UNITED STATES
                        SECURITES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

             QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


                For the quarterly period ended February 28, 2006

                         Commission File No. 000-50643


                        GLOBAL ENTERTAINMENT CORPORATION
       (Exact name of small business issuer as specified in its charter)


           Nevada                                       86-0933274
(State or other Jurisdiction of          (I.R.S. Employer Identification Number)
 incorporation or organization)


                       4909 East McDowell Road, Suite 104
                           Phoenix, Arizona 85008-4293
                                 (480) 994-0772

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate  whether the registrant is a shell company (as defined in Rule 12b-2 of
the Exchange Act) Yes [ ] No [X]

Number of shares outstanding of each of the registrant's classes of common stock
as of February 28, 2006:

                          COMMON STOCK, $.001 PAR VALUE
                                5,378,492 SHARES

Transitional Small Business Disclosure Format (Check one):  Yes [ ] No[X]
<PAGE>
                        GLOBAL ENTERTAINMENT CORPORATION
                                      INDEX
                              REPORT ON FORM 10-QSB
                     FOR THE QUARTER ENDED FEBRUARY 28, 2006


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Balance Sheets - As of February 28, 2006
(Unaudited) and May 31, 2005                                                 3

Condensed Consolidated Statements of Operations (Unaudited) -
Nine Months and Three Months Ended February 28, 2006 and 2005                5

Condensed Consolidated Statements of Changes in Stockholders'
Equity - Fiscal Year ended May 31, 2005 and Nine Months Ended
February 28, 2006 (Unaudited)                                                6

Condensed Consolidated Statements of Cash Flows (Unaudited) -
Nine Months Ended February 28, 2006 and 2005                                 7

Notes to Condensed Consolidated Financial Statements                         9

Item 2. Management's Discussion and Analysis of Financial Condition
        and Results of Operations                                           15

Item 3. Controls and Procedures                                             22

PART II. OTHER INFORMATION

Item 1. Legal Proceedings                                                   22

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds         23

Item 6. Exhibits                                                            23

                                       2
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS


                                     ASSETS

<TABLE>
<CAPTION>
                                                                           February 28,          May 31,
                                                                              2006                2005
                                                                           ----------          ----------
                                                                           (Unaudited)
<S>                                                                        <C>                 <C>
CURRENT ASSETS:
Cash and cash equivalents                                                  $1,148,320          $  750,159
Accounts receivable - trade, less allowance for doubtful accounts
 of $14,945 at February 28, 2006 and $20,891 at May 31, 2005                2,812,234           3,660,030
Accounts receivable - related parties and miscellaneous                       103,567              37,873
Prepaid expenses                                                              220,713             106,776
Deferred income tax asset                                                      73,285               8,000
                                                                           ----------          ----------

      TOTAL CURRENT ASSETS                                                  4,358,119           4,562,838

Accounts receivable - trade - long term portion                               450,000                  --

Property and Equipment, net                                                   202,606             167,328

Intangible Assets, net                                                         32,476              41,207

Goodwill                                                                    4,061,466           4,061,466

Non-Marketable Securities                                                      78,489              78,489

Miscellaneous Assets                                                           71,743             102,475
                                                                           ----------          ----------

      TOTAL ASSETS                                                         $9,254,899          $9,013,803
                                                                           ==========          ==========
</TABLE>

               The Accompanying Notes are an Integral Part of the
                  Condensed Consolidated Financial Statements

                                       3
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)


                      LIABILITIES AND STOCKHOLDERS' EQUITY


<TABLE>
<CAPTION>
                                                                          February 28,          May 31,
                                                                             2006                2005
                                                                          ----------          ----------
                                                                          (Unaudited)
<S>                                                                       <C>                 <C>
CURRENT LIABILITIES:
Accounts payable                                                          $1,326,994          $1,558,771
Accounts payable - related party                                                  --              13,252
Accrued liabilities                                                          970,449           1,127,400
Deferred revenues - current portion                                          714,199             421,350
                                                                          ----------          ----------

      TOTAL CURRENT LIABILITIES                                            3,011,642           3,120,773

Deferred revenues                                                            669,403             669,403
Deferred income tax liability                                                 62,000              68,000
                                                                          ----------          ----------

      TOTAL LIABILITIES                                                    3,743,045           3,858,176
                                                                          ----------          ----------
STOCKHOLDERS' EQUITY:
Preferred stock - $.001 par value; 10,000,000 shares authorized;
 no shares issued or outstanding                                                  --                  --
Common stock - $.001 par value; 50,000,000 shares authorized;
 5,378,492 and 5,345,738 shares issued and outstanding as of
 February 28, 2006 and May 31, 2005, respectively                              5,378               5,346
Paid-in capital                                                            5,166,816           5,053,098
Accumulated earnings                                                         339,660              97,183
                                                                          ----------          ----------

      TOTAL STOCKHOLDERS' EQUITY                                           5,511,854           5,155,627
                                                                          ----------          ----------

      TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                          $9,254,899          $9,013,803
                                                                          ==========          ==========
</TABLE>

               The Accompanying Notes are an Integral Part of the
                  Condensed Consolidated Financial Statements

                                       4
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                   FOR THE NINE MONTHS AND THREE MONTHS ENDED
                     FEBRUARY 28, 2006 AND 2005 (UNAUDITED)

<TABLE>
<CAPTION>
                                             For the nine months ended           For the three months ended
                                         February 28,       February 28,       February 28,       February 28,
                                             2006               2005               2006               2005
                                         ------------       ------------       ------------       ------------
<S>                                      <C>                <C>                <C>                <C>
Revenues
  Project management fees                $  6,387,092       $  5,521,439       $    794,366       $  1,374,071
  Facility management fees                  1,203,067                 --            630,588                 --
  Licensing and advertising fees            2,054,121          2,334,498            719,194          1,130,650
  Ticket service fees                       1,203,204            119,891            666,356             96,964
  Franchise fees                              150,000          1,015,000             50,000                 --
  Other revenue                                 7,392             41,513              5,702             19,579
                                         ------------       ------------       ------------       ------------
                                           11,004,876          9,032,341          2,866,206          2,621,264
                                         ------------       ------------       ------------       ------------
Operating Costs
  Cost of revenues                          6,530,595          5,307,594          1,363,268          1,200,297
  General and administrative costs          4,239,186          3,584,774          1,462,748          1,348,927
                                         ------------       ------------       ------------       ------------
                                           10,769,781          8,892,368          2,826,016          2,549,224
                                         ------------       ------------       ------------       ------------

Income from Operations                        235,095            139,973             40,190             72,040

Other Income (Expense)
  Interest income                               7,414                  2              2,836                 --
  Interest expense                            (10,317)            (5,116)            (4,444)            (5,116)
                                         ------------       ------------       ------------       ------------

Income Before Income Taxes                    232,192            134,859             38,582             66,924
Income Tax Benefit                             10,285                 --             57,285                 --
                                         ------------       ------------       ------------       ------------

Net Income                               $    242,477       $    134,859       $     95,867       $     66,924
                                         ============       ============       ============       ============


Income Per Share - basic                 $       0.05       $       0.03       $       0.02       $       0.01
                                         ============       ============       ============       ============
Weighted average shares outstanding
  - basic                                   5,346,583          5,343,128          5,348,302          5,345,738
                                         ============       ============       ============       ============

Income Per Share -  diluted              $       0.04       $       0.02       $       0.02       $       0.01
                                         ============       ============       ============       ============
Weighted average shares outstanding
  - diluted                                 5,647,062          5,514,338          5,684,406          5,533,647
                                         ============       ============       ============       ============
</TABLE>

               The Accompanying Notes are an Integral Part of the
                  Condensed Consolidated Financial Statements

                                       5
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
      CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
                     FOR THE YEAR ENDED MAY 31, 2004 AND THE
                       NINE MONTHS ENDED FEBRUARY 28, 2005


