Speedway News (5492)
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Steve Wallace, the youngest son of nine-time Bristol Motor Speedway winner Rusty Wallace, was quickest in the first two Super Late Model practice sessions during the first of two open test days for the Inaugural Short Track U.S. Nationals, May 19-21.
Wallace posted a quick lap of 14.937 seconds at 120.506 mph in his Jettools.com Ford Fusion and then improved on that lap in the second session, clocking his quickest run of the day at 14.873 seconds, 121.025 mph.
The Monster Energy NASCAR Cup Series track record here is 14.573 seconds at 131.668 mph, set by Denny Hamlin in August 2016. The XFINITY Series qualifying record is 15.002 seconds at 127.903, set by Erik Jones, also in August ’16.
“That was on a race trim run,” Wallace said of his 14.873-second effort. “When we make a qualifying run it will be a lot quicker than that. I would expect it to be either 14.50s or 14.60s.”
Wallace has quite a bit of experience racing at Bristol He has competed here in the NASCAR XFINITY Series and won his first pole position in that series at BMS. He has also raced here in the NASCAR Truck Series.
“It feels cool to be back here,” Wallace said. “I haven’t been here in years. This place is a lot of fun. It brings back good memories and bad memories.”
Las Vegas racer Noah Gragson was the only other Super Late Model driver to dip into the 14-second zone, as he posted a time of 14.955 at 120.361 mph in the second session.
Trey Craig was quickest in Pro Late Model with a 15.161 second lap at 118.726 mph and Cole Williams was fastest in the second session at 15.352, 117.249 mph.
In Late Model Stock, Myatt Snider was third in both sessions, posting lap times of 15.901 and 16.064 seconds.
“It was pretty crazy,” said Snider, son of NBC Sports auto racing reporter Marty Snider. “There’s not many tracks like this. You’ve got Orange County Speedway in North Carolina, but it’s not quite as fast as this place. I went down in the corner the first time and it was kind of a shock at just how fast it really was. It has a really good sensation of speed. Probably one of my favorite tracks I’ve been to. It’s a lot of fun.”
Snider said he got more comfortable the second time out.
“I was focused on getting the car right and getting a feel for how the track drives,” Snider said. “This track is really fast for a late model stock car because they don’t have quite as much power as the super late models. It’s a lot of fun. I was also trying to get a lot more comfortable with the track. The first couple of laps it was definitely a little squirrely out there, but the second time out you get a lot more comfortable.”
Jared Fryer posted the quickest lap in Late Model Stock’s second session at 15.775 seconds at 114.105 mph. Evan Swilling was quickest in the first session at 15.835 seconds, 113.672 mph.
Nearly 500 race cars split among six classes are expected to be in competition during the Short Track U.S. Nationals, including Super Late Model, Pro/Crate Late Model, Late Model Stock, Modified, Street Stock and Compact divisions. The five sanctioning bodies that will be represented are CRA (Super Late Models, Pro Late Models, Street Stock), CARS Tour (Super Late Models, Late Model Stock), Southern Super Series (Super Late Model), National Short Track Alliance (Modifieds), VORES Compact Touring Series (Compacts).
Tickets and pit passes for the Short Track U.S. Nationals start at $85 for a weekend grandstand seat/pit pass combo and $45 for a Saturday/Sunday grandstand GA combo. Kids 12-and-under are just $10 for a Saturday/Sunday grandstand GA combo. Individual pit passes also are available for ages 14-and-up. Please visit http://www.
The Schaeffer’s Oil Spring Nationals Series presented by Sunoco Race Fuels and Tennessee RV Supercenter fifth annual Scott Sexton Memorial headlined the racing program Friday night at Volunteer Speedway, and before a big home-state crowd Mike Marlar of Winfield captured the $10,052 victory in the event which honored a legendary East Tennessee racer.
With a stellar field of 34 Super Late Model drivers representing 12 states and Canada assembled at “The Gap” for the Scott Sexton Memorial, Ricky Weiss of Headingly, Manitoba, Canada was fastest qualifier in Group A and overall at 12.116 seconds. Shanon Buckingham of Morristown was quickest in Group B at 12.213 seconds.
