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Non-Tech : SpinOffs

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From: 249443	5/2/2006 9:33:34 PM
	of 85

Magna on track to be 'debt-free' by next spring hamiltonspectator.com By Gary Norris The Canadian Press Toronto (May 2, 2006) "Magna Entertainment Corp. "hit bottom" last year and is on track to be debt-free by the spring of next year, directors said yesterday at the horse-race operator's annual meeting. Magna Entertainment also reported it earned $2.2 million US in the first quarter, reversing a year-ago net loss of $4.1 million or four cents per share. The racing spinoff of auto-parts maker Magna International Inc., headquartered north of Toronto but with its tracks in the United States and its accounts in U.S. dollars, said revenue from continuing operations was $281.5 million in the January-March quarter, up from $245.7 million a year earlier. "I'm very optimistic that early next year we might be debt-free or have very little debt," said Magna group founder Frank Stronach, who is chairman and acting CEO of Magna Entertainment..."

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