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What: Shares of International Speedway
So what: There wasn't much to like about the third-quarter report, either. Revenue fell 6% to $150.3 million while adjusted profits fell by a penny to $0.24. Management blamed the shortfall on fewer events in the quarter when compared with the year prior.
Now what: Guidance appears to have disappointed investors most, and understandably so. The company said in a press release that because of the "sluggish economy" and other factors, it wouldn't meet earlier guidance of $635 million in fiscal 2011 revenue but then refused to set a new target. With due respect to my Foolish colleagues at Motley Fool Inside Value, I'd advise sitting on the sidelines till management has better visibility into the business. Do you agree? Would you buy shares of International Speedway at current prices? Please weigh in using the comments box below.
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Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn’t own shares in any of the companies mentioned at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Google+ or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.
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