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Dover Motorsports, Inc. (NYSE: DVD) today reported its results for the third quarter ended September 30, 2011.
Results for this quarter are not comparable to the prior year’s quarter due to various race schedule changes and non-cash charges taken in this quarter in connection with the Company’s Nashville facility.
As previously reported, the assets, liabilities and operating results of the Company’s Gateway facility have been reclassified in the accompanying consolidated financial statements to report Gateway as a discontinued operation. We also previously announced that the Company’s Nashville facility had notified NASCAR that it will not seek 2012 sanction agreements for its two Nationwide Series and two Camping World Truck Series events. We continue to conduct the weekly events we have scheduled for the remainder of 2011 and are currently evaluating all of our options for the facility.
The Company’s NASCAR fall race weekend in Dover was held from September 30, 2011 through October 2, 2011. The K&N Pro Series East event was held during the third quarter of 2011 while the NASCAR Nationwide Series and Sprint Cup Series races were held during the fourth quarter of 2011. The entire fall race weekend was held during the third quarter of 2010. Also, the Company’s 2011 summer tandem weekend held during July in Nashville included a NASCAR Nationwide Series event that was held during the second quarter of 2010. Accordingly, the Company promoted only three major events over two weekends in the third quarter of 2011 compared with four major events in the third quarter of 2010.
For the quarter ended September 30, 2011 revenues were $2,916,000 compared with $24,824,000 in the third quarter of 2010. The decrease in revenues was primarily due to the Dover International Speedway schedule change.
Operating and marketing expenses were $4,382,000 in the third quarter of 2011 compared to $13,428,000 in the third quarter of 2010. The decrease is primarily due to the schedule changes and to savings realized from a reduction in operations at the Company’s Nashville facility.