EX-99 2 ex99.htm EXHIBIT 99.1
 

(ISC LOGO)
              
 
  FOR:   International Speedway Corporation
 
        
 
  CONTACT:   Wes Harris
Senior Director, Corporate and Investor
   Communications
(386) 947-6465
FOR IMMEDIATE RELEASE
INTERNATIONAL SPEEDWAY CORPORATION REPORTS RESULTS FOR THE
FOURTH QUARTER AND FULL YEAR OF FISCAL 2008
     DAYTONA BEACH, Fla. — January 29, 2009 — International Speedway Corporation (NASDAQ Global Select Market: ISCA; OTC Bulletin Board: ISCB) (“ISC”) today reported results for the fourth quarter and full year ended November 30, 2008.
     “Given the impact the economic environment had on consumers and our corporate partners in 2008, we were pleased with our overall results,” said ISC President Lesa France Kennedy. “NASCAR fans remain the most avid and brand loyal in all of sports, and continue to attend live events in huge numbers. They are attracted to a sport that provides thrilling on-track competition by teams of highly-skilled athletes, which has been a hallmark of NASCAR racing for the last 60 years and will continue into the future. This backdrop will serve us well as we operate in a continued challenging landscape during 2009.”
     Ms. France Kennedy continued, “Clearly we are sensitive to the financial pressures many of our fans are experiencing. To address this, we recently reduced ticket prices on over 150,000 seats, or 15 percent of capacity, for Sprint Cup events across the Company. Additionally, we are working closely with community partners to lower the overall race weekend cost for fans, such as reducing the number of minimum night stays at local hotels. We have seen a strong and favorable response to our efforts, and will continue to look for opportunities to support our fans during these unprecedented times.”
Fourth Quarter Comparison
     Total revenues for the fourth quarter were $205.3 million, compared to revenues of $252.8 million in the prior-year period. Operating income decreased to $64.9 million during the period compared to $92.7 million in the fourth quarter of fiscal 2007.
     In addition to adverse economic conditions affecting consumer and corporate spending, quarter-over-quarter comparability was impacted by:
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ISC REPORTS 2008 RESULTS FOR THE FOURTH QUARTER
  PAGE 2
  •   The NASCAR Sprint Cup and Nationwide series race weekend at Auto Club Speedway which was conducted in the third quarter of 2008 as compared to the fourth quarter of 2007.
 
  •   Accelerated depreciation of $0.5 million, or $0.01 per diluted share after tax, in the fourth quarter of 2008 for certain office and related buildings in Daytona Beach associated with the Company’s previously announced Daytona Live! project. The 2007 fourth quarter included accelerated depreciation charges of $0.5 million, or $0.01 per diluted share after tax.
 
  •   The fourth quarter of 2007 includes impairment charges of $3.9 million, or $0.05 per diluted share after tax, for costs associated with the fill removal process on the Staten Island property and the impairment of certain other long-lived assets. By comparison, the 2008 fourth quarter includes impairment charges of approximately $323,000 to remove the net book value of certain assets retired from service.
 
  •   The 2007 fourth quarter impairment of Motorsports Authentics’ (“MA”) goodwill and intangible assets as of November 30, 2007. ISC’s 50 percent portion was $34.8 million, or $0.65 per diluted share after tax.
 
  •   A 2007 fourth quarter recognition of a deferred income tax credit of $1.6 million, or $0.03 per diluted share after tax, attributable to a revision to the income-based tax system in the State of Michigan. In accordance with the enacted legislation, the credit was equal to the deferred income tax liability recognized in ISC’s 2007 third quarter results.
 
  •   The 2008 fourth quarter includes a charge to provide for working capital advances of $2.3 million, or $0.03 per diluted share after tax, associated with our joint venture project in Kansas for the development of a gaming and entertainment destination.
     Net income for the fourth quarter of 2008 increased to $33.6 million, or $0.69 per diluted share, compared to net income of $22.5 million, or $0.43 per diluted share, in the prior year’s fourth quarter. Excluding discontinued operations and the aforementioned accelerated deprecation associated with the Daytona Live! project, impairment of long-lived assets and allowances against working capital advances associated with the development of a gaming and entertainment destination, non-GAAP (defined below) net income for the fourth quarter of 2008 was $35.6 million, or $0.73 per diluted share. This is compared to non-GAAP net income for the fourth quarter of 2007 of $57.6 million, or $1.11 per diluted share.
Full Year Comparison
     For the year ended November 30, 2008, total revenues were $787.3 million, compared to $814.2 million in 2007. Operating income for the fiscal year was $235.8 million compared to $241.7 million in the prior year.