Four heat races each transferred the top four finishers into the main event, with Marlar winning the first heat over Weiss, Dale McDowell and Brandon Sheppard. Jimmy Owens of Newport took the win in heat two over Eric Wells, Tim McCreadie and Skylar Marlar.
Michael Chilton, from Salvisa, Kentucky, earned the victory in the third heat over Buckingham, Tyler Erb and Vic Hill. Chris Madden of Gaffney, South Carolina, won the fourth heat over Donald McIntosh, Kyle Hardy and Joey Coulter.
Michael Page of Douglasville, Georgia, and Brian Shirley from Chatham, Illinois, each won last chance B-main races which determined the remainder of the starting field for the 52-lap feature.
With fans on their feet Chilton rocketed out into the lead at drop of the green flag over Marlar, Madden, Owens and Buckingham. Chilton quickly pulled out to right at a half-straightaway advantage over Marlar, Madden, Owens and Buckingham.
Behind the top five in the running order action was fast-and-furious involving Weiss, Wells, McIntosh, McDowell, Erb, McCreadie, Sheppard, Hardy, Hill, Coulter and Shirley.
Chilton caught tail of the field on lap 11 to work slower traffic at rear of the field, which allowed Marlar and Madden to close behind the leader. Marlar dove to inside of Chilton entering the first turn on lap 14, and as they raced off the second corner down the backstretch he grabbed the lead.
Smashing the loud pedal Marlar began to put some real estate between himself and those in pursuit, but the racing behind involving Chilton, Madden, Owens and Buckingham was close quarters. Madden got around Chilton for second place on lap 29 between turns three and four, but leader Marlar was almost a full-straightaway ahead.
With the race past the halfway distance, many in the crowd were thinking “could the race run caution-free?” Well, when you have many of the top dirt late model professional racers in the business on the track who regularly compete with the Lucas Oil Late Model Dirt Series and World of Outlaws Late Model Series, you can expect good, hard-nosed racing but done so with respect to fellow competitors.
McIntosh worked his way past Buckingham for fifth on lap 34, which in turn opened the door for McDowell to also overtake Buckingham for position. Meanwhile, Owens was up-on-the-wheel trying to get around Chilton for the third spot, and he finally got the job done.
McDowell was coming, and coming with a purpose as he got by McIntosh for fifth place on lap 36 and then inside of 10 laps remaining he passed both Chilton and Owens to move into third. But with leader Marlar working lapped traffic to perfection, he never really missed a beat to allow Madden and McDowell to seriously close within striking distance as he rolled to the $10,052 Scott Sexton Memorial victory over Madden, McDowell, Owens and Chilton.
Completing the top 10 finishers were McIntosh, Buckingham, Wells, Hardy and Sheppard. The top 10 cars were on the lead lap at the checkered flag, as Marlar got around 11th-place finisher Weiss on the white flag lap.
Matt Henderson set fast-time at 13.226 seconds in Crate Late Model qualifying to earn the pole position for the $1,500-to-win feature. But with 30 cars packing the pits, only the top 14 drivers were locked into the 30-lap feature. Two heat races each transferred the top five finishers to determine the remaining starting spots in the strong 24-car field.
Jason Trammell of Knoxville powered into the lead on the opening lap over Henderson, Tim Maupin, Gary Crittenden and Jimmy Elliott.
Trammell was flexing his muscles out front in putting some distance between himself and closest challengers, but the action between Henderson, Maupin, Crittenden and Elliott was heated. Behind them the racing was intense as well with several drivers jockeyed for position including Ross White, Benji Hicks, Forrest Trent, Philip Thompson, Josh Henry and Jensen Ford.
With the race running clean-and-green from the start, White spun in the fourth turn on lap 14 while battling for sixth with Hicks to bring out the first caution.
Off the ensuing double-file restart, just behind leader Trammell both Henderson and Maupin got together at end of the front straightaway to almost wreck between turns one and two, stacking the field up and forcing several drivers into evasive maneuvers to avoid a big pileup. But before one lap was completed back under green, Maupin and Trent tangled exiting the fourth turn onto the front straightaway to see the caution quickly come back out.
