Dover Motorsports (DVD) Reports Q1 Loss of $0.08

Dover Motorsports (NYSE: DVD) reported Q1 EPS of ($0.08), versus ($0.07) reported last year. Revenue for the quarter came in at $204 thousand, versus $129 thousand reported last year.

• Operating and marketing expenses decreased to $988,000 in the first quarter of 2020 from $1,055,000 in the first quarter of 2019, primarily from lower employee related costs.
• General and administrative expenses of $1,987,000 in the first quarter of 2020 increased from $1,916,000 in the first quarter of 2019, primarily from higher corporate insurance and real estate taxes.
• Depreciation expense decreased slightly to $768,000 in the first quarter of 2020 from $793,000 in the first quarter of 2019.
• We incurred $341,000 in costs to complete the removal of grandstands during the first quarter of 2020.
• Provision for contingent obligation was $369,000 during the first quarter of 2020 compared to $111,000 for the first quarter of 2019, primarily due to a reduction in the discount rate used to value the contingent liability.
• Loss before income taxes was $4,384,000 for the first quarter of 2020 compared to $3,481,000 for the first quarter of 2019. The 2020 results include $341,000 in grandstand removal costs while the 2019 results include a gain on the sale of land of $139,000. On an adjusted basis, excluding these items, loss before income taxes for the first quarter of 2020 was $4,043,000 compared to $3,620,000 in 2019.
• Net loss for the first quarter of 2020 was $3,140,000 or $.09 per diluted share compared with a loss of $2,490,000 or $.07 per diluted share in the first quarter of 2019. Net loss, adjusted for the aforementioned items, was $2,894,000 or $.08 per diluted share for the first quarter of 2020 compared to $2,600,000 or $.07 per diluted share for the first quarter of 2019.

Looking forward, the world economy has been dramatically affected by the COVID-19 pandemic, and our business is no exception. Our first priority with regard to the COVID-19 pandemic is to comply with governmental guidelines and do everything we can to ensure the safety and health of our employees, customers, sponsors and others with whom we partner in our business activities. As there is no way to currently know how long the pandemic will last, we are unable to predict the long-term impact of the pandemic on our business at this time.

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

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