DOVER MOTORSPORTS INC

CIK:0001017673|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Revenues	$ 1,238	$ 38,044	$ 51,291	$ 38,358
Expenses:
Operating and marketing	839	22,425	31,840	24,225
General and administrative	2,040	1,878	6,498	5,742
Depreciation	942	756	2,514	2,289
Costs to remove long-lived assets				341
Total expenses	3,821	25,059	40,852	32,597
Gain on sale of land		4,843	8,510	4,843
Operating (loss) earnings	(2,583)	17,828	18,949	10,604
Interest expense, net	(14)	(21)	(46)	(34)
Benefit for contingent obligation	7	128	541	112
Other income, net	77	90	357	115
(Loss) earnings before income taxes	(2,513)	18,025	19,801	10,797
Income tax benefit (expense)	648	(4,835)	(5,123)	(1,436)
Net (loss) earnings	(1,865)	13,190	14,678	9,361
Change in net actuarial loss and prior service cost, net of income taxes	31	29	73	87
Comprehensive (loss) income	$ (1,834)	$ 13,219	$ 14,751	$ 9,448
Net (loss) earnings per common share:
Basic (in dollars per share)	$ (0.05)	$ 0.36	$ 0.40	$ 0.26
Diluted (in dollars per share)	$ (0.05)	$ 0.36	$ 0.40	$ 0.26
Admissions
Revenues:
Revenues			$ 5,786
Event-related
Revenues:
Revenues	$ 1,238	$ 2,394	8,435	$ 2,708
Broadcasting
Revenues:
Revenues		35,646	37,039	35,646
Other
Revenues:
Revenues		$ 4	$ 31	$ 4

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities:
Net earnings	$ 14,678	$ 9,361
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	2,514	2,289
Amortization of credit facility fees	47	42
Stock-based compensation	208	256
Deferred income taxes	1,698	(1,822)
Benefit for contingent obligation	(541)	(112)
Gains on equity securities	(86)	(4)
Gain on sale of land	(8,510)	(4,843)
Changes in assets and liabilities:
Accounts receivable	(1,062)	(587)
Inventories	(6)
Prepaid expenses and other	428	171
Accounts payable	(201)	2,957
Accrued liabilities	(145)	658
Income taxes payable/receivable	1,317	(266)
Contract liabilities	(684)	449
Liability for pension benefits	(266)	(109)
Net cash provided by operating activities	9,389	8,440
Investing activities:
Capital expenditures	(10,489)	(545)
Proceeds from sale of land, net	13,826	5,960
Purchases of equity securities	(76)	(316)
Proceeds from sale of equity securities	78	305
Net cash provided by investing activities	3,339	5,404
Financing activities:
Borrowings from revolving line of credit	0	3,880
Repayments on revolving line of credit	0	(3,880)
Dividends paid	(1,458)
Repurchase of common stock	(117)	(94)
Credit facility fees	(38)
Net cash used in financing activities	(1,613)	(94)
Net increase in cash	11,115	13,750
Cash, beginning of period	12,568	7,577
Cash, end of period	23,683	21,327
Supplemental information:
Interest received	(1)	(10)
Income tax payments	2,108	302
Change in accounts payable for capital expenditures	$ 232	$ 134

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash	$ 23,683	$ 12,568
Accounts receivable	1,663	601
Inventories	24	18
Prepaid expenses and other	1,057	1,557
Income taxes receivable		24
Assets held for sale		5,844
Total current assets	26,427	20,612
Property and equipment, net	70,818	63,075
Right of use asset	156	112
Deferred income taxes	1,256	2,425
Other assets	1,469	1,322
Total assets	100,126	87,546
Current liabilities:
Accounts payable	137	570
Accrued liabilities	3,288	3,463
Income taxes payable	1,293
Contract liabilities	711	1,395
Non-refundable deposit		500
Total current liabilities	5,429	5,928
Liability for pension benefits	496	871
Lease liability	79	33
Provision for contingent obligation	2,677	3,218
Deferred income taxes	9,034	8,469
Total liabilities	17,715	18,519
Commitments and contingencies (see Notes to the Consolidated Financial Statements)
Stockholders' equity:
Preferred stock, $0.10 par value; 1,000,000 shares authorized; shares issued and outstanding: none
Additional paid-in capital	101,293	101,207
Accumulated deficit	(18,812)	(32,032)
Accumulated other comprehensive loss	(3,712)	(3,785)
Total stockholders' equity	82,411	69,027
Total liabilities and stockholders' equity	100,126	87,546
Common Stock
Stockholders' equity:
Common stock	1,791	1,786
Common Class A
Stockholders' equity:
Common stock	$ 1,851	$ 1,851