Dover Motorsports, Inc. reported higher earnings in the second quarter, even though it ran fewer races.
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Net income rose 28.6 percent to $ 5 million or .14 per diluted share compared to $ $3.9 million or $ .11 per diluted share for the second quarter of 2011.
The company promoted three major events during the second quarter of 2012 compared to five major events during the second quarter of 2011. The company’s Nashville track had promoted a NASCAR Nationwide Series event and a Truck Series event in the second quarter of 2011. The company is not holding races at Nashville in 2012.
Revenues for the second quarter of 2012 were $ 23.7 million, compared with $ 26.4 million in the second quarter of 2011. The decrease in revenues was primarily due to the schedule change noted above and from lower average ticket prices for the company’s NASCAR triple-header in Dover, which offset slightly higher attendance.
Denis McGlynn, CEO, stated, “We are encouraged by the significant improvement in our results and working diligently to continue the trend that we’ve experienced over the last several quarters. Our focus is on generating cash flow at our flagship facility in Dover and we continue to look for ways to increase top line revenue growth while keeping a watchful eye on the expense line as we navigate through a very challenging economic cycle.”
