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Dover Downs Gaming swings to profit in Q4

Dover Downs Gaming & Entertainment Inc. said its normalized net income for the fourth quarter amounted to $622,500, compared with a loss of $237,500 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 1.7% from negative 0.5% in the year-earlier period.

Total revenue came to $46.1 million, compared with $45.7 million in the prior-year period, and total operating expenses fell on an annual basis to $44.9 million from $45.7 million.

Reported net income totaled $866,450, or 2 cents per share, compared to a loss of $386,390, or a loss of 2 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled $1.7 million, compared with a loss of $-241,250 in the prior year.

Full-year total revenue decreased on an annual basis to $182.9 million from $185.4 million, and total operating expenses fell on an annual basis to $179.1 million from $184.1 million.

The company said reported net income came to $1.8 million, or 6 cents per share, in the full year, compared with a loss of $706,000, or a loss of 2 cents per share, the prior year.