================================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

(Mark One)

   [X]     QUARTERLY REPORT UNDER TO SECTION 13 OR 15(D) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                  For the Quarterly Period Ended June 30, 2003


   [_]     TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

             For the Transition Period from _________ to __________

                           Commission File No. 1-12559


                             CRAGAR INDUSTRIES, INC.
                 (Name of small business issuer in its charter)


            DELAWARE                                     86-0721001
-------------------------------              ----------------------------------
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
 incorporation or organization)


                 4620 EAST ARCADIA LANE, PHOENIX, ARIZONA 85018
              (Address of principal executive offices and zip code)

                                 (480) 947-2627
                           (Issuer's telephone number)

     Number of shares of common stock, $.01 par value, outstanding as of June
30, 2003: 3,839,429.

          Transitional small business disclosure format. Yes [ ] No [X]

================================================================================
<PAGE>
                             CRAGAR INDUSTRIES, INC.
                            Condensed Balance Sheets
                       June 30, 2003 and December 31, 2002



<TABLE><CAPTION>
                                                                  JUNE 30,        DECEMBER 31,
                                                                    2003              2002
                                                                ------------      ------------
                                                                 (unaudited)
<S>                                                             <C>               <C>
                                     ASSETS

Current Assets
       Cash and cash equivalents                                $     71,255      $     18,616
       Non-trade receivables                                         130,566           237,902
       Investments                                                    78,489            78,489
       Prepaid expenses                                                9,283            40,310
                                                                ------------      ------------
             Total current assets                                    289,593           375,317

Other Assets                                                           4,340            17,360
                                                                ------------      ------------
Total Assets                                                    $    293,933      $    392,677
                                                                ============      ============



                      LIABILITIES AND STOCKHOLDERS' DEFICIT

Current Liabilities
       Accounts payable                                         $     47,310      $    110,968
       Line of credit                                              1,265,500         1,265,500
       Accrued interest                                                8,992             9,219
       Accrued expenses                                                1,430             3,681
                                                                ------------      ------------
             Total current liabilities                             1,323,232         1,389,368
                                                                ------------      ------------

Stockholders' Deficit
       Common stock, par value $ .01; authorized
             10,000,000 shares 3,839,429 respectively
             issued and outstanding                                   38,394            38,394
       Additional paid-in capital - common                        15,705,799        15,705,799
       Accumulated deficit                                       (16,773,492)      (16,740,884)
                                                                ------------      ------------
             Total stockholders' deficit                          (1,029,299)         (996,691)
                                                                ------------      ------------
Total Liabilities and Stockholders' Deficit                     $    293,933      $    392,677
                                                                ============      ============
</TABLE>
See accompanying notes to condensed financial statements










                                        2
<PAGE>
                             CRAGAR INDUSTRIES, INC.
                       Condensed Statements of Operations
            Three Months and Six Months Ended June 30, 2003 and 2002
                                   (unaudited)



<TABLE><CAPTION>
                                                             THREE MONTHS ENDED JUNE 30,           SIX MONTHS ENDED JUNE 30,
                                                            ------------------------------      ------------------------------
                                                                2003              2002              2003              2002
                                                            ------------      ------------      ------------      ------------
<S>                                                         <C>               <C>               <C>               <C>
Net Sales                                                   $         --      $         --      $         --      $         --
Royalty revenues                                                 142,972           186,427           302,093           318,013
                                                            ------------      ------------      ------------      ------------
             Total revenues                                      142,972           186,427           302,093           318,013

Cost of goods sold                                                    --                --                --                --
                                                            ------------      ------------      ------------      ------------
             Gross profit                                        142,972           186,427           302,093           318,013

Selling, general and administrative expenses                     113,214           187,708           271,735           341,895
                                                            ------------      ------------      ------------      ------------

             Income (loss) from operations                        29,758            (1,281)           30,358           (23,882)
                                                            ------------      ------------      ------------      ------------

Non-operating income (expenses), net
       Interest expense                                          (33,713)          (40,410)          (67,314)          (67,548)
       Litigation settlement                                          --                --                --           300,000
       Other                                                       2,985               321             4,348            39,109
                                                            ------------      ------------      ------------      ------------
             Total non-operating income (expenses), net          (30,728)          (40,089)          (62,966)          271,561
                                                            ------------      ------------      ------------      ------------

Net earnings (loss) before income taxes                             (970)          (41,370)          (32,608)          247,679

Income taxes                                                          --                --                --                --
                                                            ------------      ------------      ------------      ------------
Net earnings (loss)                                         $       (970)     $    (41,370)     $    (32,608)     $    247,679
                                                            ============      ============      ============      ============
Basic earnings (loss) per share                             $      (0.00)     $      (0.01)     $      (0.01)     $       0.06
                                                            ============      ============      ============      ============
Weighted average shares outstanding - basic                    3,839,429         3,897,611         3,839,429         3,897,611
                                                            ============      ============      ============      ============
Diluted earnings (loss) per share                           $      (0.00)     $      (0.01)     $      (0.01)     $       0.06
                                                            ============      ============      ============      ============
Weighted average shares outstanding - diluted                  3,839,429         3,897,611         3,839,429         3,897,611
                                                            ============      ============      ============      ============
</TABLE>

See accompanying notes to condensed financial statements






                                        3
<PAGE>
                             CRAGAR INDUSTRIES, INC.
                       Condensed Statements of Cash Flows
                     Six Months Ended June 30, 2003 and 2002
                                   (unaudited)


<TABLE><CAPTION>
                                                                               SIX MONTHS ENDED JUNE 30,
                                                                            ------------------------------
                                                                                2003              2002
                                                                            ------------      ------------
<S>                                                                         <C>               <C>
Cash flows from operating activities
       Net earnings (loss)                                                  $    (32,608)     $    247,679
       Increase (decrease) in cash resulting from changes in:
             Non-trade receivables                                               107,336          (203,295)
             Prepaid expenses                                                     31,027            77,537
             Other assets                                                         13,020            30,000
             Accounts payable and accrued expenses                               (65,909)         (125,826)
             Accrued interest                                                       (227)            1,475
                                                                            ------------      ------------
                   Net cash provided by operating activities                      52,639            27,570
                                                                            ------------      ------------

Cash flows from financing activities
       Repayments of long-term debt                                                   --           (40,000)
                                                                            ------------      ------------
                   Net cash used in financing activities                              --           (40,000)
                                                                            ------------      ------------

                   Net increase (decrease) in cash and cash equivalents           52,639           (12,430)

