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Dover Motorsports, Inc. (NYSE: DVD) today reported its results for the quarter and year ended December 31, 2011.
Results for this quarter are not comparable to the prior year’s quarter due to a race schedule change to the Company’s NASCAR fall race weekend in Dover, which 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. Accordingly, the Company promoted two major events in the fourth quarter of 2011 compared with none in the fourth quarter of 2010.
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 expect to host race team testing during 2012 at Nashville and we will continue to evaluate all of our options for the facility.
For the quarter ended December 31, 2011, revenues were $22,443,000 compared with $19,000 in the fourth quarter of 2010. The increase in revenues was due to the Dover International Speedway schedule change discussed above.
Operating and marketing expenses were $10,768,000 in the fourth quarter of 2011 compared to $1,266,000 in the fourth quarter of 2010. The increase is due to the schedule change offset by savings realized from the reduction in operations at the Nashville facility.
General and administrative expenses of $1,832,000 in the fourth quarter of 2011 decreased from $2,290,000 for the same quarter last year. The decrease is primarily due to lower employee costs at Dover and from savings from the closure of our Nashville facility.