ISC announces stock buyback plan
December 27, 2006
Filed under Features
International Speedway Corporation’s board of directors has authorized a share repurchase program, under which the company may purchase up to $50 million of its outstanding Class A common shares.
“Our decision to repurchase shares is testament to our confidence in ISC’s strong financial position and the significant visibility of our future operating results,” said James France, ISC CEO. “Combined with the continued successful execution of strategic initiatives designed to capitalize on both internal and external growth opportunities, we believe our capital allocation strategy reflects a balanced approach that will enhance shareholder value and further position the company for long-term success.”
The timing and amount of any shares repurchased under the program will depend on a variety of factors, including price, corporate and regulatory requirements, capital availability and other market conditions.