Cash and cash equivalents at beginning of period                                  18,616            33,216
                                                                            ------------      ------------

Cash and cash equivalents at end of period                                  $     71,255      $     20,786
                                                                            ============      ============
Supplemental disclosure of cash flow information:
       Cash paid for interest                                               $     67,541      $     66,073
                                                                            ============      ============

</TABLE>

See accompanying notes to condensed financial statements






                                        4
<PAGE>
                             CRAGAR INDUSTRIES, INC.
                       Condensed Statements of Operations
            Three Months and Six Months Ended June 30, 2002 and 2001
                                   (unaudited)



<TABLE><CAPTION>
                                                        THREE MONTHS ENDED JUNE 30,      SIX MONTHS ENDED JUNE 30,
                                                        --------------------------      --------------------------
                                                           2002            2001            2002            2001
                                                        ----------      ----------      ----------      ----------
<S>                                                     <C>             <C>             <C>             <C>
Net Sales                                                      0.0%            0.0%            0.0%            0.0%
Royalty revenues                                             100.0%          100.0%          100.0%          100.0%
                                                        ----------      ----------      ----------      ----------
       Total revenues                                        100.0%          100.0%          100.0%          100.0%

Cost of goods sold                                             0.0%            0.0%            0.0%            0.0%
                                                        ----------      ----------      ----------      ----------

       Gross profit                                          100.0%          100.0%          100.0%          100.0%

Selling, general and administrative expenses                  79.2%          100.7%           90.0%          107.5%
                                                        ----------      ----------      ----------      ----------

       Income (loss) from operations                          20.8%           -0.7%           10.0%           -7.5%
                                                        ----------      ----------      ----------      ----------

Non-operating income (expenses), net
   Interest expense                                          -23.6%          -21.7%          -22.3%          -21.2%
   Litigation settlement                                       0.0%            0.0%            0.0%           94.3%
   Other                                                       2.1%            0.2%            1.4%           12.3%
                                                        ----------      ----------      ----------      ----------
       Total non-operating income (expenses), net            -21.5%          -21.5%          -20.8%           85.4%
                                                        ----------      ----------      ----------      ----------

Net earnings before income taxes                              -0.7%          -22.2%          -10.8%           77.9%

Income taxes                                                   0.0%            0.0%            0.0%            0.0%
                                                        ----------      ----------      ----------      ----------
Net earnings                                                  -0.7%          -22.2%          -10.8%           77.9%
                                                        ==========      ==========      ==========      ==========
</TABLE>

                                        5
<PAGE>

                             CRAGAR INDUSTRIES, INC.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                        THREE MONTHS ENDED JUNE 30, 2003
                                   (Unaudited)

1.          Summary of Significant Accounting Policies

            Basis of Presentation:
            The interim financial data as of and for the six month periods ended
            June 30, 2003, and 2002 is unaudited; however, in the opinion of the
            Company, the interim data includes all adjustments, consisting only
            of normal recurring adjustments, necessary for a fair presentation
            of the results for the interim periods. The results of operations
            for the six month period ended June 30, 2003 may not be indicative
            of the results for the entire year.

            The year-end balance sheet information was derived from audited
            financial statements. These interim financial statements should be
            read in conjunction with the Company's audited financial statements.

2.          Basic and Diluted Earnings per Share

            Basic and diluted earnings per share amounts are based on the
            weighted average number of common shares and common stock
            equivalents outstanding as reflected on Exhibit 11 to this Quarterly
            Report on Form 10-QSB.

3.          The accompanying financial statements are prepared using the
            generally accepted accounting principles which contemplates
            continuation of the Company as a going concern. However, the Company
            has negative working capital and negative equity as of the balance
            sheet date.

            The above conditions indicate that the company may be unable to
            continue in existence. The financial statements do not include any
            adjustments relating to the recoverability and classification of
            recorded asset amounts, or the amounts and classification of
            liabilities that might be necessary should the Company be unable to
            continue in existence.


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

FORWARD-LOOKING STATEMENTS

     The statements contained in this report on Form 10-QSB that are not
purely historical are forward-looking statements within the meaning of
applicable securities laws. Such statements may include, but not be limited to,
projections of revenues, income or loss, estimates of capital expenditures,
plans for future operations, products or services, and financing needs or plans,
as well as assumptions relating to the foregoing. The words "believe," "expect,"
"anticipate," "estimate," "project," and similar expressions identify
forward-looking statements, which speak only as of the date the statement was
made. Forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified. Future events
and actual results could differ materially from those set forth in, contemplated
by, or underlying the forward-looking statements. The following disclosures, as
well as other statements in the Company's report, including those contained
below in this Item 2, "Results of Operations" and "Special Considerations,"
describe factors, among others, that could contribute to or cause such
differences.

                                        6
<PAGE>

                                    OVERVIEW

     In 2000 and 1999, we entered into Exclusive Field of Use License Agreements
and amendments to the agreements with Performance Wheel Outlet, Inc., Weld
Racing, Inc., and Carlisle Tire and Wheel Co., who, together, manufacture,
market, sell, or distribute the products related to our one-piece cast aluminum
wheel business, wrought aluminum wheel business, and steel outer rim wheel
business. We rely on Performance's, Weld's, and Carlisle's greater financial,
operational, and distribution capabilities to increase net sales of the licensed
products and generate a stream of increasing revenue in the form of quarterly
royalty payments. In addition, we are entitled to royalties based on the net
sales of any new products developed by Carlisle related to the steel outer rims
wheel business under the CRAGAR brand name, including products and related
accessories for vehicles other than automobiles, trucks, and vans, such as
all-terrain vehicles and golf carts. We are also entitled to receive royalties
based on net sales of any new products developed by Weld related to the wrought
aluminum wheel business under the CRAGAR brand name, including two-piece wrought
aluminum wheels and new types of aluminum race wheels. Because our licensing
partners' primary fiduciary obligation is to their stockholders rather than our
stockholders, they may make decisions or take steps that may result in lower
royalty payments or that could adversely affect the CRAGAR brand name. See Item
1, "Business - Special Considerations."

     As part of our business strategy, we also pursue licensing opportunities
through the utilization of the CRAGAR brand name for other products, including,
but not limited to, aftermarket performance automotive products. On April 1,
2001, we retained the services of Trademarketing Resources, Inc., or TRI to act
as our exclusive licensing agent for the purposes of exercising the
merchandising rights in and to the trademarks owned by us, including CRAGAR,
CRAGAR Lite, Keystone Klassic, S/S, Street Pro, Star Wire, CRAGAR XLS,
TRU=CRUISER, and TRU=SPOKE, and to implement, subject to our approval, a
marketing strategy to broaden the use of our intellectual property, including
the CRAGAR brand name. Under the Agreement, TRI also acted as our exclusive
agent with respect to coordinating advertising and promotion of all of our
products, services, and premiums across all media. In addition, TRI oversaw and
coordinated the licensing activities of Carlisle, Weld, and Performance. As part
of the agreement with TRI, we issued 58,182 shares of our common stock to
certain individuals who provide us services under the agreement. On April 2,
2002 TRI personnel also received options to purchase an additional 58,182 shares
of our common stock. On April 1, 2003, we terminated TRI's contract with an
addendum that enables TRI to work with us on specified projects for a period
ending December 31, 2003. There can be no assurance that we will be successful
developing or implementing a marketing strategy without TRI or that we will
generate any material sales of products utilizing our intellectual property.

     During the fourth quarter of fiscal year 2001, we entered into a licensing
agreement with Racing Champions Ertl, Inc. pursuant to which we granted an
exclusive license in specified geographic territories for the manufacture,
marketing, and sale of 1:18th scale die cast replicas, 1:18th scale die cast
model kits, and 1:25th scale plastic model kits. During the fourth quarter of
fiscal year 2001, we also entered into a licensing agreement with Playing
Mantis, Inc. in which we granted an exclusive license in specified geographic
territories for the manufacture, marketing and sale of 1:64th scale die cast
replicas and 1:64th scale die cast model kits. During the fourth quarter of
fiscal year 2002, we entered into a licensing agreement with Georgia Marketing
and Promotion, Inc. in which we granted a non-exclusive license in specified
geographic territories for the manufacture, marketing, and sale of replacement
wheels for die-cast replicas from 1:10th to 1:43rd scales and 1:24th and 1:43rd
scale replicas with CRAGAR wheels.

RECENT DEVELOPMENTS

     On June 13, 2003, we announced that we had entered into a Definitive
Agreement and Plan of Merger Agreement with Global Entertainment Corporation, a
private company. Under the agreement

                                        7
<PAGE>

that was approved by the boards of both companies, each share of Cragar common
stock will be converted into approximately 0.21 of a share of Global
Entertainment common stock. Upon consummation, Cragar shareholders will hold
approximately 24% of the outstanding stock of Global Entertainment and Cragar
will become a wholly owned subsidiary of Global Entertainment. In addition, the
agreement calls for a portion of Cragar's debt to be converted into Global
Entertainment common stock with the balance of the debt to either be converted
into Global Entertainment common stock or assumed by Global Entertainment at
holder's election prior to closing. The merger is structured to be tax free to
the shareholders of Cragar.

     Global Entertainment will file a registration statement on Form S-4 with
the Securities and Exchange Commission to register Global Entertainment common
stock for issuance in the merger. The completion of the merger is subject to
effectiveness of Global Entertainment's registration statement with the SEC and
any applicable blue sky registration or qualification, the approval of the
merger by 66-2/3% of Cragar's outstanding shares of common stock and other
customary conditions. Stockholders of Cragar owning a total of approximately 39%
of Cragar's outstanding common stock have agreed to vote in favor of the merger.
Assuming the approval of Cragar stockholders and the satisfaction of various
other conditions, the merger is expected to close in the third quarter of 2003.

     Global Entertainment is a diversified sports management, arena development
and licensing company that through its subsidiary WPHL, in a joint operating
agreement with the Central Hockey League (CHL), is the operator and franchisor
of professional minor hockey teams in eight states. Its International Coliseum
Corporation subsidiary designs, manages the construction of and acts as
facility's manager for multipurpose sports and entertainment arenas with an
average seating capacity of 5,400 in mid-market communities. The Global
Entertainment Marketing System subsidiary presently handles all licensing and
marketing operations.

     Simultaneously with signing the Definitive Agreement and Plan of Merger
Agreement, we entered into two separate agreements with Global Entertainment.
Global has agreed to takeover the responsibilities previously undertaken by TRI
with respect to administrative services under an Administrative Services
Agreement. Global Entertainment has also agreed to take over the
responsibilities of TRI with respect to our licensing activities under the
Licensing Representation Agreement.

     On April 1, 2003, the Licensing Representation Agreement with TRI was
terminated. We have agreed to work together with TRI on specified projects for a
period ending December 31, 2003.

     For the calendar year 2002 and for the first and second quarters of
calendar 2003, Performance was in breach of its Exclusive Field of Use and
Licensing Agreement. The breach related to Performance's failure to meet or
exceed its minimum guaranteed payments for the fiscal year ended December 31,
2002 and for the quarters ended March 31, 2003 and June 30, 2003. We are working
with Performance to modify the Agreement in an attempt to cure the default and
reduce the likelihood of future defaults. In addition, we are evaluating
alternatives to the relationship with Performance, including, but not limited
to, finding another Licensee or evaluating our sourcing products.

     During the quarter ended June 30, 2003, we announced that we had entered
into a Licensing Agreement with Quattro Brands, LLC. Quattro Brands is a
Minnesota-based manufacturer and marketer of specialty chemical products. The
automotive car care products will be sold under the CRAGAR brand and should be
introduced during the third quarter of 2003 on the new website,
www.cragarcarcare.com.

     On July 1, 2003 a group of private lenders lent us $560,000 so we could
repay the loan to one of major stockholders, who had lent us money in 1998. The
terms of the loan are identical to the

                                        8
<PAGE>
terms of the loan from the Cragar stockholder. These lenders have agreed to
convert the loan into shares of Global Entertainment common stock upon the
consummation of the merger announced on June 13, 2003. The terms of the
conversion are identical to those specified in the Definitive Agreement and Plan
of Merger Agreement with respect to the conversion of the other $705,500 of debt
from the other Cragar stockholders.