 

 

     
ISC REPORTS 2008 RESULTS FOR THE FOURTH QUARTER
  PAGE 3
     Year-over-year comparability was impacted by:
  •   Accelerated depreciation charges in fiscal 2008 of $2.1 million, or $0.02 per diluted share after tax, associated with the previously discussed Daytona Live! project. Results for the year ended November 30, 2007, included accelerated depreciation charges of $14.7 million, or $0.17 per diluted share after tax.
 
  •   2008 impairment charges of $2.2 million, or $0.03 per diluted share after tax, associated with the previously discussed fill removal costs on Staten Island and net book value of certain assets retired from service. Results for the year ended November 30, 2007, included an impairment charge of $13.1 million, or $0.16 per diluted share after tax related to the Company’s decision to discontinue speedway development efforts in Kitsap County, Washington, and to a lesser extent, estimated costs for fill removal on the Company’s Staten Island property.
 
  •   The aforementioned 2007 fourth quarter impairments combined with the 2007 third quarter write-down by MA of certain inventory and related assets, which was included in ISC’s equity losses totaled to $47.2 million, or $0.88 per diluted share after tax.
 
  •   The recognition of a tax benefit of $3.5 million, or $0.07 per diluted share after tax, associated with certain restructuring initiatives in the third quarter of 2008.
 
  •   A 2008 first quarter non-cash charge of $3.8 million, or $0.08 per diluted share after tax, to correct the carrying value of certain other assets as of November 30, 2007.
 
  •   The aforementioned 2008 fourth quarter costs of $2.3 million, or $0.03 per diluted share after tax, associated with the pursuit of a casino management contract at Wyandotte County, Kansas.
     Net income for the year ended November 30, 2008, was $134.6 million, or $2.71 per diluted share, compared to $86.2 million, or $1.64 per diluted share in 2007. Excluding discontinued operations and the aforementioned accelerated depreciation, impairment of long-lived assets, the recognition of a tax benefit, the correction of certain other assets’ carrying value amounts, and allowances against working capital advances associated with the development of a gaming and entertainment destination, non-GAAP net income for the year ended November 30, 2008, was $139.1 million, or $2.80 per diluted share. This is compared to non-GAAP net income for the 2007 fiscal year end of $150.0 million, or $2.85 per diluted share.
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.

 

 

     
ISC REPORTS 2008 RESULTS FOR THE FOURTH QUARTER
  PAGE 4
     The 2007 adjustments relate to accelerated depreciation of certain office and related building structures in Daytona Beach; impairment of long-lived assets primarily related to ISC’s decision to discontinue speedway development efforts in Kitsap County, Washington, and, to a lesser extent, fill removal costs related to the Company’s Staten Island property; increased deferred income tax expense related to the change in Michigan state tax laws; and, the impairment of goodwill and intangible assets and write-down of certain inventory and related assets at MA.
     The adjustments for 2008 relate to accelerated depreciation of certain office and related buildings in Daytona Beach; the impairment of long-lived assets associated with the fill removal process of the Staten Island property and the net book value of certain assets retired from service; a tax benefit associated with certain restructuring initiatives; a non-cash charge to correct the carrying value of certain other assets; and, an allowance against working capital advances associated with our joint venture project in Kansas for the development of a gaming and entertainment destination.
     The Company believes such non-GAAP information is useful and meaningful to investors, and is used by investors and ISC to assess core 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.
                                       
            (In Thousands, Except Per Share Amounts)          
            (Unaudited)          
    Three Months Ended     Twelve Months Ended  
    November 30, 2007     November 30, 2008     November 30, 2007     November 30, 2008  
 
        
Net income
   $ 22,474     $ 33,621     $ 86,201     $ 134,595  
Net loss from discontinued operations
     34       45       90       163  
 
        
Income from continuing operations
     22,508       33,666       86,291       134,758  
 
                                
Adjustments, net of tax:
                                
Additional depreciation
     320       319       9,009       1,278  
Impairment of long-lived assets
     2,455       198       8,390       1,374  
MA impairment and inventory-related
write down of equity investment
     33,913       —       46,327       —  
Tax benefit associated with restructuring initiatives
     —       —       —       (3,477 )
Michigan income tax
     (1,595 )     —       —       —  
Correction of certain other assets’ carrying value
     —       —       —       3,758  
Allowance against advances to Kansas joint venture
     —       1,409       —       1,409  
 
