International Speedway Corp. has reduced staff at its Daytona Beach, Fla., headquarters by approximately 20 percent as part of a cost-cutting measure, company executives said Thursday on a conference call announcing its third-quarter financial results.

ISC, which owns and operates 12 Sprint Cup venues including Daytona International Speedway, is undergoing a corporate streamlining that hopes to save the company at least $20 million in 2011. ISC's Daytona office employed around 250 people at the beginning of this year, meaning that the restructuring affected about 50 employees. Most of those were laid off, the company confirmed. Employees at race tracks were not affected.

"Included in the changes already executed has been the reduction of corporate-based, full-time employee head count -- which includes senior-level management positions -- by approximately 20 percent," ISC president John Saunders said on a conference call with analysts and shareholders.

ISC first unveiled its restructuring plan in August, when it also announced that executive vice president and chief operating officer Roger VanDerSnick was leaving the company. Saunders said further cuts were possible the next couple of years. ISC's third-quarter revenues were down about $12 million from the same time last year, a fact mitigated somewhat by start-up costs for the Kansas Speedway casino project, movement of race dates, and other factors.

"ISC is a profitable and financially sound organization, but to remain competitive we must become an even more flexible and responsive organization, one that places greater responsibility and accountability ... with its business leaders," chief executive officer Lesa France Kennedy said. "To accomplish this, as we previously announced, we are making strategic organizational and structural changes at ISC. These are necessary organizational changes not only in response to an ongoing tough operating environment, but more importantly ... to position the company for its long-term success."

Saunders said the decision to drop IndyCar Series events from ISC tracks was also part of the restructuring plan, and will help improve the company's bottom line. "The fact is, if we are hosting events that are not performing, or doing something that's not in line with our strategic plan, we need to interrupt it," he said, "and we have."

Advance ticket sales for Cup Series events at ISC tracks were down about 13 percent, compared to about 25 percent for the third quarter a year ago. "We believe our current pricing levels, and initiatives going into the 2011 season, are on target with demand, providing attractive price points for all demographic income levels," Saunders said.

ISC also continues to work to sell the property on Staten Island once hoped to become home to a New York race track. The company recently gave potential buyer KB Holdings a closing extension until Nov. 30, with hopes that the $88 million deal will go through.

"We remain optimistic that a closing will occur," Saunders said.