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|FOR IMMEDIATE RELEASE||For further information, call:|
|Timothy R. Horne Sr. Vice President Finance|
|Dover, Delaware, July 25, 2019||(302) 883-6592|
DOVER MOTORSPORTS, INC.
REPORTS RESULTS FOR THE SECOND QUARTER OF 2019
Dover Motorsports, Inc. (NYSE: DVD) today reported results for the three months ended June 30, 2019.
The Company promoted a NASCAR triple-header and hosted the Firefly Music Festival (Firefly) in Dover during the second quarter of both 2019 and 2018. 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 2019 were $24,838,000 compared to $25,812,000 for the second quarter of 2018. The decrease is primarily from lower corporate spending and admissions revenue at our rain delayed spring NASCAR weekend, and lower commissions from Firefly, partially offset by the scheduled increase in broadcasting revenue.
Operating and marketing expenses increased to $14,584,000 in the second quarter of 2019 from $14,234,000 in the second quarter of 2018. The increase was primarily due to the scheduled increase in purse and sanction fees for the NASCAR weekend.
General and administrative expenses of $1,826,000 in the second quarter of 2019 remained consistent compared to $1,799,000 in the second quarter of 2018.
Net interest expense decreased to $10,000 in the second quarter of 2019 from $33,000 in the second quarter of 2018 due to lower outstanding borrowings.
Provision for contingent obligation was $135,000 during the second quarter of 2019 compared to $69,000 during the second quarter of 2018 primarily due to a lower discount rate used to value the liability.
Earnings before income taxes for the second quarter of 2019 were $7,546,000 compared with $8,879,000 for the second quarter of 2018.
Net earnings for the second quarter of 2019 were $5,501,000 or $0.15 per diluted share compared to $6,508,000 or $0.18 per diluted share in the second quarter of 2018.
As previously reported, we closed on the sale of a parcel of land in Nashville during the first quarter of 2018 for net proceeds of approximately $5 million after closing costs, resulting in a gain of $2,512,000. 225 acres of our Nashville Superspeedway property were under option for a total purchase price of approximately $12.4 million. We sold 7.6 acres of the option land during the first quarter of 2019 for net proceeds of approximately $267,000, resulting in a gain of $139,000.
The following information was filed by Dover Motorsports Inc (DVD) on Thursday, July 25, 2019 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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