Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-11929 | |
Entity Registrant Name | Dover Motorsports, Inc | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 51-0357525 | |
Entity Address, Address Line One | 1131 North DuPont Highway | |
Entity Address, City or Town | Dover | |
Entity Address, State or Province | DE | |
Entity Address, Postal Zip Code | 19901 | |
City Area Code | 302 | |
Local Phone Number | 883-6500 | |
Title of 12(b) Security | Common Stock, $.10 Par Value | |
Trading Symbol | DVD | |
Security Exchange Name | NYSE | |
Amendment Flag | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Central Index Key | 0001017673 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Common Stock | Common Stock | ||
Entity Common Stock, Shares Outstanding | 17,935,616 | |
Common Stock | Common Class A | ||
Entity Common Stock, Shares Outstanding | 18,509,975 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues: | ||||
Revenues | $ 49,896 | $ 110 | $ 50,053 | $ 314 |
Expenses: | ||||
Operating and marketing | 29,405 | 812 | 31,001 | 1,800 |
General and administrative | 2,203 | 1,877 | 4,458 | 3,864 |
Depreciation | 809 | 765 | 1,572 | 1,533 |
Costs to remove long-lived assets | 341 | |||
Total expenses | 32,417 | 3,454 | 37,031 | 7,538 |
Gain on sale of land | 8,510 | 8,510 | ||
Operating earnings (loss) | 25,989 | (3,344) | 21,532 | (7,224) |
Interest expense, net | (17) | (16) | (32) | (13) |
Benefit (provision) for contingent obligation | 500 | 353 | 534 | (16) |
Other income, net | 155 | 163 | 280 | 25 |
Earnings (loss) before income taxes | 26,627 | (2,844) | 22,314 | (7,228) |
Income tax (expense) benefit | (6,882) | 2,155 | (5,771) | 3,399 |
Net earnings (loss) | 19,745 | (689) | 16,543 | (3,829) |
Change in net actuarial loss and prior service cost, net of income taxes | 31 | 29 | 42 | 58 |
Comprehensive income (loss) | $ 19,776 | $ (660) | $ 16,585 | $ (3,771) |
Net earnings (loss) per common share: | ||||
Basic (in dollars per share) | $ 0.54 | $ (0.02) | $ 0.45 | $ (0.11) |
Diluted (in dollars per share) | $ 0.54 | $ (0.02) | $ 0.45 | $ (0.11) |
Admissions | ||||
Revenues: | ||||
Revenues | $ 5,786 | $ 5,786 | ||
Event-related | ||||
Revenues: | ||||
Revenues | 7,040 | $ 110 | 7,197 | $ 314 |
Broadcasting | ||||
Revenues: | ||||
Revenues | 37,039 | 37,039 | ||
Other | ||||
Revenues: | ||||
Revenues | $ 31 | $ 31 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 18,636 | $ 12,568 |
Accounts receivable | 17,999 | 601 |
Inventories | 24 | 18 |
Prepaid expenses and other | 798 | 1,557 |
Income taxes receivable | 24 | |
Assets held for sale | 5,844 | |
Total current assets | 37,457 | 20,612 |
Property and equipment, net | 70,038 | 63,075 |
Right of use asset | 182 | 112 |
Deferred income taxes | 1,208 | 2,425 |
Other assets | 1,474 | 1,322 |
Total assets | 110,359 | 87,546 |
Current liabilities: | ||
Accounts payable | 2,493 | 570 |
Accrued liabilities | 6,418 | 3,463 |
Income taxes payable | 4,115 | |
Contract liabilities | 857 | 1,395 |
Non-refundable deposit | 500 | |
Total current liabilities | 13,883 | 5,928 |
Liability for pension benefits | 621 | 871 |
Lease liability | 85 | 33 |
Provision for contingent obligation | 2,684 | 3,218 |
Deferred income taxes | 8,874 | 8,469 |
Total liabilities | 26,147 | 18,519 |
Commitments and contingencies (see Notes to the Consolidated Financial Statements) | ||
Stockholders' equity: | ||
Preferred stock, $0.10 par value; 1,000,000 shares authorized; shares issued and outstanding: none | ||
Additional paid-in capital | 101,258 | 101,207 |
Accumulated deficit | (16,947) | (32,032) |
Accumulated other comprehensive loss | (3,743) | (3,785) |
Total stockholders' equity | 84,212 | 69,027 |
Total liabilities and stockholders' equity | 110,359 | 87,546 |
Common Stock | Common Stock | ||
Stockholders' equity: | ||
Common stock | 1,793 | 1,786 |
Common Stock | Common Class A | ||
Stockholders' equity: | ||
Common stock | 1,851 | 1,851 |
Total stockholders' equity | $ 1,851 | $ 1,851 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock | Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 17,935,616 | 17,862,407 |
Common stock, shares outstanding | 17,935,616 | 17,862,407 |
Common Stock | Common Class A | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 55,000,000 | 55,000,000 |
Common stock, shares issued | 18,509,975 | 18,509,975 |
Common stock, shares outstanding | 18,509,975 | 18,509,975 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities: | ||
Net earnings (loss) | $ 16,543 | $ (3,829) |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: | ||
Depreciation | 1,572 | 1,533 |
Amortization of credit facility fees | 31 | 28 |
Stock-based compensation | 175 | 218 |
Deferred income taxes | 1,599 | (3,399) |
Provision for contingent obligation | (534) | 16 |
(Gains) losses on equity securities | (92) | 50 |
Gain on sale of land | (8,510) | |
Changes in assets and liabilities: | ||
Accounts receivable | (17,398) | (390) |
Inventories | (6) | |
Prepaid expenses and other | 701 | (321) |
Accounts payable | 641 | (93) |
Accrued liabilities | 2,964 | (762) |
Income taxes payable/receivable | 4,139 | (70) |
Contract liabilities | (538) | 2,700 |
Liability for pension benefits | (184) | (73) |
Net cash provided by (used in) operating activities | 1,103 | (4,392) |
Investing activities: | ||
Capital expenditures | (7,253) | (196) |
Proceeds from sale of land, net | 13,826 | |
Purchases of equity securities | (8) | (240) |
Proceeds from sale of equity securities | 13 | 231 |
Net cash provided by (used in) investing activities | 6,578 | (205) |
Financing activities: | ||
Borrowings from revolving line of credit | 0 | 180 |
Repayments on revolving line of credit | 0 | (180) |
Dividends paid | (1,458) | |
Repurchase of common stock | (117) | (94) |
Credit facility fees | (38) | |
Net cash used in financing activities | (1,613) | (94) |
Net increase (decrease) in cash | 6,068 | (4,691) |
Cash, beginning of period | 12,568 | 7,577 |
Cash, end of period | 18,636 | 2,886 |
Supplemental information: | ||
Interest received | (2) | (15) |
Income tax payments | 33 | $ 70 |
Change in accounts payable for capital expenditures | $ 1,282 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Basis of Presentation | |
Basis of Presentation | NOTE 1 – Basis of Presentation References in this document to “we,” “us” and “our” mean Dover Motorsports, Inc. and/or its wholly owned subsidiaries, as appropriate. The accompanying consolidated financial statements have been prepared in compliance with Rule 10-01 of Regulation S-X and U.S. generally accepted accounting principles, and accordingly do not include all of the information and disclosures required for audited financial statements. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our latest Annual Report on Form 10-K filed on March 4, 2021. In the opinion of management, these consolidated financial statements include all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the results of operations, financial position and cash flows for the interim periods presented. Operating results for the three and six-month periods ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 due to the seasonal nature of our business. |