        
Non-GAAP net income
   $ 57,601     $ 35,592     $ 150,017     $ 139,100  
 
        
 
                                
Per share data:
                                
Diluted earnings per share
   $ 0.43     $ 0.69     $ 1.64     $ 2.71  
Net loss from discontinued operations
     —       —       —       —  
 
        
Income from continuing operations
     0.43       0.69       1.64       2.71  
 
                                
Adjustments, net of tax:
                                
Additional depreciation
     0.01       0.01       0.17       0.02  
Impairment of long-lived assets
     0.05       —       0.16       0.03  
MA impairment and inventory-related
write down of equity investment
     0.65       —       0.88       —  
Tax benefit associated with restructuring initiatives
     —       —       —       (0.07 )
Michigan income tax
     (0.03 )     —       —       —  
Correction of certain other assets’ carrying value
     —       —       —       0.08  
Allowance against advances to Kansas joint venture
     —       0.03       —       0.03  
 
        
Non-GAAP diluted earnings per share
   $ 1.11     $ 0.73     $ 2.85     $ 2.80  
 
        

 

 

     
ISC REPORTS 2008 RESULTS FOR THE FOURTH QUARTER
  PAGE 5
Event Weekends
     ISC hosted seven major motorsports event weekends in the fourth quarter, which included six NASCAR Sprint Cup events; four NASCAR Nationwide events; four NASCAR Craftsman Truck events; one IRL IndyCar event; and two ARCA RE/MAX events.
     The 2008 NASCAR season ended on a historic note, with Jimmie Johnson capturing his third consecutive NASCAR Sprint Cup Championship, a feat that hasn’t been accomplished in 30 years.
     In the first quarter, ISC will host four major motorsports event weekends, which includes four NASCAR Sprint Cup events; two NASCAR Nationwide events; two NASCAR Camping World Truck events (previously entitled the NASCAR Craftsman Truck series); one Grand-Am series event; and one ARCA RE/MAX series event.
     Daytona International Speedway opened the 2009 race season with its annual lineup of events known as DIRECTV Speedweeks, which combines the best sports car, stock car and truck racing in the world. DIRECTV Speedweeks’ first event was the 47th running of the Grand-Am Rolex 24 at Daytona. The event ended with the closest margin of victory in the history of the Rolex 24 with the No. 58 Brumos Racing Porsche Riley winning by 0.167 seconds. DIRECTV Speedweeks concludes on February 15, with the 51st running of the Daytona 500, the most prestigious motorsports race in North America.
     ISC was successful in securing significant corporate partnerships during 2008. Most notably, the Company secured a multi-year, multi-million dollar naming rights agreement with the Auto Club of Southern California. In addition, ISC has been successful, in light of the current economy, in bringing new sponsors into the sport, such as ServiceMaster Clean and NextEra Energy Resources. Also, ISC secured title sponsors for all of its major events in 2008 and has agreements in place for almost 80 percent of its 2009 events.
External Growth and Related Initiatives
     MA, the Company’s motorsports-related merchandise 50/50 joint venture with Speedway Motorsports, contributed $1.6 million to equity income for the year. This is a significant turnaround from 2007, when MA posted a non-GAAP operating loss of $19.6 million, and ISC recorded a $9.8 million equity loss to reflect its 50 percent portion.
     As previously announced in September, Kansas Entertainment, LLC (“KE”), ISC’s 50/50 joint venture with The Cordish Company ("Cordish"), was awarded the casino management contract for Wyandotte County, Kansas, by the Kansas Lottery Gaming Facility Review Board. However, on December 5, 2008, KE withdrew its proposed Hard Rock Hotel & Casino at Kansas Speedway application for Lottery Gaming Facility Manager for the Northeast Kansas gaming zone due to the uncertainty in the global financial markets and the expected inability to finance the project at reasonable rates.

