DOVER, Del.–(EMWNews)–Dover Motorsports, Inc. (NYSE:DVD) today reported its results for the

second quarter ended June 30, 2008.

The Company promoted six major events over four weekends in the second

quarter of 2008 compared with seven major events in 2007. The first

NASCAR Nationwide Series event at Nashville Superspeedway was held in

the first quarter of 2008 compared with the second quarter of 2007.

For the quarter ended June 30, 2008 revenues were $39,415,000 compared

with $40,806,000 in the second quarter of 2007. The decrease in revenues

is due to the fact that one fewer race was promoted in 2008 and was

partially offset by small increases in revenue for our other major

events promoted during the quarter.

The Company’s NASCAR triple-header in Dover

saw results similar to last year’s event.

Lower attendance resulting from weak overall economic conditions and

rain for the Company’s NASCAR Nationwide event

were offset by increased sponsorship, broadcasting and concession

revenues.

Operating and marketing expenses were $22,108,000 in the second quarter

of 2008 as compared to $23,780,000 in the second quarter of 2007. The

decrease primarily related to the change in our motorsports event

calendar discussed above, partially offset by higher operating and

marketing expenses for our June NASCAR Sprint Cup Series weekend at

Dover International Speedway and additional events run at our other

facilities.

General and administrative expenses of $3,122,000 in the second quarter

of 2008 were consistent with $3,135,000 for the same quarter last year.

Depreciation and amortization expense was $1,704,000 in the quarter

ended June 30, 2008 compared to $1,565,000 for the comparable 2007

period. The increase is primarily due to the Monster Makeover project at

Dover International Speedway. Net interest expense was $1,032,000 for

the quarter ended June 30, 2008 compared to $1,041,000 in the second

quarter of 2007. The decrease was due to lower average interest rates

offset by higher average outstanding borrowings on the credit facility.

Earnings before income taxes increased to $11,449,000 in the second

quarter of 2008 compared with $11,285,000 in the comparable quarter of

the prior year.

The effective tax rate for the second quarter of 2008 was 48.9% compared

to 50.4% in the prior year. The decrease in the effective tax rate was

primarily the result of a reduction in our combined effective state

income tax rate.

Net earnings for the quarter ended June 30, 2008 were $5,847,000 or

$0.16 per diluted share compared with $5,593,000 or $0.16 per diluted

share for the same period last year.

For the six months ended June 30, 2008, revenues were $41,927,000

compared with $41,688,000 in the prior year. The Company promoted seven

major events in the first half of both years. Net earnings were

$1,699,000 or $0.05 per diluted share compared with $2,033,000 or $0.06

per diluted share in the comparable period of the prior year.

For the first half of 2008 cash provided by operations was $4,644,000

compared with $4,801,000 in the prior year. Capital spending, primarily

related to the Monster Makeover project at Dover International Speedway,

was $6,082,000 in the first half of 2008 compared with $8,745,000 in the

comparable period in prior year.

The Company announced yesterday that its Board of Directors declared a

regular quarterly dividend of $.015 per share. The dividend is payable

on September 10, 2008 to shareholders of record at the close of business

on August 10, 2008.

This release contains or may contain forward-looking statements based on

management’s beliefs and assumptions. Such statements are subject to

various risks and uncertainties which could cause results to vary

materially. Please refer to the Company’s SEC filings for a discussion

of such factors.

Dover Motorsports, Inc. is a leading promoter of motorsports events in

the United States. Its motorsports subsidiaries operate four motorsports

tracks in three states and promote motorsports events under the auspices

of three of the premier sanctioning bodies in motorsports –

NASCAR, IRL, and NHRA. The Company owns and operates Dover International

Speedway in Dover, Delaware; Nashville Superspeedway near Nashville,

Tennessee; Gateway International Raceway near St. Louis, Missouri; and

Memphis Motorsports Park near Memphis, Tennessee.

DOVER MOTORSPORTS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
In Thousands, Except Per Share Amounts
(Unaudited)
		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2008				2007				2008				2007
Revenues:
Admissions		$	13,936			$	15,760			$	14,736			$	15,847
Event-related			11,387				10,494				12,352				11,278
Broadcasting			14,077				14,512				14,786				14,512
Other			15				40				53				51
			39,415				40,806				41,927				41,688
Expenses:
Operating and marketing			22,108				23,780				26,718				26,174
General and administrative			3,122				3,135				6,289				6,306
Depreciation and amortization			1,704				1,565				3,366				3,094
			26,934				28,480				36,373				35,574
Operating earnings			12,481				12,326				5,554				6,114
Interest income			19				32				50				75
Interest expense			(1,051	)			(1,073	)			(2,152	)			(2,002	)
Earnings before income taxes			11,449				11,285				3,452				4,187
Income taxes			5,602				5,692				1,753				2,154
Net earnings		$	5,847			$	5,593			$	1,699			$	2,033
Net earnings per common share:
Basic		$	0.16			$	0.16			$	0.05			$	0.06
Diluted		$	0.16			$	0.16			$	0.05			$	0.06
Weighted average shares outstanding:
Basic			35,940				35,876				35,922				35,871
Diluted			36,131				35,991				36,131				35,963

DOVER MOTORSPORTS, INC.
CONSOLIDATED BALANCE SHEETS
In Thousands
(Unaudited)
		June 30,				June 30,				December 31,
		2008				2007				2007
ASSETS
Current assets:
Cash and cash equivalents		$	1,118			$	1,330			$	327
Accounts receivable			13,172				14,766				1,722
Inventories			421				334				185
Prepaid expenses and other			3,771				4,653				1,773
Receivable from Dover Downs Gaming & Entertainment, Inc.			–				–				18
Prepaid income taxes			346				101				–
Deferred income taxes			203				217				186
Total current assets			19,031				21,401				4,211
Property and equipment, net			160,387				158,187				157,748
Restricted cash			3,894				2,673				4,169
Other assets, net			1,548				1,278				1,578
Deferred income taxes			83				–				–
Total assets		$	184,943			$	183,539			$	167,706
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	3,086			$	4,065			$	945
Accrued liabilities			4,525				4,768

Dover Motorsports, Inc. Timothy R. Horne – Sr. Vice President – Finance (302) 857-3292