 — Long-Term Stock Incentive Plan to the Consolidated Financial Statements in our fiscal 2014 Annual Report
on Form 10-K for additional information concerning this plan and related Stock Awards and valuation assumptions.

(3)

For additional information on our annual incentive compensation plan for management, please see the discussion labeled
“Compensation for the Named Executive Officers in 2014” beginning on page 19 herein.

(4) Amounts shown under the “All Other Compensation” column represent amounts paid for basic employee benefits
available to all employees (i.e. group life insurance, accidental death and dismemberment insurance, group health
insurance, long term disability insurance, and short term disability coverage), the annual lease value of Company-
provided vehicles, travel related costs of guests in connection with attending events at the motorsports entertainment
facilities operated by the Company, a NASCAR banquet, other business related travel, as well as other personal travel,
and 401(K) contributions. Although the coverage limits for Life Insurance and long term disability are different for
officers, the cost incurred by the Company to provide the executive benefit is the same as the cost for basic employee
benefits. Mr. Wilson's "All Other Compensation" includes a severance payment in the amount of $303,493 made in
accordance with a fully executed Separation Agreement and General Release. Mr. Wilson's satisfaction of performance

ISC // 2015 INFORMATION STATEMENT // 22

(3)

The targeted number of shares is fixed by the Compensation Committee and represents a specified earning opportunity

for the named executive officer’s annual base salary based upon the average price of our publicly traded shares during

the fiscal year prior to the establishment of the share target. This targeted share award amount is communicated to the

named executive officers during the second quarter of our fiscal year. Upon completion of the fiscal year and the

financial audit, our normalized performance against the financial performance measures is evaluated, a percentage of the

targeted award to be actually awarded is determined, reviewed and approved by the Compensation Committee and the

restricted shares are issued in the name of the named executive officers on May 1 following the completion of the fiscal

year. The maximum amount of the award is 1.5 times the target. In 2014, payout of the award was determined by actual

performance against the budgeted normalized corporate financial performance measures approved by the Board. The

approved measurements are weighted to calculate the total target, detailed as follows: (1) Revenue, (2) Operating Margin

and (3) Capital Allocation.

(4)

The Grant Date Fair Value of Stock and Option Awards reflects the aggregate grant date fair value of the restricted stock

granted pursuant to our 2006 Long-Term Incentive Plan computed in accordance with Financial Accounting Standards

Board ASC Topic 718. See Note 13 – Long-Term Stock Incentive Plan to the Consolidated Financial Statements in our

fiscal 2014 Annual Report on Form 10-K for additional information concerning this plan and related Stock Awards and

valuation assumptions.

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

Name

Lesa France Kennedy

Daniel W. Houser

James C. France

John R. Saunders

Brian K. Wilson

Joel S. Chitwood

Stock Awards

Number of Shares of

Stock That Have Not

Vested (1)(#)

Market Value of

Shares of Stock

That Have Not

Vested (2)($)

43,034

18,646

16,751

30,802

12,088

14,354

1,346,104

583,247

523,971

963,487

378,113

448,993

objectives in the sale of the Company's Staten Island property was a consideration included in the terms of such
agreement.

GRANTS OF PLAN-BASED AWARDS

Name

Lesa France
Kennedy
Daniel W.
Houser

James C.
France

John R.
Saunders

Brian K.
Wilson

Joel S.
Chitwood

Grant
Date

11/30/14
05/01/14
11/30/14
05/01/14
11/30/14
05/01/14
11/30/14
05/01/14
11/30/14
05/01/14
11/30/14
05/01/14

Author-
ization
Date

11/04/14
01/29/14
11/04/14
01/29/14
11/04/14
01/29/14
11/04/14
01/29/14
11/04/14
01/29/14
11/04/14
01/29/14

Estimated Future Payouts Under
Non-Equity Incentive Plan Awards
Thres-
hold
(1)($)
$ —

Maximum
($)
$ 437,437

Target
(2)($)
$ 291,625

Estimated Future Payouts
Under Equity Incentive Plan
Awards

Thres-
hold
(1)($)

Target
(3)($)

Maximum
($)

All Other
Stock
Awards:
Number
of Shares
of Stock
(#)

Grant
Date
Fair
Value of Stock
and
Option
Awards
(4)($)

$ —

$ 342,915

$ 514,372

—

328,422

$ —

$ 114,173

$ 171,259

$ —

—

$ —

$ 227,078

$ 340,167

$ —

$ 72,838

$ 109,257

$ —

$ 84,186

$ 126,279

$ —

$ 168,086

$ 252,129

—

161,004

$ —

$ 160,741

$ 241,111

—

153,962

$ —

$ 241,112

$ 361,668

—

230,927

$ —

—

92,371

$ —

$ 123,132

$ 184,698

—

118,026

(1) No thresholds are provided for in the applicable plan. The final award is determined through a calculation based on the
weighted measurements as described below, and using the same formula as the equity based cash payout along with a
discretionary amount based on performance against individual goals and achievement.