RESULTS OF OPERATIONS (UNAUDITED)

     The following table sets forth various items as a percentage of net sales
revenue for the three and six month periods ended June 30, 2003 and 2002:
<TABLE><CAPTION>
                                                THREE MONTHS ENDED JUNE 30,      SIX MONTHS ENDED JUNE 30,
                                                ---------------------------      -------------------------
                                                  2003               2002          2003             2002
                                                  ----               ----          ----             ----
<S>                                              <C>                <C>           <C>              <C>
     Total revenues                              100.0%             100.0%        100.0%           100.0%
     Cost of goods sold                             -                  -             -                -
                                                ------             ------        ------           ------
     Gross profit                                100.0              100.0         100.0            100.0
     SG&A                                         79.2              115.8          90.0            125.5
                                                ------             ------        ------           ------
     Income (loss) from operations                20.8              (15.8)         10.0            (25.5)
     Non-operating income (expense), net         (21.5)              (6.3)        (20.8)           103.4
     Income taxes                                   -                  -             -                -
     Extraordinary gain                             -                  -             -                -
                                                ------             ------        ------           ------
     Net earnings (loss)                         (  .7)%            (22.2)%       (10.8)%           77.9%
                                                ======             ======        ======           ======
</TABLE>

COMPARISON OF QUARTER ENDED JUNE 30, 2003 AND QUARTER ENDED JUNE 30, 2002

     REVENUE. Total revenues consist of royalty payments on the sale of licensed
products. Total revenues for the fiscal quarters ended June 30, 2003 and 2002,
were $142,972 compared to $186,427, which represents a 23.3% decrease in total
revenue. The decrease was primarily due to two factors: 1) the approximately
$33,000 of royalties earned in the fiscal quarter ended June 30, 2002 that were
the result of payments from a licensee for licensed products sold during 2000
and 2001, but not previously paid to us; and 2) a reduction in the royalties
earned from our program with Performance.

     GROSS PROFIT. Gross profit is determined by subtracting the cost of goods
sold from total revenue. Since our total revenue is derived from royalties, we
did not realize any cost of goods sold. Therefore, Gross Profit for the fiscal
quarter ended June 30, 2003 was $142,972 compared to $186,427 for the fiscal
quarter ended June 30, 2002.

     SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES. Selling, general, and
administrative expenses consist primarily of accounting and legal expenses,
office expenses, salaries and wages, marketing expenses, and general overhead.
These expenses for the fiscal quarter ended June 30, 2003 were $113,214 compared
to $187,708 for the quarter ended June 30, 2002, a 39.7% decrease. The decrease
was primarily the result of lower legal expenses following the settlement of a
major lawsuit in 2002.

     NON-OPERATING INCOME, NET. Non-operating expenses, net, for the fiscal
quarter ended June 30, 2003 were $30,728 compared to non-operating expenses, net
of $40,089 for the same fiscal quarter ended June 30, 2002. This decrease of
$9,361, was attributable primarily to lower interest costs related to our credit
facilities.

     INCOME TAXES. Due to carry-forward losses from previous years, we had no
income tax provision in the first fiscal quarters of 2003 or 2002.

     NET EARNINGS(LOSSES); EARNINGS (LOSSES) PER SHARE. Net losses for the
fiscal quarter ended June 30, 2002 were $41,370 compared to net loss of $970 for
the fiscal quarter ended June 30, 2003. Basic losses per share for the fiscal
quarter ended June 30, 2002 were $0.01 compared to basic loss

                                        9
<PAGE>

per share of $0.00 for the fiscal quarter ended June 30, 2003. See Exhibit 11 to
this Quarterly Report on Form 10-QSB.

COMPARISON OF SIX MONTHS ENDED JUNE 30, 2003 AND SIX MONTHS ENDED JUNE 30, 2002

     REVENUE. Total revenues consist of royalties on the sale of licensed
products. Total revenues for the six months ended June 30, 2003 and 2002, were
$302,093 and $318,013, respectively, representing a 5.0% decrease in total
revenue. The decrease was due primarily to decreased sales by Performance, one
of our licensees. In addition, total revenues for the six months ended June 30,
2002 included approximately $33,000 of royalties that were the result of back
payments from a licensee for licensed products sold during 2000 and 2001, but
not previously paid to us. A comparable amount was not included in our total
revenue for the period ended June 30, 2003. The decrease was also the result of
lower royalties earned in the six months ended June 30, 2003 as compared to the
six months ended June 30, 2002 from our program with Performance. Royalties paid
for the six months ended June 30, 2003 by Weld and Carlisle met or exceeded the
royalties paid us for the six months ended June 30, 2002.

     GROSS PROFIT. Gross profit is determined by subtracting the cost of goods
sold from total revenue. Since our total revenue is derived from royalties, we
did not realize any cost of goods sold. Therefore, Gross Profit for the six
months ended June 30, 2003 was $302,093 compared to $318,013 for the six months
ended June 30, 2002.

     SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES. Selling, general, and
administrative expenses consist primarily of accounting and legal expenses,
office expenses, salaries and wages, marketing expenses, and general overhead.
These expenses for the six months ended June 30, 2003 were $271,735 compared to
$341,895 for the six months ended June 30, 2002, a 20.5% decrease. For the six
months ended June 30, 2002, there were also legal costs associated with our
lawsuit against Titan International that settled in 2002. Although there were no
comparable legal costs for the six months ended June 30, 2003, we did incur
legal and other costs associated with our anticipated merger with Global
Entertainment.

     NON-OPERATING INCOME, NET. Non-operating expenses, net, for the six months
ended June 30, 2003 were $62,967 compared to non-operating income, net of
$271,561 for the same six month period ended June 30, 2002. This decrease of
$334,498 was attributable primarily to the settlement of the Titan International
Lawsuit during the period ended June 30, 2002.

     INCOME TAXES. Because of carry-forward losses from previous years, the
Company had no income tax provision in the first fiscal quarter of 2003 or 2002.

     NET EARNINGS PER SHARE. Net loss for the six months ended June 30, 2003 was
$32,609 compared to net earnings of $247,679 for the six months ended June 30,
2002. Basic loss per share for the six months ended June 30, 2003 were $0.01
compared to basic earnings per share of $.06 for the fiscal quarter ended June
30, 2002. See Exhibit 11 to this Quarterly Report on Form 10-QSB.

LIQUIDITY AND CAPITAL RESOURCES

     During the third quarter of fiscal year 2000, we paid off and terminated
the $8.5 million credit facility with Nations Credit Commercial Funding
Corporation. Two investors provided payoff proceeds totaling $1,200,000 at an
interest rate of prime plus 2.25%. During the first quarter of fiscal year 2001,
we entered into a similar agreement with another investor for a loan totaling
$105,500 at an interest rate of prime plus 2.25%. This loan is secured by
substantially all of our assets and was recently extended to expire in April
2004. During the fiscal year ended December 31, 2002 we paid off $40,000 of the
loan balance and reduced the outstanding indebtedness associated with the loans
to

                                       10
<PAGE>

$1,265,500. On July 1, 2003, we paid off $560,000 of the investor loan by
borrowing $560,000 from a group of lenders. The terms of the loan are similar to
the terms of the investor loan we paid off. The only differences are 1) the
lenders have agreed to convert the full amount of the loan into shares of Global
Entertainment common stock at the closing of our merger with Global
Entertainment, 2) the lenders did not receive any warrants associated with the
loan, and 3) the term of the new loan is five years instead of the one year term
of the old loan. Therefore, upon consummation of the anticipated merger with
Global Entertainment, all $1,265,500 will convert into shares of Global
Entertainment common stock.

