0001193125-16-661217.txt : 20160728 0001193125-16-661217.hdr.sgml : 20160728 20160728082502 ACCESSION NUMBER: 0001193125-16-661217 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160728 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160728 DATE AS OF CHANGE: 20160728 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DOVER MOTORSPORTS INC CENTRAL INDEX KEY: 0001017673 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-AMUSEMENT & RECREATION SERVICES [7900] IRS NUMBER: 510357525 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11929 FILM NUMBER: 161788456 BUSINESS ADDRESS: STREET 1: 1131 N DUPONT HWY CITY: DOVER STATE: DE ZIP: 19901 BUSINESS PHONE: 3026744600 MAIL ADDRESS: STREET 1: P O BOX 843 CITY: DOVER STATE: DE ZIP: 19903 FORMER COMPANY: FORMER CONFORMED NAME: DOVER DOWNS ENTERTAINMENT INC DATE OF NAME CHANGE: 19960627 8-K 1 d88337d8k.htm FORM 8-K Form 8-K

 

 

United States

Securities And Exchange Commission

Washington, D.C. 20549

 

 

Form 8-K

 

 

Current Report

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 28, 2016

 

 

Dover Motorsports, Inc.

(Exact name of registrant as specified in its charter)

 

 

Commission File Number 1-11929

 

Delaware   51-0357525

(State or other jurisdiction

of incorporation)

  

(IRS Employer

Identification No.)

1131 N. DuPont Highway

Dover, Delaware

  

19901

 
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code (302) 883-6500

N/A

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 2.02 Results of Operations and Financial Condition and

Item 7.01 Regulation FD Disclosure.

The following information is furnished pursuant to Item 2.02 Results of Operations and Financial Condition and Item 7.01 Regulation FD Disclosure.

On July 28, 2016, we issued a press release announcing our financial results for the second quarter ended June 30, 2016. A copy of our press release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

99.1    Press Release dated July 28, 2016

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, we have duly caused this report to be signed on our behalf by the undersigned hereunto duly authorized.

 

Dover Motorsports, Inc.

/s/ Denis McGlynn

Denis McGlynn
President and Chief Executive Officer

Dated: July 28, 2016

EXHIBIT INDEX

 

Exhibit

Number

   

Description

99.1    Press Release dated July 28, 2016, issued by Dover Motorsports, Inc.
 EX-99.1 2 d88337dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

 

FOR IMMEDIATE RELEASE    For further information, call:
   Timothy R. Horne – Sr. Vice President - Finance
Dover, Delaware, July 28, 2016    (302) 857-3292

DOVER MOTORSPORTS, INC.

REPORTS RESULTS FOR THE SECOND QUARTER OF 2016

Dover Motorsports, Inc. (NYSE: DVD) today reported results for the three months ended June 30, 2016.

The Company promoted a NASCAR triple-header and hosted the Firefly Music Festival in Dover during the second quarter of 2016 and 2015. The Company also hosted the inaugural Big Barrel Country Music Festival during the second quarter of 2015, but this event will not be held during 2016. The Company leases a portion of its Dover facility to the promoter of Firefly (and Big Barrel in 2015), provides logistical assistance and handles certain concessions for which the Company retains a percentage of the gross sales.

Revenues for the second quarter of 2016 were down slightly at $25,253,000 compared with $25,380,000 for the second quarter of 2015, primarily from the cancelation of Big Barrel in 2016 and lower admissions related revenue for the Dover NASCAR weekend, partially offset by higher broadcasting and sponsorship revenue.

Operating and marketing expenses were $13,847,000 in the second quarter of 2016 compared to $13,629,000 in the second quarter of 2015. The increase was primarily due to the scheduled increase in purse and sanction fees for the Dover NASCAR weekend.

General and administrative expenses were consistent at $1,820,000 in the second quarter of 2016 compared to $1,811,000 in the second quarter of 2015.

Depreciation expense decreased to $867,000 in the second quarter of 2016 compared to $1,422,000 in the second quarter of 2015. A change in the estimated useful lives of certain grandstand seats and structures we decided to remove from service following the 2015 fall race weekend resulted in an additional depreciation expense of $655,000 in our second quarter 2015. The decrease in 2016 was partially offset by our first quarter decision to begin renovations to certain facilities this year. Accordingly, we changed the estimated useful lives of these facilities resulting in $68,000 of increased depreciation expense in the second quarter of 2016.