(2)

For fiscal 2014, a significant portion of the named executive officer’s plan-based non-equity incentive compensation is
based upon the Company’s actual performance against the budgeted normalized corporate financial performance
measures approved by the Board. The approved measurements are weighted to calculate the total target, detailed as
follows: (1) Revenue 34%, (2) Operating Margin 33%, and (3) Capital Allocation metrics 33%. The calculated variance
percentage of actual performance compared to budgeted performance is then used to determine the percentage payout for
each respective measure, as represented in Table 1. Based on the evaluation of the Company’s performance against these
measures for fiscal 2014, the portion of each named executive officer’s plan-based incentive compensation was set at
93% of the targeted opportunity, with weighted performance of 34% for the revenue target, 26% for the operating
margin target and 33% for the capital allocation target. A more detailed analysis of our financial and operational
performance is contained in the Management’s Discussion & Analysis section of our 2014 Annual Report on Form 10-K
filed with the SEC.

Table 1

Percent Variance
> + 10%
> 0.0%
< - 2.5%
< - 5.0%
< - 6.5%
< - 8.5%
< - 10.0%
> 10.0%

ISC // 2015 INFORMATION STATEMENT // 23

Payout

Discretionary
100 %
90 %
80 %
70 %
60 %
50 %

0 %

objectives in the sale of the Company's Staten Island property was a consideration included in the terms of such

(3)

agreement.

GRANTS OF PLAN-BASED AWARDS

The targeted number of shares is fixed by the Compensation Committee and represents a specified earning opportunity
for the named executive officer’s annual base salary based upon the average price of our publicly traded shares during
the fiscal year prior to the establishment of the share target. This targeted share award amount is communicated to the
named executive officers during the second quarter of our fiscal year. Upon completion of the fiscal year and the
financial audit, our normalized performance against the financial performance measures is evaluated, a percentage of the
targeted award to be actually awarded is determined, reviewed and approved by the Compensation Committee and the
restricted shares are issued in the name of the named executive officers on May 1 following the completion of the fiscal
year. The maximum amount of the award is 1.5 times the target. In 2014, payout of the award was determined by actual
performance against the budgeted normalized corporate financial performance measures approved by the Board. The
approved measurements are weighted to calculate the total target, detailed as follows: (1) Revenue, (2) Operating Margin
and (3) Capital Allocation.

(4)

The Grant Date Fair Value of Stock and Option Awards reflects the aggregate grant date fair value of the restricted stock
granted pursuant to our 2006 Long-Term Incentive Plan computed in accordance with Financial Accounting Standards
Board ASC Topic 718. See Note 13 – Long-Term Stock Incentive Plan to the Consolidated Financial Statements in our
fiscal 2014 Annual Report on Form 10-K for additional information concerning this plan and related Stock Awards and
valuation assumptions.

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

Name
Lesa France Kennedy
Daniel W. Houser
James C. France
John R. Saunders
Brian K. Wilson
Joel S. Chitwood

Stock Awards

Number of Shares of
Stock That Have Not
Vested (1)(#)
43,034
18,646
16,751
30,802
12,088
14,354

$
$
$
$
$
$

Market Value of
Shares of Stock
That Have Not
Vested (2)($)

1,346,104
583,247
523,971
963,487
378,113
448,993

Estimated Future Payouts Under

Non-Equity Incentive Plan Awards

Estimated Future Payouts

Under Equity Incentive Plan

Awards

Grant

Date

Author-

ization

Date

Thres-

hold

(1)($)

Target

(2)($)

Maximum

($)

Target

(3)($)

Maximum

($)

Thres-

hold

(1)($)

All Other

Stock

Awards:

Number

of Shares

of Stock

(#)

Value of Stock

Grant

Date

Fair

and

Option

Awards

(4)($)

11/30/14

05/01/14

11/04/14

01/29/14

11/30/14

05/01/14

11/04/14

01/29/14

11/30/14

05/01/14

11/04/14

01/29/14

11/30/14

05/01/14

11/04/14

01/29/14

11/30/14

05/01/14

11/04/14

01/29/14

11/30/14

05/01/14

11/04/14

01/29/14

$ —

$ 291,625

$ 437,437

$ —

$ 114,173

$ 171,259

$ —

—

$ —

$ 227,078

$ 340,167

$ —

$ 72,838

$ 109,257

$ —

$ 84,186

$ 126,279

$ —

$ 342,915

$ 514,372

—

328,422

$ —

$ 168,086

$ 252,129

—

161,004

$ —

$ 160,741

$ 241,111

—

153,962

$ —

$ 241,112

$ 361,668

—

230,927

$ —

—

92,371

$ —

$ 123,132

$ 184,698

—

118,026

Name

Lesa France

Kennedy

Daniel W.

Houser

James C.

France

John R.

Saunders

Brian K.

Wilson

Joel S.

Chitwood

(1) No thresholds are provided for in the applicable plan. The final award is determined through a calculation based on the

weighted measurements as described below, and using the same formula as the equity based cash payout along with a

discretionary amount based on performance against individual goals and achievement.

