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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,092.75 +6.12 0.04%
S&P 500 1,989.13 +2.12 0.11%
NASDAQ 4,478.7910 +5.0940 0.11%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs