Dover Motorsports Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012
For the year, the company reported revenues of $46,747,000 compared to $51,870,000 a year ago. Operating earnings were $9,185,000 compared to operating loss of $8,660,000 a year ago. Earnings from continuing operations before income tax benefit were $8,062,000 compared to loss from continuing operations before income tax expense of $13,207,000 a year ago. Net earnings were $4,571,000 or $0.12 basic and diluted per share compared to net losses of $9,185,000 or $0.25 basic and diluted per share a year ago. Adjusted earnings from continuing operations before income taxes were $7,741,000 compared to $4,730,000 a year ago. Adjusted earnings per share were $0.12 compared to $0.07 a year ago. Net cash provided by operating activities was $10,945,000 compared to $7,858,000 a year ago. Capital expenditures were $468,000 compared to $258,000 a year ago. The decrease in revenue was primarily due to no longer promoting the four NASCAR races at the company's Nashville facility.