Dover
Downs Reports Results for Q3
Dover 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.
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