DVD Dover Motorsports Inc

Dover Motorsports, Inc. (NYSE:DVD) today reported its results for the quarter ended March 31, 2009.

The reported results include the operations of Memphis Motorsports Park, which is classified as held for sale pending the completion of the previously announced sale to Gulf Coast Entertainment, LLC for $10 million in cash and a two percent non-dilutable interest in Gulf Coast Entertainment. The sale is expected to be completed during the second quarter of 2009.

Revenues for the quarter were $85,000 compared with $2,512,000 in the first quarter of 2008. Operating and marketing expenses were $2,199,000 in the first quarter of 2009 compared to $4,610,000 for the comparable prior year period. No major events were promoted during the first quarter of 2009. The NASCAR Nationwide Series event at Nashville Superspeedway run in March of 2008 was run in April of 2009.

Net interest expense decreased by $290,000 in the first quarter of 2009 due to lower average interest rates.

The Company historically reports a loss in the first quarter due to the seasonality of our motorsports business. Loss before income tax benefit for the quarter ended March 31, 2009 was $7,517,000 compared with $7,997,000 in the first quarter of 2008.

The effective income tax rate for the first quarter of 2009 was 37.6% compared with 48.1% in the prior year. The decrease in the effective income tax rate was primarily the result of a reduction in our combined effective state income tax rate for the current quarter.

Net loss for the quarter ended March 31, 2009 was $4,688,000 or $.13 per diluted share compared with a loss of $4,148,000 or $.12 per diluted share for the comparable period of the prior year.

Cash flow provided by operations was $2,332,000 for the first quarter of 2009 compared to $2,624,000 for the first quarter of 2008. Capital spending was $699,000 in the first quarter of 2009 compared with $1,598,000 in the first quarter of 2008. The majority of the capital spending in both periods represents various phases of the Monster Makeover in Dover.

At March 31, 2009, the Company�s total indebtedness was $44,572,000 compared with $46,398,000 at March 31, 2008.

The Company announced yesterday that its Board of Directors declared a regular quarterly dividend of $.01 per share. The dividend is payable on June 10, 2009 to shareholders of record at the close of business on May 10, 2009.

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 two of the premier sanctioning bodies in motorsports � NASCAR and NHRA. The Company owns and operates Dover International Speedway in Dover, Delaware; Gateway International Raceway near St. Louis, Missouri; Memphis Motorsports Park near Memphis, Tennessee; and Nashville Superspeedway near Nashville, Tennessee. For further information log on to www.dovermotorsports.com.

DOVER MOTORSPORTS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS In Thousands, Except Per Share Amounts (Unaudited) � � � Three Months Ended March 31, � 2009 � 2008 � Revenues: Admissions $ 31 $ 800 Event-related 28 965 Broadcasting - 709 Other � 26 � 38 � � 85 � 2,512 � � Expenses: Operating and marketing 2,199 4,610 General and administrative 3,058 3,167 Depreciation and amortization � 1,565 � 1,662 � � 6,822 � 9,439 � � Operating loss (6,737 ) (6,927 ) � Interest income 4 31 Interest expense � (784 ) � (1,101 ) � Loss before income tax benefit (7,517 ) (7,997 ) � Income tax benefit � 2,829 � 3,849 � � Net loss $ (4,688 ) $ (4,148 ) � Net loss per common share: Basic $ (0.13 ) $ (0.12 ) Diluted $ (0.13 ) $ (0.12 ) � Weighted average shares outstanding: Basic 36,011 35,903 Diluted 36,011 35,903 DOVER MOTORSPORTS, INC. CONSOLIDATED BALANCE SHEETS In Thousands (Unaudited) � � � � March 31, March 31, December 31, � 2009 � � 2008 � � 2008 � � ASSETS Current assets: Cash and cash equivalents $ 1,138 $ 956 $ 288 Accounts receivable 3,349 5,127 1,950 Inventories 248 305 273 Prepaid expenses and other 2,351 3,142 1,697 Receivable from Dover Downs Gaming & Entertainment, Inc. - - 11 Income taxes receivable 241 177 - Deferred income taxes 100 196 152 Current assets held for sale � 10,726 � � - � � - � Total current assets 18,153 9,903 4,371 � Property and equipment, net 134,087 159,142 144,684 Restricted cash 3,894 3,823 5,219 Other assets, net 542 1,531 594 Deferred income taxes � 284 � � 97 � � 311 � Total assets $ 156,960 � $ 174,496 � $ 155,179 � � LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 938 $ 2,938 $ 604 Accrued liabilities 2,253 2,690 2,767 Payable to Dover Downs Gaming & Entertainment, Inc. 5 40 - Income taxes payable - - 159 Current portion of bonds payable 1,235 1,130 1,130 Deferred revenue 16,896 22,294 6,962 Current liabilities held for sale � 2,865 � � - � � - � Total current liabilities 24,192 29,092 11,622 � Revolving line of credit 41,600 42,300 42,200 Bonds payable 1,737 2,968 2,971 Liability for pension benefits 2,662 805 2,555 Other liabilities 1,972 1,693 1,920 Non current income taxes payable 9,119 9,686 9,630 Deferred income taxes � 13,145 � � 16,651 � � 16,834 � Total liabilities � 94,427 � � 103,195 � � 87,732 � � Stockholders' equity: Common stock 1,812 1,684 1,787 Class A common stock 1,851 1,952 1,851 Additional paid-in capital 100,591 99,911 100,539 Accumulated deficit (39,421 ) (31,197 ) (34,366 ) Accumulated other comprehensive loss � (2,300 ) � (1,049 ) � (2,364 ) Total stockholders' equity � 62,533 � � 71,301 � � 67,447 � Total liabilities and stockholders' equity $ 156,960 � $ 174,496 � $ 155,179 � DOVER MOTORSPORTS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS In Thousands (Unaudited) � � Three Months Ended March 31, � 2009 � � 2008 � � Operating activities: Net loss $ (4,688 ) $ (4,148 )

Adjustments to reconcile net lossto net cash provided by operating activities:

Depreciation and amortization 1,565 1,662 Amortization of credit facility fees 40 48 Stock-based compensation 142 160 Deferred income taxes (2,483 ) (3,426 ) Changes in assets and liabilities: Accounts receivable (1,597 ) (3,405 ) Inventories (56 ) (120 ) Prepaid expenses and other (1,057 ) (1,416 ) Income taxes receivable/payable (347 ) (434 ) Accounts payable 49 552 Accrued liabilities (362 ) (774 )

Payable to/receivable from Dover Downs Gaming& Entertainment, Inc.

16 58 Deferred revenue 10,803 13,605 Other liabilities � 307 � � 262 � Net cash provided by operating activities � 2,332 � � 2,624 � � Investing activities: Capital expenditures (699 ) (1,598 ) Restricted cash � 1,325 � � 346 �

Net cash provided by (used in) investingactivities

� 626 � � (1,252 ) � Financing activities: Borrowings from revolving line of credit 2,300 3,500 Repayments on revolving line of credit (2,900 ) (3,500 ) Repayments of bonds payable (1,129 ) (111 ) Dividends paid (367 ) (546 ) Repurchase of common stock (12 ) (95 ) Excess tax benefit on stock awards � - � � 9 � Net cash used in financing activities � (2,108 ) � (743 ) � Net increase in cash and cash equivalents 850 629 Cash and cash equivalents, beginning of period � 288 � � 327 � Cash and cash equivalents, end of period $ 1,138 � $ 956 