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|FOR IMMEDIATE RELEASE||For further information, call:|
|Dover, Delaware, April 26, 2018||
Timothy R. Horne Sr. Vice President - Finance
DOVER MOTORSPORTS, INC. REPORTS RESULTS
FOR THE FIRST QUARTER ENDED MARCH 31, 2018
Dover Motorsports, Inc. (NYSE: DVD) today reported its results for the three months ended March 31, 2018.
The Company historically reports a loss in the first quarter due to the seasonality of our motorsports business. No major events were promoted during the first quarter of 2018 or 2017; therefore, our revenues were minimal.
Operating and marketing expenses of $1,151,000 in the first quarter of 2018 increased from $1,054,000 in the first quarter of 2017 primarily due to the timing of advertising costs.
General and administrative expenses of $1,955,000 in the first quarter of 2018 decreased slightly from $2,020,000 in the first quarter of 2017 primarily from lower employee costs.
Depreciation expense increased to $878,000 in the first quarter of 2018 from $821,000 in the first quarter of 2017. The increase is due to assets placed in service during the past 12 months.
Costs to remove long-lived assets of $286,000 represent costs incurred during the first quarter of 2017 to remove the remaining grandstands, seats and structures that were taken out of service and written off in 2015.
As previously reported, we closed on the sale of a parcel of land in Nashville for net proceeds of approximately $5 million after closing costs, resulting in a gain of $2,512,000.
Net interest expense was $40,000 in the first quarter of 2018 compared to $48,000 in the first quarter of 2017.
Loss before income taxes was $1,349,000 for the first quarter of 2018 compared to $4,108,000 for the first quarter of 2017. The results for 2018 include the gain on sale of land and the results for 2017 include costs to remove long-lived assets. On an adjusted basis, excluding these items, loss before income taxes was $3,861,000 for the first quarter of 2018 compared to $3,822,000 for the first quarter of 2017.
The following information was filed by Dover Motorsports Inc (DVD) on Thursday, April 26, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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