Dover Motorsports, Inc.
Q4 2020 Earnings Call Transcript

Published: 28 Jan 2021

[Operator:]

…and then we'll get underway.

[Tim Horne:]

In order to help you understand the company and its results, we may make certain forward-looking statements. It is possible the company's actual results might differ from any predictions we make today. Additional information regarding practice that can cause such differences appears in the company's SEC filings.

[Denis McGlynn:]

Thanks Tim. Well, I guess you could say we close the year with a sense of relief but also optimism that things will be greatly improved during 2021. As you know, from our third quarter call, COVID greatly impacted net revenues and COVID related schedule changes made quarterly comparisons difficult. We're happy to say that our ability to market excess land at Nashville Superspeedway continues to provide a welcome hedge to downside risk, such as those presented by the pandemic and at year end, we're showing a 36% growth in net earnings. Tim will provide more detail on that in a minute.

[Tim Horne:]

Thanks, Dennis. As was the case in the third quarter, the fourth quarter results are not comparable to last year as we have no major events in the fourth quarter of this year. Whereas we held our second over NASCAR weekend in the fourth quarter of last year. If you look at the statement of earnings, you'll see our revenues were $185,000 compared to about $20.8 million last year. Our operating and marketing expenses were also significantly lower than last year. In both cases, the decrease is obviously from holding no events compared to holding a race weekend in Q4 of 2019.

[Operator:]

[:]

[:]