Dover Motorsports, Inc. (NYSE: DVD) today reported its results for the fourth quarter and year ended December 31, 2012.
On an adjusted basis, earnings from continuing operations for the year improved 81.1% to $4,381,000 from $2,419,000 in 2011.
Results for this quarter are not comparable to the prior year’s quarter due to the timing of Dover’s fall NASCAR race weekend. Dover’s 2012 fall NASCAR race weekend was held entirely in the third quarter of 2012 while the 2011 fall NASCAR Nationwide Series and Sprint Cup Series races were held during the fourth quarter of 2011. Also, the results for the year ended December 31, 2011 include the results of two NASCAR Nationwide Series and two NASCAR Truck Series races at the Company’s Nashville facility. The Company did not promote these races in 2012.
For the quarter ended December 31, 2012, revenues were $129,000 compared with $22,443,000 in the fourth quarter of 2011. The decrease in revenues was due to the schedule change discussed above.
Operating and marketing expenses were $985,000 in the fourth quarter of 2012 compared to $10,768,000 in the fourth quarter of 2011. The decrease is also from the aforementioned changes.
General and administrative expenses of $2,102,000 in the fourth quarter of 2012 increased from $1,832,000 for the same quarter last year. The increase is primarily due to higher employee related costs at Dover.
Net interest expense was $291,000 for the fourth quarter of 2012 compared to $431,000 in the fourth quarter of 2011. The decrease is primarily due to lower average outstanding borrowings and lower interest rates in the fourth quarter of 2012 compared to 2011.
(Loss) earnings from continuing operations before tax benefit (expense) for the fourth quarter of 2012 were ($4,019,000) compared with $8,562,000 for the fourth quarter of 2011.
Net (loss) earnings for the fourth quarter of 2012 were ($2,356,000) or ($.07) per diluted share compared to $5,061,000 or $.14 per diluted share for the same period last year.