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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 | 01:00:00 |
Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE) today reported results for the three months ended June 30, 2018.
The Company’s revenues for the second quarter of 2018 increased 2.3% to $44,133,000 compared with $43,141,000 for the second quarter of 2017. Gaming revenues were $33,895,000 compared to $33,227,000 for the second quarter of last year.
Occupancy levels in the Dover Downs Hotel were approximately 85% for the second quarter of both years.
General and administrative, depreciation and interest expenses were each fairly consistent with the second quarter of 2017.
Net earnings were $153,000 compared with $33,000 for the second quarter of 2017. Earnings per diluted share were $.00 for the second quarter of each year.
Denis McGlynn, the Company's President and Chief Executive Officer, stated: “I want to take this opportunity to thank the Legislature and the Administration for listening to the needs of the casino industry in Delaware. The modification to the gaming tax structure will help us going forward as we continue to improve our performance in this intensely competitive market.”
As previously announced, the Company has entered into a definitive merger agreement with Twin River Worldwide Holdings, Inc. The merger contemplates that Dover Downs stockholders will exchange their Dover Downs stock for Twin River common shares representing 7.225% of the equity in the combined company at closing. Please see the press release of July 22, 2018 and the Form 8-K filed on July 23, 2018 for more information.
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 2,200 slots, a full complement of table games, including poker, and a newly expanded race and sports book taking single game wagers on professional and college sports. 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. 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 EARNINGS (LOSS) In Thousands, Except Per Share Amounts (Unaudited) Three Months EndedJune 30, Six Months EndedJune 30, 2018 2017 * 2018 2017 * Revenues: Gaming $ 33,895 $ 33,227 $ 68,029 $ 68,533 Other operating 10,238 9,914 19,263 18,620 44,133 43,141 87,292 87,153 Expenses: Gaming 32,730 32,115 65,565 65,981 Other operating 7,655 7,425 14,689 14,262 General and administrative 1,342 1,333 2,727 2,708 Depreciation 2,050 2,086 4,190 4,032 43,777 42,959 87,171 86,983 Operating earnings 356 182 121 170 Interest expense (199 ) (208 ) (408 ) (417 ) Other income 84 44 167 88 Earnings (loss) before income taxes 241 18 (120 ) (159 ) Income tax (expense) benefit (88 ) 15 - (4 ) Net earnings (loss) $ 153 $ 33 $ (120 ) $ (163 ) Net earnings (loss) per common share: - Basic $ - $ - $ - $ (0.01 ) - Diluted $ - $ - $ - $ (0.01 ) Weighted average shares outstanding: - Basic 32,447 32,322 32,445 32,321 - Diluted 32,447 32,322 32,445 32,321 _________________________ *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) June 30,2018 December 31,2017 * ASSETS Current assets: Cash $ 10,837 $ 10,714 Accounts receivable 3,013 3,557 Due from State of Delaware 4,794 5,720 Inventories 1,932 1,928 Prepaid expenses and other 2,847 2,840 Receivable from Dover Motorsports, Inc. 19 7 Income taxes receivable 317 318 Total current assets 23,759 25,084 Property and equipment, net 131,835 134,527 Other assets 370 564 Deferred income taxes 1,765 1,786 Total assets $ 157,729 $ 161,961 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 1,949 $ 2,571 Purses due horsemen 4,799 5,814 Accrued liabilities 7,499 8,111 Deferred credits 122 49 Contract liabilities 3,971 3,724 Revolving line of credit 18,000 19,900 Total current liabilities 36,340 40,169 Liability for pension benefits 7,080 7,483 Total liabilities 43,420 47,652 Stockholders’ equity: Common stock 1,841 1,827 Class A common stock 1,487 1,487 Additional paid-in capital 5,924 5,877 Retained earnings 109,731 109,817 Accumulated other comprehensive loss (4,674 ) (4,699 ) Total stockholders’ equity 114,309 114,309 Total liabilities and stockholders’ equity $ 157,729 $ 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) Six Months EndedJune 30, 2018 2017 * Operating activities: Net loss $ (120 ) $ (163 )
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation 4,190 4,032 Amortization of credit facility origination fees 20 26 Stock-based compensation 135 186 Deferred income taxes (2 ) (171 ) Losses on equity investments 2 - Changes in assets and liabilities: Accounts receivable 544 1,113 Due from State of Delaware 926 3,458 Inventories (4 ) (277 ) Prepaid expenses and other (12 ) (389 ) Receivable from Dover Motorsports, Inc. (12 ) (26 ) Income taxes receivable 1 124 Accounts payable (547 ) (687 ) Purses due horsemen (1,015 ) (3,782 ) Accrued liabilities (612 ) (1,534 ) Deferred credits 73 131 Contract liabilities 247 449 Liability for pension benefits (321 ) (199 ) Net cash provided by operating activities 3,493 2,291 Investing activities: Capital expenditures (1,393 ) (1,196 ) Purchase of equity investments (21 ) (40 ) Proceeds from sale of equity investments 18 38 Net cash used in investing activities (1,396 ) (1,198 ) Financing activities: Borrowings from revolving line of credit 29,830 46,720 Repayments of revolving line of credit (31,730 ) (48,970 ) Repurchase of common stock (74 ) (74 ) Net cash used in financing activities (1,974 ) (2,324 ) Net increase (decrease) in cash 123 (1,231 ) Cash, beginning of period 10,714 11,677 Cash, end of period $ 10,837 $ 10,446 _________________________ *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/20180726005149/en/
Dover Downs Gaming & Entertainment, Inc.Timothy R. Horne - Sr. Vice President-Finance302-857-3292
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