Finally back under green, Trammell was out front in a zone all of his own while behind him the action was two- and three-wide back through the top 15 cars in the running order much to delight of the fans. Caution waved on lap 22 when Thompson spun and tagged the wall while battling for position, with Ford also pulling into the pits with the yellow out to end strong runs for both drivers.
Poised for a run to the checkers, Trammell once again pulled away from those in pursuit to impressively bring home a flag-to-flag victory over Elliott, Henderson, Crittenden and Hicks.
Completing the top 10 finishers were Maupin, Henry, Vic Chandler, Rusty Ballenger and Tim Byrd.
Jordon Horton, from New Tazewell, jumped out into the lead at start of the 25-lap Sportsman Late Model feature and never looked back en route to capturing his second win this season over Matt Tharp, Brad Seagle, Cody Smith and Andy Ogle.
Brad Davis of Tazewell outran defending Modified Street track champion Chris Rickett, Austin Atkins, Jeffrey Melton and Michael Woods to record his first win of the season.
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Toyota Camry driver Matt Kenseth captured the top starting position for Sunday’s TOYOTA OWNERS 400 Monster Energy NASCAR Cup Series race at Richmond International Raceway (Richmond). With a speed of 121.076 mph, Kenseth will lead the field to green on Sunday afternoon. He will be joined by Wood Brothers Racing driver Ryan Blaney on the front row, which is his third front row start this season.
Drivers participated in three rounds of knockout qualifying to determine the starting order. In the final round, Kenseth held on to the coveted first place starting position to earn his first pole position of the season.
“It’s a tough track. It’s such a fine line because you have to be patient and not overdrive it but you can’t underdrive it either,” said Kenseth. “It’s just kind of a fine edge and I felt like my first lap the last round I did really good in 1 and 2 not into 3 and 4 and the opposite in the second lap. I didn’t feel like I had the perfect lap but I had good speed.”
Rounding out the top-five were fellow Toyota driver Martin Truex, Jr. followed by Ricky Stenhouse Jr. and Joey Logano. Truex has had a strong season so far, and his third-place qualifying adds to his resume.
“We gained on it. I felt like our first round I felt really good about the car,” said Truex. “We were able to be fifth I think with only running one lap. We were second of the cars that had only run one lap, so I felt really good about it and we went out in the second round and the first lap was awful. The car just wouldn’t hook up and then the second lap it got better, but I still didn’t feel like we got back to where we were in the first round. So we made some changes and the third round was for sure better, but I felt like we were still missing something. I should’ve run three laps and I might’ve been even quicker, but all in all it was a good job by the guys and third is a great starting spot here. Up front where we need be. Hopefully, we can keep her up front all day.”
On Beach Whiskey Outback Steakhouse Qualifying Day, Verizon IndyCar Series stars Helio Castroneves, Josef Newgarden, Will Power, Simon Pagenaud, Sebastien Bourdais, Graham Rahal and Ed Jones got an up-close look at The Phoenix Raceway Project Powered by DC Solar. Along with Phoenix Raceway President Bryan R. Sperber, the drivers had the opportunity to “test drive” prototypes of the new grandstand seating and helped celebrate a key milestone in the construction process.
The entire field for the Desert Diamond West Valley Phoenix Grand Prix also signed the first 30-foot steel beam that will be used in construction of the new grandstand.
Fans have been the foundation of racing at Phoenix Raceway and an integral part of the modernization project. To ensure that fans are forever a part of the history at Phoenix Raceway, they are able to sign their names on the steel beam next to their favorite driver’s signatures throughout the weekend.
Nathan’s Famous has been named as the official hot dog of Richmond International Raceway (Richmond). While the track has had many signature food items through the years, Nathan’s Famous is the first official hot dog in Richmond history. From its original restaurant in Coney Island to thousands of supermarkets across the country, the partnership will connect NASCAR fans in Richmond to an American Original Hot Dog.