<TABLE>
<CAPTION>
                                                   Common Stock
                                                -------------------        Paid-in       Accumulated
                                                Shares       Amount        Capital        Earnings          Total
                                                ------       ------        -------        --------          -----
<S>                                          <C>            <C>         <C>             <C>             <C>
Balance at May 31, 2004                       5,338,238      $5,338      $4,981,156      $(338,578)      $4,647,916

Options issued for services                          --          --          43,200             --           43,200

Issuance of common stock                          2,500           3          11,247             --           11,250
 for services

Exercise of options                               5,000           5          17,495             --           17,500

Net income for year ended
 May 31, 2005                                        --          --              --        435,761          435,761
                                              ---------      ------      ----------      ---------       ----------

Balance at May 31, 2005                       5,345,738       5,346       5,053,098         97,183        5,155,627

Exercise of options (Unaudited)                  32,754          32         113,718             --          113,750

Net income for nine months ended
 February 28, 2006 (Unaudited)                       --          --              --        242,477          242,477
                                              ---------      ------      ----------      ---------       ----------

Balance at February 28, 2006 (Unaudited)      5,378,492      $5,378      $5,166,816      $ 339,660       $5,511,854
                                              =========      ======      ==========      =========       ==========
</TABLE>

               The Accompanying Notes are an Integral Part of the
                  Condensed Consolidated Financial Statements

                                       6
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
        FOR THE NINE MONTHS ENDED FEBRUARY 28, 2006 AND 2005 (UNAUDITED)

<TABLE>
<CAPTION>
                                                                              For the nine months ended
                                                                           February 28,          February 28,
                                                                               2006                  2005
                                                                           -----------           -----------
<S>                                                                        <C>                   <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                                               $   242,477           $   134,859
  Adjustments to reconcile net income to net cash
   used by operating activities:
     Depreciation and amortization                                              89,537                46,279
     Deferred income taxes                                                     (71,285)                   --
     Issuance of stock and options for services                                     --                54,450
  Changes in Assets and Liabilities:
     Accounts receivable
       - trade, net                                                            397,796            (1,393,826)
       - related party and miscellaneous                                       (65,694)                9,072
     Prepaid expenses                                                         (113,937)               (1,326)
     Miscellaneous assets                                                       30,732                (1,500)
     Accounts payable
       - trade                                                                (231,777)              365,789
       - related party                                                         (13,252)               (3,116)
     Accrued liabilities                                                      (156,951)             (155,954)
     Deferred revenues                                                         292,849               492,973
                                                                           -----------           -----------
             NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:              400,495              (452,300)
                                                                           -----------           -----------
CAFLOWS FROM INVESTING ACTIVITIES:
  Purchase of fixed assets                                                    (112,227)             (169,646)
  Proceeds from sale of fixed assets                                             1,941                    --
  Purchase of patents and trademarks                                            (5,798)               (2,104)
  Increase in goodwill                                                              --                (4,960)
                                                                           -----------           -----------
             NET CASH USED IN INVESTING ACTIVITES:                            (116,084)             (176,710)
                                                                           -----------           -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from debt                                                           150,000               399,000
  Repayment of debt                                                           (150,000)             (149,999)
  Stock options exercised                                                      113,750                17,500
                                                                           -----------           -----------
             NET CASH PROVIDED BY FINANCING ACTIVITIES:                        113,750               266,501
                                                                           -----------           -----------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS:                          398,161              (362,509)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD:                                750,159               483,773
                                                                           -----------           -----------

CASH AND CASH EQUIVALENTS, END OF PERIOD:                                  $ 1,148,320           $   121,264
                                                                           ===========           ===========
</TABLE>

               The Accompanying Notes are an Integral Part of the
                  Condensed Consolidated Financial Statements

                                       7
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
        FOR THE NINE MONTHS ENDED FEBRUARY 28, 2006 AND 2005 (UNAUDITED)
                                   (CONTINUED)

<TABLE>
<CAPTION>
                                                             For the nine months ended
                                                           February 28,        February 28,
                                                              2006                2005
                                                           ----------          ----------
<S>                                                        <C>                 <C>
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
  Cash paid during the period for interest                 $   10,317          $    5,116
                                                           ==========          ==========

  Cash paid during the period for income taxes             $  179,256          $    8,257
                                                           ==========          ==========

NON-CASH INVENSTING AND FINANCE ACTIVITIES
  Stock and options issued for services                    $       --          $   54,450
                                                           ==========          ==========

  Stock options exercised                                  $       --          $   17,500
                                                           ==========          ==========
</TABLE>


               The Accompanying Notes are an Integral Part of the
                  Condensed Consolidated Financial Statements

                                       8
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

--------------------------------------------------------------------------------
                                     NOTE 1
        SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, AND USE OF ESTIMATES
--------------------------------------------------------------------------------

BASIS OF PRESENTATION

The condensed consolidated financial statements include the financial statements
of  Global   Entertainment   Corporation   ("Global")   and  its  wholly   owned
subsidiaries,  Western  Professional  Hockey  League Inc.  ("WPHL")  dba Central
Hockey League ("CHL"),  International  Coliseums Company,  Inc. ("ICC"),  Global
Entertainment  Marketing Systems ("GEMS"),  Cragar Industries,  Inc. ("Cragar"),
Global  Entertainment  Ticketing  ("GETTIX"),  and  Encore  Facility  Management
("Encore")  (collectively  referred to as "we", "our",  "us", or the "Company").
All significant  intercompany  balances and transactions have been eliminated in
consolidation.

Our accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial  information and with the instructions  for Form 10-QSB.  Accordingly,
they do not include all the  information  and  footnotes  required by  generally
accepted accounting principles for complete financial statements. In the opinion
of  management,  all  adjustments  (consisting  of  normal  recurring  accruals)
considered necessary for fair presentation have been included.

Operating  results for the nine month  period  ended  February  28, 2006 are not
necessarily  indicative  of the results that may be expected for the year ending
May 31,  2006 or for any other  period.  For further  information,  refer to the
financial  statements and footnotes  included in our annual report on Form-10KSB
for the year ended May 31, 2005.

USE OF ESTIMATES

Management uses estimates and assumptions in preparing  financial  statements in
accordance with accounting  principles  generally accepted in the United States.
Those  estimates  and  assumptions  affect  the  reported  amounts of assets and
liabilities,  the  disclosure  of  contingent  assets and  liabilities,  and the
reported revenues and expenses.  Actual results may vary from the estimates that
were assumed in preparing the financial statements.  Material estimates include,
but are not limited to, the allowance for doubtful accounts,  the carrying value
of  intangible  assets,  the  realization  of the  deferred  income  tax  asset,
percentage  of  completion   estimates,   potential   liabilities  arising  from
litigation,  and the  allocation of expenses and division of profit  relating to
the  joint  operating  agreement.  Due  to  the  uncertainties  inherent  in the
estimation  process  and  the  significance  of  these  items,  it is  at  least
reasonably  possible that the estimates in connection  with these items could be
further materially revised in future periods.

REVENUE RECOGNITION

FRANCHISE FEES:  Initial franchise fees represent amounts received from WPHL/CHL
franchisees to acquire a hockey  franchise.  The amount is recognized as revenue
when the  franchise  agreement is signed and we have met all of our  significant
obligations under the terms of the franchise  agreement.  We are responsible for
assisting  the  franchisee  with facility  lease  contract  negotiations,  venue
ticketing  analysis  and  pricing,   concessionaire  negotiations  and  staffing
advisements.  These  generally  occur  at the  time the  franchisee  acquires  a
franchise.  Transfer  franchise  fees  represent  the  amounts  received  from a
franchisee upon the transfer of ownership of a franchise and are recognized upon
completion of the transfer.

