Magna earnings, revenue up from Q1 2003

Thoroughbred racetrack operator Magna Entertainment Corp. announced earnings of $21.1 million, or 19 cents a share, for the first quarter of 2004, compared with $12.6 million, or 12 cents a share, for the same period a year ago.

Aurora, Ontario-based Magna, operator of about a dozen racetracks, including Santa Anita Park and Gulfstream Park, said its revenue for the first quarter was $291.8 million, compared with $270.1 million in the first quarter of 2003, an increase of $21.7 million, or 8 percent.

“Net income and diluted earnings per share show substantially higher gains on a percentage basis as a result of the accounting for income taxes in the first quarter,” said CEO Jim McAlpine in a statement.

— Liz Mullen