“Our partnership with Nathan’s Famous will bring this well-known brand to NASCAR fans at Richmond,” said Richmond President, Dennis Bickmeier. “We look forward to fans enjoying an American Original Hot Dog as part of our two NASCAR race weekends.”
There will be two new style of hot dogs available for fans this weekend in Richmond. The Chaos Dog will be a Nathan’s Famous Hot Dog wrapped in Smithfield bacon topped with chorizo meat chili, pepper jack cheese, house pickled jalapenos, and house-made creamy slaw. The new Three-Quarter Mile Dog will feature a Nathan’s Famous Hot Dog with traditional condiments. These new offerings will be sure to bring the chaos of quality and flavor to fans’ palates.
“Nathan’s celebrates family and fun, and aligning with a popular family-friendly track like Richmond International Raceway is a natural fit for us,” said Wayne Norbitz, Nathan's Famous executive board member and former 26-year president. “We couldn't be more excited that race fans will now be able to enjoy our premium hot dogs during all of the excitement of racing at Richmond!”
Team Penske has been no stranger to Talladega Superspeedway’s Gatorade Victory Lane in recent years. Roger Penske’s drivers - Brad Keselowski, the defending GEICO 500 champion and Joey Logano - have combined to capture the past three checkered flags at the mammoth 2.66-mile Superspeedway and hope to give Penske a fourth straight in the GEICO 500 on Sunday, May 7.
With a triumph in the GEICO 500, Penske would join some pretty elite company. Dale Earnhardt Inc. (DEI) and Hendrick Motorsports are the only teams to make at least four straight trips to Talladega Superspeedway’s Gatorade Victory lane.
Hendrick pulled off four-in-a-row from 2006-07 with a trio of drivers that included Brian Vickers, Jimmie Johnson, and Jeff Gordon. DEI holds the ultimate mark of five consecutive from 2001-03 with Dale Earnhardt Jr., who reeled off a record four straight, and Michael Waltrip, who added one more.
“Talladega has been good to us,” said Keselowski, already a two-time winner in 2017. “Talladega has been a track for us that’s been a great catalyst for success. I don’t know why that is, but it’s a track where if you’re capable of winning here, I think you show a certain level of attitude and swagger that carries your way through the rest of the year.”
Team Penske’s dominance began in October of 2014 when Keselowski, driver of the No. 2 Ford, earned his third career Talladega victory. That day, he assumed the lead from Ryan Newman in overtime and took the checkered flag after 194 heart-pounding circuits.
The following spring, Earnhardt Jr. claimed his sixth career win at Talladega before Team Penske reigned again, and they have been atop the Talladega world ever since. In the fall ’15, Logano, who pilots the No. 22 Ford, led 28 laps and bested Hendrick Motorsports teammates Earnhardt, Jr. and Gordon. A year ago, in the GEICO 500, Keselowski dominated, leading 46 laps and fending off Kyle Busch before Logano made his second trip to Gatorade Victory Lane last fall. In the process, Logano became the first recipient of Talladega’s newest tradition - the Vulcan Trophy.
“Winning at Talladega is always fun,” Logano, who is still searching for his first win of ’17, said. "Even when you’re coming off turn four you don’t know if you’ve got it (the win) because so many things can happen before the start-finish line (Extended 1,250 feet towards Turn One from the middle of the tri-oval). For Team Penske to have the success we’ve had at Talladega, it has been memorable.”
A Talladega Superspeedway tradition since the spring of 2014, the Freedom Trophy – which proudly displays the five branches of the United States military – will be presented to the winner of the Sunday, May 7, GEICO 500 by Colonel Christopher C. Barnett.
The Freedom Trophy is presented to each Monster Energy NASCAR Cup Series (MENCS) winner by a member of one of our country’s military. Members from all five branches – Army, Air Force, Navy, Marines, and Coast Guard - have stood alongside a MENCS driver in Gatorade Victory Lane, handing the victorious driver the one-of-a-kind trophy.
Since the summer of 2016, Col. Barnett has been an instructor of Leadership and Warfighting at the Air War College (AWC), located on Maxwell Air Force Base in Montgomery, Alabama. Prior to joining the AWC faculty, he served as the Vice Commander, 435th Air Ground Operations Wing, and Vice Commander, 435th Air Expeditionary Wing, Ramstein AFB, Germany.
Barnett is a 1991 graduate of the U.S. Naval Academy and AWC. He is also a certified command pilot, with more than 3,000 flight hours and 200 combat hours in a variety of H-60 aircraft. For his efforts relating to the combat search and rescue of an F-14 crew in Iraq on April 1, 2003, he was awarded the Air Force Special Operations Command "Pilot of the Year Award."
Four different drivers have been presented the Freedom Trophy at Talladega Superspeedway - Denny Hamlin (2014), Brad Keselowski (’14 & ’16), Dale Earnhardt, Jr. (’15), and Joey Logano (’15 & ’16).
“At Talladega Superspeedway, we take great delight in supporting our nation’s military,” Chairman of Talladega Superspeedway Grant Lynch said. “We are thrilled to have Col. Barnett in attendance to present the Freedom Trophy to the winner of the GEICO 500 and can’t thank him enough for his service to our country. It will be an incredible chance for all our fans in attendance to show their appreciation to Col. Barnett and other members of our military. There’s nothing we take more pride in than showing support for those who fight for our freedom so that we can put on spectacular racing action at Talladega.”
Chicagoland Speedway and Nickelodeon today announced that the number-one entertainment brand for kids is the entitlement sponsor of the Monster Energy NASCAR Cup Series race on Sunday, Sept. 17, dubbed the Tales of the Turtles 400 at Chicagoland Speedway. The announcement was made atop the 360 Chicago Observation Deck by Chicagoland Speedway President, Scott Paddock and Nickelodeon Senior Vice President of Sports Marketing, Anthony DiCosmo.
“Following the success of last year’s Teenage Mutant Ninja Turtles 400, we are ecstatic to continue our relationship with Nickelodeon in 2017,” said Paddock. “This blend of exciting racing and family entertainment is the perfect formula to launch the Playoffs for the Monster Energy NASCAR Cup Series kick off at our Magnificent Mile and a Half.”
This Sept. 14-17 marks the second partnership for Chicagoland Speedway and Nickelodeon, who last year partnered to bring fans the Teenage Mutant Ninja Turtles 400. This is the seventh consecutive year Chicagoland Speedway will kick off the Playoffs for the Monster Energy NASCAR Cup Series.
”Our partnership with Chicagoland Speedway and NASCAR continues to build momentum and drive fan excitement,” said DiCosmo. “We’re thrilled to return to Chicago with the next installment in the Teenage Mutant Ninja Turtles series – the Tales of the Turtles – and create an action-packed weekend on and off the track for NASCAR and Turtles fans alike.”
During the Tales of the Turtles 400 race weekend, attendees will be able to enjoy fun family activities with appearances by the Teenage Mutant Ninja Turtles costumed characters and more. The Tales of the Turtles 400 ticket package includes a meet and greet with the Teenage Mutant Ninja Turtles, a race ticket and the new Tales of the Turtles DVD.
The official Tales of the Turtles 400 race shirt will be available on the NASCAR.com Superstore today at 2:30 p.m. CT/3:30 p.m. ET.
The announcement, which was made on National Superhero Day, marks the kickoff of Chicagoland Speedway’s brand-new initiative to recognize everyday heroes leading into and on race day. Chicagoland Speedway will give fans the opportunity to nominate their own personal hero to receive a VIP race day experience and serve as race Grand Marshal. Fans can nominate their hero at www.chicagolandspeedway.com/hero.
Creative elements for the Tales of the Turtles 400 race will be inspired by Nickelodeon’s season five anthology series, Tales of the Teenage Mutant Ninja Turtles. This season captures seven distinct stories featuring Leonardo, Raphael, Donatello and Michelangelo’s past and future, including their early days in New York City, encounters with villains and friends, and a peek into their distant, but wild future. Throughout the season, fans can expect to see both new and familiar friends and foes as each tale unfolds. New episodes premiere throughout 2017 on Nickelodeon.