 

 

     
ISC REPORTS 2008 RESULTS FOR THE FOURTH QUARTER
  PAGE 6
     The State of Kansas has re-opened the bidding process for the casino management contract and KE expects to resubmit a proposal to include a phased approach for the non-gaming amenities. In addition, KE’s proposal will include a commitment to petition NASCAR to realign a second date to Kansas from one of ISC’s existing facilities as well as build a state-of-the-art road course in the infield at Kansas Speedway.
     Daytona Live!, a mixed-use entertainment destination development that ISC is also pursuing in a 50/50 joint venture with Cordish, is moving forward. The eight-story office building that will serve as ISC, NASCAR and Grand-Am’s corporate headquarters is currently under construction with completion expected late in the fourth quarter of 2009. The retail, dining, and entertainment component of Daytona Live is being actively marketed by Cordish. Cobb Theaters has already announced its intention to anchor the complex with a state of the art, 65,000 square foot theater. Cordish is having productive conversations with other potential tenants.
     The Company is also having productive conversations concerning a settlement with the Internal Revenue Service and the sale of its 676 acre parcel on Staten Island and remains hopeful that a transaction will occur in 2009.
Share Repurchase Program
     In the 2008 fourth quarter, ISC purchased approximately 182,000 shares of its Class A Common Stock for $7.5 million. From initiation of the program in December 2006 through November 30, 2008, the Company purchased a total of 4.7 million shares for $208.0 million, leaving $42.0 million in remaining capacity on its $250 million authorization as of November 30, 2008.
     ISC ceased repurchasing shares in September 2008 as a result of the turbulent credit markets and its desire to conserve cash given its $150 million in Senior Notes due this April. Once the Company is able to refinance at an acceptable rate, it expects to resume the repurchase program as it is viewed as a critical component in the Company’s long-term capital allocation strategy designed to build shareholder value.
     Ms. France Kennedy concluded, “Although these are challenging times, we are fortunate to be aligned with a leading sports property that is healthy and supported by tens of millions of passionate fans. The NASCAR Sprint Cup series remains the largest spectator sport in the country and the second most watched on television. This provides an excellent backdrop as we move through the coming year.
     “More importantly, ISC remains a dynamic company uniquely positioned to prosper well into the future as our business model is supported by a solid foundation of contracted revenues. Combined with prudent cost containment measures and a well-planned capital allocation strategy, we expect to continue to generate substantial cash flow that can be reinvested in value-added opportunities, including returning cash to our shareholders.”

 

 

     
ISC REPORTS 2008 RESULTS FOR THE FOURTH QUARTER
  PAGE 7
Conference Call Details
     The management of ISC will host a conference call today with investors at 9:00 a.m. Eastern Time. To participate, dial (888) 694-4641 five to ten minutes prior to the scheduled start time and request to be connected to the ISC earnings call, identification number 81320872. A live Webcast will also be available at that time on the Company’s Web site, www.iscmotorsports.com, under the “Investor Relations” section.
     A replay will be available two hours after the end of the call through midnight Thursday, February 5, 2009. To access, dial (800) 642-1687 and enter the code 81320872, or visit the “Investor Relations” section of the Company’s Web site.
     International Speedway Corporation is a leading promoter of motorsports activities, currently promoting more than 100 racing events annually as well as numerous other motorsports-related activities. The Company owns and/or operates 13 of the nation’s major motorsports entertainment facilities, including Daytona International Speedway® in Florida (home of the Daytona 500®); Talladega Superspeedway® in Alabama; Michigan International Speedway® located outside Detroit; Richmond International Raceway® in Virginia; Auto Club Speedway of Southern CaliforniaSM near Los Angeles; Kansas Speedway® in Kansas City, Kansas; Phoenix International Raceway® in Arizona; Chicagoland Speedway® and Route 66 RacewaySM near Chicago, Illinois; Homestead-Miami SpeedwaySM in Florida; Martinsville Speedway® in Virginia; Darlington Raceway® in South Carolina; and Watkins Glen International® in New York.
     The Company also owns and operates MRN® Radio, the nation’s largest independent sport radio network; the Daytona 500 ExperienceSM, the “Ultimate Motorsports Attraction” in Daytona Beach, Florida, and official attraction of NASCAR®; and Americrown Service CorporationSM, a subsidiary that provides catering services, food and beverage concessions, and produces and markets motorsports-related merchandise. In addition, ISC has an indirect 50 percent interest in Motorsports Authentics®, which markets and distributes motorsports-related merchandise licensed by certain competitors in NASCAR racing. For more information, visit the Company’s Web site at www.iscmotorsports.com.
     Statements made in this release that express the Company’s or management’s beliefs or expectations and which are not historical facts or which are applied prospectively are forward-looking statements. It is important to note that the Company’s actual results could differ materially from those contained in or implied by such forward-looking statements. The Company’s results could be impacted by risk factors, including, but not limited to, weather surrounding racing events, government regulations, economic conditions, consumer and corporate spending, military actions, air travel and national or local catastrophic events. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company’s SEC filings including, but not limited to, the 10-K and subsequent 10-Qs. Copies of those filings are available from the Company and the SEC. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be needed to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by International Speedway or any other person that the events or circumstances described in such statement are material.
(Tables follow)