Income from assets held for sale of $606,000 in the second quarter of 2015 represents payments we received in 2015 to extend the closing date of the now expired agreement to sell our Nashville facility.

Net interest expense decreased to $66,000 in the second quarter of 2016 from $86,000 in the second quarter of 2015 as a result of lower outstanding borrowings.

(Provision) benefit for contingent obligation was ($70,000) during the second quarter of 2016 compared to $125,000 during the second quarter of 2015 primarily due to changes in discount rates.

Earnings before income taxes for the second quarter of 2016 were $8,575,000 compared with $9,163,000 for the second quarter of 2015. The results for the second quarter of 2016 include the $68,000 of accelerated depreciation expense and the results for the second quarter of 2015 include the $655,000 of accelerated depreciation and $606,000 of income from assets held for sale. On an adjusted basis, excluding these items, earnings before income taxes for the second quarter of 2016 were $8,643,000 compared to $9,212,000 for the second quarter of 2015.

Net earnings for the second quarter of 2016 were $5,066,000 or $0.14 per diluted share compared to $5,494,000 or $0.15 per diluted share in the second quarter of 2015. Net earnings, adjusted for the aforementioned items, were $5,106,000 or $0.14 per diluted share in the second quarter of 2016 compared to $5,489,000 or $0.15 per diluted share in the second quarter of 2015.

At June 30, 2016, the Company’s total indebtedness was $1,500,000 compared with $2,800,000 at June 30, 2015. During the second quarter this year, the Company repurchased 36,826 shares of its common stock on the open market at an average price of $2.22 per share.

The assets of Nashville Superspeedway are reported as assets held for sale in our consolidated balance sheet at June 30, 2016 and December 31, 2015.

* * *

This release contains or may contain forward-looking statements based on management’s beliefs and assumptions. Such statements are subject to various risks and uncertainties which could cause results to vary materially. Please refer to the Company’s SEC filings for a discussion of such factors.

Dover Motorsports, Inc. is a leading promoter of NASCAR sanctioned and other motorsports events in the United States whose subsidiaries own and operate Dover International Speedway in Dover, Delaware and Nashville Superspeedway near Nashville, Tennessee. For further information, log on to dovermotorsports.com.

DOVER MOTORSPORTS, INC.

CONSOLIDATED STATEMENTS OF EARNINGS

In Thousands, Except Per Share Amounts

(Unaudited)

 

     Three Months Ended     Six Months Ended  
     June 30,     June 30,  
     2016     2015     2016     2015  

Revenues:

         

Admissions

    $ 3,682      $ 4,212      $ 3,682      $ 4,212   

Event-related

      4,542        4,681        4,681        4,691   

Broadcasting

      17,022        16,486        17,022        16,486   

Other

      7        1        7        1   
  

 

 

    

 

 

    

 

 

    

 

 

  
     25,253        25,380        25,392        25,390   
  

 

 

    

 

 

    

 

 

    

 

 

  

Expenses:

         

Operating and marketing

      13,847        13,629        15,053        14,738   

General and administrative

      1,820        1,811        3,774        3,751   

Loss on disposal of long-lived assets

      —          —          —          40   

Depreciation

      867        1,422        1,763        2,967   
  

 

 

    

 

 

    

 

 

    

 

 

  
     16,534        16,862        20,590        21,496   
  

 

 

    

 

 

    

 

 

    

 

 

  

Income from assets held for sale

      —          606        —          1,033   
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating earnings

      8,719        9,124        4,802        4,927   

Interest expense, net

      (66 )      (86 )      (125 )      (233 ) 

(Provision) benefit for contingent obligation

      (70 )      125        (56 )      102   

Other (expense) income

      (8 )      —          (8 )      1   
  

 

 

    

 

 

    

 

 

    

 

 

  

Earnings before income taxes

      8,575        9,163        4,613        4,797   

Income tax expense

      (3,509 )      (3,669 )      (1,890 )      (1,907 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net earnings

    $ 5,066      $ 5,494      $ 2,723      $ 2,890   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net earnings per common share:

         

Basic

    $ 0.14      $ 0.15      $ 0.07      $ 0.08   
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

    $ 0.14      $ 0.15      $ 0.07      $ 0.08   
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average shares outstanding:

         

Basic

      36,245        36,157        36,248        36,155   

Diluted

      36,245        36,157        36,248        36,155   

DOVER MOTORSPORTS, INC.

