Dover Motorsports Aktie
WKN: 903175 ISIN: US2601741075
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Dover Motorsports, Inc. Reports Results for the First Quarter Ended March 31, 2020

Donnerstag, 30.04.20 12:55
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Bildquelle: pixabay

DOVER, Del. –

Dover Motorsports, Inc. (NYSE: DVD) today reported its results for the three months ended March 31, 2020.

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 2020 or 2019; therefore, our revenues were minimal.

Operating and marketing expenses decreased to $988,000 in the first quarter of 2020 from $1,055,000 in the first quarter of 2019, primarily from lower employee related costs.

General and administrative expenses of $1,987,000 in the first quarter of 2020 increased from $1,916,000 in the first quarter of 2019, primarily from higher corporate insurance and real estate taxes.

Depreciation expense decreased slightly to $768,000 in the first quarter of 2020 from $793,000 in the first quarter of 2019.

We incurred $341,000 in costs to complete the removal of grandstands during the first quarter of 2020.

Provision for contingent obligation was $369,000 during the first quarter of 2020 compared to $111,000 for the first quarter of 2019, primarily due to a reduction in the discount rate used to value the contingent liability.

Loss before income taxes was $4,384,000 for the first quarter of 2020 compared to $3,481,000 for the first quarter of 2019. The 2020 results include $341,000 in grandstand removal costs while the 2019 results include a gain on the sale of land of $139,000. On an adjusted basis, excluding these items, loss before income taxes for the first quarter of 2020 was $4,043,000 compared to $3,620,000 in 2019.

Net loss for the first quarter of 2020 was $3,140,000 or $.09 per diluted share compared with a loss of $2,490,000 or $.07 per diluted share in the first quarter of 2019. Net loss, adjusted for the aforementioned items, was $2,894,000 or $.08 per diluted share for the first quarter of 2020 compared to $2,600,000 or $.07 per diluted share for the first quarter of 2019.

Looking forward, the world economy has been dramatically affected by the COVID-19 pandemic, and our business is no exception. Our first priority with regard to the COVID-19 pandemic is to comply with governmental guidelines and do everything we can to ensure the safety and health of our employees, customers, sponsors and others with whom we partner in our business activities. As there is no way to currently know how long the pandemic will last, we are unable to predict the long-term impact of the pandemic on our business at this time.

The State of Delaware issued a State of Emergency which currently extends until May 15, 2020 and our facility in Dover is currently closed since it is classified as a non-essential business. Our May NASCAR weekend has been postponed. While we do not yet have a date for the rescheduling of our races, we know NASCAR is continually working on contingency plans to run all previously scheduled events. It is possible that our May NASCAR Cup Series event will be moved to August and that we hold a double header with back to back NASCAR Cup Series events held on Saturday and Sunday. It is also possible that none of these events are held or that they are held without fans present in the stands.

The June Firefly festival held annually on our Dover, Delaware property was canceled. The Firefly festival will not be rescheduled in 2020, though it is expected to return in 2021.

We have taken certain steps to reduce indirect costs, have initiated a limited number of furloughs for employees that are unable to work from home and have reduced our capital spending plans for the year.

The Company’s financial condition remains strong, with no outstanding borrowings and more than $5 million in available cash.

This release contains or may contain forward-looking statements based on management's beliefs and assumptions. Such statements are subject to various risks and uncertainties which could cause results to vary materially. Please refer to the Company's SEC filings for a discussion of such factors.

Dover Motorsports, Inc. is a promoter of NASCAR sanctioned and other motorsports events in the United States whose subsidiaries own and operate Dover International Speedway in Dover, Delaware and Nashville Superspeedway near Nashville, Tennessee. For further information, log on to dovermotorsports.com.