 

 

     
ISC REPORTS 2008 RESULTS FOR THE FOURTH QUARTER
  PAGE 8
Consolidated Statements of Operations
(In Thousands, Except Per Share Amounts)
                                            
    Three Months Ended     Twelve Months Ended  
    November 30, 2007     November 30, 2008     November 30, 2007     November 30, 2008  
 
        
    (Unaudited)        
REVENUES:
                                
Admissions, net
   $ 78,167     $ 63,863     $ 253,685     $ 236,105  
Motorsports related
     143,016       119,178       465,469       462,835  
Food, beverage and merchandise
     27,135       19,298       84,163       78,119  
Other
     4,531       2,911       10,911       10,195  
 
        
 
     252,849       205,250       814,228       787,254  
 
                                
EXPENSES:
                                
Direct:
                                
Prize and point fund monies and NASCAR sanction fees
     49,970       42,798       151,311       154,655  
Motorsports related
     45,144       41,135       160,387       166,047  
Food, beverage and merchandise
     14,984       11,958       48,490       48,159  
General and administrative
     28,855       25,808       118,982       109,439  
Depreciation and amortization
     17,232       18,293       80,205       70,911  
Impairment of long-lived assets
     3,926       323       13,110       2,237  
 
        
 
     160,111       140,315       572,485       551,448  
 
        
 
                                
Operating income
     92,738       64,935       241,743       235,806  
Interest income and other
     1,291       648       4,990       (1,630 )
Interest expense
     (3,847 )     (4,962 )     (15,628 )     (15,861 )
Minority interest
     0       194       0       324  
Equity in net loss from equity investments
     (36,391 )     (5,817 )     (58,147 )     (1,203 )
 
        
 
                                
Income from continuing operations before income taxes
     53,791       54,998       172,958       217,436  
Income taxes
     31,283       21,332       86,667       82,678  
 
        
 
                                
Income from continuing operations
     22,508       33,666       86,291       134,758  
Loss from discontinued operations
     (34 )     (45 )     (90 )     (163 )
 
        
Net income
   $ 22,474     $ 33,621     $ 86,201     $ 134,595  
 
        
 
                                
Basic earnings per share:
                                
Income from continuing operations
   $ 0.43     $ 0.69     $ 1.64     $ 2.71  
Loss from discontinued operations
     —       —       —       —  
 
        
Net income
   $ 0.43     $ 0.69     $ 1.64     $ 2.71  
 
        
 
                                
Diluted earnings per share:
                                
Income from continuing operations
   $ 0.43     $ 0.69     $ 1.64     $ 2.71  
Loss from discontinued operations
     —       —       —       —  
 
        
Net income
   $ 0.43     $ 0.69     $ 1.64     $ 2.71  
 
        
 
                                
Dividends per share
   $ —     $ —     $ 0.10     $ 0.12  
 
        
 
                                
Basic weighted average shares outstanding
     51,853,828       48,560,549       52,557,550       49,589,465  
 
        
 
                                
Diluted weighted average shares outstanding
     51,959,612       48,670,245       52,669,934       49,688,909  
 
        

 

 

     
ISC REPORTS 2008 RESULTS FOR THE FOURTH QUARTER
  PAGE 9
Consolidated Balance Sheets
(In Thousands)
                 
    November 30, 2007     November 30, 2008  
ASSETS
                
Current Assets:
                
Cash and cash equivalents
   $ 57,316     $ 218,920  
Short-term investments
     39,250       200  
Restricted cash
     —       2,405  
Receivables, less allowance of $1,200 in 2007 and 2008
     46,860       47,558  
Inventories
     4,508       3,763  
Deferred income taxes
     1,345       1,838  
Prepaid expenses and other current assets
     10,547       7,194  
 
    
Total Current Assets
     159,826       281,878  
 
                
Property and Equipment, net
     1,303,178       1,331,231  
Other Assets:
                
Long-term restricted cash and investments
     —       40,187  
Equity investments
     76,839       77,613  
Intangible assets, net
     178,984       178,841  
Goodwill
     118,791       118,791  
Deposits with Internal Revenue Service
     117,936       117,936  
Other
     26,563       34,342  
 