LICENSING AND  ADVERTISING  FEES:  Pursuant to the terms of the Joint  Operating
Agreement  ("JOA"),  each team in the WPHL/CHL  pays annual  assessment  fees of
$75,000, plus $15,000 per annum for officiating costs. In addition, the 12 teams

                                       9
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

--------------------------------------------------------------------------------
                                     NOTE 1
  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, AND USE OF ESTIMATES (CONTINUED)
--------------------------------------------------------------------------------

from the WPHL pay an extra $10,000  annually to cover Global's  costs.  The fees
are  recognized  proportionately  over the  year.  At the end of the  year,  net
profits, or losses are shared  proportionately with each member of the JOA based
upon the amount of revenue that each member has contributed to the league.  GEMS
sells certain contractual rights including facility naming rights,  luxury suite
sales,  club seat license sales,  facility  sponsorship  agreements,  and ticket
operations contracts. The revenue from these contracts is recognized when earned
in accordance with the contract.  Corporate  sponsorship fees represent  amounts
received from third-party sponsors.  Revenue from this source is recognized when
earned based on the terms of the agreement.  Cragar owns the exclusive  right to
sell,  market and promote the CRAGAR(R)  brand name. For this right,  we receive
royalties based on the sale of licensed products.  This revenue is recognized at
the completed sale of the licensed products.

PROJECT  MANAGEMENT  FEES: ICC receives  design/build  and  construction-project
supervisory contract revenue from various  municipalities in connection with the
construction  and financing of municipal  venues.  This is recognized as revenue
ratably over the duration of the contracts. Project management fees also include
amounts  billed by the Company  relating to furniture  fixtures  and  equipment,
architecture  fees,  and other  amounts  incurred  by the  Company  on behalf of
municipalities. The related revenue and expense for these amounts are recognized
in the  period  incurred.  Revenues  and costs  from  fixed-price  and  modified
fixed-price construction contracts, if any, will be recognized for each contract
on the  percentage-of-completion  method,  measured by the  percentage  of costs
incurred to date to the estimated  total direct  costs.  As contracts can extend
over one or more accounting  periods,  revisions in costs and earnings estimated
during the course of the work are  reflected  during  the  accounting  period in
which the facts that  required such revision  become known.  Project  management
revenues  are  recorded  based on the  gross  amounts  billed to a  customer  in
accordance with EITF 99-19,  "Reporting  Revenue Gross as a Principal versus Net
as an Agent"

FACILITY  MANAGEMENT FEES:  Encore receives a fee for managing the operations of
various  municipal  venues.   These  activities  include  developing   operating
procedures  and  manuals,  hiring all  staff,  supporting  sales and  marketing,
location maintenance,  concessions  coordination,  preparing annual budgets, and
securing and promoting events.  Revenues from facility  management  services are
recognized as services are rendered and consist of contract fees,  which reflect
the total price of such services.  Where the Company  principally manages people
who are  employees at the facility,  the payroll  costs from such  employees are
recognized by the Company and are included in "Cost of revenues".

TICKET SERVICE FEES: GETTIX is a ticketing agent with various venues,  theatres,
event  centers,  and private  entities  requiring  services to fulfill orders to
ticketed  events.  Revenues are generated  from the fees charged for  processing
ticket  orders.  These  revenues are  recognized  upon  completion  of the sale.
Ticketing  revenues  are  recorded  based on the net fees  retained by GETTIX in
accordance with EITF 99-19.

EARNINGS PER SHARE

Basic  income per share of common  stock was computed by dividing the net income
by the weighted average number of shares of common stock outstanding  during the
period.

Diluted  earnings per share are computed based on the weighted average number of
shares of common stock and dilutive  securities  outstanding  during the period.
Dilutive  securities  are not included in the weighted  average number of shares
when  inclusion  would  increase the earnings per share or decrease the loss per

                                       10
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

--------------------------------------------------------------------------------
                                     NOTE 1
  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, AND USE OF ESTIMATES (CONTINUED)
--------------------------------------------------------------------------------

share.  As of  February  28,  2006 and  2005  there  were  690,983  and  562,983
potentially dilutive securities outstanding, respectively.

As of  February  28,  2006  there  were  712,500  options  and  59,960  warrants
outstanding to purchase common stock. As of February 28, 2005 there were 602,523
options and 60,460 warrants outstanding to purchase common stock.

STOCK-BASED COMPENSATION

EMPLOYEE STOCK OPTIONS:

We  have  elected  to  follow  Accounting   Principals  Board  Opinion  No.  25,
"Accounting   for  Stock  Issued  to   Employees"   (ABP  25)  and  the  related
interpretations  in accounting  for our employee  stock  options.  Under APB 25,
because the  exercise  price of  employee  stock  options  equals or exceeds the
market  price of the  underlying  stock on the date of  grant,  no  compensation
expense is  recorded.  We have also  adopted the  disclosure-only  provision  of
Statement of Financial  Accounting  Standards ("SFAS") No. 123,  "Accounting for
Stock  Based  Compensation",  as  amended  by  SFAS  No.  148,  "ACCOUNTING  FOR
STOCK-BASED COMPENSATION - TRANSITION & DISCLOSURE."

The following table illustrates the effect on net income/(loss) and earnings per
share if the Company had applied the fair value  recognition  provisions of SFAS
No. 148 to stock-based employee compensation.

<TABLE>
<CAPTION>
                                                              For the nine months ended
                                                           February 28,         February 28,
                                                              2006                 2005
                                                           ----------           -----------
                                                           (Unaudited)          (Unaudited)
<S>                                                        <C>                  <C>
Net income, as reported                                    $  242,477           $   134,859
Deduct: Total stock-based employee compensation
 expense determined under fair value based method
 for all awards, net of related tax effects                  (366,926)             (353,553)
                                                           ----------           -----------

Pro forma net loss                                         $ (124,449)          $  (218,694)
                                                           ==========           ===========
INCOME / (LOSS) PER SHARE:
  Basic, as reported                                       $     0.05           $      0.03
                                                           ==========           ===========

  Basic, pro forma                                         $    (0.02)          $     (0.04)
                                                           ==========           ===========
INCOME / (LOSS) PER SHARE:
  Diluted, as reported                                     $     0.04           $      0.02
                                                           ==========           ===========

  Diluted, pro forma                                       $    (0.02)          $     (0.04)
                                                           ==========           ===========
</TABLE>

The fair  value of option  grants is based on the Black  Scholes  option-pricing
model with the following weighted average assumptions:

                                       11
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

--------------------------------------------------------------------------------
                                     NOTE 1
  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, AND USE OF ESTIMATES (CONTINUED)
--------------------------------------------------------------------------------

Option issue dates          8/1/2004      6/1/2005      9/8/2005      11/18/2005
                            --------      --------      --------      ----------

Expected volatility          50.32%        40.83%        35.86%         35.91%
Risk-free interest rate       4.50%         3.91%         4.15%          4.50%
Expected dividends             --             --            --            --
Expected life               10 Years      10 Years      10 Years       10 Years
Option Value                 $4.50         $3.13         $3.55          $4.72

--------------------------------------------------------------------------------
                                     NOTE 2
                                     EQUITY
--------------------------------------------------------------------------------

During the nine months ended  February 28, 2006,  we issued  options to purchase
156,477  shares of common  stock to various  directors  and  employees.  Seventy
thousand options granted during the period had an exercise price of $5.40,  five
thousand  options granted during the period had an exercise price of $6.50,  and
eighty one thousand four hundred seventy seven options granted during the period
had an exercise price of $8.50. All options granted during the nine months ended
February  28, 2006 have a term of ten (10) years.  During the three months ended
February 28, 2006 we did not issue options to purchase shares of common stock.

During the nine months ended  February 28, 2005,  we issued  options to purchase
123,500 shares of common stock to various directors,  managers, and consultants.
During the three months ended  February 28, 2005, we issued  options to purchase
100,000 shares of common stock.  Options totaling 23,500 granted during the nine
months  ended  February  28, 2005 had an  exercise  price of $4.50 per share and
options  totaling  100,000 had an exercise price of $5.75 per share. All options
granted  during the nine months ended  February 28, 2005 have a term of ten (10)
years.

--------------------------------------------------------------------------------
                                     NOTE 3
                                 LINE OF CREDIT
--------------------------------------------------------------------------------

In October 2005,  we obtained an increase in our  revolving  line of credit from
$1,000,000  to  $2,000,000.  As of February  28,  2006,  we have no  outstanding
balance on this credit facility. We have a borrowing capacity of $1,700,000 as a
result of a $300,000 letter of credit in favor of Sure Tec Insurance Company for
a  performance  bond to the City of  Youngstown,  OH. No amounts have been drawn
upon this  letter of credit to date.  The credit  facility  has been  secured by
substantially  all of our tangible and  intangible  assets,  including  Cragar's
trademark  portfolio and a pledge of Cragar's capital stock. This line of credit
bears  interest  at a rate  of 1% plus  prime.  As of  February  28,  2006,  the
applicable interest rate was 8.5%. In order to continue borrowing,  we must meet
certain  financial  covenants,  including  maintaining  a minimum  current ratio
(current assets  compared to current  liabilities) of 1.05 as of the end of each
fiscal quarter,  an increase in tangible net worth of at least 75% of net income
on an annual  basis,  and a ratio of funded  debt to earnings  before  interest,
taxes and  depreciation  and amortization of not more than 2:1 for each quarter.
We must maintain a zero balance for a consecutive  30 day period during the term
of the  facility.  As of  February  28,  2006,  management  believes  we were in
compliance with these covenants. The facility will mature on October 12, 2006.

                                       12
<PAGE>
--------------------------------------------------------------------------------
                                     NOTE 4
                          LITIGATION AND CLAIM MATTERS
--------------------------------------------------------------------------------

In the ordinary  course of our arena  development  and management  business,  we
incur  ancillary  exposure to the general  public.  As with all such  facilities
there exists a degree of risk that fans or building  guests may be  accidentally
injured. To mitigate this risk, we maintain insurance coverage, which we believe
effectively covers any reasonably  foreseeable potential liability.  There is no
assurance that our insurance  coverage will adequately  cover all liabilities to
which we may be exposed.

Global is a plaintiff in a lawsuit filed against a current franchisee.  The suit
asks for a ruling on the interpretation of the protected territory clause of the
license  agreement.  Subsequent to our action,  the franchisee  filed a separate
claim for  unspecified  damages for alleged  breach of the  protected  territory
clause of the licensing agreement. These suits were filed in August 2005 and are
pending in Maricopa County Superior Court,  Maricopa County,  Arizona.  Although
the outcome of this matter cannot be predicted with  certainty,  we believe that
we have valid defenses to the alleged claims.

Global is named as a defendant, along with the local municipality,  in a lawsuit
filed by the family of an employee of the Dodge  Arena in  Hidalgo,  Texas.  The
suit asks for unspecified damages related to the death of the employee resulting
from an  accident  at the  arena.  This suit was filed in  November  2005 and is
pending in the 332nd Judicial District Court of Hidalgo County, Texas. We intend
to vigorously defend this action.  Although the outcome of this matter cannot be
predicted with certainty,  we believe that we have valid defenses to the alleged
claims.

Global is a defendant in a lawsuit filed by Nustadia  Developments  Inc. and PBK
Architects.  The suit  arises out of certain  contracts  between  Global and the
plaintiffs,  pursuant to which  Global  agreed to use  architectural  design and
development  management services of the plaintiffs with respect to certain arena
development  projects.  The suit asks for direct damages of $4,500,000 and other
unspecified damages for alleged breach of contract,  tortious  interference with
business  expectancy,  and  breach of  implied  covenant  of good faith and fair
dealing.  This suit was filed in  December  2005 and is pending in the  Maricopa
County  Superior Court of Arizona.  We intend to vigorously  defend this action.
Although  the outcome of this matter  cannot be  predicted  with  certainty,  we
believe that we have valid defenses to the alleged claims.

--------------------------------------------------------------------------------
                                     NOTE 5
                                  INCOME TAXES
--------------------------------------------------------------------------------

The actual  income tax expense  differs from the  "expected"  income tax expense
computed by applying the U.S.  federal  corporate  statutory  income tax rate to
income  before  income  taxes  primarily  as a  result  of  net  operating  loss
carryforwards and other permanent differences.

--------------------------------------------------------------------------------
                                     NOTE 6
                                  JOINT VENTURE
--------------------------------------------------------------------------------

During the period,  we entered into a joint venture  partnership  agreement with
Prescott Valley Signature  Entertainment,  LLC. This joint venture was formed to
engage in the business of developing,  managing, and leasing the Prescott Valley
Events Center in Prescott Valley, Arizona through the Pre-Annexation Development
Agreement  with the Town of Prescott  Valley.  Global is the managing  member of
Prescott  Valley Events Center,  LLC ("PVEC") (the joint venture  entity) and is
responsible  for the planning,  promotion and  fulfillment  of the joint venture
operations.  Each member paid $1,000 for a 50% interest in the joint venture. We
will also  contribute  $250,000  as  preferred  capital  while  Prescott  Valley
Signature  Entertainment,  LLC  contributed  land with an  approximate  value of
$1,500,000  as  preferred  capital.  Each  member  will  receive  a 5% return on

                                       13
<PAGE>
preferred  capital  contributions  and will share equally in the gain or loss of
PVEC.  If  funds  available  to PVEC  are  insufficient  to fund  operations  or
construction, the members agree to contribute 100% of the cash needed until each
member's preferred capital account balances are equal and 50% of the cash needed
if its preferred capital contribution balances are equal. Upon completion of the
Prescott Valley Events Center the Company has a limited contingent liability for
the debt service  payments on the  facility.  In the event of any  shortfalls in
debt service  payments amounts will first be paid by third party escrow accounts
funded by 2% of the  Transaction  Privilege Tax collected  from the  surrounding
project  area  and  from  a  lockbox  account   containing  the  1)  an  initial
contribution by PVEC of $250,000,  2) $100,000 per year (increasing  annually by
inflation)  from the Town of Prescott  Valley and 3) retained  earnings from the
arena  operations.  The maximum  potential  future payments  required under this
guarantee are limited to our annual management fee of approximately $250,000. As
of February 28, 2006 we believe the likelihood and amount of payments under this
guarantee is negligible and, as such, have recorded no value to the guarantee.

We did not earn income from PVEC for the three and nine months  ending  February
28, 2006.

During the three months ending  February 28, 2006 we purchased a liquor  license
to be used in the operations of the Prescott Valley Events Center.  This license
will be  contributed  to the PVEC and as such is classified on our balance sheet
under "Account  receivable - miscellaneous  and related  parties" as of February
28, 2006.

--------------------------------------------------------------------------------
                                     NOTE 7
                                SUBSEQUENT EVENTS
--------------------------------------------------------------------------------

On April 7, 2006 the Company  completed a private  placement of 1,079,000 shares
of its common stock to select qualified  institutional  and other investors at a
price of $5.75 per share for  aggregate  gross  proceeds of  approximately  $6.2
million.  Expenses  related  to  the  offering,  including  commissions  of  the
placement  agents,  legal fees and other  expenses  incurred  by the Company are
estimated to equal approximately 15% of the gross proceeds. Global Entertainment
also  granted to the  investors  and  placement  agents  warrants  to acquire an
aggregate  215,800  shares of its common stock at an exercise price of $7.10 per
share, exercisable for a period of five years.

