Dover Downs Entertainment, Inc. Reports Record Revenues For The First Quarter of 2001

Apr 25, 2001, 01:00 ET from Dover Downs Entertainment, Inc.

    DOVER, Del., April 25 /PRNewswire/ -- Dover Downs Entertainment, Inc.
 (NYSE:   DVD) today reported its results for the first quarter ended March 31,
 2001.
     Revenues increased 8.3% to $47,410,000 from $43,789,000 reported for the
 first quarter of 2000.  Earnings per diluted share were $.06 for the first
 quarter of both 2001 and 2000.  Net earnings were $2,382,000 compared with
 $2,331,000 last year.
     Record levels of play in the casino continued in the quarter, as the slot
 win increased almost 8% compared with the first quarter of last year.  The
 slot win growth was the highest since the second quarter of 2000, and the slot
 win for the month of March was the highest monthly win ever in the casino.
 There were no major motorsports events at the Company's facilities in the
 quarter.
     The Company is currently adding 7,000 permanent grandstand seats for the
 Spring NASCAR triple-header at Dover Downs International Speedway.  The Spring
 Race weekend will also be the first race telecast for Dover Downs
 International Speedway pursuant to NASCAR's new consolidated broadcast rights
 agreement with Fox, its FX cable network, NBC and Turner Sports.  Phase one
 construction continued on the luxury hotel and enclosed grandstand renovation
 project in Dover, which includes 232 rooms, an 18,000-square foot multi-
 purpose ballroom and concert hall and a gourmet restaurant.  The hotel is on
 schedule for completion in the first quarter of 2002.
 
     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 which could cause results to vary materially.  Please
 refer to the Company's SEC filings for a discussion of such factors.
 
     Dover Downs Entertainment, Inc. operates a multi-purpose entertainment
 complex conducting NASCAR auto racing, pari-mutuel harness horse racing, pari-
 mutuel wagering on simulcast harness and thoroughbred horse races and video
 lottery (slot) machine operations in Dover, Delaware.  The Company owns and
 operates the Nashville Superspeedway and operates the historic Nashville
 Speedway at the Tennessee State Fairgrounds in Nashville, Tennessee; organizes
 and promotes the Toyota Grand Prix of Long Beach in Long Beach, California;
 and owns and operates Gateway International Raceway near St. Louis, Missouri
 and Memphis Motorsports Park near Memphis, Tennessee.
 
 
                        DOVER DOWNS ENTERTAINMENT, INC.
                       CONSOLIDATED STATEMENT OF EARNINGS
                     In Thousands, Except Per Share Amounts
                                  (Unaudited)
 
                                                   Three Months Ended
                                                        March 31,
                                                  2001           2000
 
     Revenues:
       Motorsports                                $1,076        $1,071
       Gaming (A)                                 46,334        42,718
                                                  47,410        43,789
 
     Expenses:
       Operating                                  37,123        34,177
       Depreciation and amortization               2,546         2,161
       General and administrative                  3,612         2,972
                                                  43,281        39,310
 
     Operating earnings                            4,129         4,479
 
     Interest expense, net                             4           339
 
     Earnings before income taxes                  4,125         4,140
 
     Income taxes                                  1,743         1,809
 
     Net earnings                                 $2,382        $2,331
 
     Earnings per common share
       - Basic                                      $.06          $.06
       - Diluted                                    $.06          $.06
 
     Average shares outstanding
       - Basic                                    37,910        36,399
       - Diluted                                  38,149        37,156
 
 
      (A) Gaming revenues from the Company's video lottery (slot) machine
          gaming operations include the total win from such operations.  The
          Delaware State Lottery Office collects the win and remits a portion
          thereof to the Company as its commission for acting as a Licensed
          Agent.  The difference between total win and the amount remitted to
          the Company is reflected in Operating expenses.
 
 
 
                        DOVER DOWNS ENTERTAINMENT, INC.
                           CONSOLIDATED BALANCE SHEET
                                  In Thousands
                                  (Unaudited)
 
                                                March 31,     March 31,
                                                  2001           2000
     ASSETS
 
     Current assets:
       Cash and cash equivalents                 $17,649       $13,615
       Accounts receivable                         8,967         8,993
       Due from State of Delaware                  2,448         2,241
       Inventories                                   642           553
       Prepaid expenses and other                  8,067         7,295
       Prepaid income taxes                            -         5,256
       Deferred income taxes                         271           405
          Total current assets                    38,044        38,358
 
     Property, plant and equipment, net          302,098       215,117
     Other assets, net                             1,490         1,381
     Goodwill, net                                51,580        53,034
 
          Total assets                          $393,212      $307,890
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
 
     Current liabilities:
       Accounts payable                           $7,917        $4,418
       Purses due horsemen                         2,772         2,972
       Accrued liabilities                         7,358         9,524
       Income tax payable                          1,528             -
       Current portion of long-term debt             635           585
       Deferred revenue                           35,120        32,845
          Total current liabilities               55,330        50,344
 
     Notes payable to bank                        67,250        18,500
     Long-term debt                               19,905        20,540
     Other liabilities                               155           174
     Deferred income taxes                        19,514        14,953
     Shareholders' equity
       Common stock                                1,405         1,377
       Class A common stock                        2,385         2,365
       Additional paid-in capital                119,303       118,971
       Retained earnings                         107,965        80,666
          Total shareholders' equity             231,058       203,379
          Total liabilities and
           shareholders' equity                 $393,212      $307,890
 