     At December 31, 2002, we had an accumulated deficit of $16,740,884. For the
six month period ended June 30, 2003 our operating activities provided $52,639
of cash, which was primarily attributable to our receiving the final installment
of the settlement proceeds from Titan International.

     We do not anticipate any major capital budget expenditures in fiscal year
2003. In addition, we do not believe our operating activities will generate
sufficient cash flow to meet our operating cash flow requirements and other
current obligations. Consequently, it is likely we will be required to raise
additional funds from equity or debt financing or receive an extension on our
loans. However, we cannot provide any assurance that such additional financing
will be available on terms acceptable to us, if at all. See Item 1 - "Business -
Special Considerations."

SEASONALITY

     Historically, we have experienced higher total revenue in the first two
quarters of the year than in the latter half of the year. We believe that this
results from seasonal buying patterns resulting, in part, from an increased
demand for certain automotive parts and accessories by customers having added
liquidity from income tax refunds during the first half of the year. We expect
this seasonality to have an effect on the revenue stream derived from sales of
CRAGAR brand products by our license partners.

INFLATION

     Increases in inflation generally result in higher interest rates. Higher
interest rates on our borrowings would decrease our profitability. To date,
general price inflation has not had a significant impact on our operations;
however, increases in metal prices have from time to time, and could in the
future, adversely affect the total revenue derived from the sales of our
licensed products. See "Special Considerations - Dependence on External
Financing" and "History of Previous Losses; Stockholders' Deficit; Going Concern
Opinion."

                             SPECIAL CONSIDERATIONS

     Our future operating results and financial condition are dependent upon,
among other things, our ability to implement our business strategy. Some, but
not all, potential risks and uncertainties that could affect our profitability
are set forth below.

WE HAVE A HISTORY OF PREVIOUS LOSSES AND A TOTAL STOCKHOLDERS' DEFICIT.

     We were incorporated in December 1992 and have incurred significant losses
in each of our fiscal years up through fiscal year ended December 31, 1998. For
the fiscal year ended December 31, 2002, we reported net earnings of $461,330.
In addition, for the fiscal years ended December 31, 2000 and December 31, 1999,
we reported net earnings of $1,075,029 and $54,678, respectively. For the fiscal
year ended December 31, 2001, we reported a net loss of $1,357,031. As of
December 31, 2002, we had an accumulated deficit of $16,740,884 and a total
stockholders' deficit of $996,691. There can be no assurance that we will be
profitable in the future.

                                       11
<PAGE>

THE INDEPENDENT AUDITOR'S REPORT ON OUR COMPANY'S 2002 FINANCIAL STATEMENTS HAS
BEEN QUALIFIED AS A GOING CONCERN.

     As a result of our total stockholders' deficit and the uncertainty
regarding our ability to meet our anticipated operating and working capital
needs, the independent auditors' report on our company's 2002 financial
statements has been qualified as a going concern.

WE ARE DEPENDENT ON THIRD PARTIES TO GENERATE ROYALTIES.

     Our revenue and operating results are substantially dependent on the
efforts and success of our third party licensing partners. Because the amount of
royalties payable to us is determined by the net sales of those products by our
licensing partners, our revenue is subject to our licensing partners' ability to
generate substantial net sales and deliver a high-quality product on a timely
basis to its customers. In addition, because our licensing partners' primary
fiduciary obligations are to their stockholders rather than our stockholders,
they may make decisions or take steps that would result in lower royalty
payments. If our licensing partners do not meet their obligations under their
respective licensing agreement, our primary remedy is to terminate that license
agreement. This remedy is only effective if we can identify and secure other
capable licensees to market and produce the affected products.

     For the calendar year 2002 and for the first and second quarters of
calendar 2003, Performance was in breach of its Exclusive Field of Use and
Licensing Agreement. The breach related to Performance's failure to meet or
exceed its minimum guaranteed payments for the fiscal year ended December 31,
2002 and for the quarters ended March 31, 2003 and June 30, 2003. We are working
with Performance to modify the Agreement in an attempt to cure the default and
reduce the likelihood of future defaults. In addition, we are evaluating
alternatives to the relationship with Performance, including, but not limited
to, finding another Licensee or evaluating our sourcing products.

WE MAY BE UNABLE TO SUPPORT MANUFACTURING, MARKETING, SALE, AND DISTRIBUTION IF
ANY OF OUR LICENSE AGREEMENTS ARE TERMINATED.

     If any of our licensing partners terminate their license agreement or we
terminate their license agreement for any reason, we may be forced to incur the
cost of manufacturing, marketing, selling, and distributing the licensed
products without the financial resources and distribution capabilities of our
licensees. In the alternative, we would be forced to possibly secure another
licensee capable of manufacturing, marketing, selling, and distributing the
licensed products on our behalf and paying any royalties based on the net sales
of those products. There can be no assurance that we would be able to meet these
obligations in the event that one or more of the license agreements is
terminated.

WE ARE DEPENDENT ON EXTERNAL FINANCING.

     During the fiscal quarter ending September 30, 2000, we paid off and
terminated our credit facility with the proceeds from a loan from two investors
totaling $1,200,000 at an interest rate of 2.25% above the prime rate. The loan
is secured by substantially all of our assets and was due to expire in August
2002. However, we extended the term of the loan to August 1, 2003. During the
fiscal quarter ended June 30, 2001, we obtained a loan from an investor totaling
$105,500 at an interest rate of 2.25% above the prime rate. The loan is secured
by substantially all of our assets and was recently extended to expire in April
2004. On July 1, 2003, we paid off $560,000 of the investor loan by borrowing
$560,000 from a group of lenders. The terms of the loan are similar to the terms
of the investor loan we paid off. The only differences are 1) the lenders have
agreed to convert the full amount of the loan into shares of Global
Entertainment common stock at the closing of our merger with Global
Entertainment, 2) the lenders did not receive any warrants associated with the
loan, and

                                       12
<PAGE>

3) the term of the new loan is five years instead of one year. Therefore, upon
consummation of the anticipated merger with Global Entertainment, all $1,265,500
will convert into shares of Global Entertainment common stock. Should the merger
not be consummated, and upon expiration of this loan and the outstanding
investor loans, it is likely we will be required to raise additional funds
through equity or debt financing to repay such loans and to fund working
capital. No assurance can be given however, that additional financing will be
available on terms acceptable to us, if at all.