                                       14
<PAGE>
ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

FORWARD-LOOKING DISCLOSURE

This  Quarterly  Report on Form  10-QSB  contains  "forward-looking  statements"
within the meaning of the "Safe  Harbor"  provision  of the  Private  Securities
Litigation  Reform Act of 1995  regarding  future events,  including  statements
concerning our future operating  results and financial  condition and our future
capital needs and sources.  These statements are based on current  expectations,
estimates,  forecasts,  and projections as well as our beliefs and  assumptions.
Words  such as  "outlook",  "believes",  "expects",  "appears",  "may",  "will",
"should",  "anticipates" or the negatives thereof or comparable terminology, are
intended to identify  such  forward-looking  statements.  These  forward-looking
statements  are only  predictions  and are subject to risks,  uncertainties  and
assumptions that are difficult to predict.  Therefore, actual results may differ
materially and adversely from those expressed in any forward-looking statements.
Factors that might cause or contribute to such differences  include, but are not
limited to those  discussed  in our Annual  Report on Form 10-KSB for the fiscal
year ended May 31, 2005 under the section entitled "Management's  Discussion and
Analysis--Factors  That May Affect  Future  Results." You should not place undue
reliance on these forward-looking statements, which speak only as of the date of
this Quarterly  Report.  We undertake no obligation to revise or update publicly
any forward-looking statements for any reason, unless otherwise required by law.

GENERAL

The following is  management's  discussion  and analysis of certain  significant
factors  affecting  our  financial  position and  operating  results  during the
periods  included  in  the   accompanying   condensed   consolidated   financial
statements.

OVERVIEW - COMPANY DESCRIPTION

Global Entertainment  Corporation (referred to in this quarterly report as "we,"
"us," "Global" or "GEC") is an integrated event and  entertainment  company that
is engaged,  through its six wholly owned  subsidiaries,  in sports  management,
multi-purpose events center and related real estate development, venue marketing
and licensing, venue ticketing,  facility management and brand licensing. We are
primarily focused on projects located in mid-size communities.

Pursuant to a joint  operating  agreement  between us and Central Hockey League,
Inc., WPHL operates and manages a minor professional  hockey league known as the
Central Hockey League (the "CHL"),  which  currently  consists of eighteen teams
located in  mid-market  communities  throughout  the  central  and  southwestern
regions of the United States.

ICC develops and manages multipurpose events centers in mid-market  communities.
ICC enables us to secure a  professional  minor league  hockey team as a primary
tenant in facilities  that we develop or manage,  which promotes the development
of the CHL by assisting  potential  franchisees  in securing  quality  venues in
which to play minor  professional  hockey league games.  The  inter-relationship
between ICC and WPHL is a key factor in the viability of a managed multi-purpose
entertainment facility.

Global Entertainment  Marketing Systems ("GEMS"),  promotes,  markets, and sells
various services related to multipurpose entertainment facilities, including all
contractually  obligated  income (COI) sources such as facility  naming  rights,
luxury suite sales, club seat license sales,  facility  sponsorship  agreements,
and ticket operations contracts.

Cragar  Industries,  Inc.,  is a licensor  of an  automotive  aftermarket  wheel
trademark and brand - CRAGAR(R).  The licensing and marketing  opportunities for
CRAGAR(R) branded products, particularly with respect to markets in which hockey
franchises  are located,  blends with current  licensing and  marketing  that is
available   through  the  operation  and  management  of  the  CHL  and  related
activities.

Global  Entertainment  Ticketing,  Inc.  ("GETTIX") is a third party provider of
ticketing services for the multipurpose event centers developed by ICC, existing
CHL  franchisees,  and various other  entertainment  venues,  theatres,  concert
halls,  and other  facilities  and event  coordinators.  GETTIX  provides a full

                                       15
<PAGE>
in-house  ticketing  solution  by  way  of  box  office,   phone,  internet  and
print-at-home  service that utilizes distribution outlets in each market. GETTIX
uses  state-of-the-art  software to deliver ticketing  capabilities that include
database  flexibility,  easy season and group options,  financial  reporting and
full marketing resources.

Encore Facility  Management is a single source management entity that provides a
full  complement of  multi-purpose  events center  operational  services.  These
services  provide  administrative  oversight  in the areas of  facility/property
management  and  finance,  sales  and  marketing  (through  GEMS),   arena/event
ticketing  (through GETTIX),  event bookings,  and food and beverage.  Encore is
involved with facility  management of multi-purpose  events centers developed by
ICC and contract agreements entered into with independent  facilities.  Facility
management  operations are conducted under separate limited liability  companies
established by the Company.

CRITICAL ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS

Significant  accounting  policies  are  described  in the  audited  consolidated
financial  statements and notes thereto  included in the Company's Annual Report
on Form 10-KSB for the year ended May 31,  2005.  We believe  our most  critical
accounting  policies relate to revenue  recognition,  the allowance for doubtful
accounts, and the carrying value of goodwill.

Revenues from  assessment fees are recognized  proportionately  over the year to
which they apply.  Revenues from initial  franchise fees are recognized when the
franchise agreement is signed and we have met all of our significant obligations
under the terms of the franchise  agreement.  Revenues  from transfer  franchise
fees are recognized  upon approval of the  transaction.  Project  management and
facility management revenues are recognized ratably over the respective contract
life, as is the revenue from most  contractually  obligated  and sales  contract
revenues. Revenues generated from ticket sales are recognized upon completion of
the sale.

The allowance for doubtful accounts is based on specific credit  information and
historical  collection  experience.  Actual  collection  experience may not meet
expectations and may result in increased delinquencies.

The  carrying  value of goodwill  includes  estimates  of future cash flows from
operations and is dependent on projections that may not materialize.

NINE MONTHS ENDED  FEBRUARY 28, 2006 COMPARED TO NINE MONTHS ENDED  FEBRUARY 28,
2005

REVENUES:

<TABLE>
<CAPTION>
                                     Nine months                 Nine months                    Dollar         Percent
                                        ended       Percent of      ended      Percent of       Change          Change
                                     February 28,      2006      February 28,     2005       Between 2005    Between 2005
                                        2006         Revenue        2005        Revenue        and 2006        and 2006
                                     ----------     -------      ------------   -------        --------        --------
<S>                                  <C>              <C>         <C>             <C>         <C>             <C>
Revenue
Project management fees             $ 6,387,092       58.0%      $5,521,439       61.1%      $   865,653        15.7%
Facility management fees              1,203,067       10.9%              --        0.0%        1,203,067         N/A
Licensing and advertising fees        2,054,121       18.7%       2,334,498       25.8%         (280,377)      -12.0%
Ticket Service Fees                   1,203,204       10.9%         119,891        1.3%        1,083,313       903.6%
Other revenue                             7,392        0.1%          41,513        0.5%          (34,121)      -82.2%
Franchise fees                          150,000        1.4%       1,015,000       11.2%         (865,000)      -85.2%
                                    -----------      -----       ----------      -----       -----------      ------
Total                               $11,004,876      100.0%      $9,032,341      100.0%      $ 1,972,535        21.8%
                                    ===========      =====       ==========      =====       ===========      ======
</TABLE>

                                       16
<PAGE>
Total revenues  increased  $1,972,535,  or 21.8%,  from  $9,032,341 for the nine
months ended February 28, 2005 to $11,004,876 for the nine months ended February
28, 2006.  Encore's facility management revenues were the leading contributor to
this  increase.  The Company began facility  management  operations in September
2005,  including  managing the Dodge Arena in Hidalgo,  Texas and the  Chevrolet
Centre in Youngstown,  Ohio. Facility management revenues totaled $1,203,067 for
the nine  months  ended  February  28,  2006 and  account for 10.9% of our total
revenue for the nine months ended February 28, 2006.

Project management revenues realized an increase of $865,653 from $5,521,439 for
the nine months ended  February 28, 2005 to $6,387,092 for the nine months ended
February  28,  2006.  This  increase   resulted  from  ICC  agreements  for  the
construction  of 1) the Rio Rancho Events Center in Rio Rancho,  New Mexico;  2)
the Prescott Valley  Convention and Events Center in Prescott  Valley,  Arizona;
and 3) the Broomfield Event Center in Broomfield,  Colorado.  Project management
revenues represented 58% of our total revenue for the nine months ended February
28,  2006,  compared to 61.1% of our total  revenue  for the nine  months  ended
February 28, 2005.

