Dover Motorsports, Inc. (NYSE: DVD) today reported its results for the quarter ended March 31, 2012.
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 2012 or 2011.
We previously announced that the Company’s Nashville facility notified NASCAR that it did not seek 2012 sanction agreements for its two Nationwide Series and two Camping World Truck Series events. We are hosting race team testing during 2012 at Nashville and we will continue to evaluate all of our options for the facility.
Revenues for the first quarter of 2012 were $126,000 compared with $130,000 in the first quarter of 2011. Operating and marketing expenses were $1,100,000 in the first quarter of 2012 compared to $1,288,000 in the first quarter of 2011. The decrease is primarily due to the reduced operations in Nashville.General and administrative expenses of $1,970,000 in the first quarter of 2012 were down from $2,151,000 in the first quarter of 2011. The decrease is primarily due to lower employee costs in Dover. Depreciation expense of $837,000 in the first quarter of 2012 decreased from $1,413,000 in the first quarter of 2011 primarily due to the previously recorded impairment charge in the third quarter of 2011 of all depreciable assets of the Nashville facility. Net interest expense was $401,000 in the first quarter of 2012 compared to $841,000 in the first quarter of 2011. The decrease is primarily due to lower average outstanding borrowings and lower interest rates and fees in the first quarter of 2012 compared to the first quarter of 2011. Loss from continuing operations before income tax benefit in the first quarter of 2012 was $4,142,000 compared with a loss of $5,559,000 in the first quarter of 2011.
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