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Speedway Motorsports has announced a definitive agreement to acquire Dover Motorsports for $3.61 per share, totaling approximately $131.5 million. This represents a 58.3% premium over Dover's closing stock price on November 8, 2021. A significant 57.5% of Dover's shareholders have agreed to tender their shares. The merger aims to enhance fan engagement and grow the sport of NASCAR. The transaction is subject to certain conditions and is expected to close by the end of the calendar year.
Dover Motorsports, Inc. (NYSE: DVD) reported Q3 2021 results with revenues of $1,238,000, significantly down from $38,044,000 in Q3 2020 due to the cancellation of the Firefly Music Festival and NASCAR events in 2020. Operating and marketing expenses decreased to $839,000 from $22,425,000, while general and administrative expenses rose to $2,040,000. The net loss for Q3 2021 was ($1,865,000) or ($0.05) per diluted share, compared to a net profit of $13,190,000 or $0.36 per diluted share in Q3 2020. The company declared a semi-annual cash dividend of $0.04 per share, payable December 10, 2021.
Dover Motorsports, Inc. (NYSE: DVD) has declared a semi-annual cash dividend of $.04 per share on both classes of common stock. This dividend will be payable on December 10, 2021, to shareholders of record by the close of business on November 10, 2021. As a promoter of NASCAR events, Dover Motorsports operates key venues including Dover International Speedway and Nashville Superspeedway in the U.S.
Dover Motorsports, Inc. (NYSE: DVD) will announce its third-quarter earnings for the period ending September 30, 2021, on October 28, 2021, at 9:00 a.m. ET. The earnings commentary from the executive team will be available on the company's website. Dover Motorsports is recognized for promoting NASCAR-sanctioned events and operates the Dover International Speedway and Nashville Superspeedway.
ASM Global has partnered with Nashville Superspeedway to enhance live entertainment offerings in Middle Tennessee, marking the speedway as its first auto-racing venue. The non-exclusive agreement, effective from Sept. 28, 2021, will leverage ASM's expertise in delivering major sports and music events at the speedway, which currently hosts NASCAR's Cup, Xfinity, and Truck Series. Executives from both organizations expressed enthusiasm for revitalizing the venue and bringing diverse events to the region.
Dover Motorsports, Inc. (NYSE: DVD) reported significant revenue growth for Q2 2021, rising to $49.9 million from $110,000 in Q2 2020 due to resumed NASCAR events. Highlights include a sellout crowd at the Nashville Superspeedway and increased broadcast ratings for the ALLY 400. Earnings before taxes were $26.6 million, compared to a loss in the previous year. Net earnings were $19.7 million, or $0.54 per diluted share. The company ended the quarter debt-free with $18.6 million in cash. The Firefly Music Festival is set to return in September 2021.
Dover Motorsports, Inc. (NYSE: DVD) is set to announce its earnings for the second quarter ending June 30, 2021, on Thursday, July 29, 2021. The earnings release will be available in the morning, with executive commentary accessible at 9:00 a.m. ET on the Company’s website. Dover Motorsports promotes NASCAR events and operates the Dover International Speedway and Nashville Superspeedway. For more details, visit www.dovermotorsports.com.
Dover Motorsports, Inc. (NYSE: DVD) announced the closure of a property sale on May 26, 2021, involving approximately 350 acres near Nashville Superspeedway, in agreement with Panattoni Development Company. The sale generated about $14.35 million in proceeds, with an estimated net of $12 million after taxes. The sold land does not include the site of the superspeedway, leaving the company with approximately 650 acres of commercial real estate. Dover Motorsports promotes NASCAR events and operates Dover International Speedway and Nashville Superspeedway.
Dover Motorsports, Inc. (NYSE: DVD) appointed Anastasia Thomas Nardangeli as a new Director during its recent Board meeting. Stasia, an alumna of Yale and the University of Maryland School of Law, specializes in business formation, capital raises, and corporate governance. Chairman Henry B. Tippie expressed confidence in her legal expertise, which is expected to enhance the Board's overall perspective. Nardangeli will serve as a Class I Director with a term that concludes in 2024. This strategic addition may strengthen the company's governance and operational capabilities.
Dover Motorsports, Inc. (NYSE: DVD) reported its Q1 2021 financial results, showing a minimal revenue of $157,000 due to no major events held. Operating and marketing expenses rose significantly to $1,596,000 from $988,000, primarily driven by increased advertising costs. General and administrative expenses also increased to $2,255,000 compared to $1,987,000 in Q1 2020. The company's net loss narrowed to $3,202,000 from $3,140,000 year-over-year. Despite these losses, Dover Motorsports maintains a strong financial position with $10.9 million in cash and announced a $0.04 per share dividend.
