Dover earnings down

Dover Motorsports today reported Q3 revenues were down 8.5% from $31.14M to $28.51M because of lower attendance at events. The company pointed to the weak economy as the primary cause of lower attendance and lower ticket revenue for its Sept. 26 Sprint Cup race. It said increased sponsorship and broadcast revenue offset the lower attendance revenue.

The company reduced Q3 operating expenses 8.9% largely because it closed its Memphis facility, reduced purses for NASCAR events and lowered costs. Dover Motorsports shares were down 0.64% at $1.71 this afternoon.