Dover Downs 4th-quarter profit falls |
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Thu, 25 Jan 2007 18:24
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DOVER, Del. (AFX) - Dover Downs Gaming & Entertainment Inc., a casino and entertainment company, said Thursday fourth-quarter earnings fell 34 percent as the prior year benefited from the sale of a shopping center.Net income for the three months ended Dec. 31, 2006, declined to $6.1 million, or 19 cents per share, from $9.2 million, or 26 cents per share in 2005. However, the 2005 results benefited from a $5.8 million, or 16 cents per share, gain on the sale of a shopping center in December of that year.Dover Downs' fourth quarter per share earnings matched the consensus of analysts polled by Thomson FinancialThe company said the results were impacted by fewer shares outstanding due to a self-tender completed in the first quarter of 2006.Quarterly revenue rose 9 percent to $58.7 million versus $54 million in the year-ago period, beating Wall Street's estimate of $57.4 million.Full-year 2006 earnings declined 3 percent to $25.3 million, or 77 cents per share, compared with $26 million, or 72 cents per share, during the same period in 2005. However, adjusted earnings for all of 2005 were $22.6 million, or 62 cents per share.Revenue for 2006 gained 9 percent to $220.4 million from $202.4 million.Shares of Dover sagged $1.26, or 8.02 percent, to $14.45 in midday trading on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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