ISC approves more money for track enhancments

DAYTONA BEACH, Fla. -- International Speedway Corporation announced Thursday the approval of additional capital spending, an increase in its annual dividend, and the election of four members to its Board of Directors.

The ISC Board of Directors approved an additional $39.6 million for capital projects. The company continues to expect total capital expenditures for 2007 to range between $80 million and $90 million. These investments include a variety of improvements and fan enhancements to ISC's facilities, which allow the company to effectively compete with other sports venues for consumer and corporate spending. Thursday's capital approvals include spending for various enhancements at Darlington Raceway, such as the repaving of the racing surface and aprons, a new infield access tunnel, the addition of concrete pit stalls and other renovations. These enhancements are expected to be completed in time for the facility's 2008 Nextel Cup and Busch Series weekend.

Darlington to repave

ISC has approved $10 million in renovations for Darlington Speedway which includes repaving the track, a new infield tunnel and concrete pit stalls. The question is, can they make the improvements without damaging the track's character.

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ISC also declared an annual dividend of $0.10 per share, payable on June 29, 2007, to common stockholders of record on May 31, 2007, marking the 34th consecutive year the company has paid a dividend to its shareholders. ISC paid an annual dividend of $0.08 per share in 2006.

Separately, at the annual meeting of ISC shareholders, the following members of ISC's Board of Directors were re-elected to a three-year term: William C. France, 74; William P. Graves, 54; and, Christy F. Harris, 61. In addition, shareholders elected Morteza Hosseini-Kargar, 51, to a three-year term on the company's Board of Directors.

International Speedway Corporation owns and/or operates 13 of the nation's major motorsports entertainment facilities, including Daytona International Speedway in Fla.; Talladega Superspeedway in Ala.; Michigan International Speedway located outside Detroit; Richmond International Raceway in Va.; California Speedway near Los Angeles; Kansas Speedway in Kansas City, Kan.; Phoenix International Raceway in Ariz.; Chicagoland Speedway and Route 66 Raceway near Chicago; Homestead-Miami Speedway in Fla.; Martinsville Speedway in Va.; Darlington Raceway in S.C.; and Watkins Glen International in N.Y. In addition, ISC is a limited partner with Group Motorise International in the organization and promotion of certain events at Circuit Gilles Villeneuve in Montreal.