OUR INVESTMENT IN WRENCHEAD MAY NOT BE PROFITABLE.

     We own 485,000 shares of Wrenchead, Inc.'s common stock. Of this amount, we
have assigned 208,108 shares of common stock to various parties and assigned all
of the Preferred Stock. Most of the shares are assigned to Limited Partners of
Cragar Investment Limited Partnership. As of December 31, 2001, the partnership
had raised $3,020,000, which was used primarily to acquire the economic rights
to 201,333 shares of Wrenchead, Inc.'s common stock owned by our company and to
pay for the costs of forming and administering the partnership. We are the
general partner of Cragar Investment Limited Partnership. During the first
quarter of fiscal year 2002, we acquired and assigned to the Cragar Investment
Limited Partnership 918,750 shares of Wrenchead, Inc. Series A Senior
Convertible Preferred Stock. To complete this transaction, the Partnership
raised $285,000 from a group of private investors. During the fourth quarter of
fiscal year 2001, we reported a loss on our investment in Wrenchead, Inc. of
$1,229,029 as a result of the reduction in the estimated market value of
Wrenchead, Inc.'s common stock that we have not assigned. There can be no
assurance that the investment in Wrenchead, Inc. will be profitable in the
future.

ROYALTY PAYMENTS DECREASE AS A PERCENTAGE OF SALES AS ROYALTIES INCREASE.

     The royalty structure with two of our licensing partners provides for a
decrease in percentage of net sales that determines our royalty payments as net
sales increase above certain levels. As a consequence, the benefits of a
substantial increase in sales sold by those licensing partners will be limited
by the negotiated royalty fee structure.

THE EXTENSION OF OUR BRAND NAMES TO OTHER PRODUCTS MAY NOT BE SUCCESSFUL.

     Our business strategy will attempt to extend the CRAGAR brand names to new
products developed by our licensees as well as to non-wheel related products
within the automotive aftermarket industry. We regard this extension of our
brand names to new products as a key element of a strategy that is designed to
increase net sales of CRAGAR brand products to generate increased royalty
revenue. There can be no assurance, however, that our licensees or we will be
successful in developing and marketing any new products under the CRAGAR brand
names, or if any new products are developed, that the net sales of these
products will have a positive impact on our financial results.

WE HAVE NO DUTY TO DISTRIBUTE ROYALTY PAYMENTS TO OUR STOCKHOLDERS.

     We anticipate using all royalty payments we receive pursuant to our
licensing agreements for working capital and to reduce our debt. We have never
paid any cash dividends on our common stock and do not anticipate doing so in
the foreseeable future. As a result, stockholders should not anticipate that
they will receive any distributions generated by our licensing transactions.

WE ARE DEPENDANT ON KEY CUSTOMERS AND OUR LICENSEES ABILITY TO MARKET AND SELL
TO EXISTING AND NEW CUSTOMERS.

     A limited number of customers historically accounted for a substantial
portion of our revenue in each fiscal year. These customers currently do
business with our licensees. We are dependent on

                                       13
<PAGE>

royalties from sales of CRAGAR products by our licensing partners to customers
including our previous customers. There can be no assurance that any of the
licensees will be successful in their sales and marketing efforts.

OUR INDUSTRY IS HIGHLY COMPETITIVE.

     The market for our products is highly competitive. Our royalties are based
on our licensing partners ability to compete on product selection (which
includes style and vehicle fit), timely availability of product for delivery,
quality, design innovation, price, payment terms, and service. We believe that
Weld, Carlisle, and Performance have sufficient financial, operational, and
distribution capabilities to compete effectively within the custom aftermarket
wheel industry. However, there can be no assurance that our licensing partners
will be successful in marketing custom aftermarket wheels under the CRAGAR brand
names. Increased competition could result in price reductions (which may be in
the form of rebates or allowances), reduced margins, and loss of market share,
all of which could have a material adverse effect on our licensing partners,
possibly resulting in the reduction or elimination of royalty payments due to
us.

GENERAL ECONOMIC FACTORS MAY ADVERSELY AFFECT OUR BUSINESS.

     The automotive aftermarket is directly impacted by several external
factors, such as the general demand for aftermarket automotive parts, prices for
raw materials used in producing our products, fluctuations in discretionary
consumer spending, and general economic conditions, including, but not limited
to, employment levels, business conditions, interest rates, and tax rates. While
we believe that current economic conditions favor stability in the markets in
which our products are sold, various factors, including, but not limited to,
those listed above, could lead to decreased sales and increased operating
expenses. We cannot provide any assurances that various factors will not
adversely affect our licensing partners' businesses in the future, causing a
decrease in royalty payments due us, or prevent us from successfully
implementing our business strategies.

WE CANNOT PROVIDE ANY ASSURANCES OF ADDITIONAL SUCCESSFUL ALLIANCES.

     In furtherance of our business strategy, we will continue to consider
alliances with other companies that could complement our business strategy,
including other complementary automotive aftermarket product lines where we can
capitalize on the CRAGAR brand name. We cannot provide any assurances that
suitable licensing candidates can be identified, or that, if identified,
adequate and acceptable licensing terms will be available to us. Furthermore,
even if we complete one or more licensing agreements, there can be no assurance
that our licensing partners will be successful in manufacturing, marketing,
selling, and distributing the licensed products.

     Any additional investment by us in Wrenchead, Inc. or other companies may
result in a potentially dilutive issuance of equity securities, or the
incurrence of additional debt, which could adversely affect our financial
position. Alliances, whether licensing or direct investments in companies,
involve numerous risks, such as the diversion of the attention of our management
from other business concerns and our entrance into markets in which we have had
no or only limited experience, both of which could have a material adverse
effect on our business, financial condition, and results of operations.

OUR OPERATING RESULTS MAY VARY SUBSTANTIALLY FROM QUARTER TO QUARTER.