Since its launch in 2012, Nickelodeon’s all-new CG-animated Teenage Mutant Ninja Turtles has re-energized these iconic characters of this wildly popular franchise. Currently in its fifth season, Teenage Mutant Ninja Turtles is seen in over 170 countries and territories and translated in 45+ languages. Teenage Mutant Ninja Turtles follows four mutant turtles—Leonardo, Raphael, Donatello and Michelangelo—trained in the art of ninjutsu by their mutant rat sensei, Master Splinter, who teaches the turtles to battle evil from the New York City sewers.
Nickelodeon has a long-standing relationship with NASCAR, teaming up with the motorsports giant on several programming and racing events. On the track, the network has sponsored several races including last year’s Teenage Mutant Ninja Turtles 400 at Chicagoland Speedway. On-air both brands have collaborated on and Hammer Down, which aired on Nicktoon’s NickSports block.
Calling all citizens of Birmingham! Talladega Superspeedway, located just 40 minutes east of Birmingham, and its upcoming May 5-7 triple-header weekend is an easy and quick way to escape reality. Come join in the fun, Birmingham, and experience Talladega, which will once again put on the most spectacular racing in motorsports, featuring the GEICO 500 Monster Energy NASCAR Cup Series, Sparks Energy 300 NASCAR XFINITY Series, and the General Tire 200 ARCA Racing Series Presented by Menards events.
“We have a wide variety of exciting things to offer the fans from Birmingham, our closest big city, with both on-track action and off-track festivities,” said Talladega Superspeedway Chairman Grant Lynch. “We have unbeatable ticket offers for families, a college ticket offer and incredible VIP upgrades. There is something for everyone. While we are ecstatic that Birmingham race fans come to our events, we also love sending out-of-area fans to the Magic City to stay for the weekend in hotels and experience the incredible sights and sounds that it has to offer. We love Birmingham and share a unique connection with it as some of our early races here were called the ‘Vulcan 500.’ Birmingham has always been a part of us, and today we are proud to award our ‘Vulcan Trophy,’ symbolic of the Vulcan statue that overlooks Birmingham, to our Monster Energy NASCAR Cup winners.”
The track generates an annual economic impact of more than $380 million and creates thousands of jobs for workers throughout the Alabama economy. About 70 percent of race fans come from out of state with half of those fans traveling as far as 300 to 900 miles to attend a race weekend. Talladega Superspeedway helps drive those fans to the Birmingham area for accommodations with DEGARooms.com.
“It’s a huge time for Birmingham as hotels are occupied and restaurants are extremely busy during Talladega’s race weekends,” added Lynch. “We appreciate being a partner to the city of Birmingham.”
Dale Eanrhardt Jr. will be making his final start in the GEICO 500 after announcing his retirement at the end of 2017. The six-time Talladega Superspeedway winner’s most recent visit to Gatorade Victory Lane at the 2.66-mile venue came in the 2015 GEICO 500. Team Penske will be gunning for its fourth straight Talladega triumph with drivers Brad Keselowski (defending champ of the GEICO 500) and Joey Logano.
In addition to the competition on the track, Talladega is NASCAR’s Party Capital with Friday (May 5) evening’s “The Big One on the Blvd,” featuring NASCAR drivers in a mardi gras-style setting and overseeing four incredibly entertaining fan competitions on Friday night. Then, it’s time for the traditional Saturday (May 6) Night Infield Concert with The Charlie Daniels Band with up-and-coming country artist Chris Shrader serving as the opening act. Admission to the concert is FREE to anyone with a GEICO 500 ticket.
Dover Motorsports, Inc. (NYSE: DVD) today reported its results for the quarter ended March 31, 2017.
The Company historically reports a loss in the first quarter due to the seasonality of our motorsports business. No major events were promoted during the first quarter of 2017 or 2016; therefore, our revenues were minimal.
Operating and marketing expenses of $1,054,000 in the first quarter of 2017 decreased from $1,206,000 in the first quarter of 2016 primarily due to lower employee costs.
General and administrative expenses of $2,008,000 in the first quarter of 2017 were consistent with the $1,954,000 in the first quarter of 2016.
