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|FOR IMMEDIATE RELEASE||For further information, call:|
|Timothy R. Horne Sr. Vice President-Finance|
|Dover, Delaware, January 28, 2016||(302) 857-3292|
DOVER MOTORSPORTS, INC. REPORTS RESULTS
FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2015
Dover Motorsports, Inc. (NYSE: DVD) today reported its results for the fourth quarter and year ended December 31, 2015.
Results for this quarter are not comparable to the prior years quarter due to the timing of Dovers fall NASCAR race weekend which was promoted in the fourth quarter in 2015 compared to the third quarter in 2014.
Revenues for the fourth quarter of 2015 were $21,016,000 compared with $157,000 in the fourth quarter of 2014. Operating and marketing expenses were $11,940,000 in the fourth quarter of 2015 compared to $990,000 in the fourth quarter of 2014. Both increases are due to the timing of our 2015 fall NASCAR race weekend.
The Companys Fall NASCAR weekend was negatively impacted by the forecast of a potential hurricane, the postponement of all Friday activities, and threatening weather for the balance of the weekend, causing a reduction in admissions revenue and concession and merchandise sales. Broadcast revenue and sponsorship sales both improved compared to last years Fall weekend.
General and administrative expenses increased $129,000 from $1,786,000 for the fourth quarter of 2014 to $1,915,000 for the fourth quarter of 2015. The increase is primarily from higher employee costs.
Depreciation expense increased to $949,000 in the fourth quarter of 2015 compared to $814,000 in the fourth quarter of 2014. The increase is due to the decision earlier in 2015 to remove certain grandstand seats and structures after our 2015 race season. We changed the estimated useful lives of the impacted assets resulting in a $177,000 increase in our fourth quarter 2015 depreciation expense.
Net interest expense decreased to $43,000 in the fourth quarter of 2015 from $132,000 for the fourth quarter of 2014. The decrease was primarily due to lower outstanding borrowings and lower letter of credit fees.
Earnings before income taxes for the fourth quarter of 2015 were $6,159,000 compared with a loss before income taxes of ($3,536,000) in the fourth quarter of 2014. The increase is due to the timing of the 2015 fall NASCAR race weekend.
The following information was filed by Dover Motorsports Inc (DVD) on Thursday, January 28, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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