(2)

For fiscal 2014, a significant portion of the named executive officer’s plan-based non-equity incentive compensation is

based upon the Company’s actual performance against the budgeted normalized corporate financial performance

measures approved by the Board. The approved measurements are weighted to calculate the total target, detailed as

follows: (1) Revenue 34%, (2) Operating Margin 33%, and (3) Capital Allocation metrics 33%. The calculated variance

percentage of actual performance compared to budgeted performance is then used to determine the percentage payout for

each respective measure, as represented in Table 1. Based on the evaluation of the Company’s performance against these

measures for fiscal 2014, the portion of each named executive officer’s plan-based incentive compensation was set at

93% of the targeted opportunity, with weighted performance of 34% for the revenue target, 26% for the operating

margin target and 33% for the capital allocation target. A more detailed analysis of our financial and operational

performance is contained in the Management’s Discussion & Analysis section of our 2014 Annual Report on Form 10-K

filed with the SEC.

Table 1

Percent Variance

> + 10%

> 0.0%

< - 2.5%

< - 5.0%

< - 6.5%

< - 8.5%

< - 10.0%

> 10.0%

Payout

Discretionary

100 %

90 %

80 %

70 %

60 %

50 %

0 %

ISC // 2015 INFORMATION STATEMENT // 24

(1)

The table below shows the vesting dates for the number of shares of common stock underlying unvested restricted stock
grants reflected in the Number of Shares of Stock That Have Not Vested column:

OPTION EXERCISES AND STOCK VESTED

Name

Lesa France Kennedy

Daniel W. Houser

James C. France

John R. Saunders

Brian K. Wilson

Joel S. Chitwood

Vesting Date

05/01/2015
05/01/2016
05/01/2017
05/01/2018
05/01/2019
05/01/2015
05/01/2016
05/01/2017
05/01/2018
05/01/2019
05/01/2015
05/01/2016
05/01/2017
05/01/2018
05/01/2019
05/01/2015
05/01/2016
05/01/2017
05/01/2018
05/01/2019
05/01/2015
05/01/2016
05/01/2017
05/01/2018
05/01/2019
05/01/2015
05/01/2016
05/01/2017
05/01/2018
05/01/2019

Restricted Stock

11,062
7,775
14,257
4,717
5,223
4,241
3,554
5,979
2,312
2,560
3,485
3,640
4,967
2,211
2,448
8,034
5,478
10,302
3,316
3,672
2,896
2,385
3,802
1,536
1,469
3,462
2,544
4,776
1,695
1,877

(2) Amounts are calculated by multiplying $31.28, the closing price of our common stock on November 28, 2014, by the

that these shares will vest in accordance with the original vesting schedule.

applicable number of shares.

(3) Amounts are calculated by multiplying $31.28, the closing price of our common stock on November 28, 2014, by the

Stock Awards

Number of

Acquired on

Vesting (#)

4,343

1,808

3,568

3,010

1,230

849

Value Realized on

Vesting (1) ($)

139,818

58,287

117,630

96,799

39,643

26,693

Number of Shares of

Stock That Have Not

Payment upon a

Change-in-Control

Vested (#)

(3)($)

43,034

18,646

16,751

30,802

12,088

14,354

1,346,104

583,247

523,971

963,487

378,113

448,993

Name

Lesa France Kennedy

Daniel W. Houser

James C. France

John R. Saunders

Brian K. Wilson

Joel S. Chitwood

Name

Lesa France Kennedy (1)

Daniel W. Houser (1)

James C. France (1)

John R. Saunders (1)

Brian K. Wilson (2)

Joel S. Chitwood (1)

February 11, 2010.

applicable number of shares.

COMPENSATION OF DIRECTORS

We pay our non-employee directors:

a $20,000 annual cash fee;

(cid:127)

attended;

(1) Amounts are calculated by multiplying the number of shares vesting by the market value of our common stock on the

dates of stock vesting, 4/1/2014 and 5/1/2014, which were $33.99 and $31.44, respectively.

POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE-IN-CONTROL

The only potential payments for any of the named executive officers are related to the unvested shares of restricted stock as

shown in the Outstanding Equity Awards at Fiscal Year End above. Upon the occurrence of a change of control as defined in

the individual participant plans for all participants in the restricted stock incentive program all of the unvested shares would

immediately vest for each participant. There are no other arrangements to be disclosed pursuant to this item.

