Dover Motorsports (DVD) Reports Q3 Loss of $0.07

Dover Motorsports (NYSE: DVD) reported Q3 EPS of ($0.07).

• As a result of the schedule change, revenues for the third quarter of 2018 were $227,000 compared with $2,740,000 in the third quarter of 2017.
• Operating and marketing expenses were $1,599,000 in the third quarter of 2018 compared to $3,485,000 in the third quarter of 2017. The decrease was the result of the schedule change, offset by the timing of advertising expenses for the fall weekend.
• General and administrative expenses of $1,798,000 in the third quarter of 2018 were comparable to $1,774,000 in the third quarter of 2017.
• Depreciation expense decreased to $793,000 in the third quarter of 2018 from $863,000 in the third quarter of 2017.
• Loss on sale of land represents the estimated loss on the pending sale of the last parcel of land we own near Gateway International Raceway. We expect to close on the land sale in the fourth quarter of 2018.
• Net interest decreased to $2,000 in the third quarter of 2018 compared to $34,000 in the third quarter of 2017 due to lower borrowings.
• Loss before income taxes for the third quarter of 2018 was ($4,014,000) compared to ($3,396,000) in the third quarter of 2017.
• Net loss for the third quarter of 2018 was ($2,699,000) or ($.07) per diluted share compared to ($2,015,000) or ($.06) per diluted share in the third quarter of 2017. A lower effective tax rate in the third quarter of 2018 reduced the tax benefit on the loss in 2018 compared to 2017.

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

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