     Our operating results traditionally have varied due to the size and timing
of customer orders, delays in new product enhancements and new product
introductions, vendor quality control and delivery difficulties, market
acceptance of new products, product returns, product rebates and allowances,
seasonality in product purchases by distributors and end users, and pricing
trends in the

                                       14
<PAGE>

automotive aftermarket industry in general and in the specific markets in which
we participated and that our custom wheel licensees participate in.
Historically, our net sales were highest in the first and second quarters of
each fiscal year. Significant variation in orders during any period may have an
impact on our cash flow or workflow. We believe that any period-to-period
comparisons of our financial results are not necessarily meaningful and should
not be relied upon as an indication of future performance. We expect that our
licensing partners will be subject to the same variations and industry
seasonality as we have experienced in the past. These variations may cause
fluctuations in the sales of CRAGAR branded products thereby causing
fluctuations in the royalties due us.

WE ARE SUBJECT TO CHANGING CUSTOMER TRENDS.

     Our success depends, in part, on the ability of our licensing partners to
correctly and consistently anticipate, gauge, and respond in a timely manner to
changing consumer preferences. We cannot provide any assurance that our licensed
products will continue to enjoy acceptance among consumers or that any of the
future CRAGAR branded products developed and marketed by our licensing partners
will achieve or maintain market acceptance. Any misjudgment by our licensing
partners of the market for a particular product or product extension, or their
failure to correctly anticipate changing consumer preferences, could have a
material adverse effect on their businesses, financial condition, and results of
operations. Any material adverse effect experienced by our licensing partners
may have an adverse effect on us and our business, financial condition, and
results of operations.

WE ARE SUBJECT TO VARIOUS GOVERNMENTAL REGULATIONS.

     We historically have been subject to various federal and state governmental
regulations related to occupational safety and health, labor, and wage practices
as well as federal, state, and local governmental regulations relating to the
storage, discharge, handling, emission, generation, manufacture, and disposal of
toxic or other hazardous substances used to produce our products. We believe
that we have been and are currently in material compliance with such
regulations.

     We are subject to regulation as a publicly traded company under the
Securities Exchange Act of 1934. In addition, as a consequence of the sale and
licensing of our wrought wheel, steel outer rim wheel and one-piece businesses,
which could be considered a sale of substantially all of our assets, in exchange
for the receipt of a stream of royalty payments, we could face regulatory issues
under the Investment Company Act of 1940 if the royalty payments are considered
investment securities. If we are considered to be an investment company under
the 1940 Act, we would be required to register under that Act as an investment
company. As a registered investment company, we would be subject to further
regulatory oversight of the Division of Investment Management of the SEC, and
our activities would be subject to substantial and costly regulation under the
1940 Act. While we do not believe that our activities will subject us to the
1940 Act and accordingly do not intend to register as an investment company
under the Act, we cannot provide any assurances that such registration would not
be required in the future.

WE RELY ON INTELLECTUAL PROPERTY.

     We own the rights to certain trademarks and patents, rely on trade secrets
and proprietary information, technology, and know-how, and seek to protect this
information through agreements with former employees and vendors. We cannot
provide any assurances that our patents will preclude our competitors from
designing competitive products, that proprietary information or confidentiality
agreements with licensees, former employees, and others will not be breached,
that our patents will not be infringed, that we would have adequate remedies for
any breach or infringement, or that our trade secrets will not otherwise become
known to or independently developed by our competitors.

                                       15
<PAGE>

OUR EXISTING STOCKHOLDERS MAY EFFECTIVELY CONTROL OUR COMPANY.

     Our directors, officers, and principal stockholders beneficially own, on a
fully diluted basis, approximately 46.5% of our outstanding common stock. As a
result, these persons have a significant influence on our affairs and
management, as well as on all matters requiring stockholder approval, including
electing and removing members of our Board of Directors, causing us to engage in
transactions with affiliated entities, causing or restricting the sale or merger
of our company, and changing our dividend policy. Such concentration of
ownership and control could have the effect of delaying, deferring, or
preventing a change in control of our company even when such a change of control
would be in the best interest of our other stockholders.

THE ISSUANCE OF LARGE AMOUNTS OF PREFERRED STOCK COULD HAVE A MATERIAL ADVERSE
EFFECT ON THE VALUE OF OUR COMMON STOCK.

     Our Amended and Restated Certificate of Incorporation authorizes our Board
of Directors to issue "blank check" preferred stock, the relative rights,
powers, preferences, limitations, and restrictions of which may be fixed or
altered from time to time by our Board of Directors. Accordingly, our Board of
Directors is empowered, without stockholder approval, to issue preferred stock
with dividend, liquidation, conversion, voting, or other rights that could
adversely affect the voting power and other rights of the holders of common
stock. As of January 30, 2001, there were no shares of any Series A Preferred
Stock outstanding. Additional series of preferred stock could be issued, under
certain circumstances, as a method of discouraging, delaying, or preventing a
change in control of our company that stockholders might consider to be in our
company's best interests. There can be no assurance that we will not issue
additional shares of preferred stock in the future.

WE ARE DEPENDENT ON KEY PERSONNEL.

     Our future success depends, in large part, on the efforts of Michael L.
Hartzmark, our Chairman and Chief Executive Officer. The loss of the services of
Dr. Hartzmark could have a material adverse effect on our business. While Dr.
Hartzmark does not have an employment agreement with us, Dr. Hartzmark and his
family beneficially held on a fully diluted basis, as of June 30, 2003, more
than 18.2% of our common stock. The successful implementation of our business
strategies depend, in significant part, on the hiring of qualified management
and other personnel by our licensing partners.

WE HAVE NEVER PAID CASH DIVIDENDS.

     We have never paid cash dividends or stock dividends on our common stock
and do not anticipate that we will pay cash dividends in the foreseeable future.
It is anticipated that any earnings will be used to finance growth of our
business and to reduce our debt.

ITEM 3. CONTROLS AND PROCEDURES

            As of the end of the period covered by this report, our Chief
Executive Officer and Chief Financial Officer have reviewed and evaluated the
effectiveness of our disclosure controls and procedures, which included
inquiries made to certain other of our employees. Based on their evaluation, our
Chief Executive Officer and Chief Financial Officer have each concluded that our
disclosure controls and procedures are effective and sufficient to ensure that
we record, process, summarize, and report information required to be disclosed
by us in our periodic reports filed under the Securities Exchange Act within the
time periods specified by the Securities and Exchange Commission's rules and
forms.

                                       16
<PAGE>

     During the fiscal quarter covered by this report, there have not been any
changes in our internal control over financial reporting that has materially
affected, or is reasonably likely to materially affect, our internal control
over financial reporting.

