This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Dover Downs Gaming & Entertainment, Inc. Reports Results For The First Quarter Ended March 31, 2012

Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE) today reported results for the three months ended March 31, 2012.

Unseasonably mild winter weather and an extra day due to leap year contributed to an improved first quarter. The Company’s revenues for the first quarter of 2012 were $64,084,000 compared with $59,406,000 for the first quarter of 2011. Gaming revenues increased 7.6% compared to the first quarter of last year. Slot machine revenue improved approximately 6% compared to last year while table game revenue improved approximately 24%.

Gaming profits were also higher compared to the first quarter of last year as a result of the improved revenue and lower marketing and other costs.

Other operating revenues increased 10.6% from higher hotel, food and beverage revenues. Occupancy levels in the Dover Downs Hotel were approximately 89% for the first quarter of 2012 compared with approximately 85% for the first quarter of 2011.

General and administrative expenses decreased $223,000 during the quarter primarily from the freezing of the Company’s defined benefit pension plan in July 2011.

Interest expense decreased $225,000 during the quarter compared to the first quarter of 2011 due to lower interest rates and lower outstanding borrowings.

Net earnings were $2,371,000, or $.07 per diluted share, compared with a loss of $38,000, or $.00 per diluted share for the first quarter of 2011.

Denis McGlynn, the Company's President and Chief Executive Officer, stated: "While we may be seeing a slightly more confident consumer, warm weather and a favorable calendar were clearly big contributors to our year-over-year improvement for the quarter. Our investment in amenities has again allowed us to grow our market share during the quarter. We still face competitive challenges later this year and we are focusing on continuing to provide unmatched service to our customers while operating as efficiently as possible."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,011.94 -28.43 -0.16%
S&P 500 2,109.60 -2.13 -0.10%
NASDAQ 5,076.5240 -6.4050 -0.13%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs