Dover Downs Reports Results for Q3Dover Downs Gaming & Entertainment, Inc. today reported results for the three months ended September 30, 2005.
Net earnings improved 24.3% to $6,195,000 compared with $4,982,000 for the third quarter of 2004. Net earnings per diluted share were $.26 compared with $.19 per diluted share in 2004, a 36.8% improvement attributable to both the improvement in net earnings and a smaller number of shares outstanding. The Company completed a self tender during the fourth quarter of 2004. The Company's revenues increased to $56,072,000 compared with $54,945,000 for the third quarter of 2004. Gaming revenues, which include video lottery win and harness racing commissions, increased 2.4% or $1,218,000, entirely as a result of increased video lottery win compared with the third quarter of 2004. For the nine months ended September 30, 2005, net earnings improved 21.2% to $16,818,000 and net earnings per diluted share improved 34.6% to $.70 from $.52 for the nine months ended September 30, 2004. Record quarterly occupancy levels of almost 98% were recorded in the Dover Downs Hotel and Conference Center. Denis McGlynn, President and CEO of Dover Downs Gaming & Entertainment, Inc. stated, "The conversion of most of our games to ticket-in-ticket-out format, as well as more efficient marketing efforts and the expiration of our management agreement have allowed us to grow our earnings at an accelerated pace. We are happy with our results to date." The Company announced yesterday that its Board of Directors declared a regular quarterly dividend of $.06 per share. The dividend is payable on December 10, 2005 to shareholders of record at the close of business on November 10, 2005. |
