Dover Motorsports, Inc. (DVD) has reported a 14.40 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $3.24 million, or $0.09 a share in the quarter, compared with $3.79 million, or $0.10 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $3.38 million, or $0.09 a share compared with $3.90 million or $0.11 a share, a year ago.
Revenue during the quarter dropped 4.30 percent to $20.11 million from $21.02 million in the previous year period. Total expenses were 72.73 percent of quarterly revenues, up from 70.44 percent for the same period last year. That has resulted in a contraction of 229 basis points in operating margin to 27.27 percent.
Operating income for the quarter was $5.48 million, compared with $6.21 million in the previous year period.
Operating cash flow falls marginally
Dover Motorsports, Inc. has generated cash of $6.81 million from operating activities during the year, down 3.58 percent or $0.25 million, when compared with the last year.
The company has spent $2.67 million cash to meet investing activities during the year as against cash outgo of $0.27 million in the last year.
The company has spent $4.14 million cash to carry out financing activities during the year as against cash outgo of $6.82 million in the last year period.
Working capital remains almost stable
Dover Motorsports, Inc. has witnessed a decline in the working capital over the last year. It stood at $22.76 million as at Dec. 31, 2016, down 0.52 percent or $0.12 million from $22.88 million on Dec. 31, 2015. Current ratio was at 5.76 as on Dec. 31, 2016, down from 5.94 on Dec. 31, 2015.
Debt comes down significantly
Dover Motorsports, Inc. has recorded a decline in total debt over the last one year. It stood at $3.84 million as on Dec. 31, 2016, down 34.92 percent or $2.06 million from $5.90 million on Dec. 31, 2015. Total debt was 4.72 percent of total assets as on Dec. 31, 2016, compared with 7.16 percent on Dec. 31, 2015. Debt to equity ratio was at 0.07 as on Dec. 31, 2016, down from 0.11 as on Dec. 31, 2015.
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