(1) Change-in-Control is defined in the individual participant plans for all participants in the restricted stock incentive

program. A copy of the plan is on file with the SEC in connection with our Form S-8 registration statement, filed on

(2) Mr. Wilson terminated employment with the Company effective September 30, 2014. Notwithstanding such

termination, in accordance with a fully executed Separation Agreement and General Release, the Company has agreed

an annual grant of restricted Class A common stock in an amount equal to $30,000 based on the stock price on the

grant date of such restricted stock;

a cash fee of $750 for each meeting of the board of directors attended;

a cash fee of $500 for each meeting of each committee (other than the Audit Committee) of the board of directors

ISC // 2015 INFORMATION STATEMENT // 25

Daniel W. Houser

James C. France

John R. Saunders

Brian K. Wilson

Joel S. Chitwood

Vesting Date

05/01/2015

05/01/2016

05/01/2017

05/01/2018

05/01/2019

05/01/2015

05/01/2016

05/01/2017

05/01/2018

05/01/2019

05/01/2015

05/01/2016

05/01/2017

05/01/2018

05/01/2019

05/01/2015

05/01/2016

05/01/2017

05/01/2018

05/01/2019

05/01/2015

05/01/2016

05/01/2017

05/01/2018

05/01/2019

05/01/2015

05/01/2016

05/01/2017

05/01/2018

05/01/2019

11,062

7,775

14,257

4,717

5,223

4,241

3,554

5,979

2,312

2,560

3,485

3,640

4,967

2,211

2,448

8,034

5,478

3,316

3,672

2,896

2,385

3,802

1,536

1,469

3,462

2,544

4,776

1,695

1,877

10,302

(2) Amounts are calculated by multiplying $31.28, the closing price of our common stock on November 28, 2014, by the

applicable number of shares.

(1)

The table below shows the vesting dates for the number of shares of common stock underlying unvested restricted stock

OPTION EXERCISES AND STOCK VESTED

grants reflected in the Number of Shares of Stock That Have Not Vested column:

Name

Lesa France Kennedy

Restricted Stock

Name
Lesa France Kennedy
Daniel W. Houser
James C. France
John R. Saunders
Brian K. Wilson
Joel S. Chitwood

Stock Awards

Number of
Shares
Acquired on
Vesting (#)
4,343
1,808
3,568
3,010
1,230
849

$
$
$
$
$
$

Value Realized on
Vesting (1) ($)

139,818
58,287
117,630
96,799
39,643
26,693

(1) Amounts are calculated by multiplying the number of shares vesting by the market value of our common stock on the

dates of stock vesting, 4/1/2014 and 5/1/2014, which were $33.99 and $31.44, respectively.

POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE-IN-CONTROL

The only potential payments for any of the named executive officers are related to the unvested shares of restricted stock as
shown in the Outstanding Equity Awards at Fiscal Year End above. Upon the occurrence of a change of control as defined in
the individual participant plans for all participants in the restricted stock incentive program all of the unvested shares would
immediately vest for each participant. There are no other arrangements to be disclosed pursuant to this item.

Name
Lesa France Kennedy (1)
Daniel W. Houser (1)
James C. France (1)
John R. Saunders (1)
Brian K. Wilson (2)
Joel S. Chitwood (1)

Number of Shares of
Stock That Have Not
Vested (#)
43,034
18,646
16,751
30,802
12,088
14,354

$
$
$
$
$
$

Payment upon a
Change-in-Control
(3)($)

1,346,104
583,247
523,971
963,487
378,113
448,993

(1) Change-in-Control is defined in the individual participant plans for all participants in the restricted stock incentive

program. A copy of the plan is on file with the SEC in connection with our Form S-8 registration statement, filed on
February 11, 2010.

(2) Mr. Wilson terminated employment with the Company effective September 30, 2014. Notwithstanding such

termination, in accordance with a fully executed Separation Agreement and General Release, the Company has agreed
that these shares will vest in accordance with the original vesting schedule.

(3) Amounts are calculated by multiplying $31.28, the closing price of our common stock on November 28, 2014, by the

applicable number of shares.

COMPENSATION OF DIRECTORS

We pay our non-employee directors:

(cid:127)

a $20,000 annual cash fee;

an annual grant of restricted Class A common stock in an amount equal to $30,000 based on the stock price on the
grant date of such restricted stock;

a cash fee of $750 for each meeting of the board of directors attended;

a cash fee of $500 for each meeting of each committee (other than the Audit Committee) of the board of directors
attended;

ISC // 2015 INFORMATION STATEMENT // 26

(cid:127) members of the Audit Committee are paid a cash fee of $750 for each meeting of the Audit Committee attended; and

As of November 30, 2014 the non-employee directors held the following shares of restricted stock and stock options to acquire

(cid:127)

the chairman of the Audit Committee is paid an additional $5,000 annual cash fee.

shares of our Class A common stock:

The number of restricted shares granted to each non-employee director are determined by dividing a dollar amount by the per-
share closing price of our Class A common stock on the date of grant (rounded to the nearest whole share). These stock awards
are issued pursuant to the 2006 Long-Term Stock Incentive Plan and vest after one year. All meeting fees are paid at the time
of the meeting.

In addition, we also reimburse non-employee directors for all expenses incurred in the performance of their duties.

No non-employee director received perquisites and personal benefits with a total value of $10,000 or more during the fiscal
year ended November 30, 2014.

