Dover Motorsports (DVD) Reports Q2 EPS of $0.18 on Revenues of $25.8M

Dover Motorsports (NYSE: DVD) reported Q2 EPS of $0.18. Revenue for the quarter came in at $25.8 million.

• Revenues for the second quarter of 2018 increased to $25,812,000 from $25,587,000 for the second quarter of 2017. The increase is primarily from the scheduled increase in broadcasting revenue and higher commissions from Firefly, partially offset by lower admissions revenue for the NASCAR weekend.
• Operating and marketing expenses increased to $14,234,000 in the second quarter of 2018 from $14,100,000 in the second quarter of 2017. The increase was due to the scheduled increase in purse and sanction fees for the NASCAR weekend offset by lower other race related expenses.
• General and administrative expenses of $1,799,000 in the second quarter of 2018 remained consistent compared to $1,796,000 in the second quarter of 2017.
• Net interest expense decreased to $33,000 in the second quarter of 2018 from $68,000 in the second quarter of 2017 due to lower outstanding borrowings.
• Provision for contingent obligation was $69,000 during the second quarter of 2018 compared to $11,000 during the second quarter of 2017 primarily due to changes in discount rates.
• Earnings before income taxes for the second quarter of 2018 were $8,879,000 compared with $8,808,000 for the second quarter of 2017.
• Income tax expense during the second quarter of 2018 decreased to $2,371,000 from $3,605,000 in the second quarter of 2017. The decrease is primarily due to the impact of the Tax Cuts and Jobs Act of 2017 which lowered federal income tax rates beginning in 2018.
• Net earnings for the second quarter of 2018 were $6,508,000 or $0.18 per diluted share compared to $5,203,000 or $0.14 per diluted share in the second quarter of 2017.

For earnings history and earnings-related data on Dover Motorsports (DVD) click here.

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