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Dover Motorsports swings to profit in Q4

Dover Motorsports Inc. said its fourth-quarter normalized net income came to 11 cents per share, compared with a loss of 6 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $4.0 million, compared with a loss of $2.2 million in the prior-year period.

The normalized profit margin was 18.9%.

Total revenue rose year over year to $21.0 million from $157,000, and total operating expenses climbed year over year to $14.6 million from $3.6 million.

Reported net income totaled $3.8 million, or 10 cents per share, compared to a loss of $2.3 million, or a loss of 6 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 13 cents per share, compared with 13 cents per share in the prior year.

Normalized net income was $4.9 million, a rise from $4.8 million in the prior year.

Full-year total revenue grew on an annual basis to $46.5 million from $45.7 million, and total operating expenses rose on an annual basis to $38.3 million from $37.6 million.

The company said reported net income grew 68.1% year over year to $5.2 million, or 14 cents per share, in the full year, from $3.1 million, or 9 cents per share.