During fiscal 2012, the Board adopted share ownership guidelines applicable to non-employee directors. The guidelines
provide that non-employee directors should, upon the later of (a) three years after the adoption of the guidelines in April 2012,
and (b) three years of becoming a director, own and hold a minimum of common stock of the Company with a market value of
at least $90,000. Each such non-employee director is required to maintain that level of stock ownership for so long as he or she
serves on the Board. Restricted shares issued by the Company to a non-employee director are counted for purposes of
determining a non-employee director's ownership.

Name

Larry Aiello, Jr.

J. Hyatt Brown

Edsel B. Ford, II

Brian Z. France

William P. Graves

Sonia Green

Christy F. Harris

Morteza Hosseini-Kargar

Larry Woodard

Aggregate Option

Awards

Outstanding at

11/30/2014 (1)(#)

Number of Shares

of Stock That Have

Not Vested (1)(#)

9,423

4,564

10,929

15,026

9,689

—

12,394

11,839

—

902

DIRECTOR COMPENSATION TABLE

Name
Larry Aiello, Jr.
J. Hyatt Brown
Edsel B. Ford, II
Brian Z. France
William P. Graves
Sonia Green
Christy F. Harris
Morteza Hosseini-Kargar
Larry Woodard

Fees Earned or
Paid in Cash ($)(1)

Stock Awards
($)(2)

Total ($)

$
$
$
$
$
$
$
$
$

35,000 $
29,750 $
26,250 $
22,250 $
28,500 $
24,250 $
26,250 $
25,750 $
24,250 $

30,019 $
30,019 $
30,019 $
30,019 $
30,019 $
30,019 $
30,019 $
30,019 $
30,019 $

65,019
59,769
56,269
52,269
58,519
54,269
56,269
55,769
54,269

(1) Amounts shown in the “Fees Earned or Paid in Cash” column represent the sum of all annual fee and meeting fee cash

payments made to the indicated non-employee directors during the fiscal year ended November 30, 2014. It does not
include any expense reimbursement.

(2)

Stock Awards were granted pursuant to our 2006 Long-Term Incentive Plan. The amounts for Stock Awards reflect the
aggregate grant date fair value of such awards, computed in accordance with Financial Accounting Standards Board
ASC Topic 718. See Note 13 — Long-Term Incentive Plan to the Consolidated Financial Statements in our fiscal
2014 Annual Report on Form 10-K for additional information concerning this plan and related Stock Awards and
valuation assumptions.

ISC // 2015 INFORMATION STATEMENT // 27

(1)

Stock and Option Awards were granted pursuant to our 2006 Long-Term Incentive Plan. See also Note 13 — Long-

Term Stock Incentive Plan to the Consolidated Financial Statements in our fiscal year 2014 Annual Report on Form 10-

K for additional information concerning this plan and related Stock and Option Awards and valuation assumptions.

COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION

The Compensation Committee members whose names appear on the Compensation Committee Report below were committee

members during all of fiscal year 2014. No member of the Compensation Committee is or has been a former or current

executive officer of the Company or had any relationships requiring disclosure by the Company under the SEC’s rules

requiring disclosure of certain relationships and related party transactions. None of the Company’s executive officers served as

a director or a member of a compensation committee (or other committee serving an equivalent function) of any other entity

that has or has had one or more executive officers who served as a director or member of the Compensation Committee during

the fiscal year ended November 30, 2014.

COMPENSATION COMMITTEE REPORT

The Compensation Committee has reviewed and discussed the Compensation Discussion and Analysis with management and

recommended to the board of directors that the Compensation Discussion and Analysis be included in this information

statement and our annual report on Form 10-K.

Edsel B. Ford, II

William P. Graves

Larry D. Woodard

(cid:127) members of the Audit Committee are paid a cash fee of $750 for each meeting of the Audit Committee attended; and

(cid:127)

the chairman of the Audit Committee is paid an additional $5,000 annual cash fee.

As of November 30, 2014 the non-employee directors held the following shares of restricted stock and stock options to acquire
shares of our Class A common stock:

The number of restricted shares granted to each non-employee director are determined by dividing a dollar amount by the per-

share closing price of our Class A common stock on the date of grant (rounded to the nearest whole share). These stock awards

are issued pursuant to the 2006 Long-Term Stock Incentive Plan and vest after one year. All meeting fees are paid at the time

of the meeting.

In addition, we also reimburse non-employee directors for all expenses incurred in the performance of their duties.

No non-employee director received perquisites and personal benefits with a total value of $10,000 or more during the fiscal

year ended November 30, 2014.

During fiscal 2012, the Board adopted share ownership guidelines applicable to non-employee directors. The guidelines

provide that non-employee directors should, upon the later of (a) three years after the adoption of the guidelines in April 2012,

and (b) three years of becoming a director, own and hold a minimum of common stock of the Company with a market value of

at least $90,000. Each such non-employee director is required to maintain that level of stock ownership for so long as he or she

serves on the Board. Restricted shares issued by the Company to a non-employee director are counted for purposes of

determining a non-employee director's ownership.

DIRECTOR COMPENSATION TABLE

Name

Larry Aiello, Jr.