Costs to remove long-lived assets of $286,000 represent costs incurred during the first quarter of 2017 to remove the remaining grandstands, seats and structures that were taken out of service and written off in 2015. We started the removal project during the fourth quarter of 2016 and incurred a total cost of approximately $489,000.
Depreciation expense decreased to $821,000 in the first quarter of 2017 from $896,000 in the first quarter of 2016. The 2016 expense included approximately $91,000 of increased depreciation expense due to a change in the useful life of assets that we decided to renovate during 2016.
Net interest expense was $48,000 in the first quarter of 2017 compared to $59,000 in the first quarter of 2016.
Loss before income taxes was $4,108,000 for the first quarter of 2017 compared to $3,962,000 for the first quarter of 2016. The results for 2017 include the $286,000 of costs to remove long-lived assets while the 2016 results include the $91,000 of accelerated depreciation expense. On an adjusted basis, excluding these items, loss before income taxes was $3,822,000 for the first quarter of 2017 compared to $3,871,000 for the first quarter of 2016.
Net loss for the first quarter of 2017 was $2,405,000 or $.07 per diluted share compared with a loss of $2,343,000 or $.06 per diluted share in the first quarter of 2016. Net loss, adjusted for the aforementioned items, was $2,238,000 or $.06 per diluted share for the first quarter of 2017 compared to $2,289,000 or $.06 per diluted share for the first quarter of 2016. At March 31, 2017, the Company’s total indebtedness was $6,360,000 compared with $7,580,000 at March 31, 2016.
As previously announced, on August 25, 2016, we entered into a definitive agreement to sell our Nashville Superspeedway facility along with some related equipment and other assets. A second amendment was signed on March 22, 2017 to extend the agreement. Closing is now anticipated during the third quarter of 2017. The assets of Nashville Superspeedway are reported as assets held for sale in our consolidated balance sheets.
This release contains or may contain forward-looking statements based on management's beliefs and assumptions. Such statements are subject to various risks and uncertainties which could cause results to vary materially. Please refer to the Company's SEC filings for a discussion of such factors.
Dover Motorsports, Inc. is a leading promoter of NASCAR sanctioned and other motorsports events in the United States whose subsidiaries own and operate Dover International Speedway in Dover, Delaware and Nashville Superspeedway near Nashville, Tennessee. For further information, log on to dovermotorsports.com.
|DOVER MOTORSPORTS, INC.|
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|In Thousands, Except Per Share Amounts|
|Three Months Ended|
|Operating and marketing||1,054||1,206|
|General and administrative||2,008||1,954|
|Costs to remove long-lived assets||286||-|
|Interest expense, net||(48||)||(59||)|
|(Provision) benefit for contingent obligation||(41||)||14|
|Loss before income taxes||(4,108||)||(3,962||)|
|Income tax benefit||1,703||1,619|
|Net loss per common share:|
|Weighted average shares outstanding:|
|DOVER MOTORSPORTS, INC.|
|RECONCILIATION OF GAAP LOSS BEFORE INCOME TAXES|
|TO ADJUSTED LOSS BEFORE INCOME TAXES|
|AND RECONCILIATION OF GAAP NET LOSS TO ADJUSTED NET LOSS|
|In Thousands, Except Per Share Amounts|
|Three Months Ended|
|GAAP loss before income taxes||$||(4,108||)||$||(3,962||)|
|Accelerated depreciation (1)||-||91|
|Costs to remove long-lived assets (2)||286||-|
|Adjusted loss before income taxes||$||(3,822||)||$||(3,871||)|
|GAAP net loss||$||(2,405||)||$||(2,343||)|
|Accelerated depreciation, net of income taxes (1)||-||54|
|Costs to remove long-lived assets, net of income taxes (2)||167||-|
|Adjusted net loss||$||(2,238||)||$||(2,289||)|
|GAAP net loss per common share - basic and diluted||$||(0.07||)||$||(0.06||)|
|Accelerated depreciation, net of income taxes (1)||-||-|
|Costs to remove long-lived assets, net of income taxes (2)||-||-|
