Dover Downs Gaming & Entertainment, Inc. Reports Results for a Fourth Quarter and Year Ended Dec 31, 2011
DOVER, Del.–(BUSINESS WIRE)–
Dover Downs Gaming Entertainment, Inc. (NYSE:DDE – News) currently reported
formula for a fourth entertain and year finished Dec 31, 2011.
The Company’s revenues were $61,619,000 compared with $57,941,000 for
a fourth entertain of 2010. As a outcome of softened continue compared to
2010, gaming income augmenting 4.0% compared to a fourth entertain of
final year from aloft container win and list diversion income for a quarter.
Gaming increase were aloft compared to a fourth entertain of final year
as a outcome of a income increases and from several cost cutting
programs implemented during a year.
Other handling revenues softened to $6,600,000 from $5,026,000 due to
augmenting bedrooms and food and libation business attributable to the
timing of Dover Motorsports’ tumble NASCAR competition weekend hold in October
this year vs. Sep final year and from augmenting convention
business. Occupancy levels in a Dover Downs Hotel were approximately
87% for a fourth entertain of 2011 compared with approximately 83% for
a fourth entertain of 2010.
Net gain were $2,120,000, or $.07 per diluted share, compared with
$501,000, or $.02 per diluted share for a fourth entertain of 2010.
Net gain for a year declined 20% to $5,359,000, or $.17 per
diluted share compared with $6,743,000 or $.21 per diluted share for
2010.
Denis McGlynn, a Company’s President and Chief Executive Officer,
stated: “Compared to final year, casinos in a segment benefited from
amiable continue in a fourth entertain this year, generally in December.
Additionally, a non-gaming activity was clever in a fourth quarter,
in vast partial due to a Oct NASCAR race. Our year finish results
stress that augmenting rival hurdles and high taxes will
need us to continue to find efficiencies – a challenging task
deliberation that we are in a patron centric business that necessitates
continued investment in a trickery and in a promotions and marketing
initiatives.”
The Company announced yesterday that a Board of Directors announced a
quarterly division of $.03 per share payable on Mar 10, 2012 to
shareholders of record during a tighten of business on Feb 10, 2012.
This recover contains or might enclose forward-looking statements formed on
management’s beliefs and assumptions. Such statements are theme to
several risks and uncertainties that could means formula to vary
materially. Please impute to a Company’s SEC filings for a discussion
of such factors.
Owned by Dover Downs Gaming Entertainment, Inc. (NYSE: DDE – News), Dover
Downs Hotel Casino® is a premier gaming and
party review finish in a Mid-Atlantic region. Gaming
operations embody of approximately 2,500 slots and a full element of
list games including poker. The AAA-rated Four Diamond hotel is
Delaware’s largest with 500 lush rooms/suites and amenities
including a full-service spa/salon, unison gymnasium and 35,000 sq. ft. of
multi-use eventuality space. Live, world-class strap racing is featured
Nov by April, and equine racing is simulcast year-round.
Professional football parlay betting is supposed during a season.
Additional skill amenities embody mixed restaurants from fine
dining to infrequent fare, bars/lounges and sell shops. For more
information, greatfully revisit www.doverdowns.com.
DOVER DOWNS GAMING ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
In Thousands, Except Per Share Amounts
(Unaudited)
Three Months Ended
Years Ended
Dec 31,
Dec 31,
2011
2010
2011
2010
Revenues:
Gaming (1)
$
55,019
$
52,915
$
217,415
$
217,267
Other operating (2)
6,600
5,026
22,527
20,882
61,619
57,941
239,942
238,149
Expenses:
Gaming
48,468
47,796
193,392
188,293
Other operating
4,785
3,838
16,510
16,127
General and administrative
1,434
1,577
6,288
6,922
Depreciation
2,797
3,110
11,665
12,059
57,484
56,321
227,855
223,401
Operating earnings
4,135
1,620
12,087
14,748
Loss on extinguishment of debt
-
-
45
-
Interest expense
625
835
2,872
3,254
Earnings before income taxes
3,510
785
9,170
11,494
Income taxes
1,390
284
3,811
4,751
Net earnings
$
2,120
$
501
$
5,359
$
6,743
Net gain per common share:
– Basic
$
0.07
$
0.02
$
0.17
$
0.21
– Diluted
$
0.07
$
0.02
$
0.17
$
0.21
Weighted normal shares outstanding:
– Basic
31,646
31,558
31,645
31,555
– Diluted
31,646
31,558
31,645
31,555
_________________________
(1)
(2)
Other handling revenues do not embody a sell volume of
promotional allowances that are supposing to business on a
nominal basis.
DOVER DOWNS GAMING ENTERTAINMENT, INC.
CONSOLIDATED BALANCE SHEETS
In Thousands
(Unaudited)
Dec 31,
Dec 31,
2011
2010
ASSETS
Current assets:
Cash
$
18,634
$
18,819
Accounts receivable
3,982
3,098
Due from State of Delaware
9,440
9,829
Inventories
1,860
1,989
Prepaid losses and other
3,659
2,551
Receivable from Dover Motorsports, Inc.
-
18
Income taxes receivable
-
617
Deferred income taxes
1,317
1,349
Total stream assets
38,892
38,270
Property and equipment, net
176,415
186,227
Other assets
877
789
Total assets
$
216,184
$
225,286
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
4,035
$
3,742
Purses due horsemen
9,004
9,829
Accrued liabilities
11,912
12,286
Payable to Dover Motorsports, Inc.
11
-
Income taxes payable
444
-
Deferred revenue
254
307
Total stream liabilities
25,660
26,164
Revolving line of credit
69,000
78,600
Liability for grant benefits
5,570
4,949
Other liabilities
147
598
Deferred income taxes
3,301
4,224
Total liabilities
103,678
114,535
Stockholders’ equity:
Common stock
1,576
1,564
Class A common stock
1,660
1,660
Additional paid-in capital
3,464
2,721
Retained earnings
108,090
106,432
Accumulated other extensive loss
(2,284
)
(1,626
)
Total stockholders’ equity
112,506
110,751
Total liabilities and stockholders’ equity
$
216,184
$
225,286
DOVER DOWNS GAMING ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
In Thousands
(Unaudited)
Years Ended
Dec 31,
2011
2010
Operating activities:
Net earnings
$
5,359
$
6,743
Depreciation
11,665
12,059
Amortization of credit trickery fad fees
90
72
Stock-based compensation
905
1,192
Deferred income taxes
(389
)
(85
)
Loss on extinguishment of debt
45
-
Changes in resources and liabilities:
Accounts receivable
(884
)
(462
)
Due from State of Delaware
389
1,240
Inventories
129
(168
)
Prepaid losses and other
(995
)
(392
)
Accounts payable
604
664
Purses due horsemen
(825
)
(390
)
Accrued liabilities
(374
)
3,498
Payable to/receivable from Dover Motorsports, Inc.
29
(13
)
Income taxes payable/receivable
869
(187
)
Deferred revenue
(53
)
1
Other liabilities
(913
)
(278
)
Net money supposing by handling activities
15,651
23,494
Investing activities:
Capital expenditures
(1,853
)
(5,576
)
Proceeds from sale of available-for-sale securities
214
65
Purchase of available-for-sale securities
(291
)
(67
)
Net money used in investing activities
(1,930
)
(5,578
)
Financing activities:
Borrowings from revolving line of credit
180,683
116,300
Repayments of revolving line of credit
(190,283
)
(132,825
)
Dividends paid
(3,888
)
(3,870
)
Repurchase of common stock
(150
)
(117
)
Credit trickery fees
(268
)
-
Net money used in financing activities
(13,906
)
(20,512
)
Net diminution in cash
(185
)
(2,596
)
Cash, commencement of period
18,819
21,415
Cash, finish of period
$
18,634
$
18,819