| Income Statement for Magna Entertainment Corp. (MECA) | | | | | | | Income | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Operating Revenue | 625,715 | 702,139 | 624,655 | 731,577 | 708,935 | | Adjustments to Revenue | - | 32,939 | - | - | - | | Cost of Revenue | (564,604) | (598,948) | (576,159) | (650,524) | (614,588) | | Gross Operating Profit | 61,111 | 70,252 | 48,496 | 81,053 | 94,347 | | | Selling/General/Admin Expense | (72,395) | (73,724) | (76,341) | (89,617) | (77,780) | | Research & Development | - | (14,159) | - | - | - | | EBITDA | (11,284) | (17,631) | (27,845) | (8,564) | 16,567 | | Depreciation & Amortization | (44,132) | (51,228) | (41,853) | (38,600) | (32,697) | | EBIT | (55,416) | (68,859) | (69,698) | (47,164) | (16,130) | | Interest Income | 1,758 | 2,493 | - | - | - | | Other Income, Net | - | - | - | - | - | | Total Income Avail For Interest Expense | (58,064) | (29,112) | (68,576) | (73,214) | (149,833) | | Interest Expense | (52,379) | (63,195) | (35,132) | (24,091) | (13,620) | | Pre-Tax Income | (110,443) | (92,307) | (103,708) | (97,305) | (163,453) | | Income Taxes | 2,574 | 7,124 | 598 | 1,669 | 58,356 | | Minority Interest | - | - | - | - | - | | Net Income from Continuing Operations | (107,869) | (85,183) | (103,110) | (95,636) | (105,097) | | Net Income from Discontinued Operations | (5,890) | (2,168) | (2,183) | - | - | | Net Income from Total Operations | (113,759) | (87,351) | (105,293) | (95,636) | (105,097) | | | Normalized Income | (106,561) | (122,930) | (103,110) | (68,951) | 29,759 | | Extraordinary Income | - | - | - | - | - | | Special Income/Charges | (1,308) | 37,747 | - | (26,685) | (134,856) | | Income from Cum. Effect of Acct Change | - | - | - | - | - | | Income from Tax Loss Carryforward | - | - | - | - | - | | Other Gains | - | - | - | - | - | | Total Net Income | (113,759) | (87,351) | (105,293) | (95,636) | (105,097) | | | Results | in Dollars (Preferred Dividends in Thousands) | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Dividends Paid Per Share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | Preferred Dividends | - | - | - | - | - | | | Basic EPS from Continuing Operations | -19.80 | -15.80 | -19.20 | -17.80 | -19.60 | | Basic EPS from Discontinued Operations | -1.00 | -0.40 | -0.40 | 0.00 | 0.00 | | Basic EPS from Total Operations | -20.80 | -16.20 | -19.60 | -17.80 | -19.60 | | | Diluted EPS from Continuing Operations | -19.80 | -15.80 | -19.20 | -17.80 | -19.60 | | Diluted EPS from Discontinued Operations | -1.00 | -0.40 | -0.40 | 0.00 | 0.00 | | Diluted EPS from Total Operations | -20.80 | -16.20 | -19.60 | -17.80 | -19.60 | | | |
