Dover Motorsports, Inc. Reports Results for the Quarter Ended March 31, 2014
Dover, DEL. - Dover Motorsports, Inc. (NYSE: DVD) today reported its results for the quarter ended March 31, 2014.
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 2014 or 2013; therefore, our revenues were minimal.
Operating and marketing expenses of $ 1,035,000 in the first quarter of 2014 decreased slightly from $ 1,054,000 in the first quarter of 2013.
General and administrative expenses of $ 1,860,000 in the first quarter of 2014 were down slightly from $ 1,911,000 in the first quarter of 2013.
Depreciation expense remained constant at $ 825,000 in the first quarter of 2014 and 2013.
Net interest expense was $ 165,000 in the first quarter of 2014 compared to $ 275,000 in the first quarter of 2013. The decrease is primarily due to lower average outstanding borrowings and interest rates in the first quarter of 2014 compared to the first quarter of 2013.
Other income in the first quarter of 2013 was primarily a gain on the sale of certain assets.
The effective income tax rate was a benefit of 41.5% for the first quarter of 2014 compared to a benefit of 39.8% for the first quarter of 2013.
Net loss for the first quarter of 2014 was $ 2,118,000 or $ .06 per diluted share compared with a loss of $ 2,279,000 or $ .06 per diluted share in the first quarter of 2013.
At March 31, 2014, the Company’s total indebtedness was $ 15,540,000 compared with $ 21,200,000 at March 31, 2013.
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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.