Dover Downs Gaming & Entertainment Inc (DDE) has reported a 37.05 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $0.52 million, or $0.02 a share in the quarter, compared with $0.83 million, or $0.03 a share for the same period last year.
Revenue during the quarter went down marginally by 0.18 percent to $47.11 million from $47.20 million in the previous year period. Gross margin for the quarter contracted 78 basis points over the previous year period to 8.92 percent. Total expenses were 97.85 percent of quarterly revenues, up from 97.42 percent for the same period last year. That has resulted in a contraction of 43 basis points in operating margin to 2.15 percent.
Operating income for the quarter was $1.01 million, compared with $1.22 million in the previous year period.
Denis McGlynn, the Company’s president and chief executive officer, stated: “We continue to do our best with what little the State allows us to retain from gaming revenues and, despite these limitations, we continue to enjoy excellent customer service ratings and employee morale.
Operating cash flow improves significantly
Dover Downs Gaming & Entertainment Inc has generated cash of $7.35 million from operating activities during the nine month period, up 37.64 percent or $2.01 million, when compared with the last year period.
The company has spent $2.47 million cash to meet investing activities during the nine month period as against cash outgo of $1.12 million in the last year period.
The company has spent $4.11 million cash to carry out financing activities during the nine month period as against cash outgo of $5.51 million in the last year period.
Cash and cash equivalents stood at $11.26 million as on Sep. 30, 2016, up 28.19 percent or $2.48 million from $8.79 million on Sep. 30, 2015.
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