Dover Motorsports, Inc. reported earnings in the third quarter as one of its two NASCAR weekends in Dover was held entirely in the third quarter. The Dover, Del. company gained revenue from the Firefly Music Festival on concessions and rental of track parking property in Dover for the heavily attended event in late July.
Net earnings for the third quarter of 2012 were $4.5 million compared to a net loss of $14.6 million for the same period last year.
The previous year’s results include a non-cash charge of $15.7 million to write down the value of the Nashville Superspeedway and the provision for an obligation of $2.2 million for funding of infrastructure around the track 30 miles from the Music Capital.
The company mothballed the Nashville NASCAR track after holding races in 2011. The concrete track had never seen high attendance since opening nearly a decade ago. It also sold a track in Memphis and stopped holding races at a track in Illinois.
The company announced that its board declared an annual cash dividend on both classes of common stock of $.04 per share.
