Dover Motorsports, Inc. Reports Results for the First Quarter Ended March 31, 2021
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.
- Financial position remains strong with $10.9 million in cash.
- Approval granted to host up to 20,000 fans at upcoming NASCAR events.
- Title sponsorships for all NASCAR races confirmed.
- Q1 2021 revenues dropped to $157,000 from $204,000 in Q1 2020.
- Operating expenses increased significantly, resulting in a net loss of $3,202,000.
Dover Motorsports, Inc. (NYSE: DVD) today reported its results for the three months ended March 31, 2021.
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 2021 or 2020; therefore, our revenues were minimal.
Operating and marketing expenses increased to
General and administrative expenses of
Depreciation expense was
We incurred
The adjustment for contingent obligation was a benefit of
Loss before income taxes was
Net loss for the first quarter of 2021 was
Denis McGlynn, the Company’s President and Chief Executive Officer, stated: “We’re happy to report that officials in Delaware have given us approval to host up to 20,000 fans at our NASCAR weekend at Dover International Speedway in May. We anticipate approval from Tennessee shortly for our race weekend at Nashville Superspeedway in June. We are happy to be on a path back to normalcy with actual fans in the stands for both tripleheader weekends. Our Father’s Day NASCAR Cup Series event will mark the first time NASCAR’s highest level of racing has been in the Nashville market since 1984. Title sponsorships for all of our NASCAR races are in place so, at this point in the season, we are well positioned.”
The Company’s financial condition remains strong, with no outstanding borrowings and approximately
The Company announced yesterday that its Board of Directors declared a semi-annual cash dividend on both classes of common stock of $.04 per share. The dividend will be payable on June 10, 2021 to shareholders of record at the close of business on May 10, 2021.
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. is a promoter of NASCAR sanctioned and other motorsports events in the United States whose subsidiaries own and operate Dover International Speedway in Dover, Delaware and Nashville Superspeedway near Nashville, Tennessee. For further information, log on to dovermotorsports.com.
| DOVER MOTORSPORTS, INC. | ||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| In Thousands, Except Per Share Amounts | ||||||||
| (Unaudited) | ||||||||
Three Months Ended |
||||||||
March 31, |
||||||||
2021 |
|
2020 |
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| Revenues: | ||||||||
| Event-related | $ |
157 |
|
$ |
204 |
|
||
| Expenses: | ||||||||
| Operating and marketing |
|
1,596 |
|
|
988 |
|
||
| General and administrative |
|
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FAQ
What were Dover Motorsports' Q1 2021 financial results?
Dover Motorsports reported minimal revenue of $157,000, a net loss of $3,202,000, and an increase in operating expenses to $1,596,000.
What is Dover Motorsports' current cash position?
The company has approximately $10.9 million in available cash.
When is Dover Motorsports paying dividends to shareholders?
Dover Motorsports declared a semi-annual cash dividend of $0.04 per share, payable on June 10, 2021, to shareholders on record by May 10, 2021.
What is the expected attendance for Dover Motorsports' NASCAR events?
The company received approval to host up to 20,000 fans at their NASCAR weekend events in May and June 2021.
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