EXHIBIT 99.1

 

FOR IMMEDIATE RELEASE For further information, call:
  Timothy R. Horne – Sr. Vice President - Finance
Dover, Delaware, April 29, 2021 (302) 883-6592
 

 

DOVER MOTORSPORTS, INC. REPORTS RESULTS

FOR THE FIRST QUARTER ENDED MARCH 31, 2021

 

Dover Motorsports, Inc. (NYSE: DVD) today reported its results for the three months ended March 31, 2021.

 

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 2021 or 2020; therefore, our revenues were minimal.

 

Operating and marketing expenses increased to $1,596,000 in the first quarter of 2021 from $988,000 in the first quarter of 2020, primarily from increased and earlier advertising expense. This year’s NASCAR weekends are scheduled for May and June whereas they were originally scheduled for May and August last year.

 

General and administrative expenses of $2,255,000 in the first quarter of 2021 increased from $1,987,000 in the first quarter of 2020, primarily from employee and utility costs related to the reopening of Nashville Superspeedway.

 

Depreciation expense was $763,000 in the first quarter of 2021 compared to $768,000 in the first quarter of 2020.

 

We incurred $341,000 in costs to complete the removal of grandstand seats in Dover during the first quarter of 2020.

 

The adjustment for contingent obligation was a benefit of $34,000 during the first quarter of 2021 compared to an expense of $369,000 for the first quarter of 2020, primarily due to changes in the discount rate.

 

Loss before income taxes was $4,313,000 for the first quarter of 2021 compared to $4,384,000 for the first quarter of 2020.

 

Net loss for the first quarter of 2021 was $3,202,000 or $.09 per diluted share compared with a loss of $3,140,000 or $.09 per diluted share in the first quarter of 2020.

 

Denis McGlynn, the Company’s President and Chief Executive Officer, stated: “We’re happy to report that officials in Delaware have given us approval to host up to 20,000 fans at our NASCAR weekend at Dover International Speedway in May. We anticipate approval from Tennessee shortly for our race weekend at Nashville Superspeedway in June. We are happy to be on a path back to normalcy with actual fans in the stands for both tripleheader weekends. Our Father’s Day NASCAR Cup Series event will mark the first time NASCAR’s highest level of racing has been in the Nashville market since 1984. Title sponsorships for all of our NASCAR races are in place so, at this point in the season, we are well positioned.”

 

 

 

The Company’s financial condition remains strong, with no outstanding borrowings and approximately $10.9 million in available cash.

 

The Company announced yesterday that its Board of Directors declared a semi-annual cash dividend on both classes of common stock of $.04 per share. The dividend will be payable on June 10, 2021 to shareholders of record at the close of business on May 10, 2021.

 

* * *

 

This release contains or may contain forward-looking statements based on management's beliefs and assumptions. Such statements are subject to various risks and uncertainties which could cause results to vary materially. Please refer to the Company's SEC filings for a discussion of such factors.

 

Dover Motorsports, Inc. is a promoter of NASCAR sanctioned and other motorsports events in the United States whose subsidiaries own and operate Dover International Speedway in Dover, Delaware and Nashville Superspeedway near Nashville, Tennessee. For further information, log on to dovermotorsports.com.

 

 

 

DOVER MOTORSPORTS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
In Thousands, Except Per Share Amounts
(Unaudited)
   Three Months Ended 
   March 31, 
   2021   2020 
Revenues:          
Event-related  $157   $204 
           
Expenses:          
Operating and marketing   1,596    988 
General and administrative   2,255    1,987 
Depreciation   763    768 
Costs to remove long-lived assets   -    341 
    4,614    4,084 
           
Operating loss   (4,457)   (3,880)
           
Interest (expense) income, net   (15)   3 
Benefit (provision) for contingent obligation   34    (369)
Other income (expense), net   125    (138)
           
Loss before income taxes   (4,313)   (4,384)
           
Income tax benefit   1,111    1,244 
           
Net loss  $(3,202)  $(3,140)
           
Net loss per common share:          
    Basic  $(0.09)  $(0.09)
    Diluted  $(0.09)  $(0.09)
           
Weighted average shares outstanding:          
 Basic   35,913    35,834 
 Diluted   35,913    35,834 

 

 

 

 

DOVER MOTORSPORTS, INC.
CONSOLIDATED BALANCE SHEETS
In Thousands
(Unaudited)
             
   March 31,   March 31,   December 31, 
   2021   2020   2020 
ASSETS               
Current assets:               
Cash  $10,862   $5,032   $12,568 
Accounts receivable   2,003    777    601 
Inventories   18    18    18 
Prepaid expenses and other   1,709    1,265    1,557 
Income taxes receivable   24    283    24 
Assets held for sale   5,844    -    5,844 
Total current assets   20,460    7,375    20,612 
                
Property and equipment, net   66,148    70,704    63,075 
Right of use asset   207    169    112 
Deferred income taxes   2,425    -    2,425 
Other assets   1,360    1,033    1,322 
Total assets  $90,600   $79,281   $87,546 
                
LIABILITIES AND STOCKHOLDERS' EQUITY               
Current liabilities:               
Accounts payable  $1,623   $104   $570 
Accrued liabilities   3,504    2,680    3,463 
Contract liabilities   7,725    2,909    1,395 
Non-refundable deposit   500    -    500 
Total current liabilities   13,352    5,693    5,928 
                
Liability for pension benefits   746    939    871 
Lease liability   105    93    33 
Non-refundable deposit   -    500    - 
Provision for contingent obligation   3,184    3,757    3,218 
Deferred income taxes   7,370    7,444    8,469 
Total liabilities   24,757    18,426    18,519 
                
Stockholders' equity:               
Common stock   1,793    1,790    1,786 
Class A common stock   1,851    1,851    1,851 
Additional paid-in capital   101,207    100,984    101,207 
Accumulated deficit   (35,234)   (40,108)   (32,032)
Accumulated other comprehensive loss   (3,774)   (3,662)   (3,785)
Total stockholders' equity   65,843    60,855    69,027 
Total liabilities and stockholders' equity  $90,600   $79,281   $87,546 

 

 

 

 

DOVER MOTORSPORTS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
In Thousands
(Unaudited)
         
   Three Months Ended 
   March 31, 
   2021   2020 
Operating activities:          
Net loss  $(3,202)  $(3,140)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:          
Depreciation   763    768 
Amortization of credit facility fees   15    14 
Stock-based compensation   124    92 
Deferred income taxes   (1,111)   (1,244)
(Benefit) provision for contingent obligation   (34)   369 
(Gains) losses on equity investments   (19)   176 
Changes in assets and liabilities:          
Accounts receivable   (1,402)   (132)
Prepaid expenses and other   (155)   (86)
Accounts payable   (245)   (15)
Accrued liabilities   17    (1,030)
Contract liabilities   6,330    1,933 
Liability for pension benefits   (101)   (37)
Net cash provided by (used in) operating activities   980    (2,332)
           
Investing activities:          
Capital expenditures   (2,538)   (115)
Purchases of equity investments   (4)   (196)
Proceeds from sale of equity investments   11    192 
Net cash used in investing activities   (2,531)   (119)
           
Financing activities:          
Borrowings from revolving line of credit   -    180 
Repayments on revolving line of credit   -    (180)
Repurchase of common stock   (117)   (94)
Credit facility fees   (38)   - 
Net cash used in financing activities   (155)   (94)
           
Net decrease in cash   (1,706)   (2,545)
Cash, beginning of period   12,568    7,577 
Cash, end of period  $10,862   $5,032 

 

 

 

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