 
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SOURCE Dover Downs Entertainment, Inc.
    DOVER, Del., April 25 /PRNewswire/ -- Dover Downs Entertainment, Inc.
 (NYSE:   DVD) today reported its results for the first quarter ended March 31,
 2001.
     Revenues increased 8.3% to $47,410,000 from $43,789,000 reported for the
 first quarter of 2000.  Earnings per diluted share were $.06 for the first
 quarter of both 2001 and 2000.  Net earnings were $2,382,000 compared with
 $2,331,000 last year.
     Record levels of play in the casino continued in the quarter, as the slot
 win increased almost 8% compared with the first quarter of last year.  The
 slot win growth was the highest since the second quarter of 2000, and the slot
 win for the month of March was the highest monthly win ever in the casino.
 There were no major motorsports events at the Company's facilities in the
 quarter.
     The Company is currently adding 7,000 permanent grandstand seats for the
 Spring NASCAR triple-header at Dover Downs International Speedway.  The Spring
 Race weekend will also be the first race telecast for Dover Downs
 International Speedway pursuant to NASCAR's new consolidated broadcast rights
 agreement with Fox, its FX cable network, NBC and Turner Sports.  Phase one
 construction continued on the luxury hotel and enclosed grandstand renovation
 project in Dover, which includes 232 rooms, an 18,000-square foot multi-
 purpose ballroom and concert hall and a gourmet restaurant.  The hotel is on
 schedule for completion in the first quarter of 2002.
 
     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 which could cause results to vary materially.  Please
 refer to the Company's SEC filings for a discussion of such factors.
 
     Dover Downs Entertainment, Inc. operates a multi-purpose entertainment
 complex conducting NASCAR auto racing, pari-mutuel harness horse racing, pari-
 mutuel wagering on simulcast harness and thoroughbred horse races and video
 lottery (slot) machine operations in Dover, Delaware.  The Company owns and
 operates the Nashville Superspeedway and operates the historic Nashville
 Speedway at the Tennessee State Fairgrounds in Nashville, Tennessee; organizes
 and promotes the Toyota Grand Prix of Long Beach in Long Beach, California;
 and owns and operates Gateway International Raceway near St. Louis, Missouri
 and Memphis Motorsports Park near Memphis, Tennessee.
 
 
                        DOVER DOWNS ENTERTAINMENT, INC.
                       CONSOLIDATED STATEMENT OF EARNINGS
                     In Thousands, Except Per Share Amounts
                                  (Unaudited)
 
                                                   Three Months Ended
                                                        March 31,
                                                  2001           2000
 
     Revenues:
       Motorsports                                $1,076        $1,071
       Gaming (A)                                 46,334        42,718
                                                  47,410        43,789
 
     Expenses:
       Operating                                  37,123        34,177
       Depreciation and amortization               2,546         2,161
       General and administrative                  3,612         2,972
                                                  43,281        39,310
 
     Operating earnings                            4,129         4,479
 
     Interest expense, net                             4           339
 
     Earnings before income taxes                  4,125         4,140
 
     Income taxes                                  1,743         1,809
 
     Net earnings                                 $2,382        $2,331
 
     Earnings per common share
       - Basic                                      $.06          $.06
       - Diluted                                    $.06          $.06
 
     Average shares outstanding
       - Basic                                    37,910        36,399
       - Diluted                                  38,149        37,156
 
 
      (A) Gaming revenues from the Company's video lottery (slot) machine
          gaming operations include the total win from such operations.  The
          Delaware State Lottery Office collects the win and remits a portion
          thereof to the Company as its commission for acting as a Licensed
          Agent.  The difference between total win and the amount remitted to
          the Company is reflected in Operating expenses.
 
 
 
                        DOVER DOWNS ENTERTAINMENT, INC.
                           CONSOLIDATED BALANCE SHEET
                                  In Thousands
                                  (Unaudited)
 
                                                March 31,     March 31,
                                                  2001           2000
     ASSETS
 
     Current assets:
       Cash and cash equivalents                 $17,649       $13,615
       Accounts receivable                         8,967         8,993
       Due from State of Delaware                  2,448         2,241
       Inventories                                   642           553
       Prepaid expenses and other                  8,067         7,295
       Prepaid income taxes                            -         5,256
       Deferred income taxes                         271           405
          Total current assets                    38,044        38,358
 
     Property, plant and equipment, net          302,098       215,117
     Other assets, net                             1,490         1,381
     Goodwill, net                                51,580        53,034
 
          Total assets                          $393,212      $307,890
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
 
     Current liabilities:
       Accounts payable                           $7,917        $4,418
       Purses due horsemen                         2,772         2,972
       Accrued liabilities                         7,358         9,524
       Income tax payable                          1,528             -
       Current portion of long-term debt             635           585
       Deferred revenue                           35,120        32,845
          Total current liabilities               55,330        50,344
 
     Notes payable to bank                        67,250        18,500
     Long-term debt                               19,905        20,540
     Other liabilities                               155           174
     Deferred income taxes                        19,514        14,953
     Shareholders' equity
       Common stock                                1,405         1,377
       Class A common stock                        2,385         2,365
       Additional paid-in capital                119,303       118,971
       Retained earnings                         107,965        80,666
          Total shareholders' equity             231,058       203,379
          Total liabilities and
           shareholders' equity                 $393,212      $307,890
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X35287432
 
 SOURCE  Dover Downs Entertainment, Inc.