Exhibit 99.1

 

LOGO

 

FOR IMMEDIATE RELEASE    For further information, call:   
   Timothy R. Horne – Sr. Vice President – Finance   

Dover, Delaware, July 26, 2018

   (302) 857-3292   

DOVER MOTORSPORTS, INC.

REPORTS RESULTS FOR THE SECOND QUARTER OF 2018

Dover Motorsports, Inc. (NYSE: DVD) today reported results for the three months ended June 30, 2018.

The Company promoted a NASCAR triple-header and hosted the Firefly Music Festival in Dover during the second quarter of 2018 and 2017. The Company leases a portion of its facility to the promoter of Firefly, provides logistical assistance and handles certain concessions for which the Company retains a percentage of the gross sales.

Revenues for the second quarter of 2018 increased to $25,812,000 from $25,587,000 for the second quarter of 2017. The increase is primarily from the scheduled increase in broadcasting revenue and higher commissions from Firefly, partially offset by lower admissions revenue for the NASCAR weekend.

Operating and marketing expenses increased to $14,234,000 in the second quarter of 2018 from $14,100,000 in the second quarter of 2017. The increase was due to the scheduled increase in purse and sanction fees for the NASCAR weekend offset by lower other race related expenses.

General and administrative expenses of $1,799,000 in the second quarter of 2018 remained consistent compared to $1,796,000 in the second quarter of 2017.

Net interest expense decreased to $33,000 in the second quarter of 2018 from $68,000 in the second quarter of 2017 due to lower outstanding borrowings.

Provision for contingent obligation was $69,000 during the second quarter of 2018 compared to $11,000 during the second quarter of 2017 primarily due to changes in discount rates.

Earnings before income taxes for the second quarter of 2018 were $8,879,000 compared with $8,808,000 for the second quarter of 2017.

Income tax expense during the second quarter of 2018 decreased to $2,371,000 from $3,605,000 in the second quarter of 2017. The decrease is primarily due to the impact of the Tax Cuts and Jobs Act of 2017 which lowered federal income tax rates beginning in 2018.

Net earnings for the second quarter of 2018 were $6,508,000 or $0.18 per diluted share compared to $5,203,000 or $0.14 per diluted share in the second quarter of 2017.


The following information was filed by Dover Motorsports Inc (DVD) on Thursday, July 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.

View differences made from one quarter to another to evaluate Dover Motorsports Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Dover Motorsports Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account