Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE For further information, call:  
  Timothy R. Horne - Sr. Vice President-Finance  
Dover, Delaware, January 30, 2020
(302) 883-6592  

 

DOVER MOTORSPORTS, INC. REPORTS RESULTS

FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2019

 

 

Dover Motorsports, Inc. (NYSE: DVD) today reported its results for the fourth quarter and year ended December 31, 2019.

 

Our fall NASCAR event weekend, which consisted of a K&N Pro Series East event, an Xfinity Series event, and a Monster Energy Cup Series event, was held during the fourth quarter of both 2019 and 2018.

 

Revenues for the fourth quarter of 2019 were $20,794,000 compared to $20,751,000 in the fourth quarter of 2018. Operating and marketing expenses were $12,255,000 in the fourth quarter of 2019 compared to $12,293,000 in the fourth quarter of 2018. 

 

Operating results for our fall 2019 race weekend were comparable with last year. Higher broadcast and sponsorship revenue was offset by lower admissions revenue and higher purses.

 

General and administrative expenses increased to $1,894,000 in the fourth quarter of 2019 compared to $1,758,000 in the fourth quarter of 2018, primarily from higher employee benefits cost and real estate taxes.

 

Depreciation expense in the fourth quarter of 2019 increased to $1,097,000 from $789,000 in the fourth quarter of 2018. The increase is due to our decision during the third quarter to remove additional grandstand seats after our 2019 race season. We changed the estimated useful lives of the impacted assets resulting in $293,000 of accelerated depreciation expense in the fourth quarter of 2019.

 

We incurred $1,170,000 in costs related to the removal of the grandstands during the fourth quarter of 2019. The total cost of removal is estimated to be approximately $1.5 million.

 

Provision for contingent obligation was $638,000 during the fourth quarter of 2019 compared to $292,000 in the fourth quarter of 2018 primarily due to a reduction in the discount rate and a reduction in estimated future property tax increases.

 

Earnings before income taxes for the fourth quarter of 2019 were $3,809,000 compared to $5,551,000 in the fourth quarter of 2018.

 


The following information was filed by Dover Motorsports Inc (DVD) on Thursday, January 30, 2020 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.

View differences made from one year 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-K Annual 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