Business Operations
Business Operations | 6 Months Ended |
Jun. 30, 2021 | |
Business Operations | |
Business Operations | NOTE 2 – Business Operations Dover Motorsports, Inc. is a public holding company that is a marketer and promoter of motorsports entertainment in the United States. Through our subsidiaries, we own and operate Dover International Speedway ® ® ● 2 NASCAR Cup Series events (May and June ); ● 2 NASCAR Xfinity Series events (May and June ); ● 1 NASCAR Gander RV & Outdoors Truck Series event ( June ); and ● 1 NASCAR ARCA Menards Series East event ( May ). We had not promoted a major motorsports event at our Nashville Superspeedway since 2011. On June 3, 2020, we announced that we would be moving one of our NASCAR Cup Series events historically held at Dover International Speedway to Nashville Superspeedway beginning in 2021. We entered into a four-year sanction agreement to promote a NASCAR Cup Series event in Nashville for the 2021 to 2024 racing seasons and held the inaugural event in June 2021. We also entered into a one-year sanction agreement to promote a NASCAR Cup Series event at Dover International Speedway for the 2021 season, which was held in May 2021. The global outbreak of COVID-19 was declared a pandemic by the World Health Organization on March 11, 2020 and has resulted in travel restrictions, business closures, government-imposed stay-at-home orders and the implementation of “social distancing,” limitations on the size of gatherings, cancellations of events and certain other measures to prevent the further spread of the virus. The continued spread of COVID-19 has also led to unprecedented global economic disruption and volatility in financial markets, a rise in unemployment levels, decreases in consumer confidence levels and spending, and an overall worsening of U.S. economic conditions. However, during the second quarter of 2021, many COVID-19 related restrictions eased and social events resumed with varying levels of participation. Our May 2021 NASCAR race weekend at Dover International Speedway had fans in attendance, although the State of Delaware limited attendance to up to 20,000 fans. Our June 2021 NASCAR race weekend at Nashville Superspeedway was held without governmental restrictions. It remains uncertain how long the pandemic and the resulting economic challenges and restrictions on day-to-day life will last. New or renewed restrictions may be implemented in response to the virus spread rate in the United States and evolving conditions. For those reasons, we are unable to predict the long-term impact of the pandemic on our business at this time. The extent to which COVID-19 impacts our results will depend on future developments, but the continued spread of COVID-19 and associated economic impacts could have a material adverse effect on our future financial condition, liquidity, results of operations and cash flows. We hosted the Firefly Music Festival (“Firefly”) on our property in Dover, Delaware for eight consecutive years prior to its cancellation in 2020 due to the COVID-19 pandemic. Goldenvoice, a subsidiary of Anschutz Entertainment Group, Inc. (“AEG”) and the event’s promoter, has announced plans to hold Firefly at our property in September 2021. The four day festival has grown from 40 musical acts in July 2012 to approximately 120 musical acts in June 2019. AEG Presents is one of the world’s largest presenters of live music and entertainment events. Our amended agreement grants them two 5-year options to extend our facility rental agreement through 2032 in exchange for a rental commitment to secure our property. In addition to the facility rental fee, we also receive a percentage of the concession sales we manage at the events. On August 17, 2017, we entered into an agreement with an entity owned by Panattoni Development Company (the “buyer”) relative to the sale of approximately 147 acres of land at our Nashville facility at a purchase price of $35,000 per acre. On March 2, 2018, we closed on the sale of the property with proceeds, less closing costs, of $4,945,000. Net proceeds after taxes were approximately $4,150,000 resulting in a gain of $2,512,000. On September 1, 2017, we also awarded to the buyer a three year option for approximately 88 additional acres at a purchase price of $55,000 per acre. That option agreement has been amended twice since: first, on February 9, 2018, to extend its term and to add additional acreage; and second, on June 25, 2019, in connection with the buyer’s exercise of its option on two parcels, we adjusted the acreage and further extended the term of the option on a third parcel. The buyer paid to us $500,000 for the extension of this option until March 1, 2022, and this non-refundable payment would be credited to the purchase price at the closing of that option parcel. On July 26, 2019, the buyer closed on the sale of the first two parcels, comprising approximately 133 acres, which yielded to us proceeds, less closing costs, of $6,397,000. Net proceeds after taxes were approximately $5,314,000 resulting in a gain of $4,186,000. On July 29, 2020, the buyer closed on the sale of the third parcel of approximately 97 acres at our Nashville property. Proceeds from the sale, less closing costs, were $6,460,000. Net proceeds after taxes were approximately $5,290,000 resulting in a gain of $4,843,000. The buyer’s deposit previously paid to us was credited to the purchase price. On November 5, 2020, we entered into an agreement to sell an additional 350 acres of land at our Nashville facility for $14,355,000. The buyer paid us a $500,000 non-refundable deposit which would be credited to the purchase price at the closing of the sale of that parcel. On May 26, 2021, we closed on the sale with proceeds, less closing costs, of $14,326,000. Net proceeds after taxes were approximately $12,000,000 resulting in a gain of $8,510,000. The buyer’s deposit previously paid to us was credited to the purchase price. At December 31, 2020, the carrying value of that land is classified as assets held for sale in our consolidated balance sheet. The remaining Nashville Superspeedway property consists of approximately 650 acres. None of the acreage sold extends to the land on which our superspeedway is sited. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | NOTE 3 Summary of Significant Accounting Policies Property and equipment— Revenue recognition— All of our revenues are based on contracts with customers and, with the exception of certain track rentals, relate to two NASCAR event weekends and the Firefly Music Festival. Our contracts are typically for specific events or a racing season. We have several multi-year sponsorship contracts for our racing events and our contract with the promoter of the Firefly Music Festival is multi-year. Cash received in advance from customers pertaining to specific events is deferred and recorded as a contract liability in our consolidated balance sheets until the event is held. As of June 30, 2021, $275,000 of the contract liabilities on our consolidated balance sheet relates to 2021 events and $582,000 relates to 2022 events. As of December 31, 2020, contract liabilities in our consolidated balance sheets related to 2021 events. Concession and souvenir revenues are recorded at the time of sale. Revenues and related expenses from barter transactions in which we provide sponsorship packages in exchange for goods or services are recorded at fair value. Barter transactions accounted for $715,000 for the three and six-month periods ended June 30, 2021. The following table summarizes the liability activity related to contracts with customers for the three and six-month periods ended June 30, 2021 and 2020 (in thousands): Three Months Six Months Ended June 30, Ended June 30, 2021 2020 2021 2020 Balance, beginning of period $ 7,725 $ 2,909 $ 1,395 $ 976 Reductions from beginning balance (7,180) (263) (1,030) (263) Additional liabilities recorded during the period 5,335 1,030 11,777 3,004 Reduction of additional liabilities recorded during the period, not from beginning balance (5,023) — (11,285) (41) Balance, end of period $ 857 $ 3,676 $ 857 $ 3,676 We have contracted future revenues representing unsatisfied performance obligations. These contracts contain initial terms typically ranging from one Under the terms of our sanction agreements with NASCAR, we receive a portion of the broadcast revenue NASCAR negotiates with various television networks. NASCAR typically remits payment to us for the broadcast revenue within 30 days after the event being held. NASCAR retains 10% of the gross broadcast rights fees allocated to each NASCAR-sanctioned event as a component of its sanction fee. The remaining 90% is recorded as revenue. The event promoter is required to pay 25% of the gross broadcast rights fees to the event as part of the awards to the competitors, which we record as operating expenses. Expense recognition— Net earnings (loss) per common share— Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net earnings (loss) per common share – basic and diluted: Net earnings (loss) $ 19,745 $ (689) $ 16,543 $ (3,829) Allocation to nonvested restricted stock awards (288) — (243) — Net earnings (loss) available to common stockholders $ 19,457 $ (689) $ 16,300 $ (3,829) Weighted-average shares outstanding – basic and diluted 35,914 35,836 35,914 35,835 Net earnings (loss) per common share – basic and diluted $ 0.54 $ (0.02) $ 0.45 $ (0.11) There were no options outstanding during the six months ended June 30, 2021 or 2020. Accounting for stock-based compensation— Recent accounting pronouncements Compensation—Retirement Benefits—Defined Benefit Plans—General In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2021 | |
Long-Term Debt | |
Long-Term Debt | NOTE 4 – Long-Term Debt At June 30, 2021, Dover Motorsports, Inc. and its wholly owned subsidiaries Dover International Speedway, Inc. and Nashville Speedway, USA, Inc., as co-borrowers, had a $25,000,000 credit agreement with a bank group. On February 25, 2021, we modified the credit agreement: (1) to extend the maturity date to September 1, 2024; (2) to reduce the total available borrowings under the facility from $30,000,000 to $25,000,000; and (3) to replace the fixed charge coverage ratio with an interest coverage ratio. Interest is based upon LIBOR plus a margin that varies between 125 and 175 basis points depending on the leverage ratio. At June 30, 2021, there were no borrowings outstanding under the credit facility. The credit facility contains certain covenants including maximum funded debt to earnings before interest, taxes, depreciation and amortization (“leverage ratio”) and a minimum interest coverage ratio. Material adverse changes in our results of operations could impact our ability to maintain financial ratios necessary to satisfy these requirements. In addition, the credit agreement includes a material adverse change clause. The credit facility also provides that if we default under any other loan agreement that would be a default under this facility. At June 30, 2021, we were in compliance with the terms of the credit facility. The credit facility provides for seasonal funding needs, capital improvements, letter of credit requirements and other general corporate purposes. After consideration of stand-by letters of credit outstanding, the remaining maximum borrowings available pursuant to the credit facility were $12,494,000 at June 30, 2021. |
Pension Plans
Pension Plans | 6 Months Ended |
Jun. 30, 2021 | |
Pension Plans | |
Pension Plans | NOTE 5 – Pension Plans We maintain a non-contributory tax qualified defined benefit pension plan that has been frozen since July 2011. All of our full time employees were eligible to participate in the qualified plan. Benefits provided by our qualified pension plan were based on years of service and employees’ remuneration over their employment period. Compensation earned by employees up to July 31, 2011 is used for purposes of calculating benefits under our pension plan with no future benefit accruals after this date. We also maintain a non-qualified, non-contributory defined benefit pension plan, the excess plan, for certain employees that has been frozen since July 2011. This excess plan provided benefits that would otherwise be provided under the qualified pension plan but for maximum benefit and compensation limits applicable under federal tax law. The cost associated with the excess plan is determined using similar actuarial methods as those used for our qualified pension plan. The assets for the excess plan aggregate $1,410,000 and $1,322,000 as of June 30, 2021 and December 31, 2020, respectively, and are recorded in other assets in our consolidated balance sheets (see NOTE 7 – Fair Value Measurements). The components of net periodic pension benefit for our defined benefit pension plans are as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Interest cost $ 83,000 $ 109,000 $ 166,000 $ 217,000 Expected return on plan assets (208,000) (186,000) (416,000) (371,000) Recognized net actuarial loss 43,000 40,000 85,000 81,000 $ (82,000) $ (37,000) $ (165,000) $ (73,000) The net periodic pension benefit is included in other income, net in our consolidated statements of operations and comprehensive income (loss). We have no minimum required pension contributions for 2021. We also maintain a non-elective, non-qualified supplemental executive retirement plan (“SERP”) which provides deferred compensation to certain highly compensated employees that approximates the value of benefits lost by the freezing of the pension plan which are not offset by our enhanced matching contributions in our 401(k) plan. The SERP is a discretionary defined contribution plan and contributions made to the SERP in any given year are not guaranteed and will be at the sole discretion of our Compensation and Stock Incentive Committee. In the three and six-month periods ended June 30, 2021 and 2020, we recorded expenses of $25,000 and $50,000 and $30,000 and $60,000, respectively, related to the SERP. During the three and six-month periods ended June 30, 2021 and 2020, we contributed $0 and $88,000 and $0 and $120,000 to the plan, respectively. The liability for SERP pension benefits was $50,000 and $88,000 as of June 30, 2021 and December 31, 2020, respectively, and is included in accrued liabilities in our consolidated balance sheets. We maintain a defined contribution 401(k) plan that permits participation by substantially all employees. Our matching contributions to the 401(k) plan were $43,000 and $78,000 and $29,000 and $65,000 in the three and six-month periods ended June 30, 2021 and 2020, respectively. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity | |
Stockholders' Equity | NOTE 6 – Stockholders’ Equity Changes in the components of stockholders’ equity for the three and six-month periods ending June 30,2021 are as follows (in thousands): Accumulated Class A Additional Other Common Common Paid-in Accumulated Comprehensive Stock Stock Capital Deficit Loss Balance at December 31, 2020 $ 1,786 $ 1,851 $ 101,207 $ (32,032) $ (3,785) Net loss — — — (3,202) — Issuance of restricted stock awards, net of forfeitures 12 — (12) — — Stock-based compensation — — 124 — — Repurchase and retirement of common stock (5) — (112) — — Change in net actuarial loss and prior service cost, net of income tax expense of $12 — — — — 11 Balance at March 31, 2021 $ 1,793 $ 1,851 $ 101,207 $ (35,234) $ (3,774) Net earnings — — — 19,745 — Dividends paid, $0.04 per share — — — (1,458) — Stock-based compensation — — 51 — — Change in net actuarial loss and prior service cost, net of income tax expense of $12 — — — — 31 Balance at June 30, 2021 $ 1,793 $ 1,851 $ 101,258 $ (16,947) $ (3,743) Changes in the components of stockholders’ equity for the three and six-month periods ending June 30, 2020 are as follows (in thousands): Accumulated Class A Additional Other Common Common Paid-in Accumulated Comprehensive Stock Stock Capital Deficit Loss Balance at December 31, 2019 $ 1,782 $ 1,851 $ 100,994 $ (36,968) $ (3,691) Net loss — — — (3,140) — Issuance of restricted stock awards, net of forfeitures 13 — (13) — — Stock-based compensation — — 92 — — Repurchase and retirement of common stock (5) — (89) — — Change in net actuarial loss and prior service cost, net of income tax expense of $12 — — — — 29 Balance at March 31, 2020 $ 1,790 $ 1,851 $ 100,984 $ (40,108) $ (3,662) Net loss — — — (689) — Issuance of restricted stock awards, net of forfeitures (2) — 2 — — Stock-based compensation — — 126 — — Change in net actuarial loss and prior service cost, net of income tax expense of $12 — — — — 29 Balance at June 30, 2020 $ 1,788 $ 1,851 $ 101,112 $ (40,797) $ (3,633) As of June 30, 2021 and December 31, 2020, accumulated other comprehensive loss, net of income taxes, consists of the following: June 30, 2021 December 31, 2020 Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,497,000 and $2,521,000, respectively $ (3,743,000) $ (3,785,000) As of June 30, 2020 and December 31, 2019, accumulated other comprehensive loss, net of income taxes, consists of the following: June 30, 2020 December 31, 2019 Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,462,000 and $2,485,000, respectively $ (3,633,000) $ (3,691,000) On July 28, 2004, our Board of Directors authorized the repurchase of up to 2,000,000 shares of our outstanding common stock. The purchases may be made in the open market or in privately negotiated transactions as conditions warrant. The repurchase authorization has no expiration date, does not obligate us to acquire any specific number of shares and may be suspended at any time. We made no purchases during the first six months of 2021 or 2020. At June 30, 2021, we had remaining repurchase authority of 384,809 shares. We have a stock incentive plan, adopted in 2014, which provides for the grant of up to 2,000,000 shares of common stock to our officers and key employees through stock options and/or awards valued in whole or in part by reference to our common stock, such as nonvested restricted stock awards. Under the plan, nonvested restricted stock vests an aggregate of twenty percent each year beginning on the second anniversary date of the grant. The aggregate market value of the nonvested restricted stock at the date of issuance is being amortized on a straight-line basis over the six-year period. We granted 141,000 and 158,000 stock awards under this plan during the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, there were 1,051,000 shares available for granting options or stock awards. During the six months ended June 30, 2021 and 2020, we purchased and retired 51,791 and 50,572 shares of our outstanding common stock at an average purchase price of $2.27 and $1.86 per share, respectively. These purchases were made from employees in connection with the vesting of restricted stock awards under our Stock Incentive Plan and were not pursuant to the aforementioned repurchase authorization. Since the vesting of a restricted stock award is a taxable event to our employees for which income tax withholding is required, the plan allows employees to surrender to us some of the shares that would otherwise have transferred to the employee in satisfaction of their tax liability. The surrender of these shares is treated by us as a purchase of the shares. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Measurements | |
Fair Value Measurements | NOTE 7 – Fair Value Measurements Our financial instruments are classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The following table summarizes the valuation of our financial instrument pricing levels as of June 30, 2021 and December 31, 2020: Total Level 1 Level 2 Level 3 June 30, 2021 Equity investments $ 1,410,000 $ 1,410,000 $ — $ — December 31, 2020 Equity investments $ 1,322,000 $ 1,322,000 $ — $ — Our equity investments consist of mutual funds. These investments are included in other assets in our consolidated balance sheets. Gains and losses on our equity investments for the three and six-month periods ended June 30, 2021 and 2020, respectively, are as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net gains (losses) gains recognized during the period on equity investments $ 73,000 $ 126,000 $ 92,000 $ (50,000) Less: net (losses) gains recognized during the period on equity investments sold during the period — (2,000) — 23,000 Unrealized gains (losses) gains recognized during the period on equity investments still held at period end $ 73,000 $ 128,000 $ 92,000 $ (73,000) The carrying amounts of other financial instruments reported in our consolidated balance sheets for current assets and current liabilities approximate their fair values because of the short maturity of these instruments. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions | |
Related Party Transactions | NOTE 8 – Related Party Transactions Effective March 28, 2019, Dover Downs Gaming & Entertainment, Inc. (“Gaming”), a company previously related through common ownership, became part of Twin River Worldwide Holdings, Inc. as a result of a merger and therefore was no longer related through common ownership. Prior to the spin-off of Gaming from our company in 2002, both companies shared certain real property in Dover, Delaware. At the time of the spin-off, some of this real property was transferred to Gaming to ensure that the real property holdings of each company was aligned with its past uses and future business needs. During its harness racing season, Gaming has historically used the 5/8 two Various easements and agreements relative to access, utilities and parking have also been entered into between us and Gaming relative to our respective Dover, Delaware facilities. We pay rent to Gaming for the lease of our principal executive office space. Henry B. Tippie, Chairman of our Board of Directors, controls in excess of fifty percent of our voting power. Mr. Tippie’s voting control emanates from his direct and indirect holdings of common stock and Class A common stock and from his status as a trustee of the RMT Trust, our largest stockholder. This means that Mr. Tippie has the ability to determine the outcome of the election of directors and to determine the outcome of many significant corporate transactions, many of which only require the approval of a majority of our voting power. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies | |
Commitments and Contingencies | NOTE 9 – Commitments and Contingencies In September 1999, the Sports Authority of the County of Wilson (Tennessee) issued $25,900,000 in Variable Rate Tax Exempt Infrastructure Revenue Bonds, Series 1999, to acquire, construct and develop certain public infrastructure improvements which benefit Nashville Superspeedway, of which $12,300,000 was outstanding at June 30, 2021. Annual principal payments on these bonds range from $1,100,000 in September 2021 to $1,600,000 in 2029 and are payable solely from sales taxes and incremental property taxes generated from the facility. These bonds are direct obligations of the Sports Authority and therefore have historically not been required to be recorded on our consolidated balance sheet. If the sales taxes and incremental property taxes (“applicable taxes”) are insufficient for the payment of principal and interest on the bonds, we would become responsible for the difference. In the event we were unable to make the payments, they would be made pursuant to a $12,506,000 irrevocable direct-pay letter of credit issued by our bank group. We are exposed to fluctuations in interest rates for these bonds. As of June 30, 2021 and December 31, 2020, $1,077,000 and $217,000, respectively, was available in the sales and incremental property tax fund maintained by the Sports Authority to pay the remaining principal and interest due under the bonds. During 2020, we paid $945,000 into the sales and incremental property tax fund and $1,365,000 was deducted from the fund for debt service. If we fail to maintain the letter of credit that secures the bonds or we allow an uncured event of default to exist under our reimbursement agreement relative to the letter of credit, the bonds would be immediately redeemable. Prior to our recent decision to reopen Nashville Superspeedway in 2021,we had not promoted motorsports events at that facility since 2011. In 2011, we recorded a $2,250,000 $2,684,000 We are also a party to ordinary routine litigation incidental to our business. Management does not believe that the resolution of any of these matters is likely to have a material adverse effect on our results of operations, financial position or cash flows. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Taxes | |
Income Taxes | NOTE 10 – Income Taxes Deferred income taxes relate to the temporary differences between financial accounting income and taxable income and are primarily attributable to differences between the book and tax basis of property and equipment and net operating loss carryforwards (expiring through 2032). At June 30, 2021, we have available state net operating loss carryforwards of $25,977,000. As of each reporting date, management considers and evaluates evidence, both positive and negative, that could impact management’s view with regard to future realization of deferred tax assets. Valuation allowances which reserve a portion of the state net operating loss carryforwards, net of federal tax benefit, decreased in the second quarter of 2021 and 2020 by $363,000 and $1,240,000, respectively; from reassessing the realizability of the deferred tax assets for projected future taxable income related to the reopening of Nashville Superspeedway and reversals of deferred tax liabilities. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Summary of Significant Accounting Policies | |
Property and equipment | Property and equipment— |
Revenue recognition | Revenue recognition— All of our revenues are based on contracts with customers and, with the exception of certain track rentals, relate to two NASCAR event weekends and the Firefly Music Festival. Our contracts are typically for specific events or a racing season. We have several multi-year sponsorship contracts for our racing events and our contract with the promoter of the Firefly Music Festival is multi-year. Cash received in advance from customers pertaining to specific events is deferred and recorded as a contract liability in our consolidated balance sheets until the event is held. As of June 30, 2021, $275,000 of the contract liabilities on our consolidated balance sheet relates to 2021 events and $582,000 relates to 2022 events. As of December 31, 2020, contract liabilities in our consolidated balance sheets related to 2021 events. Concession and souvenir revenues are recorded at the time of sale. Revenues and related expenses from barter transactions in which we provide sponsorship packages in exchange for goods or services are recorded at fair value. Barter transactions accounted for $715,000 for the three and six-month periods ended June 30, 2021. The following table summarizes the liability activity related to contracts with customers for the three and six-month periods ended June 30, 2021 and 2020 (in thousands): Three Months Six Months Ended June 30, Ended June 30, 2021 2020 2021 2020 Balance, beginning of period $ 7,725 $ 2,909 $ 1,395 $ 976 Reductions from beginning balance (7,180) (263) (1,030) (263) Additional liabilities recorded during the period 5,335 1,030 11,777 3,004 Reduction of additional liabilities recorded during the period, not from beginning balance (5,023) — (11,285) (41) Balance, end of period $ 857 $ 3,676 $ 857 $ 3,676 We have contracted future revenues representing unsatisfied performance obligations. These contracts contain initial terms typically ranging from one Under the terms of our sanction agreements with NASCAR, we receive a portion of the broadcast revenue NASCAR negotiates with various television networks. NASCAR typically remits payment to us for the broadcast revenue within 30 days after the event being held. NASCAR retains 10% of the gross broadcast rights fees allocated to each NASCAR-sanctioned event as a component of its sanction fee. The remaining 90% is recorded as revenue. The event promoter is required to pay 25% of the gross broadcast rights fees to the event as part of the awards to the competitors, which we record as operating expenses. |