DOVER MOTORSPORTS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
In Thousands, Except Per Share Amounts
(Unaudited)
 
 

Three Months Ended

March 31,

2020

 

2019

Revenues:
Event-related

$

204

 

$

129

 

 
Expenses:
Operating and marketing

 

988

 

 

1,055

 

General and administrative

 

1,987

 

 

1,916

 

Depreciation

 

768

 

 

793

 

Costs to remove long-lived assets

 

341

 

 

-

 

 

4,084

 

 

3,764

 

 
Gain on sale of land

 

-

 

 

139

 

 
Operating loss

 

(3,880

)

 

(3,496

)

 
Interest income (expense), net

 

3

 

 

(6

)

Provision for contingent obligation

 

(369

)

 

(111

)

Other (expense) income, net

 

(138

)

 

132

 

 
Loss before income taxes

 

(4,384

)

 

(3,481

)

 
Income tax benefit

 

1,244

 

 

991

 

 
Net loss

$

(3,140

)

$

(2,490

)

 
Net loss per common share:
Basic

$

(0.09

)

$

(0.07

)

Diluted

$

(0.09

)

$

(0.07

)

 
Weighted average shares outstanding:
Basic

 

35,834

 

 

36,032

 

Diluted

 

35,834

 

 

36,032

 

 
DOVER MOTORSPORTS, INC.
RECONCILIATION OF GAAP LOSS BEFORE INCOME TAXES
TO ADJUSTED LOSS BEFORE INCOME TAXES
AND RECONCILIATION OF GAAP NET LOSS TO ADJUSTED NET LOSS
In Thousands, Except Per Share Amounts
(Unaudited)
 
 

Three Months Ended

March 31,

2020

 

2019

 

 

 

GAAP loss before income taxes

$

(4,384

)

$

(3,481

)

 
Cost to remove long-lived assets (1)

 

341

 

 

-

 

 
Gain on sale of land (2)

 

-

 

 

(139

)

 
Adjusted loss before income taxes

$

(4,043

)

$

(3,620

)

 
GAAP net loss

$

(3,140

)

$

(2,490

)

 
Cost to remove long-lived assets, net of income taxes (1)

 

246

 

 

-

 

 
Gain on sale of land, net of income taxes (2)

 

-

 

 

(110

)

 
Adjusted net loss

$

(2,894

)

$

(2,600

)

 
 
GAAP net loss per common share - basic and diluted

$

(0.09

)

$

(0.07

)

 
Cost to remove long-lived assets (1)

 

0.01

 

 

-

 

 
Gain on sale of land, net of income taxes (2)

 

-

 

 

-

 

 
Adjusted net loss per common share - basic and diluted

$

(0.08

)

$

(0.07

)

_________________________

(1)

Related to the decision to remove grandstand seats at Dover International Speedway, we incurred $341,000 of costs to remove these assets in the first quarter of 2020. This amount was tax effected using our federal and state statutory rates.

 
 

(2)

During the first quarter of 2019 we closed on sales of a parcel of land at our Nashville Superspeedway facility resulting in a gain of $139,000. This transaction was tax effected using our federal statutory rates as we had available state net operating losses.

 

The above financial information is presented using other than generally accepted accounting principles ("non-GAAP"), and is reconciled to comparable information presented using GAAP. Non-GAAP adjusted loss before income taxes, adjusted net loss and adjusted net loss per common share - basic and diluted are derived by adjusting amounts determined in accordance with GAAP for the aforementioned gain on sale of land and cost to remove long-lived assets. We believe such non-GAAP information is useful and meaningful to investors, and is used by investors and us to assess core operations. This non-GAAP financial information may not be comparable to similarly titled measures used by other entities and should not be considered as an alternative to loss before income taxes, net loss or net loss per common share - basic and diluted, which are determined in accordance with GAAP.

 
DOVER MOTORSPORTS, INC.
CONSOLIDATED BALANCE SHEETS
In Thousands
(Unaudited)
 
 

March 31,

 

March 31,

 

December 31,

2020

 

2019

 

2019

 
ASSETS
Current assets:
Cash

$

5,032

 

$

2,552

 

$

7,577

 

Accounts receivable

 

777

 

 

1,844

 

 

645

 

Inventories

 

18

 

 

21

 

 

18

 

Prepaid expenses and other

 

1,265

 

 

1,268

 

 

1,186

 

Income taxes receivable

 

283

 

 

-

 

 

283

 

Total current assets

 

7,375

 

 

5,685

 

 

9,709

 

 
Property and equipment, net

 

49,430

 

 

47,599

 

 

50,075

 

Nashville Superspeedway facility

 

21,274

 

 

23,505

 

 

21,282

 

Right of use asset

 

169

 

 

-

 

 

188

 

Other assets

 

1,033

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