Dover Motorsports, Inc. extended the deadline for the sale of its track in the Nashville and announced earnings results for the first quarter.
The NASCAR track operator reports a loss in the first quarter due to the lack of events.
Operating and marketing expenses of $1,054,000 in the first quarter of 2017 decreased from $1,206,000 in the first quarter of 2016 primarily due to lower employee costs.
General and administrative expenses of $2,008,000 in the first quarter of 2017 were consistent with the $1,954,000 in the first quarter of 2016.
Costs to remove seats and related equipment at Dover International Speedway amounted to $286,000 in the first quarter. The project to remove seating got under way during the fourth quarter of 2016 at a total cost of $489,000.
Seating has been removed as NASCAR attendance remains well off the peak years of the early 2000s. Seating now totals 85,000.
Loss before income taxes was $4,108,000 for the first quarter of 2017 compared to $3,962,000 for the first quarter of 2016.
Net loss for the first quarter of 2017 was $2,405,000 compared with a loss of $2,343,000 in the first quarter of 2016.
At March 31, 2017, the Company’s total indebtedness was $6,360,000 compared with $7,580,000 at March 31, 2016.
The company entered into a definitive agreement to sell our Nashville Superspeedway facility along with some related equipment and other assets. A second amendment was signed on March 22,
A second amendment was signed on March 22, 2017 to extend the agreement. Closing is now anticipated during the third quarter of 2017.
