Dover Motorsports reports lower quarterly revenues
By SceneDaily Staff Report
Thursday, October 25, 2007
Dover Motorsports Inc. officials say the expected decrease in NASCAR television revenues were to blame as the company reported lower revenues for the financial quarter that ended Sept. 30.
The track operator said it had revenues of $40.951 million, down from $42.441 million in the comparable quarter of 2006, after promoting seven major motorsports events in each quarter.
There company said in a press release that broadcast rights fees from the new industry-wide TV contract with NASCAR decreased in 2007 by 10 percent and represented substantially all of the decrease in revenue during the third quarter.
For the quarter, earnings before income taxes were $10.754 million compared with a loss of $52.823 million last year, which included impairment charges of $64.618 million.
Net earnings for the quarter were $5.187 million or $.14 per diluted share in the third quarter of 2007.
Dover Motorsports owns Dover International Speedway in Delaware; Gateway International Raceway near St. Louis; Memphis Motorsports Park in Tennessee; and Nashville Superspeedway in Tennessee.
