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“From a core operations standpoint, considering the economic pressures on discretionary consumer and corporate spending, we are pleased with the results of the first six months of fiscal 2009, which are generally in line with our revised expectations,” ISC Chief Executive Officer Lesa France Kennedy said in a statement. “While the economic environment is challenging for us, our fans and business partners alike, we remain in a strong financial position to weather this protracted downturn.”

ISC promoted the same number of NASCAR races in the first half of 2009 as it did in 2008, but its Indy Racing League weekend at Homestead was in the first half of 2008 and is now in the second half of 2009.

ISC’s outlook for 2009 remains the same as it announced three months ago, where it expects its earnings (not including accounting procedures that take into account impairment charges, acceleration charges, etc.) to be $1.80-$2.00 per share. In 2008, those earnings were $2.80 per share.

In the first 90 minutes of trading after the release of the results, ISC stock was holding relatively even, up 0.6 percent.

ISC owns tracks that host 19 NASCAR Sprint Cup points races: Daytona, Auto Club Speedway in California, Talladega, Richmond, Phoenix, Michigan, Martinsville, Kansas, Chicagoland, Homestead-Miami, Watkins Glen and Darlington.

In other items from the ISC conference call and financial statement:

• Gross sponsorship revenue will be off as much as 16 percent and hospitality will be off as much as 20 percent for the year, Saunders said. Sponsorship commitments, though, have reached about 95 percent of the company’s expectations this year, Saunders said.

• ISC has had a net loss of $6.5 million for the first half of the year, compared to a profit of $62.25 million in the first half of last year. Excluding discontinued operations, $8.9 million in interest income from an IRS settlement, impairment charges (write-downs) and accelerated depreciation of $1 million, net income for the six months was $44.2 million, compared to $64.9 million for the first six months of 2008.

• France Kennedy noted in the news release that less than 10 percent of ISC’s gross marketing partner revenue comes from auto manufacturers, so any impact from the reorganizations of Chrysler and General Motors should be minimal. Saunders said he expects revenue from manufacturers to be less than it has been in the past but doesn’t expect the manufacturers to drop out of the sport.

• Saunders said he hoped to learn by the end of the year whether ISC will get approval to build a casino on the Kansas Speedway property. If ISC obtains that approval, it would ask for a second Sprint Cup date for the track, realigning a date from one of its existing tracks for the 2011 season.

SceneDaily.com • Martin Truex Jr Too many questions at Earnhardt Ganassi for him to stay

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