UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 24, 2005
INTERNATIONAL SPEEDWAY CORPORATION
(Exact name of registrant as specified in its charter)
FLORIDA | O-2384 | 59-0709342 |
(State or other jurisdiction
of incorporation) | (Commission
File Number) | (I.R.S. Employer
Identification No.) |
1801 WEST INTERNATIONAL SPEEDWAY BOULEVARD, DAYTONA BEACH, FLORIDA | 32114 |
(Address of principal executive offices) | (Zip code) |
Registrant's telephone number, including area code: (386) 254-2700
No Change
(Former name or address, if changed since last report)
[] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Section 1 - Registrant's Business and Operations
Item 1.01 Entry Into a Material Definitive Agreement
On May 24, 2005 Pennsylvania International Raceway, Inc., an indirect wholly-owned subsidiary of the Registrant, entered into an agreement with Brookside Realty, Inc. for the sale of 158 acres on which Nazareth Speedway is located for approximately $19 million. Nazareth Speedway suspended major motorsports event operations after the completion of the track's 2004 events and its results of operations are presented as discontinued operations in the Registrant's consolidated financial statements. Closing of the transaction is expected no later than November 30, 2005, and is contingent upon, among other items, the purchaser's right to terminate the agreement if it determines that timely and financially reasonable governmental approval of its proposed redevelopment of the real property is either unlikely or not feasible. Upon closing the transaction, ISC expects to record an after-tax gain from discontinued operations which may materially increase income in the period during which the closing occurs.
SIGNATURES
Pursuant to the requirements 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
(Registrant) |
Date: | 05/31/2005 | /s/ Glenn R. Padgett |
| | | Glenn R. Padgett, Vice President,
Chief Counsel - Operations,
& Assistant Secretary |