Licensing and advertising  fees decreased  $280,377 from $2,334,498 for the nine
months ended  February 28, 2005 to $2,054,121 for the nine months ended February
28, 2006. This 12% decrease resulted primarily from a CHL sponsorship  agreement
for  approximately  $170,000  that  expired  and was not renewed and as revenues
during the nine months  ended  February  28, 2005  include  commissions  for the
Larimer County, Colorado Fair Grounds that contributed approximately $200,000 in
revenues.  These  decreases were  partially  offset as a result of the timing of
advertising revenues related to the Central Hockey League's annual conference.

Ticket service fees increased $1,083,313 from $119,891 for the nine months ended
February 28, 2005. This increase in ticket service fees occurred as GETTIX began
formal operations in September 2004 and has since entered  additional  ticketing
contracts  including  ticketing of the Chevrolet Centre in Youngstown,  Ohio (an
Encore managed facility).

Franchise fee revenue  decreased  $865,000 from  $1,015,000  for the nine months
ended February 28, 2005 to $150,000 for the nine months ended February 28, 2006.
This decrease  occurred as CHL did not recognize any new franchise  sales in the
current  period.  Current  period  franchise  fees relate to existing  franchise
transfers.

OPERATING COSTS:

<TABLE>
<CAPTION>
                                     Nine months                 Nine months                    Dollar         Percent
                                        ended      Percent of      ended       Percent of       Change          Change
                                     February 28,     2006       February 28,     2005       Between 2005    Between 2005
                                        2006        Revenue         2005        Revenue        and 2006        and 2006
                                     ----------     -------      -----------    -------        --------        --------
<S>                                  <C>              <C>         <C>             <C>         <C>             <C>
Operating Costs
  Cost of revenues                  $ 6,530,595       59.4%      $5,307,594       58.8%       $ 1,223,001        23.0%
  General and administrative costs    4,239,186       38.5%       3,584,774       39.7%           654,412        18.3%
                                    -----------      -----       ----------      -----        -----------       ------
  Total                             $10,769,781       97.9%      $8,892,368       98.5%       $ 1,877,413        21.1%
                                    ===========      =====       ==========      =====        ===========       ======
</TABLE>

Total operating costs increased by $1,877,413, or 21.1%, from $8,892,368 for the
nine months  ended  February 28, 2005 to  $10,769,781  for the nine months ended
February 28, 2006.

Cost of revenue  increased by $1,223,001,  or 23%, from  $5,307,594 for the nine
months ended  February 28, 2005 to $6,530,595 for the nine months ended February
28, 2006. This increase was primarily  related to the  requirements of the three
project  management  agreements  for the  facilities in Rio Rancho,  New Mexico,
Prescott Valley,  Arizona, and Broomfield,  Colorado,  and costs associated with
facility  management  of the Dodge  Arena in  Hidalgo,  Texas and the  Chevrolet
Centre in Youngstown, Ohio.

General  and  administrative   expenses  increased  $654,412,   or  18.3%,  from
$3,584,774  for the nine months ended  February 28, 2005 to  $4,239,186  for the
nine months ended February 28, 2006. General and administrative  costs increased

                                       17
<PAGE>
primarily  as a result of a $130,000  settlement  of a previous  legal claim for
reimbursement of a former CHL player's medical expenses,  and also approximately
$724,000 from increased  expenditures  primarily related to additional  staffing
and overhead expenses of the expanded GETTIX ticketing,  ICC project  management
operations,  and Encore facility management operations.  These expense increases
were partially offset by a decrease of approximately  $200,000 in the amount due
under the joint operating agreement to our joint venture partner, Central Hockey
League,  Inc. We anticipate  general and  administrative  costs will continue to
increase to meet the requirements of our expanding operations.

NET INCOME:

<TABLE>
<CAPTION>
                                     Nine months                 Nine months                    Dollar         Percent
                                        ended      Percent of       ended      Percent of       Change          Change
                                     February 28,     2006       February 28,     2005       Between 2005    Between 2005
                                        2006        Revenue         2005        Revenue        and 2006        and 2006
                                     ----------     -------      -----------    -------        --------        --------
<S>                                  <C>              <C>         <C>             <C>         <C>             <C>
Net income                           $ 242,477        2.2%        $ 134,859       1.5%         $ 107,618         79.8%
</TABLE>

Net income was $242,477 for the nine months ended February 28, 2006, compared to
net income of $134,859 for the nine months ended February 28, 2005. Contributing
to this increase was a current period credit of  approximately  $63,000 relating
to net operating  loss  carryforwards  and other  permanent  differences.  Other
factors  contributing  to the  increase  include the growth of GETTIX  ticketing
operations into  additional  venues,  ICC project  development of two additional
facilities  compared  to the prior  period,  and amounts  earned  from  directly
performing  facility  management of two arenas.  These  increases were partially
offset by a decrease in CHL earnings as no new  franchises  were sold during the
current period, and an increase in legal expenses related to the settlement of a
claim.

THREE MONTHS ENDED FEBRUARY 28, 2006 COMPARED TO THREE MONTHS ENDED FEBRUARY 28,
2005

REVENUES:

<TABLE>
<CAPTION>
                                     Three months                Three months                   Dollar         Percent
                                        ended       Percent of      ended      Percent of       Change          Change
                                     February 28,      2006      February 29,     2005       Between 2005    Between 2005
                                        2006         Revenue        2005        Revenue        and 2006        and 2006
                                     ----------      -------     ------------   -------        --------        --------
<S>                                  <C>              <C>         <C>             <C>         <C>             <C>
Revenue
  Project management fees             $  794,366       27.8%      $1,374,071      52.4%       $(579,705)        -42.2%
  Facility management fees               630,588       22.0%              --       0.0%         630,588           N/A
  Licensing and advertising fees         719,194       25.1%       1,130,650      43.1%        (411,456)        -36.4%
  Ticket Service Fees                    666,356       23.2%          96,964       3.7%         569,392         587.2%
  Other revenue                            5,702        0.2%          19,579       0.8%         (13,877)        -70.9%
  Franchise fees                          50,000        1.7%              --       0.0%          50,000           N/A
                                      ----------      -----       ----------     -----        ---------        ------
  Total                               $2,866,206      100.0%      $2,621,264     100.0%       $ 244,942           9.3%
                                      ==========      =====       ==========     =====        =========        ======
</TABLE>

Total revenues  increased  $244,942,  from $2,621,264 for the three months ended
February 28, 2005 to $2,866,206 for the three months ended February 28, 2006.

Project  management  revenues  decreased  $579,705 from $1,374,071 for the three
months ended  February 28, 2005 to $794,366 for the three months ended  February
28, 2006. This decrease occurred primarily as ICC completed the contract for the
Chevrolet  Centre in Youngstown,  Ohio. The Youngstown  contract  generated more
revenue  than the current  three  projects  as ICC  incurred  higher  amounts of
furniture fixtures and equipment,  architecture fees and other amounts on behalf

                                       18
<PAGE>
of the  project  owner.  The related  revenue and expense for these  amounts are
recognized in the period incurred.  Project management  revenues represent 27.7%
of our total revenue for the three months ended  February 28, 2006,  compared to
52.4% of our total revenue for the three months ended February 28, 2005.

During the current fiscal year the Company began facility management  operations
at the Dodge Arena in Hidalgo,  Texas and the  Chevrolet  Centre in  Youngstown,
Ohio.  Facility  management revenues totaled $630,588 for the three months ended
February 28, 2006 and account for 22% of our total  revenue for the three months
ending February 28, 2006.

Licensing and advertising fees decreased  $411,456 from $1,130,650 for the three
months ended  February 28, 2005 to $719,194 for the three months ended  February
28,  2006.  This  36.4%  decrease  resulted  primarily  from  a CHL  sponsorship
agreement  for  approximately  $170,000  that expired and was not renewed and as
revenues during the nine months ended February 28, 2005 include  commissions for
the  Larimer  County,  Colorado  Fair  Grounds  that  contributed  approximately
$200,000 in revenues.

