Dover Motorsports Falls After Loss Widens: Wilmington Mover
Dover Motorsports Inc. (DVD), operator of two racetracks that host events for the National Association for Stock Car Auto Racing, declined the most in three weeks after reporting a wider annual loss on lower revenue.
The company fell 4.6 percent, the biggest drop since Jan. 4, to close at $1.24. The shares have retreated 33 percent in 12 months. The company’s market value at the close was $45.6 million, according to data compiled by Bloomberg.
While recording a profit for the fourth quarter, Dover yesterday said its annual net loss widened to $9.2 million, or 25 cents a share in 2011, from $8.2 million, or 23 cents, in 2010. Revenue from admissions fell 17 percent to $13.6 million for the year, while total revenue declined 5.4 percent to $51.9 million.
Dover said in a Jan. 24 statement that the New York Stock Exchange had accepted a company plan for continued listing of its shares. In November, the Dover, Delaware-based company had said its average market capitalization over 30 days had fallen below the $50 million minimum required for listing.
Along with the Dover International Speedway, known as the Monster Mile, the company operates the Nashville Superspeedway in Tennessee. Dover annually hosts two Nascar Sprint Cut events at the Dover track. The company has said it won’t seek to host Nascar-sanctioned races at the Tennessee track this year.
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