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|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.
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