|Adjusted net loss per common share - basic and diluted (3)||$||(0.06||)||$||(0.06||)|
|During the first quarter of 2016, we began a renovation project of certain track related assets at our Dover International Speedway facility which was completed in the first quarter of 2017. As a result, we shortened the service lives of these assets which resulted in accelerated depreciation being recorded in the first quarter of 2016.|
|Costs to remove long-lived assets represents costs incurred to remove and dispose of certain grandstand seating at our Dover International Speedway facility.|
|The components of GAAP net loss per common share for the three months ended March 31, 2017 do not add to the adjusted net loss per common share due to rounding.|
|The above financial information is presented using other than generally accepted accounting principles ("non-GAAP"), and is reconciled to comparable information presented using GAAP. Non-GAAP adjusted loss before income taxes, adjusted net loss and adjusted net loss per common share - basic and diluted are derived by adjusting amounts determined in accordance with GAAP for the aforementioned accelerated depreciation and costs to remove long-lived assets. Income taxes are based on our approximate statutory tax rates applicable to each of these items. We believe such non-GAAP information is useful and meaningful to investors, and is used by investors and us to assess core operations. This non-GAAP financial information may not be comparable to similarly titled measures used by other entities and should not be considered as an alternative to loss before income taxes, net loss or net loss per common share - basic and diluted, which are determined in accordance with GAAP.|
|DOVER MOTORSPORTS, INC.|
|CONSOLIDATED BALANCE SHEETS|
|March 31,||March 31,||December 31,|
|Prepaid expenses and other||1,515||1,820||1,104|
|Prepaid income taxes||-||2||-|
|Deferred income taxes||-||1,408||-|
|Assets held for sale||26,000||26,000||26,000|
|Total current assets||28,972||30,884||27,541|
|Property and equipment, net||52,326||53,105||52,723|
|Deferred income taxes||-||531||-|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Payable to Dover Downs Gaming & Entertainment, Inc.||8||10||7|
|Income taxes payable||103||-||218|
|Total current liabilities||7,408||8,590||4,785|
|Revolving line of credit, net||6,360||7,580||3,840|
|Liability for pension benefits||4,013||3,689||4,143|
|Provision for contingent obligation||1,843||1,713||1,802|
|Deferred income taxes||11,223||14,087||12,911|
|Class A common stock||1,851||1,851||1,851|
|Additional paid-in capital||101,929||101,764||101,858|
|Accumulated other comprehensive loss||(3,370||)||(3,099||)||(3,392||)|
|Total stockholders' equity||51,503||49,705||53,805|
|Total liabilities and stockholders' equity||$||82,350||$||85,364||$||81,286|
|DOVER MOTORSPORTS, INC.|
|CONSOLIDATED STATEMENTS OF CASH FLOWS|
|Three Months Ended|
Adjustments to reconcile net loss to net cash used in operating activities:
|Amortization of credit facility fees||16||24|
|Excess tax benefits from stock-based compensation||-||(27||)|
|Deferred income taxes||(1,703||)||(1,620||)|
|Provision (benefit) for contingent obligation||41||(14||)|
|Changes in assets and liabilities:|
|Prepaid expenses and other||(460||)||(692||)|
|Payable to/receivable from Dover Downs Gaming & Entertainment, Inc.||1||54|
|Income taxes payable/prepaid income taxes||(115||)||(1||)|
|Liability for pension benefits||(88||)||(72||)|
|Net cash used in operating activities||(2,178||)||(1,119||)|
|Purchases of available-for-sale securities||(95||)||(2||)|
|Proceeds from sale of available-for-sale securities||93||1|
|Net cash used in investing activities||(237||)||(333||)|
|Borrowings from revolving line of credit||3,580||3,100|
|Repayments on revolving line of credit||(1,060||)||(1,420||)|
|Repurchase of common stock||(105||)||(103||)|
|Excess tax benefits from stock-based compensation||-||27|
|Net cash provided by financing activities||2,415||1,604|
|Net increase in cash||-||152|
|Cash, beginning of period||1||1|
|Cash, end of period||$||1||$||153|
Dover Motorsports PR