J. Hyatt Brown

Edsel B. Ford, II

Brian Z. France

William P. Graves

Sonia Green

Christy F. Harris

Morteza Hosseini-Kargar

Larry Woodard

Fees Earned or

Paid in Cash ($)(1)

Stock Awards

($)(2)

Total ($)

35,000 $

29,750 $

26,250 $

22,250 $

28,500 $

24,250 $

26,250 $

25,750 $

24,250 $

30,019 $

65,019

59,769

56,269

52,269

58,519

54,269

56,269

55,769

54,269

(1) Amounts shown in the “Fees Earned or Paid in Cash” column represent the sum of all annual fee and meeting fee cash

payments made to the indicated non-employee directors during the fiscal year ended November 30, 2014. It does not

include any expense reimbursement.

(2)

Stock Awards were granted pursuant to our 2006 Long-Term Incentive Plan. The amounts for Stock Awards reflect the

aggregate grant date fair value of such awards, computed in accordance with Financial Accounting Standards Board

ASC Topic 718. See Note 13 — Long-Term Incentive Plan to the Consolidated Financial Statements in our fiscal

2014 Annual Report on Form 10-K for additional information concerning this plan and related Stock Awards and

valuation assumptions.

Name
Larry Aiello, Jr.
J. Hyatt Brown
Edsel B. Ford, II
Brian Z. France
William P. Graves
Sonia Green
Christy F. Harris
Morteza Hosseini-Kargar
Larry Woodard

Aggregate Option
Awards
Outstanding at
11/30/2014 (1)(#)
9,423
4,564
10,929
15,026
9,689
—
12,394
11,839
—

Number of Shares
of Stock That Have
Not Vested (1)(#)
902
902
902
902
902
902
902
902
902

(1)

Stock and Option Awards were granted pursuant to our 2006 Long-Term Incentive Plan. See also Note 13 — Long-
Term Stock Incentive Plan to the Consolidated Financial Statements in our fiscal year 2014 Annual Report on Form 10-
K for additional information concerning this plan and related Stock and Option Awards and valuation assumptions.

COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION

The Compensation Committee members whose names appear on the Compensation Committee Report below were committee
members during all of fiscal year 2014. No member of the Compensation Committee is or has been a former or current
executive officer of the Company or had any relationships requiring disclosure by the Company under the SEC’s rules
requiring disclosure of certain relationships and related party transactions. None of the Company’s executive officers served as
a director or a member of a compensation committee (or other committee serving an equivalent function) of any other entity
that has or has had one or more executive officers who served as a director or member of the Compensation Committee during
the fiscal year ended November 30, 2014.

COMPENSATION COMMITTEE REPORT

The Compensation Committee has reviewed and discussed the Compensation Discussion and Analysis with management and
recommended to the board of directors that the Compensation Discussion and Analysis be included in this information
statement and our annual report on Form 10-K.

Edsel B. Ford, II
William P. Graves
Larry D. Woodard

ISC // 2015 INFORMATION STATEMENT // 28

PERFORMANCE GRAPH

VOTING PROCEDURE

With respect to the election of directors, the person receiving a plurality of the votes cast by shares entitled to vote for the

position being filled shall be elected. We know of no other items to come before the meeting other than those stated above. On

any other item that should come before the meeting, the matter shall be decided by a majority of the votes cast by shares

entitled to vote at the meeting.

In advance of the meeting we may appoint one or more inspectors of election or judges of the vote, as the case may be, to act at

the meeting or any adjournment thereof. In case any person who may be appointed as an inspector or judge fails to appear or

act, the vacancy may be filled at the meeting by the person presiding. In case of dispute the inspectors or judges, if any, shall

determine the number of shares of stock outstanding and the voting power of each, the shares of stock represented at the

meeting, the existence of a quorum, the validity and effect of proxies, and shall receive votes, ballots and consents, hear and

determine all challenges and questions arising in connection with the right to vote, count and tabulate votes, ballots and

consents, determine the result, and do such acts as are proper to conduct the election or vote with fairness to all shareholders.

On request of the person presiding at the meeting, the inspector or inspectors or judge or judges, if any, shall make a report in

writing of any challenge, question or matter determined by him or them, and execute a certificate of any fact found by him or

them.

DISSENTERS’ RIGHT OF APPRAISAL

rights of dissenters.

We do not anticipate that any matter will be acted upon at the meeting that would give rise to rights of appraisal or similar

AVAILABLE INFORMATION

We file annual, quarterly and special reports, information statements and other information with the SEC. Our SEC filings are

available to the public over the internet at the SEC’s web site at www.sec.gov. You may also read and copy any document we

file with the SEC at its public reference facilities at 100 F Street, NE, Washington, D.C. 20549. You can also obtain copies of

the documents at prescribed rates by writing to the Public Reference Section of the SEC at 100 F Street, NE, Washington D.C.

20549. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference facilities. You

can also obtain information about us at the offices of the Financial Industry Regulatory Authority, 1735 K St., N.W.,

Washington, D.C. 20006.

