Dover Motorsports, Inc. Reports Results for the Second Quarter of 2013
DOVER, DEL. - Dover Motorsports, Inc. (NYSE: DVD) today reported results for the three months ended June 30, 2013.
The Company promoted a NASCAR triple-header in Dover during the second quarter of 2013 and 2012. The Company also hosted the second annual Firefly Music Festival from June 21-23, 2013 on the Company’s parking grounds. The Company’s involvement included renting the land to the promoter, providing logistical assistance and handling certain concessions for which the Company retained a certain percent of the gross sales. The inaugural Firefly Music Festival was held in the third quarter of 2012.
Revenues for the second quarter of 2013 were $ 24,465,000 compared with $ 23,719,000 in the second quarter of 2012. The increase in revenues was primarily due to the contracted increase in broadcasting revenue and revenue from the Firefly Music Festival offset by lower admissions revenue from lower attendance for the Dover NASCAR weekend.
Operating and marketing expenses were $ 13,123,000 in the second quarter of 2013 compared to $ 12,528,000 in the second quarter of 2012. The increase was primarily due to the scheduled increase in purse and sanction fees and increased promotion and security costs during the Dover NASCAR weekend, as well as from costs related to the Firefly Festival.
General and administrative expenses increased slightly to $ 1,839,000 in the second quarter of 2013 from $ 1,765,000 in the second quarter of 2012.
Net interest expense decreased to $ 275,000 in the second quarter of 2013 from $ 372,000 for the second quarter of 2012. The decrease was due to lower borrowing costs and lower average outstanding borrowings in the second quarter of 2013 compared to 2012.
Earnings from operations before income tax expense for the second quarter of 2013 were $ 8,391,000 compared with $ 8,477,000 in the second quarter of 2012.
Net earnings for the second quarter of 2013 decreased slightly to $ 4,903,000 or $ 0.13 per diluted share compared to $ 5,018,000 or $ .14 per diluted share for the second quarter of 2012.
During the second quarter of 2013, the Company repurchased 79,896 shares of its common stock on the open market at prices ranging from approximately $ 2.05 to $ 2.18 per share.
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. (NYSE: DVD) is a leading promoter of NASCAR sanctioned motorsports events whose subsidiaries own and operate Dover International Speedway in Dover, Del., and Nashville Superspeedway near Nashville. The company also plays host to the Firefly Music Festival, produced by Red Frog Events and Goldenvoice. For more information, visit www.DoverMotorsports.com.