Ticket  service fees  increased  $569,392  during the three month period  ending
February 28, 2006,  from $96,964 for the three months ended February 28, 2005 to
$666,356 for the three months ended  February 28, 2006.  This increase in ticket
service fees occurred as GETTIX began formal  operations  in September  2004 and
has since entered into additional ticketing contracts.

Franchise  fee revenue  increased  $50,000  from $0 for the three  months  ended
February 28, 2005 to $50,000 for the three months ended  February 28, 2006.  The
CHL did not  recognize any new franchise  sales in the current  period.  Current
period franchise fees relate to the transfer of an existing franchise.

OPERATING COSTS:

<TABLE>
<CAPTION>
                                     Three months                Three months                  Dollar         Percent
                                        ended       Percent of      ended      Percent of      Change          Change
                                     February 28,      2006      February 29,     2005      Between 2005    Between 2005
                                        2006         Revenue        2005        Revenue       and 2006        and 2006
                                     ----------      -------     ------------   -------       --------        --------
<S>                                  <C>              <C>         <C>             <C>        <C>             <C>
Operating Costs
  Cost of revenues                    $1,363,268       47.6%      $1,200,297      45.8%      $ 162,971          13.6%
  General and administrative costs     1,462,748       51.0%       1,348,927      51.5%        113,821           8.4%
                                      ----------      -----       ----------     -----       ---------         -----
  Total                               $2,826,016       98.6%      $2,549,224      97.3%      $ 276,792          10.9%
                                      ==========      =====       ==========     =====       =========         =====
</TABLE>

Total operating costs increased by $276,792,  or 10.9%,  from $2,549,224 for the
three months ended  February 28, 2005 to  $2,826,016  for the three months ended
February 28, 2006.

Cost of revenue  increased by $162,971,  or 13.6%,  to $1,363,268  for the three
months ended February 28, 2006. This increase relates  primarily to requirements
of  managing  the Dodge  Arena in  Hidalgo,  Texas and the  Chevrolet  Centre in
Youngstown, Ohio and fees resulting from increased ticket sales.

General and administrative costs increased $113,821,  or 8.4%, to $1,462,748 for
the three  months  ended  February 28, 2006.  This  increase  relates  mostly to
approximately   $169,000  from  increased   expenditures  primarily  related  to
additional  staffing and overhead  expenses of the expanded GETTIX ticketing and
ICC project and facility  management  operations.  These expense  increases were
partially offset by a decrease of approximately  $55,000 in the amount due under
the joint  operating  agreement to our joint  venture  partner,  Central  Hockey
League, Inc.

                                       19
<PAGE>
NET INCOME:

<TABLE>
<CAPTION>
                                     Three months                Three months                  Dollar         Percent
                                        ended       Percent of      ended      Percent of      Change          Change
                                     February 28,      2006      February 29,     2005      Between 2005    Between 2005
                                        2006         Revenue        2005        Revenue       and 2006        and 2006
                                     ----------      -------     ------------   -------       --------        --------
<S>                                  <C>              <C>         <C>             <C>        <C>             <C>
Net income                            $ 95,867         3.3%       $ 66,924        2.6%        $ 28,943          43.2%
</TABLE>

Net income was $95,867 for the three  months ended  February 28, 2006,  compared
net income of $66,924 for the three months ended February 28, 2005. Contributing
to this increase was a current period credit of  approximately  $63,000 relating
to net operating loss carryforwards and other permanent  differences.   Increase
in net  income  related  to the  growth  of  GETTIX  ticketing  operations  into
additional  venues  was  offset  by a  decrease  in  CHL  net  income  as no new
franchises  were sold in the  current  period,  the  decrease  in CHL  corporate
sponsorships,  and a decrease  in GEMS net  income  relating  to a  decrease  in
commissions.

LIQUIDITY AND CAPITAL RESOURCES

Our primary  source of operating  capital in the three months ended February 28,
2006 was from CHL league  assessments and also project management fees from ICC.
Since these fees are not regularly recurring and are difficult to predict, there
is no  assurance  that we will be able to  increase  or  sustain  our  operating
capital through franchise fees, project management fees or other sources.

In October 2005,  we obtained an increase in our  revolving  line of credit from
$1,000,000  to  $2,000,000.  We have  used and  expect to  continue  to use this
facility as our working  capital needs exceed cash flow from  operations.  As of
February 28, 2006, we had no  outstanding  balance on this credit  facility.  We
have a borrowing  capacity  of  $1,700,000  as a result of a $300,000  letter of
credit in favor of Sure Tec Insurance Company for a performance bond to the City
of  Youngstown,  Ohio.  No amounts have been drawn upon this letter of credit to
date. This credit facility is secured by  substantially  all of our tangible and
intangible  assets,  including  Cragar's  trademark  portfolio  and a pledge  of
Cragar's  capital stock. The facility bears interest at the lender's prime rate,
plus  1%.  In  order to  continue  borrowing,  we must  meet  certain  financial
covenants,  including  maintaining  a  minimum  current  ratio  (current  assets
compared to current  liabilities)  of 1.05 as of the end of each fiscal quarter,
an  increase  in  tangible  net worth of at least 75% of net income on an annual
basis,  and a ratio of  funded  debt to  earnings  before  interest,  taxes  and
depreciation  and  amortization  of not more than 2:1 for each quarter.  We must
maintain a $0 balance  for a  consecutive  30 day period  during the term of the
facility. As of February 28, 2006 management believes we were in compliance with
these  covenants.  The  facility  will mature on October 12,  2006.  There is no
assurance that we will obtain a renewal or an increase in this facility.  In the
event that this credit facility proves insufficient, or in the event that we are
unable to  continue  borrowing  under it, we likely  would be required to obtain
additional equity or debt financing,  and the terms of such financing,  if it is
available  at  all,  may  be  dilutive  to  existing  stockholders  and  may  be
unfavorable to us in other respects.  In that case, our financial  condition and
ability to continue operations could be materially and adversely affected.

For the nine  months  ended  February  28,  2006,  cash  provided  by  operating
activities  totaled  $400,495  compared to cash used in operating  activities of
$452,300  for the nine months  ended  February  28,  2005.  The increase in cash
provided  by  operations  primarily  occurred  as a  result  of  the  timing  of
collections on accounts receivables,  partially offset by a decrease in accounts
payable relating to the timing of vendor payments.

Cash used in  investing  activities  totaled  $116,083 for the nine months ended
February  28, 2006,  as compared to $176,710 for the nine months ended  February
28, 2005. The use of funds in both periods relates  primarily to the purchase of
capital equipment related to the expansion of GETTIX ticketing operations.

                                       20
<PAGE>
Cash related to financing  activities totaled $113,750 for the nine months ended
February  28, 2006 as  compared to cash  provided  by  financing  activities  of
$266,501 for the nine months ended February 28, 2005.  Cash provided  during the
nine months ended  February  28, 2006 relates to the exercise of stock  options;
cash provided  during the nine months ended February 28, 2005 related to the use
of a credit  facility,  partially  offset by the  repayment of a note assumed in
conjunction with the merger with Cragar.

Management  believes  there will be sufficient  cash to fund  operations for the
next 12 months.  Even so,  management  continues to contemplate  alternatives to
enable us to fund continuing  operations  should  unforeseen  events cause us to
have insufficient cash to support operations.  Should the Company find itself in
a position of negative working capital,  any inability to obtain additional cash
as needed,  could have a material  adverse effect on our financial  position and
results of operations.

On April 7, 2006 the Company  completed a private  placement of 1,079,000 shares
of its common stock. See related  description of this transaction under Part II,
"Sale of Unregistered Equity Securities and Use of Proceeds".

SEASONALITY

We experience  significant  seasonality in our cash flows from assessment  fees,
and must budget our cash flow  accordingly.  Approximately 75% of our assessment
fees are received prior to the start of the CHL hockey season in October of each
year.