By Order of the Board of Directors

W. Garrett Crotty

Senior Vice President, Secretary and

General Counsel

Assumes $100 investment in the common stock of International Speedway Corporation, Nasdaq Stocks SIC 7900-
7999 (US Companies) and Nasdaq Stock Market Indices on November 30, 2009 (US Companies) with dividend
reinvestment.

The rules of the SEC require us to provide a line graph covering at least the last five fiscal years and comparing the yearly
percentage change in our total shareholder return on a class of our common stock with the cumulative total return of a broad
equity index, assuming reinvestment of dividends, and the cumulative total return, assuming reinvestment of dividends, of a
published industry or line-of-business index; peer issuers selected in good faith; or issuers with similar market capitalization.
The graph above compares the cumulative total five year return of our class A common stock with that of the NASDAQ Stock
Market Index (U.S. Companies) and with the 40 NASDAQ issuers (U.S. companies) listed in SIC codes 7900-7999, which
encompasses service businesses in the amusement, sports and recreation industry, including indoor operations that are not
subject to the impact of weather on operations, and pari-mutual and other wagering operations. We conduct large outdoor
sporting and entertainment events that are subject to the impact of weather. The stock price shown has been estimated from the
high and low prices for each quarter for which the close is not available. Because of the unique nature of our business and the
fact that public information is available concerning only a limited number of companies involved in the same line of business,
and no public information is available concerning other companies in our line of business, we do not believe that the
information presented above is meaningful.

March 6, 2015

ISC // 2015 INFORMATION STATEMENT // 29

PERFORMANCE GRAPH

VOTING PROCEDURE

With respect to the election of directors, the person receiving a plurality of the votes cast by shares entitled to vote for the
position being filled shall be elected. We know of no other items to come before the meeting other than those stated above. On
any other item that should come before the meeting, the matter shall be decided by a majority of the votes cast by shares
entitled to vote at the meeting.

In advance of the meeting we may appoint one or more inspectors of election or judges of the vote, as the case may be, to act at
the meeting or any adjournment thereof. In case any person who may be appointed as an inspector or judge fails to appear or
act, the vacancy may be filled at the meeting by the person presiding. In case of dispute the inspectors or judges, if any, shall
determine the number of shares of stock outstanding and the voting power of each, the shares of stock represented at the
meeting, the existence of a quorum, the validity and effect of proxies, and shall receive votes, ballots and consents, hear and
determine all challenges and questions arising in connection with the right to vote, count and tabulate votes, ballots and
consents, determine the result, and do such acts as are proper to conduct the election or vote with fairness to all shareholders.
On request of the person presiding at the meeting, the inspector or inspectors or judge or judges, if any, shall make a report in
writing of any challenge, question or matter determined by him or them, and execute a certificate of any fact found by him or
them.

DISSENTERS’ RIGHT OF APPRAISAL

We do not anticipate that any matter will be acted upon at the meeting that would give rise to rights of appraisal or similar
rights of dissenters.

AVAILABLE INFORMATION

We file annual, quarterly and special reports, information statements and other information with the SEC. Our SEC filings are
available to the public over the internet at the SEC’s web site at www.sec.gov. You may also read and copy any document we
file with the SEC at its public reference facilities at 100 F Street, NE, Washington, D.C. 20549. You can also obtain copies of
the documents at prescribed rates by writing to the Public Reference Section of the SEC at 100 F Street, NE, Washington D.C.
20549. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference facilities. You
can also obtain information about us at the offices of the Financial Industry Regulatory Authority, 1735 K St., N.W.,
Washington, D.C. 20006.

Assumes $100 investment in the common stock of International Speedway Corporation, Nasdaq Stocks SIC 7900-

7999 (US Companies) and Nasdaq Stock Market Indices on November 30, 2009 (US Companies) with dividend

reinvestment.

The rules of the SEC require us to provide a line graph covering at least the last five fiscal years and comparing the yearly

percentage change in our total shareholder return on a class of our common stock with the cumulative total return of a broad

equity index, assuming reinvestment of dividends, and the cumulative total return, assuming reinvestment of dividends, of a

published industry or line-of-business index; peer issuers selected in good faith; or issuers with similar market capitalization.

The graph above compares the cumulative total five year return of our class A common stock with that of the NASDAQ Stock

Market Index (U.S. Companies) and with the 40 NASDAQ issuers (U.S. companies) listed in SIC codes 7900-7999, which

encompasses service businesses in the amusement, sports and recreation industry, including indoor operations that are not

subject to the impact of weather on operations, and pari-mutual and other wagering operations. We conduct large outdoor

sporting and entertainment events that are subject to the impact of weather. The stock price shown has been estimated from the

high and low prices for each quarter for which the close is not available. Because of the unique nature of our business and the

fact that public information is available concerning only a limited number of companies involved in the same line of business,

and no public information is available concerning other companies in our line of business, we do not believe that the

information presented above is meaningful.

March 6, 2015

By Order of the Board of Directors

W. Garrett Crotty

Senior Vice President, Secretary and
General Counsel

ISC // 2015 INFORMATION STATEMENT // 30

This page was intentionally left blank.

