NHRA Auto Racing: Magna income down sharply in first quarter of the year.

Sports Network, The, May, 2003

May 3, 2003 (The Sports Network via COMTEX)

By MATT HEGARTY

NEW YORK - Magna Entertainment Corporation had net income of $12.6 million in the first quarter of 2003, or 12 cents a share, down sharply from its first-quarter results in 2002.

During a conference call with analysts on Thursday morning, Jim McAlpine, Magna's chief executive officer, blamed the war in Iraq, severe winter weather in the Northeast, and a weak U.S. economy for the results. This year's first-quarter net income was down $6 million from 2002's first-quarter income of $18.6 million.

Magna's first quarter has always been its most profitable, and the company has relied on its first-quarter income to offset regular losses in other quarters. Its high-profile...

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