RECONCILIATION OF GAAP EARNINGS BEFORE INCOME TAXES TO ADJUSTED EARNINGS BEFORE  INCOME TAXES

AND RECONCILIATION OF GAAP NET EARNINGS TO ADJUSTED NET EARNINGS

In Thousands, Except Per Share Amounts

(Unaudited)

 

     Three Months Ended     Six Months Ended  
     June 30,     June 30,  
     2016      2015     2016      2015  

GAAP earnings before income taxes

    $ 8,575       $ 9,163      $ 4,613       $ 4,797   

Accelerated depreciation (1)

      68         655        159         1,384   

Income from assets held for sale (2)

      —           (606 )      —           (1,033 ) 

Loss on disposal of long-lived assets (3)

      —           —          —           40   
  

 

 

     

 

 

    

 

 

     

 

 

  

Adjusted earnings before income taxes

    $ 8,643       $ 9,212      $ 4,772       $ 5,188   
  

 

 

     

 

 

    

 

 

     

 

 

  

GAAP net earnings

    $ 5,066       $ 5,494      $ 2,723       $ 2,890   

Accelerated depreciation, net of income taxes (1)

      40         389        94         822   

Income from assets held for sale, net of income taxes (2)

      —           (394 )      —           (672 ) 

Loss on disposal of long-lived assets, net of income taxes (3)

      —           —          —           24   
  

 

 

     

 

 

    

 

 

     

 

 

  

Adjusted net earnings

    $ 5,106       $ 5,489      $ 2,817       $ 3,064   
  

 

 

     

 

 

    

 

 

     

 

 

  

GAAP net earnings per common share - basic and diluted

    $ 0.14       $ 0.15      $ 0.07       $ 0.08   

Accelerated depreciation, net of income taxes (1)

      —           0.01        —           0.02   

Income from assets held for sale, net of income taxes (2)

      —           (0.01 )      —           (0.02 ) 

Loss on disposal of long-lived assets, net of income taxes (3)

      —           —          —           —     
  

 

 

     

 

 

    

 

 

     

 

 

  

Adjusted net earnings per common share - basic and diluted (4)

    $ 0.14       $ 0.15      $ 0.08       $ 0.08   
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(1)  During the first quarter of 2016, we began a renovation project of certain track related assets at our Dover International Speedway facility which will take approximately one year to complete. As a result, we shortened the service lives of these assets which resulted in accelerated depreciation being recorded in the first and second quarters of 2016.

During the first quarter of 2015, we made the decision to remove certain grandstand seating at our Dover International Speedway facility at the end of the 2015 race season. As a result, we shortened the service lives of these assets which resulted in accelerated depreciation being recorded in the first and second quarters of 2015.

 

(2)  On May 29, 2014, we entered into an agreement to sell our Nashville Superspeedway facility. The potential buyer made several payments to us to extend the closing date of settlement. A portion of these payments were recognized by us as income from assets held for sale during the first and second quarters of 2015.
(3) Loss on disposal of long-lived assets is attributable to the decision to remove and dispose of certain grandstand seating at our Dover International Speedway facility.
(4)  The components of earnings per basic and diluted share for the six months ended June 30, 2016 do not add to the adjusted earnings per basic and diluted share due to rounding.

The above financial information is presented using other than generally accepted accounting principles (“non-GAAP”), and is reconciled to comparable information presented using GAAP. Non-GAAP adjusted earnings before income taxes, adjusted net earnings and adjusted net earnings per common share—basic and diluted are derived by adjusting amounts determined in accordance with GAAP for the aforementioned accelerated depreciation, income from assets held for sale and loss on disposal of long-lived assets. Income taxes are based on our approximate statutory tax rates applicable to each of these items. We believe such non-GAAP information is useful and meaningful to investors, and is used by investors and us to assess core operations. This non-GAAP financial information may not be comparable to similarly titled measures used by other entities and should not be considered as an alternative to earnings before income taxes, net earnings or net earnings per common share—basic and diluted, which are determined in accordance with GAAP.

DOVER MOTORSPORTS, INC.

CONSOLIDATED BALANCE SHEETS

In Thousands

(Unaudited)

 

     June 30,     June 30,     December 31,  
     2016     2015     2015  

ASSETS

       

Current assets:

       

Cash

    $ 1      $ 480      $ 1   

Accounts receivable

      1,565        1,299        173   

Inventories

      16        116        72   

Prepaid expenses and other

      977        1,162        1,136   

Receivable from Dover Downs Gaming & Entertainment, Inc.