                           PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

     We are an unsecured creditor in the matter of in Re Super Shops, Inc., et
al., Case No. LA 97-46094-ER, a bankruptcy action filed by Super Shops, Inc.,
previously our primary customer. Because we are an unsecured creditor in this
matter, the amount and timing of the recovery, if any, on our account receivable
from Super Shops, Inc. is uncertain.

     There are currently no material pending proceedings to which we are a party
or to which any of our property is subject, although we are from time to time
involved in routine litigation incidental to the conduct of our business.


ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

     (a) Exhibits

EXHIBIT
NUMBER                            DESCRIPTION
------                            -----------

3.1      Second Amended and Restated Certificate of Incorporation of the
         Registrant filed with State of Delaware on October 1, 1996 (1)
3.2      Amended and Restated Bylaws of the Registrant (1)
3.3      Form of Certificate of Designation (3)
4        Form of Certificate representing Common Stock (1)
4.1      Form of Warrant Agreement (2)
4.3      Form of Warrant Certificate (1)
4.5      Form of Class A Stock Purchase Warrant Certificate (1)
4.7      Form of Class C Stock Purchase Warrant Certificate (1)
4.8      Form of Stock Option / Restricted Stock Grant for grants made pursuant
         to either or both the CRAGAR Industries,  Inc. 1996 Non-Employee
         Directors' Stock Option Plan and the CRAGAR Industries, Inc. 1996 Stock
         Option and Restricted Stock Plan (1)
10.1     CRAGAR Industries, Inc. 1996 Non-Employee Directors' Stock Option Plan
         (1)
10.1(a)  First Amendment to the CRAGAR Industries, Inc. 1996 Non-Employee
         Directors' Stock Option Plan, dated October 1, 1996 (1)
10.2     CRAGAR Industries, Inc. 1996 Stock Option and Restricted Stock Plan (1)
10.2(a)  First Amendment to the CRAGAR Industries, Inc. 1996 Stock Option and
         Restricted Stock Plan, dated October 1, 1996 (1)
10.4     Form of Promissory Note of the Registrant, dated March 16, 1999 (4)
10.5     Form of Security Agreement underlying Promissory Note of the
         Registrant, dated March 16, 1999 (4)
10.6     Agreement of Purchase and Sale of Assets between the Registrant and
         Weld Racing, Inc. dated September 30, 1999 (5)
10.7     Exclusive Field of Use License Agreement between the Registrant and
         Weld Racing, Inc. dated September 30, 1999 (5)

                                       17
<PAGE>

10.8     Agreement of Purchase and Sale of Assets between the Registrant and
         Carlisle Tire and Wheel Co. dated October 15, 1999 (5)
10.9     Exclusive Field of Use License Agreement between the Registrant and
         Carlisle Tire and Wheel Co. dated October 15, 1999 (5)
10.10    Form of Promissory Note of the Registrant, dated December 22, 1999 (6)
10.11    Form of Security Agreement underlying Promissory Note of Registrant,
         dated December 22, 1999 (6)
10.12    Stock Option (7)
10.13    Sales Agreement (7)
10.14    Amendment to Sales Agreement (7)
10.15    Form of Promissory Note of the Registrant, dated August 1, 2000 (8)
10.16    Form of Security Agreement underlying Promissory Note of the
         Registrant, dated August 1, 2000 (8)
10.17    Form of Security Agreement (Pledge) underlying Promissory Note of the
         Registrant, dated August 1, 2000 (8)
10.18    Exclusive Field of Use License Agreement between the Registrant and
         Performance Wheel Outlet, Inc. dated September 1, 2000 (8)
10.19    Form of Promissory Note of the Registrant, dated March 1, 2001 (8)
10.20    Form of Restricted Stock Agreement with Trademarketing Resources, Inc.
         (9)
10.21    Licensing Representation Agreement with Trademarketing Resources, Inc.
         (10)
10.22    Definitive Agreement and Plan of Merger Agreement with Global
         Entertainment Corporation, dated June 13, 2003
11       Schedule of Computation of Earnings per Share
21       List of Subsidiaries of the Registrant (1)
31.1     Certification of President and Chief Executive Officer, pursuant to
         Rule 13a-14(a) and Rule 15d-14(a), promulgated under the Securities
         Exchange Act of 1934, as amended
31.2     Certification of Chief Financial Officer, pursuant to Rule 13a-14(a)
         and Rule 15d-14(a), promulgated under the Securities Exchange Act of
         1934, as amended
32.1     Certification of President and Chief Executive Officer, pursuant to 18
         U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes
         Oxley Act of 2002
32.2     Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section
         1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of
         2002

---------------
(1)  Incorporated by reference to Cragar's Registration on Form SB-2 (No.
     333-13415)
(2)  Incorporated by reference to Cragar's Annual Report on Form 10-K for the
     fiscal year ended December 31, 1996 (No. 1-12559)
(3)  Incorporated by reference to Cragar's Current Report of Form 8-K, filed
     January 23, 1999 (no. 1-12559)
(4)  Incorporated by reference to Cragar's Quarterly Report on Form 10-QSB,
     filed on May 12, 1999 (no. 1-12559)
(5)  Incorporated by reference to Cragar's Quarterly Report on Form 10-QSB,
     filed on November 15, 1999 (no. 1-12559)
(6)  Incorporated by reference to Cragar's Annual Report on Form 10-K for the
     fiscal year ended December 31, 1999 (No. 1-12559)
(7)  Incorporated by reference to Cragar's Quarterly Report on Form 10-QSB,
     filed on August 15, 2000 (no. 1-12559)
(8)  Incorporated by reference to Cragar's Annual Report on Form 10-K for the
     fiscal year ended December 31, 2000 (No. 1-12559)
(9)  Incorporated by reference to Cragar's Registration Statement on Form S-8
     filed on May 22, 2001 (No. 333-61414)
(10) Incorporated by reference to Cragar's Quarterly Report on Form 10-QSB,
     filed on August 14, 2001 (no. 1-12559)

                                       18
<PAGE>

                                   SIGNATURES
                                   ----------

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                             CRAGAR INDUSTRIES, INC.


Dated: August 14, 2003               By: /s/ Michael L. Hartzmark
       ---------------                   --------------------------
                                         Michael L. Hartzmark
                                         Chairman, CEO and Treasurer

Dated: August 14, 2003               By: /s/ Richard P. Franke
       ---------------                   --------------------------
                                         Richard P. Franke
                                         Chief Financial Officer
                                         (Principal Financial and Accounting
                                          Officer)






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