Net income falls at speedway operator

International Speedway Corp., the biggest U.S. auto racetrack operator, said net income declined 40% in its fiscal second quarter as it accelerated depreciation of its headquarters and television fees dropped.

Net income fell to $18.4 million, or 35 cents a share, from $30.7 million, or 58 cents, a year earlier. Sales rose 5.5% to $181.5 million.

International Speedway lowered its full-year forecast, citing losses at Motorsports Authentics, a souvenir venture. The company said it might lose as much as $12 million on the venture in the second half of the year. It said fiscal 2007 profit would be $2.80 to $2.90 a share, excluding some costs, down from an earlier forecast of as much as $3.20.