      —          —          44   

Prepaid income taxes

      —          —          1   

Deferred income taxes

      —          82        79   

Assets held for sale

      26,000        26,000        26,000   
  

 

 

    

 

 

    

 

 

  

Total current assets

      28,559        29,139        27,506   

Property and equipment, net

      53,502        55,698        53,542   

Other assets

      914        903        851   

Deferred income taxes

      —          561        549   
  

 

 

    

 

 

    

 

 

  

Total assets

    $ 82,975      $ 86,301      $ 82,448   
  

 

 

    

 

 

    

 

 

  

LIABILITIES AND STOCKHOLDERS’ EQUITY

       

Current liabilities:

       

Accounts payable

    $ 647      $ 554      $ 137   

Accrued liabilities

      3,079        5,630        3,215   

Payable to Dover Downs Gaming & Entertainment, Inc.

      14        22        —     

Income taxes payable

      1,405        1,840        —     

Deferred revenue

      2,403        4,107        1,278   
  

 

 

    

 

 

    

 

 

  

Total current liabilities

      7,548        12,153        4,630   

Revolving line of credit, net

      1,500        2,800        5,900   

Liability for pension benefits

      3,668        4,132        3,790   

Provision for contingent obligation

      1,783        1,711        1,727   

Deferred income taxes

      13,703        14,354        14,408   
  

 

 

    

 

 

    

 

 

  

Total liabilities

      28,202        35,150        30,455   
  

 

 

    

 

 

    

 

 

  

Stockholders’ equity:

       

Common stock

      1,829        1,822        1,822   

Class A common stock

      1,851        1,851        1,851   

Additional paid-in capital

      101,747        101,622        101,742   

Accumulated deficit

      (47,578 )      (50,859 )      (50,301 ) 

Accumulated other comprehensive loss

      (3,076 )      (3,285 )      (3,121 ) 
  

 

 

    

 

 

    

 

 

  

Total stockholders’ equity

      54,773        51,151        51,993   
  

 

 

    

 

 

    

 

 

  

Total liabilities and stockholders’ equity

    $ 82,975      $ 86,301      $ 82,448   
  

 

 

    

 

 

    

 

 

  

DOVER MOTORSPORTS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

In Thousands

(Unaudited)

 

     Six Months Ended  
     June 30,  
     2016     2015  

Operating activities:

     

Net earnings

    $ 2,723      $ 2,890   

Adjustments to reconcile net earnings to net cash provided by operating activities:

     

Depreciation

      1,763        2,967   

Amortization of credit facility fees

      48        48   

Stock-based compensation

      171        196   

Excess tax benefits from stock-based compensation

      (27 )      —     

Deferred income taxes

      (80 )      (772 ) 

Provision (benefit) for contingent obligation

      56        (102 ) 

Income from assets held for sale

      —          (1,033 ) 

Changes in assets and liabilities:

     

Accounts receivable

      (1,392 )      (1,160 ) 

Inventories

      56        (46 ) 

Prepaid expenses and other

      143        (132 ) 

Accounts payable

      459        348   

Accrued liabilities

      (136 )      519   

Payable to/receivable from Dover Downs Gaming & Entertainment, Inc.

      58        —     

Income taxes payable/prepaid income taxes

      1,405        2,006   

Deferred revenue

      1,125        2,759   

Liability for pension benefits

      (63 )      (36 ) 
  

 

 

    

 

 

  

Net cash provided by operating activities

      6,309        8,452   
  

 

 

    

 

 

  

Investing activities:

     

Capital expenditures

      (1,671 )      (1,112 ) 

Purchases of available-for-sale securities

      (103 )      (8 ) 

Proceeds from sale of available-for-sale securities

      24        5   

Non-refundable payments received related to assets held for sale

      —          1,200   
  

 

 

    

 

 

  

Net cash (used in) provided by investing activities

      (1,750 )      85   
  

 

 

    

 

 

  

Financing activities:

     

Borrowings from revolving line of credit

      12,720        12,640   

Repayments on revolving line of credit

      (17,120 )      (20,600 ) 

Repurchase of common stock

      (186 )      (121 ) 

Excess tax benefits from stock-based compensation

      27        —     
  

 

 

    

 

 

  

Net cash used in financing activities

      (4,559 )      (8,081 ) 
  

 

 

    

 

 

  

Net increase in cash

      —          456   

Cash, beginning of period

      1        24   
  

 

 

    

 

 

  

Cash, end of period

    $ 1      $ 480   
  

 

 

    

 

 

  
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