International Speedway Corporation Class A (NASDAQ:ISCA) recently reported its first quarter earnings and discussed the following topics in its earnings conference call.
Marketing Partnership Targets
Stephan Altebrando – Sidoti & Company: It looks like the marketing partnership targets, in terms of what you are looking to achieve here, up a couple 100 basis points year-over-year. Can you talk a little bit about what the goals are this year compared to last year? Are they up, flat?
Daniel W. Houser – SVP, CFO and Treasurer: This is Dan. Really, they are pretty flat this year. As we said when we gave guidance, we looking to that probably most of the core business revenues admissions, corporate dollars, et cetera we’re hoping we can maintain our levels of last year and that we can hold on to the growth in TV revenues. Having said that, I think we have a great opportunity in – around corporate revenues this year. We are very excited that, we’ve got all of our Sprint Cup entitlements sold and that that really opens up the landscape for prospecting many more opportunities that really aren’t there whenever you are – when you are focused on that perishable inventory. So, I think that can be bright spot, but our expectations are really relatively flat there.
Stephan Altebrando – Sidoti & Company: That kind of leads me into my next question, which is you are well ahead on entitlements year-over-year. Can you talk a little bit about the pricing on those deals?
Daniel W. Houser – SVP, CFO and Treasurer: There is a little bit of a mixed bag there. I’d say overall on a blended rate, they are pretty – they are probably pretty flat. I think the exciting thing there is that we’re getting the terms are getting extended from – you know we were doing a lot of just two year deals before. We’ve got a nice runway going into next year, which is not only the – we got the entitlements sold for this year, but we’ve got many, many that are renewing next year. So I think that that gives us a great positioning on the supply and demand equation.
Stephan Altebrando – Sidoti & Company: Are there escalators on multi-year deals typically?
Daniel W. Houser – SVP, CFO and Treasurer: Yes, usually low single digits.