    
 
     519,113       567,710  
 
    
Total Assets
   $ 1,982,117     $ 2,180,819  
 
    
 
                
LIABILITIES AND SHAREHOLDERS’ EQUITY
                
Current Liabilities:
                
Current portion of long-term debt
   $ 2,538     $ 153,002  
Accounts payable
     37,508       26,393  
Deferred income
     128,631       103,549  
Income taxes payable
     22,179       8,659  
Other current liabilities
     21,447       18,035  
 
    
Total Current Liabilities
     212,303       309,638  
 
                                
Long-Term Debt
     375,009       422,045  
Deferred Income Taxes
     214,109       104,172  
Long-Term Tax Liabilities
     —       161,834  
Long-Term Deferred Income
     15,531       13,646  
Other Long-Term Liabilities
     6,077       28,125  
Commitments and Contingencies
     —       —  
Shareholders’ Equity:
                
Class A Common Stock, $.01 par value, 80,000,000 shares authorized;
30,010,422 and 27,397,924 issued and outstanding in 2007 and 2008, respectively
     300       274  
Class B Common Stock, $.01 par value, 40,000,000 shares authorized;
21,593,025 and 21,150,471 issued and outstanding in 2007 and 2008, respectively
     216       211  
Additional paid-in capital
     621,528       497,277  
Retained earnings
     537,044       665,405  
Accumulated other comprehensive loss
     —       (21,808 )
 
    
Total Shareholders’ Equity
     1,159,088       1,141,359  
 
    
Total Liabilities and Shareholders’ Equity
   $ 1,982,117     $ 2,180,819  
 
    

 

 

     
ISC REPORTS 2008 RESULTS FOR THE FOURTH QUARTER
  PAGE 10
Consolidated Statements of Cash Flows
(In Thousands)
                 
    Twelve Months Ended  
    November 30, 2007     November 30, 2008  
 
    
OPERATING ACTIVITIES
                
Net income
   $ 86,201     $ 134,595  
Adjustments to reconcile net income to net cash provided by
                
Operating activities:
                
Depreciation and amortization
     80,205       70,911  
Minority interest
     —       (324 )
Stock-based compensation
     4,046       3,282  
Amortization of financing costs
     517       517  
Deferred income taxes
     23,374       30,753  
Loss from equity investments
     58,147       1,203  
Impairment of long-lived assets
     8,170       784  
Excess tax benefits relating to stock-based compensation
     (170 )     —  
Other, net
     154       3,921  
Changes in operating assets and liabilities:
                
Receivables, net
     7,525       (698 )
Inventories, prepaid expenses and other assets
     (2,142 )     4,117  
Deposits with Internal Revenue Service
     (7,123 )     —  
Accounts payable and other liabilities
     5,045       (8,233 )
Deferred income
     (5,712 )     (26,967 )
Income taxes
     (121 )     7,030  
 
    
Net cash provided by operating activities
     258,116       220,891  
 
                
INVESTING ACTIVITIES
                
Capital expenditures
     (96,060 )     (107,036 )
Acquisition of business, net of cash acquired
     (87,111 )     —  
Proceeds from affiliate
     67       4,700  
Advance to affiliate
     (200 )     (18,450 )
Increase in restricted cash
     —       (42,592 )
Proceeds from short-term investments
     105,320       41,700  
Purchases of short-term investments
     (66,570 )     (2,650 )
Purchases of equity investments
     —       (81 )
Other, net
     264       700  
 
    
Net cash used in investing activities
     (144,290 )     (123,709 )
 
                
FINANCING ACTIVITIES
                
Proceeds under credit facility
     65,000       170,000  
Payments under credit facility
     (65,000 )     (20,000 )
Proceeds of long-term debt
     —       51,300  
Payment of long-term debt
     (29,910 )     (3,505 )
Exercise of Class A common stock options
     357       —  
Cash dividends paid
     (5,292 )     (5,960 )
Excess tax benefits relating to stock-based compensation
     170       —  
Reacquisition of previously issued common stock
     (81,516 )     (127,413 )
 
    
Net cash (used in) provided by financing activities
     (116,191 )     64,422  
 
    
 
                
Net (decrease) increase in cash and cash equivalents
     (2,365 )     161,604  
Cash and cash equivalents at beginning of period
     59,681       57,316  
 
    
Cash and cash equivalents at end of period
   $ 57,316     $ 218,920  
 
    
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