Expense recognition | Expense recognition— |
Net loss per common share | Net earnings (loss) per common share— Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net earnings (loss) per common share – basic and diluted: Net earnings (loss) $ 19,745 $ (689) $ 16,543 $ (3,829) Allocation to nonvested restricted stock awards (288) — (243) — Net earnings (loss) available to common stockholders $ 19,457 $ (689) $ 16,300 $ (3,829) Weighted-average shares outstanding – basic and diluted 35,914 35,836 35,914 35,835 Net earnings (loss) per common share – basic and diluted $ 0.54 $ (0.02) $ 0.45 $ (0.11) There were no options outstanding during the six months ended June 30, 2021 or 2020. |
Accounting for stock-based compensation | Accounting for stock-based compensation— |
Recent accounting pronouncements | Recent accounting pronouncements Compensation—Retirement Benefits—Defined Benefit Plans—General In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Summary of Significant Accounting Policies | |
Schedule of liability activity related to contracts with customers | The following table summarizes the liability activity related to contracts with customers for the three and six-month periods ended June 30, 2021 and 2020 (in thousands): Three Months Six Months Ended June 30, Ended June 30, 2021 2020 2021 2020 Balance, beginning of period $ 7,725 $ 2,909 $ 1,395 $ 976 Reductions from beginning balance (7,180) (263) (1,030) (263) Additional liabilities recorded during the period 5,335 1,030 11,777 3,004 Reduction of additional liabilities recorded during the period, not from beginning balance (5,023) — (11,285) (41) Balance, end of period $ 857 $ 3,676 $ 857 $ 3,676 |
Schedule of the computation of EPS | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net earnings (loss) per common share – basic and diluted: Net earnings (loss) $ 19,745 $ (689) $ 16,543 $ (3,829) Allocation to nonvested restricted stock awards (288) — (243) — Net earnings (loss) available to common stockholders $ 19,457 $ (689) $ 16,300 $ (3,829) Weighted-average shares outstanding – basic and diluted 35,914 35,836 35,914 35,835 Net earnings (loss) per common share – basic and diluted $ 0.54 $ (0.02) $ 0.45 $ (0.11) |
Pension Plans (Tables)
Pension Plans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Pension Plans | |
Schedule of components of net periodic pension benefit for defined benefit pension plans | The components of net periodic pension benefit for our defined benefit pension plans are as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Interest cost $ 83,000 $ 109,000 $ 166,000 $ 217,000 Expected return on plan assets (208,000) (186,000) (416,000) (371,000) Recognized net actuarial loss 43,000 40,000 85,000 81,000 $ (82,000) $ (37,000) $ (165,000) $ (73,000) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity | |
Schedule of the changes in the components of stockholders' equity | Changes in the components of stockholders’ equity for the three and six-month periods ending June 30,2021 are as follows (in thousands): Accumulated Class A Additional Other Common Common Paid-in Accumulated Comprehensive Stock Stock Capital Deficit Loss Balance at December 31, 2020 $ 1,786 $ 1,851 $ 101,207 $ (32,032) $ (3,785) Net loss — — — (3,202) — Issuance of restricted stock awards, net of forfeitures 12 — (12) — — Stock-based compensation — — 124 — — Repurchase and retirement of common stock (5) — (112) — — Change in net actuarial loss and prior service cost, net of income tax expense of $12 — — — — 11 Balance at March 31, 2021 $ 1,793 $ 1,851 $ 101,207 $ (35,234) $ (3,774) Net earnings — — — 19,745 — Dividends paid, $0.04 per share — — — (1,458) — Stock-based compensation — — 51 — — Change in net actuarial loss and prior service cost, net of income tax expense of $12 — — — — 31 Balance at June 30, 2021 $ 1,793 $ 1,851 $ 101,258 $ (16,947) $ (3,743) Changes in the components of stockholders’ equity for the three and six-month periods ending June 30, 2020 are as follows (in thousands): Accumulated Class A Additional Other Common Common Paid-in Accumulated Comprehensive Stock Stock Capital Deficit Loss Balance at December 31, 2019 $ 1,782 $ 1,851 $ 100,994 $ (36,968) $ (3,691) Net loss — — — (3,140) — Issuance of restricted stock awards, net of forfeitures 13 — (13) — — Stock-based compensation — — 92 — — Repurchase and retirement of common stock (5) — (89) — — Change in net actuarial loss and prior service cost, net of income tax expense of $12 — — — — 29 Balance at March 31, 2020 $ 1,790 $ 1,851 $ 100,984 $ (40,108) $ (3,662) Net loss — — — (689) — Issuance of restricted stock awards, net of forfeitures (2) — 2 — — Stock-based compensation — — 126 — — Change in net actuarial loss and prior service cost, net of income tax expense of $12 — — — — 29 Balance at June 30, 2020 $ 1,788 $ 1,851 $ 101,112 $ (40,797) $ (3,633) |
Schedule of accumulated other comprehensive loss, net of income taxes | As of June 30, 2021 and December 31, 2020, accumulated other comprehensive loss, net of income taxes, consists of the following: June 30, 2021 December 31, 2020 Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,497,000 and $2,521,000, respectively $ (3,743,000) $ (3,785,000) As of June 30, 2020 and December 31, 2019, accumulated other comprehensive loss, net of income taxes, consists of the following: June 30, 2020 December 31, 2019 Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,462,000 and $2,485,000, respectively $ (3,633,000) $ (3,691,000) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Measurements | |
Summary of the valuation of financial instrument pricing levels | Total Level 1 Level 2 Level 3 June 30, 2021 Equity investments $ 1,410,000 $ 1,410,000 $ — $ — December 31, 2020 Equity investments $ 1,322,000 $ 1,322,000 $ — $ — |
Schedule of gains and losses on equity investments | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net gains (losses) gains recognized during the period on equity investments $ 73,000 $ 126,000 $ 92,000 $ (50,000) Less: net (losses) gains recognized during the period on equity investments sold during the period — (2,000) — 23,000 Unrealized gains (losses) gains recognized during the period on equity investments still held at period end $ 73,000 $ 128,000 $ 92,000 $ (73,000) |
Business Operations - Dover Int
Business Operations - Dover International Speedway (Details) | 6 Months Ended |
Jun. 30, 2021item | |
Business Operations | |
Number of events promoted | 6 |
NASCAR Cup Series events | |
Business Operations | |
Number of events promoted | 2 |
NASCAR Xfinity Series events | |
Business Operations | |
Number of events promoted | 2 |
NASCAR Gander RV & Outdoors Truck Series event | |
Business Operations | |
Number of events promoted | 1 |
Nascar ARCA Menards Series East event | |