INFLATION

We do not  believe  that  inflation  has been a  material  factor  in our  prior
operations,  nor do we  anticipate  that  general  price  inflation  will have a
significant impact on our operations in the near future.

NEW ACCOUNTING PRONOUNCEMENTS

In December  2004, the Financial  Accounting  Standards  Board  ("FASB")  issued
Statement of Financial Accounting Standards No. 153 ("SFAS 153"),  "Exchanges of
Nonmonetary Assets." SFAS 153 amends the guidance in APB No. 29, "Accounting for
Nonmonetary  Assets." APB No. 29 was based on the  principle  that  exchanges of
nonmonetary assets should be measured on the fair value of the assets exchanged.
SFAS 153 amends APB No. 29 to eliminate the exception for nonmonetary  exchanges
of  similar  productive  assets and  replaces  it with a general  exception  for
exchanges of  nonmonetary  assets that do not have  commercial  substance if the
future cash flows of the entity are expected to change significantly as a result
of the  exchange.  SFAS 153 is effective  for  financial  statements  issued for
fiscal  years  beginning  after June 15,  2005.  The adoption of SFAS 153 is not
expected to have a material  affect on our results of  operations  or  financial
position.

In December 2004, the FASB revised Statement of Financial  Accounting  Standards
No.  123  ("SFAS  123(R)"),  "Share-Based  Payment."  The SFAS  123(R)  revision
established  standards for the  accounting for  transactions  in which an entity
exchanges its equity  instruments for goods or services and focuses primarily on
accounting  for  transactions  in which an entity obtains  employee  services in
share-based payment transactions. It does not change the accounting guidance for
share-based payment  transactions with parties other than employees.  For public
entities  that file as small  business  issuers,  the  revisions to SFAS 123 are
effective as of the beginning of the first annual  reporting  period that begins
after December 15, 2005. Management intends to comply with the standard upon its
effectiveness;  however,  we do not believe that the impact would be  materially
different from the pro forma  disclosure under SFAS No. 123. See Note 1--Summary
of  Significant  Accounting  Policies and Use of  Estimates in the  accompanying
condensed consolidated financial statements for disclosure information regarding
pro forma stock option expense.

In May 2005 the FASB issued Statement of Financial  Accounting Standards No. 154
("SFAS  154"),  "Accounting  Changes  and  Error  Corrections".  This  Statement
replaces  APB Opinion No. 20,  Accounting  Changes,  and FASB  Statement  No. 3,
Reporting  Accounting Changes in Interim Financial  Statements,  and changes the
requirements  for the  accounting  for and  reporting of a change in  accounting
principle.  This Statement requires retrospective  application to prior periods'

                                       21
<PAGE>
financial  statements  of  changes  in  accounting   principle,   unless  it  is
impracticable to determine either the period-specific  effects or the cumulative
effect of the change.  When it is impracticable to determine the period-specific
effects  of an  accounting  change  on  one or  more  individual  prior  periods
presented,  this Statement requires that the new accounting principle be applied
to the balances of assets and  liabilities  as of the  beginning of the earliest
period  for  which   retrospective   application  is  practicable   and  that  a
corresponding adjustment be made to the opening balance of retained earnings (or
other  appropriate  components  of equity  or net  assets  in the  statement  of
financial  position)  for that period  rather  than being  reported in an income
statement.  When it is  impracticable  to  determine  the  cumulative  effect of
applying a change in accounting  principle to all prior periods,  this statement
requires  that the new  accounting  principle  be applied as if it were  adopted
prospectively  from the earliest date  practicable.  This statement is effective
for  accounting  changes and error  corrections  made in fiscal years  beginning
after  December  15,  2005.  The  adoption of SFAS 154 is not expected to have a
material affect on our results of operations or financial position.

ITEM 3. CONTROLS AND PROCEDURES

Under the supervision and with the  participation  of our management,  including
the Chief Executive Officer and Chief Financial  Officer,  we have evaluated the
effectiveness  of the  design  and  operation  of our  disclosure  controls  and
procedures  pursuant to Exchange Act Rule  13a-14(c) as of the end of the period
covered by this report.  Based on that evaluation,  the Chief Executive  Officer
and Chief Financial  Officer have concluded that these  disclosure  controls and
procedures  are  effective.  There were no changes in our internal  control over
financial  reporting  during  the  quarter  ended  February  28,  2006 that have
materially affected, or are reasonably likely to materially affect, our internal
controls over financial reporting.

                           PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

In the ordinary  course of our arena  development  and management  business,  we
incur  ancillary  exposure to the general  public.  As with all such  facilities
there exists a degree of risk that fans or building  guests may be  accidentally
injured. To mitigate this risk, we maintain insurance coverage, which we believe
effectively covers any reasonably  foreseeable potential liability.  There is no
assurance that our insurance  coverage will adequately  cover all liabilities to
which we may be exposed.

Global is a plaintiff in a lawsuit filed against a current franchisee.  The suit
asks for a ruling on the interpretation of the protected territory clause of the
license  agreement.  Subsequent to our action,  the franchisee  filed a separate
claim for  unspecified  damages for alleged  breach of the  protected  territory
clause of the licensing agreement. These suits were filed in August 2005 and are
pending in Maricopa County Superior Court,  Maricopa County,  Arizona.  Although
the outcome of this matter cannot be predicted with  certainty,  we believe that
we have valid defenses to the alleged claims.

Global is named as a defendant, along with the local municipality,  in a lawsuit
filed by the family of an employee of the Dodge  Arena in  Hidalgo,  Texas.  The
suit asks for unspecified damages related to the death of the employee resulting
from an  accident  at the  arena.  This suit was filed in  November  2005 and is
pending in the 332nd Judicial District Court of Hidalgo County, Texas. We intend
to vigorously defend this action.  Although the outcome of this matter cannot be
predicted with certainty,  we believe that we have valid defenses to the alleged
claims.

Global is a defendant in a lawsuit filed by Nustadia  Developments  Inc. and PBK
Architects.  The suit  arises out of certain  contracts  between  Global and the
plaintiffs,  pursuant to which  Global  agreed to use  architectural  design and
development  management services of the plaintiffs with respect to certain arena
development  projects.  The suit asks for direct damages of $4,500,000 and other
unspecified damages for alleged breach of contract,  tortious  interference with
business  expectancy,  and  breach of  implied  covenant  of good faith and fair
dealing.  This suit was filed in  December  2005 and is pending in the  Maricopa
County  Superior Court of Arizona.  We intend to vigorously  defend this action.
Although  the outcome of this matter  cannot be  predicted  with  certainty,  we
believe that we have valid defenses to the alleged claims.

ITEM 6. EXHIBITS

(a) Exhibits. See Exhibit Index attached.

                                       22
<PAGE>
                                    SIGNATURE

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

                           Global Entertainment Corporation
                                    (Registrant)



April 14, 2006             By /s/ Richard Kozuback
                              --------------------------------------------------
                              Richard Kozuback
                              President & Chief Executive Officer



April 14, 2006             By /s/ J. Craig Johnson
                              --------------------------------------------------
                              J. Craig Johnson
                              Executive Vice President & Chief Financial Officer

                                       23
<PAGE>
                                  EXHIBIT INDEX


EXHIBIT

31.1*   Certifications Pursuant to 18 U.S.C. Section 1350-Section 302, signed by
        Richard Kozuback, Chief Executive Officer

31.2*   Certifications Pursuant to 18 U.S.C. Section 1350-Section 302, signed by
        J. Craig Johnson, Executive Vice President & Chief Financial Officer

32**    Certification Pursuant to 18 U.S.C. Section 1350-Section 906, signed by
        Richard Kozuback, Chief Executive Officer and J. Craig Johnson,
        Executive Vice President & Chief Financial Officer

----------
*  Filed herewith.
** Furnished herewith.