Dover Motorsports, Inc. Reports Results for the First Quarter Ended March 31, 2020
Dover Motorsports, Inc. (DVD)
US:NYSE Investor Relations:
dovermotorsportsinc.com/investor
Company Research
Source: Business Wire
DOVER, Del.--(BUSINESS WIRE)--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
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