Business Operations | |
Number of events promoted | 1 |
Business Operations - Assets he
Business Operations - Assets held for sale (Details) | Nov. 05, 2020USD ($)a | Jul. 29, 2020USD ($)a | Jul. 26, 2019USD ($)a | Mar. 02, 2018USD ($) | Sep. 01, 2017USD ($)a | May 26, 2021USD ($) | Jun. 30, 2021USD ($)a | Jun. 30, 2021USD ($)a | Jun. 25, 2019USD ($) | Aug. 17, 2017USD ($)a |
Business Operations | ||||||||||
Gain on sale of land | $ 8,510,000 | $ 8,510,000 | ||||||||
Nashville Superspeedway | Assets held for sale | ||||||||||
Business Operations | ||||||||||
Acres | a | 350 | 650 | 650 | |||||||
Non-refundable deposit | $ 500,000 | |||||||||
Proceeds, less closing costs | $ 14,355,000 | |||||||||
Nashville Superspeedway | Land | ||||||||||
Business Operations | ||||||||||
Acres | a | 97 | 133 | 88 | 147 | ||||||
Purchase price (per acre) | $ 35,000 | |||||||||
Option purchase price (per acre) | $ 55,000 | |||||||||
Non-refundable deposit | $ 500,000 | |||||||||
Period of option to execute the agreement | 3 years | |||||||||
Proceeds, less closing costs | $ 6,460,000 | $ 6,397,000 | $ 4,945,000 | $ 14,326,000 | ||||||
Net proceeds after taxes | 5,290,000 | 5,314,000 | 4,150,000 | 12,000,000 | ||||||
Gain on sale of land | $ 4,843,000 | $ 4,186,000 | $ 2,512,000 | $ 8,510,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Property and equipment (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Summary of Significant Accounting Policies | ||
Accumulated depreciation | $ 71,898,000 | $ 70,374,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Revenue recognition (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)item | Jun. 30, 2020USD ($) | |
Revenue recognition | ||||
Revenues from barter transaction | $ 715,000 | $ 715,000 | ||
Contract with customer liability rollforward | ||||
Balance, beginning of period | 7,725,000 | $ 2,909,000 | 1,395,000 | $ 976,000 |
Reductions from beginning balance | (7,180,000) | (263,000) | (1,030,000) | (263,000) |
Additional liabilities recorded during the period | 5,335,000 | 1,030,000 | 11,777,000 | 3,004,000 |
Reduction of additional liabilities recorded during the period, not from beginning balance | (5,023,000) | (11,285,000) | (41,000) | |
Balance, end of period | 857,000 | $ 3,676,000 | 857,000 | $ 3,676,000 |
Unsatisfied performance obligations amount | $ 7,901,000 | $ 7,901,000 | ||
Remittance period (in days) | 30 days | |||
Gross broadcast rights fees retained by NASCAR (in percent) | 10.00% | 10.00% | ||
Gross broadcast rights fees recorded as revenue (in percent) | 90.00% | 90.00% | ||
Gross broadcast rights fees payable to the event (in percent) | 25.00% | 25.00% | ||
Minimum | ||||
Contract with customer liability rollforward | ||||
Contract term (in years) | 1 year | |||
Maximum | ||||
Contract with customer liability rollforward | ||||
Contract term (in years) | 3 years | |||
NASCAR | ||||
Revenue recognition | ||||
Events excluded from revenue based on contract with customers (number) | item | 2 | |||
Events 2021 | ||||
Revenue recognition | ||||
Contract liabilities | $ 275,000 | $ 275,000 | ||
Events 2022 | ||||
Revenue recognition | ||||
Contract liabilities | $ 582,000 | $ 582,000 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Expense recognition (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Summary of Significant Accounting Policies | ||||
Advertising expenses | $ 582,000 | $ (2,000) | $ 1,016,000 | $ 50,000 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Net earnings per common share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Summary of Significant Accounting Policies | ||||
Net earnings (loss) | $ 19,745 | $ (689) | $ 16,543 | $ (3,829) |
Allocation to nonvested restricted stock awards | (288) | (243) | ||
Net earnings (loss) available to common stockholders | $ 19,457 | $ (689) | $ 16,300 | $ (3,829) |
Weighted-average shares outstanding - basic and diluted | 35,914,000 | 35,836,000 | 35,914,000 | 35,835,000 |
Net earnings (loss) per common share - basic and diluted | $ 0.54 | $ (0.02) | $ 0.45 | $ (0.11) |
Options outstanding (in shares) | 0 | 0 | 0 | 0 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Accounting for stock-based compensation (Details) - Restricted Stock - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounting for stock-based compensation | ||||
Stock-based compensation expense | $ 51,000 | $ 126,000 | $ 175,000 | $ 218,000 |
Income tax benefits related to vesting of restricted stock awards | $ 14,000 | $ 35,000 | $ 51,000 | $ 43,000 |
Long-Term Debt (Details)
Long-Term Debt (Details) | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Minimum | |
Long-Term Debt | |
Maximum borrowing capacity | $ 25,000,000 |
Maximum | |
Long-Term Debt | |
Maximum borrowing capacity | 30,000,000 |
Line of Credit | |
Long-Term Debt | |
Maximum borrowing capacity | 25,000,000 |
Amount outstanding under the credit facility | 0 |
Remaining maximum borrowing capacity | $ 12,494,000 |
Line of Credit | Minimum | LIBOR | |
Long-Term Debt | |
Basis points (in percent) | 1.25% |
Line of Credit | Maximum | LIBOR | |
Long-Term Debt | |
Basis points (in percent) | 1.75% |
Pension Plans (Details)
Pension Plans (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Pension Plans, Defined Benefit | ||
Pension plans | ||
Fair values of pension assets | $ 1,410,000 | $ 1,322,000 |
Pension Plans - Defined benefit
Pension Plans - Defined benefit plan (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Components of net periodic pension benefit | ||||
Interest cost | $ 83,000 | $ 109,000 | $ 166,000 | $ 217,000 |
Expected return on plan assets | (208,000) | (186,000) | (416,000) | (371,000) |
Recognized net actuarial loss | 43,000 | 40,000 | 85,000 | 81,000 |
Total net periodic pension benefit | (82,000) | $ (37,000) | (165,000) | $ (73,000) |
Minimum required pension contributions for 2021 | $ 0 | $ 0 |
Pension Plans - SERP (Details)
Pension Plans - SERP (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
SERP | ||||||
Defined contribution plan | ||||||
Expenses recorded | $ 25,000 | $ 30,000 | $ 50,000 | $ 60,000 | ||
Employer contributions | $ 0 | 0 | 88,000 | 120,000 | ||
Liability for pension benefits | $ 50,000 | 50,000 | $ 88,000 | |||
Defined Contribution 401 K Plan | ||||||
Defined contribution plan | ||||||
Employer contributions | $ 43,000 | $ 29,000 | $ 78,000 | $ 65,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in the components of stockholders' equity | ||||||||
Balance at the beginning of the period | $ 69,027,000 | $ 69,027,000 | ||||||
Net loss | $ 19,745,000 | $ (689,000) | 16,543,000 | $ (3,829,000) | ||||
Dividends paid | 1,458,000 | |||||||
Dividends paid (in dollars per share) | $ 0.04 | |||||||
Change in net actuarial loss and prior service cost, net of income tax expense | $ 31,000 | 29,000 | 42,000 | 58,000 | ||||
Balance at the end of the period | 84,212,000 | 84,212,000 | $ 69,027,000 | |||||
Income tax expense on change in net actuarial loss and prior service cost | 12,000 | 12,000 | $ 12,000 | 12,000 | ||||
Accumulated other comprehensive loss, net of income taxes | ||||||||
Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit | 3,743,000 | (3,633,000) | 3,743,000 | (3,633,000) | 3,785,000 | $ (3,691,000) | ||
Income tax benefit on net actuarial loss and prior service cost not yet recognized in net periodic benefit cost | 2,497,000 | 2,462,000 | 2,521,000 | 2,485,000 | ||||
Common Stock | Common Stock | ||||||||
Changes in the components of stockholders' equity | ||||||||
Balance at the beginning of the period | 1,793,000 | 1,786,000 | 1,790,000 | 1,782,000 | 1,786,000 | 1,782,000 | 1,782,000 | |
Issuance of restricted stock awards, net of forfeitures | 12,000 | (2,000) | 13,000 | |||||
Repurchase and retirement of common stock | (5,000) | (5,000) | ||||||
Balance at the end of the period | 1,793,000 | 1,793,000 | 1,788,000 | 1,790,000 | 1,793,000 | 1,788,000 | 1,786,000 | 1,782,000 |
Common Stock | Common Class A | ||||||||
Changes in the components of stockholders' equity | ||||||||
Balance at the beginning of the period | 1,851,000 | 1,851,000 | 1,851,000 | 1,851,000 | 1,851,000 | 1,851,000 | 1,851,000 | |
Issuance of restricted stock awards, net of forfeitures | 0 | |||||||
Balance at the end of the period | 1,851,000 | 1,851,000 | 1,851,000 | 1,851,000 | 1,851,000 | 1,851,000 | 1,851,000 | 1,851,000 |
Additional Paid-in Capital | ||||||||
Changes in the components of stockholders' equity | ||||||||
Balance at the beginning of the period | 101,207,000 | 101,207,000 | 100,984,000 | 100,994,000 | 101,207,000 | 100,994,000 | 100,994,000 | |
Issuance of restricted stock awards, net of forfeitures | (12,000) | 2,000 | (13,000) | |||||
Stock-based compensation | 51,000 | 124,000 | 126,000 | 92,000 | ||||
Repurchase and retirement of common stock | (112,000) | (89,000) | ||||||
Balance at the end of the period | 101,258,000 | 101,207,000 | 101,112,000 | 100,984,000 | 101,258,000 | 101,112,000 | 101,207,000 | 100,994,000 |
Accumulated Deficit | ||||||||
Changes in the components of stockholders' equity | ||||||||
Balance at the beginning of the period | (35,234,000) | (32,032,000) | (40,108,000) | (36,968,000) | (32,032,000) | (36,968,000) | (36,968,000) | |
Net loss | $ 19,745,000 | (3,202,000) | (689,000) | (3,140,000) | ||||
Dividends paid (in dollars per share) | $ (1,458) | |||||||
Issuance of restricted stock awards, net of forfeitures | 0 | |||||||
Balance at the end of the period | $ (16,947,000) | (35,234,000) | (40,797,000) | (40,108,000) | (16,947,000) | (40,797,000) | (32,032,000) | (36,968,000) |
Accumulated Other Comprehensive Income (Loss) | ||||||||
Changes in the components of stockholders' equity | ||||||||
Balance at the beginning of the period | (3,774,000) | (3,785,000) | (3,662,000) | (3,691,000) | (3,785,000) | (3,691,000) | (3,691,000) | |
Issuance of restricted stock awards, net of forfeitures | 0 | |||||||
Change in net actuarial loss and prior service cost, net of income tax expense | 31,000 | (11,000) | 29,000 | 29,000 | ||||
Balance at the end of the period | $ (3,743,000) | $ (3,774,000) | $ (3,633,000) | $ (3,662,000) | $ (3,743,000) | $ (3,633,000) | $ (3,785,000) | $ (3,691,000) |
Stockholders' Equity - Stock in
Stockholders' Equity - Stock incentive plan (Details) - $ / shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2014 | Jul. 28, 2004 | |
Stockholders Equity | ||||
Maximum number of shares authorized for grant | 2,000,000 | |||
Options granted (in shares) | 141,000 | 158,000 | ||
Number of shares available for granting options or stock awards | 1,051,000 | |||
Share Repurchase Authorization 2004 | ||||
Stockholders Equity | ||||
Number of shares of common stock authorized to be repurchased | 2,000,000 | |||
Number of shares purchased | 0 | 0 | ||
Remaining number of shares authorized to be repurchased | 384,809 | |||
Restricted Stock | ||||
Stockholders Equity | ||||
Average purchase price of shares purchased and retired (in dollars per share) | $ 2.27 | $ 1.86 | ||
Vesting rights percentage each year beginning on the second anniversary date of the grant | 20.00% | |||
Service period over which the aggregate market value of stock is being amortized | 6 years | |||
Number of shares purchased and retired | 51,791 | 50,572 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Gains and losses on equity instruments | |||||
Net gains (losses) gains recognized during the period on equity investments | $ 73,000 | $ 126,000 | $ 92,000 | $ (50,000) | |
Less: net (losses) gains recognized during the period on equity investments sold during the period | (2,000) | 23,000 | |||
Unrealized gains (losses) recognized during the period on equity investments still held at period end | 73,000 | $ 128,000 | 92,000 | $ (73,000) | |
Estimate of Fair Value, Fair Value Disclosure | |||||
Fair Value Measurements | |||||
Investments | 1,410,000 | 1,410,000 | $ 1,322,000 | ||
Fair Value, Inputs, Level 1 | |||||
Fair Value Measurements | |||||
Investments | $ 1,410,000 | $ 1,410,000 | $ 1,322,000 |
Related Party Transactions (Det
Related Party Transactions (Details) | 6 Months Ended |
Jun. 30, 2021mi | |
Affiliated Entity | |
Related Party Transactions | |
Harness racing track length (in miles) | 0.625 |
Motorsports superspeedway length (in miles) | 1 |
Period for set up and tear down rights | 14 days |
Board of Directors Chairman | |
Related Party Transactions | |
Voting rights (in percent) | 50.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Dec. 31, 2011 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Sep. 30, 1999 |
Contingent obligation | |||||||
Provision for contingent obligation | $ 2,250,000 | $ (500,000) | $ (353,000) | $ (534,000) | $ 16,000 | ||
Provision for contingent obligation | 2,684,000 | 2,684,000 | $ 3,218,000 | ||||
(Increase) decrease in the provision for contingent obligation due to changing interest rates | 500,000 | $ 353,000 | 534,000 | $ (16,000) | |||
Nontaxable Municipal Bonds | Indirect Guarantee of Indebtedness | |||||||
Commitments and Contingencies | |||||||
Debt issued | $ 25,900,000 | ||||||
Outstanding amount | 12,300,000 | 12,300,000 | |||||
Balance available in the sales and incremental property tax fund | 1,077,000 | 1,077,000 | 217,000 | ||||
Amount paid into the sales and incremental property tax fund | 945,000 | ||||||
Debt service fee | $ 1,365,000 | ||||||
Nontaxable Municipal Bonds | Irrevocable direct-pay letter of credit | |||||||
Commitments and Contingencies | |||||||
Irrevocable direct-pay letter of credit issued | 12,506,000 | 12,506,000 | |||||
Nontaxable Municipal Bonds | Minimum | Indirect Guarantee of Indebtedness | |||||||
Commitments and Contingencies | |||||||
Annual payment range | 1,100,000 | 1,100,000 | |||||
Nontaxable Municipal Bonds | Maximum | Indirect Guarantee of Indebtedness | |||||||
Commitments and Contingencies | |||||||
Annual payment range | $ 1,600,000 | $ 1,600,000 |
Income Taxes - Carryforward and
Income Taxes - Carryforward and Valuation allowances (Details) - State and Local Jurisdiction [Member] - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | $ 25,977,000 | |
Decrease in valuation allowances | $ 363,000 | $ 1,240,000 |