Dover Downs Gaming & Entertainment, Inc. Reports Results For The Fourth Quarter And Year Ended December 31, 2010
Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE) today reported results for the fourth quarter and year ended December 31, 2010.
The Company’s revenues were $57,941,000 compared with $55,375,000 for the fourth quarter of 2009. Gaming revenue increased 4.8% compared to the fourth quarter of last year. Lower slot win was offset by table game revenue for the quarter.
Gaming profits were lower compared to the fourth quarter of last year as a result of the lower slot win and from the high gaming taxes, license fees and costs associated with table game operations.
Other operating revenues increased 2.5%. Occupancy levels in the Dover Downs Hotel were approximately 83% for the fourth quarter of 2010 compared with approximately 77% for the fourth quarter of 2009.Interest expense increased $293,000 during the quarter with lower average outstanding borrowings offset by higher interest rates. Net earnings were $501,000, or $.02 per diluted share, compared with $1,815,000, or $.06 per diluted share for the fourth quarter of 2009. Net earnings for the year were $6,743,000, or $.21 per diluted share compared with $11,277,000 or $.35 per diluted share for 2009. Denis McGlynn, the Company's President and Chief Executive Officer, stated: "As the regional gaming environment becomes more crowded and increasingly competitive, our customer service, gaming offerings and entertainment options remain second to none. We have invested heavily in what we will need to attract and retain the more discriminating gaming customers in Delaware and surrounding states. We have also launched new initiatives focused on increasing our market share through programs that introduce Dover to more table game customers." The Company announced yesterday that its Board of Directors declared a quarterly dividend of $.03 per share payable on March 10, 2011 to shareholders of record at the close of business on February 10, 2011. 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 that could cause results to vary materially. Please refer to the Company’s SEC filings for a discussion of such factors.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV