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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Dover Downs Gaming & Entertainment | NYSE:DDE | NYSE | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.64 | 0.00 | 00:00:00 |
From Nov 2019 to Nov 2024
Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE) today reported results for the three months ended March 31, 2018.
The Company’s revenues for the first quarter of 2018 were $43,159,000 compared with $44,012,000 for the first quarter of 2017.
Gaming revenues of $34,134,000 were down 3.3% compared to the first quarter of last year, primarily from lower slot machine win.
Other operating revenues increased to $9,025,000 compared to $8,706,000 last year. Occupancy levels in the Dover Downs Hotel were approximately 73% for the first quarter of 2018 compared with 74% for the first quarter of 2017.
General and administrative expenses were consistent with last year.
Depreciation expense increased to $2,140,000 from $1,946,000 last year.
Net loss was ($273,000), or ($.01) per diluted share, compared with net loss of ($196,000), or ($.01) per diluted share for the first quarter of 2017.
Denis McGlynn, the Company's President and Chief Executive Officer, stated: “Once again the Company demonstrated substantial gaming operational profitability which once again was totally wiped out by an unfair and outdated gaming revenue sharing formula.
“Legislation has been introduced to implement a more fair and realistic formula and we hope the Delaware Legislature and Administration will act favorably on it.”
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 that could cause results to vary materially. Please refer to the Company’s SEC filings for a discussion of such factors.
Owned by Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE), Dover Downs Hotel & Casino® is a premier gaming and entertainment resort destination in the Mid-Atlantic region. Gaming operations consist of approximately 2,300 slots and a full complement of table games including poker. The AAA-rated Four Diamond hotel is Delaware’s largest with 500 luxurious rooms/suites and amenities including a full-service spa/salon, concert hall and 41,500 sq. ft. of multi-use event space. Live, world-class harness racing is featured November through April, and horse racing is simulcast year-round. Professional football parlay betting is accepted during the season. Additional property amenities include multiple restaurants from fine dining to casual fare, bars/lounges and retail shops. For more information, please visit www.doverdowns.com.
DOVER DOWNS GAMING & ENTERTAINMENT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS In Thousands, Except Per Share Amounts (Unaudited)Three Months Ended March 31, 2018 2017 * Revenues: Gaming $ 34,134 $ 35,306 Other operating 9,025 8,706 43,159 44,012 Expenses: Gaming 32,835 33,866 Other operating 7,034 6,837 General and administrative 1,385 1,375 Depreciation 2,140 1,946 43,394 44,024 Operating loss (235 ) (12 ) Interest expense (209 ) (209 ) Other income 83 44 Loss before income taxes (361 ) (177 ) Income tax benefit (expense) 88 (19 ) Net loss $ (273 ) $ (196 ) Net loss per common share: - Basic $ (0.01 ) $ (0.01 ) - Diluted $ (0.01 ) $ (0.01 ) Weighted average shares outstanding: - Basic 32,444 32,319 - Diluted 32,444 32,319
_________________________
*Prior-period information has been restated for the adoption of Accounting Standards Update (“ASU”) No. 2014-09, Revenue from
Contracts with Customers, and ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic
Postretirement Benefit Cost, which we adopted on January 1, 2018.
DOVER DOWNS GAMING & ENTERTAINMENT, INC. CONSOLIDATED BALANCE SHEETS In Thousands (Unaudited) March 31, December 31, 2018 2017 * ASSETS Current assets: Cash $ 11,520 $ 10,714 Accounts receivable 3,463 3,557 Due from State of Delaware 1,866 5,720 Inventories 1,954 1,928 Prepaid expenses and other 2,178 2,840 Receivable from Dover Motorsports, Inc. 12 7Income taxes receivable
318 318 Total current assets 21,311 25,084 Property and equipment, net 133,274 134,527 Other assets 373 564 Deferred income taxes 1,862 1,786 Total assets $ 156,820 $ 161,961 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 2,709 $ 2,571 Purses due horsemen 1,889 5,814 Accrued liabilities 7,268 8,111 Deferred credits 170 49 Contract liabilities 3,913 3,724 Revolving line of credit 19,500 19,900 Total current liabilities 35,449 40,169 Liability for pension benefits 7,298 7,483Total liabilities
42,747 47,652 Stockholders’ equity: Common stock 1,841 1,827 Class A common stock 1,487 1,487 Additional paid-in capital 5,871 5,877 Retained earnings 109,578 109,817 Accumulated other comprehensive loss (4,704 ) (4,699 ) Total stockholders’ equity 114,073 114,309 Total liabilities and stockholders’ equity $ 156,820 $ 161,961 _________________________ *Prior-period information has been restated for the adoption of ASU No. 2014-09,
Revenue from Contracts with Customers, which we adopted on January 1, 2018.
DOVER DOWNS GAMING & ENTERTAINMENT, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS In Thousands (Unaudited) Three Months Ended March 31, 2018 2017 * Operating activities: Net loss $ (273 ) $ (196 )Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation 2,140 1,946 Amortization of credit facility origination fees 10 13 Stock-based compensation 82 128 Deferred income taxes (88 ) (10 ) Losses on equity investments 5 - Changes in assets and liabilities: Accounts receivable 94 692 Due from State of Delaware 3,854 5,396 Inventories (26 ) (197 ) Prepaid expenses and other 659 226 Receivable from Dover Motorsports, Inc. (5 ) (1 ) Income taxes receivable - (21 ) Accounts payable 213 (94 ) Purses due horsemen (3,925 ) (5,565 ) Accrued liabilities (843 ) (1,827 ) Deferred credits 121 156 Contract liabilities 189 472 Liability for pension benefits (144 ) (94 ) Net cash provided by operating activities 2,063 1,024 Investing activities: Capital expenditures (782 ) (574 ) Purchase of equity investments (11 ) (31 )Proceeds from sale of equity investments
10 30 Net cash used in investing activities (783 ) (575 )Financing activities:
Borrowings from revolving line of credit 24,760 29,730 Repayments of revolving line of credit (25,160 ) (30,980 ) Repurchase of common stock (74 ) (74 ) Net cash used in financing activities (474 ) (1,324 ) Net increase (decrease) in cash 806 (875 ) Cash, beginning of period 10,714 11,677 Cash, end of period $ 11,520 $ 10,802 _________________________ *Prior-period information has been restated for the adoption of ASU No. 2014-09,
Revenue from Contracts with Customers, which we adopted on January 1, 2018.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180426005311/en/
Dover Downs Gaming & Entertainment, Inc.Timothy R. Horne - Sr. Vice President-Finance302-857-3292
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