OUR

CORPORATE

OFFICERS.

JAMES C. FRANCE
Chairman of the Board

LESA FRANCE KENNEDY
Vice Chair and Chief Executive Officer

JOHN R. SAUNDERS
President

W. GARRETT CROTTY
Senior Vice President, General Counsel & Secretary

DANIEL W. HOUSER
Senior Vice President, Chief Financial Officer
and Treasurer

Investor Inquiries and 10-K

For more information about International
Speedway Corporation, contact:

Investor and Corporate Communications

International Speedway Corporation
International Motorsports Center
One Daytona Boulevard
Daytona Beach, FL 32114
Phone: (386) 681-6516
www.internationalspeedwaycorporation.com

CRAIG A. NEEB
Senior Vice President, Business Development
and Chief Digital Officer

DARYL Q. WOLFE
Senior Vice President and Chief Marketing Officer

JOIE S. CHITWOOD III
President of Daytona International Speedway
and Vice President of ISC

LAURA E. JACKSON
Vice President, Corporate Services

BRETT M. SCHARBACK
Vice President - Deputy General Counsel,
Chief Compliance Officer and Assistant Secretary

Corporate Address

International Speedway Corporation
International Motorsports Center
One Daytona Boulevard
Daytona Beach, FL 32114-1243

Transfer Agent and Registrar

Computershare
P.O. Box 43078
Providence, RI 02940-3078
(800) 568-3476

Independent Auditors for 2014
Ernst & Young LLP, Jacksonville, FL

dRIvEN

TO bE ThE wORLd LEAdER IN MOTORsPORTs

ENTERTAINMENT bY PROvIdING sUPERIOR,

INNOvATIvE, ANd ThRILLING GUEsT ExPERIENCEs.

International Speedway Corporation, (“ISC”) founded in 1953, is a leading promoter of motorsports-themed entertainment activities in the

United States. The Company owns and/or operates 13 of the nation’s premier motorsports entertainment facilities, which in total, have

approximately 831,500 grandstand seats and 527 suites.

ISC’s facilities are located in six of the nation’s top 13 media markets and nearly 80 percent of the country’s population is located within

the primary trading areas of its facilities.

ISC promotes major motorsports events in every month of the racing season — more than any other motorsports promoter.

• Daytona International Speedway® in Florida

• Darlington Raceway® in South Carolina

• Talladega Superspeedway® in Alabama

• Chicagoland Speedway® near Chicago, Illinois

• Kansas Speedway® in Kansas City, Kansas

• Martinsville Speedway® in Virginia

• Richmond International Raceway® in Virginia

• Phoenix International Raceway® in Arizona

• Michigan International Speedway® located outside Detroit

• Homestead-Miami SpeedwaySM in Florida

• Auto Club Speedway of Southern CaliforniaSM

• Watkins Glen International® in New York

near Los Angeles

• Route 66 RacewaySM near Chicago, Illinois

The Company also owns and operates Motor Racing Network Radio, the nation’s largest independent sports radio network,

Americrown Service CorporationSM, a subsidiary that provides catering, food and beverage concessions, and services at certain

of our motorsports entertainment facilities, and Motorsports Authentics, which sells officially licensed NASCAR and race teams

merchandise. In addition, the Company has a 50 percent interest in the Hollywood Casino at Kansas Speedway.

The National Association for Stock Car Auto Racing (“NASCAR”) is the most prominent sanctioning body in stock car racing, based

on such factors as geographic presence, number of members and sanctioned events. ISC derives approximately 86 percent of its

revenues from NASCAR-sanctioned racing events.

ISC attributes its solid revenues and profits to an operating strategy that produces significant operating cash flow which is

reinvested in strategic opportunities to grow the business and deliver shareholder value.

OUR

bOARd

OF DIRECTORS.

JAMES C. FRANCE
Chairman of the Board
International Speedway Corporation

LESA FRANCE KENNEDY
Vice Chair and Chief Executive Officer
International Speedway Corporation

LARRY AIELLO, JR.1
Retired as President and
Chief Executive Officer
Corning Cable Systems

EDSEL B. FORD II1
Board Director
Ford Motor Company

J. HYATT BROWN1
Chairman
Brown & Brown, Inc.

BRIAN Z. FRANCE
Chairman and
and Chief Executive Officer
NASCAR, Inc.

WILLIAM P. GRAVES1
President and Chief Executive Officer
American Trucking Associations

SONIA MARIA GREEN1
Nationally recognized leader in
marketing and brand communications.

MORI HOSSEINI1
Chairman and Chief Executive Officer
of Intervest Construction, Inc.

CHRISTY F. HARRIS
Attorney in private practice of
business and commercial law

LARRY D. WOODARD1
President and CEO of
Graham Stanley Advertising

1 Independent Board Member

•

C O M I N G J A N U A R Y 2 0 1 6

INTERNATIONAL MOTORSPORTS CENTER
One Daytona Boulevard
Daytona Beach, Florida 32114-1252
www.internationalspeedwaycorporation.com