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 August 31, 2004

                          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           (I.R.S. Employer Identification Number)
of 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 [ ]

Number of shares outstanding of each of the registrant's classes of common stock
as of October 5, 2004:

                          Common Stock, $.001 par value
                                5,340,738 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 AUGUST 31, 2004


PART I. FINANCIAL INFORMATION

     Item 1. Financial Statements                                              2

          Condensed Consolidated Balance Sheets - As of August 31, 2004
          (Unaudited) and May 31, 2004                                         2

          Condensed Consolidated Statements of Operations (Unaudited) -
          Three Months Ended August 31, 2004 and 2003                          4

          Condensed Consolidated Statements of Changes in Stockholder's
          Equity (Unaudited) - Three Months Ended August 31, 2004 and 2003     5

          Condensed Consolidated Statements of Cash Flows (Unaudited) -
          Three Months Ended August 31, 2004 and 2003                          6

          Notes to Condensed Consolidated Financial Statements                 7

     Item 2. Management's Discussion and Analysis of Financial Condition
             and Results of Operations                                        13

     Item 3. Controls and Procedures                                          17

PART II. OTHER INFORMATION

     Item 1. Legal Proceedings                                                17

     Item 6. Exhibits and Reports on Form 8-K                                 17

                                       1
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS

                                     ASSETS

<TABLE>
<CAPTION>
                                                                             August 31,           May 31,
                                                                               2004                2004
                                                                            ----------          ----------
                                                                            (Unaudited)
<S>                                                                         <C>                 <C>
CURRENT ASSETS:
Cash and cash equivalents                                                   $  122,277          $  483,773
Accounts receivable, less allowance for doubtful accounts
 of $8,726 at August 31, 2004 and $0 at May 31, 2003, respectively           2,242,141           1,548,685
Accounts receivable - related parties and miscellaneous                        128,075             154,450
Prepaid expenses                                                                24,460              40,777
                                                                            ----------          ----------

      TOTAL CURRENT ASSETS                                                   2,516,953           2,227,685

Property and Equipment, net                                                    116,330              45,385

Intangible Assets, net                                                          52,299              57,064

Goodwill, net                                                                4,061,466           4,056,506

Deferred Income Tax Asset, net                                                 246,000             246,000

Non-marketable Securities                                                       78,489              78,489

Miscellaneous Assets                                                             8,500               8,500
                                                                            ----------          ----------

      TOTAL ASSETS                                                          $7,080,037          $6,719,629
                                                                            ==========          ==========
</TABLE>


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

                 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

<TABLE>
<CAPTION>
                                                                             August 31,           May 31,
                                                                               2004                2004
                                                                            ----------          ----------
                                                                            (Unaudited)
<S>                                                                         <C>                 <C>
CURRENT LIABILITIES:
Notes payable - related parties                                               133,333              183,333
Accounts payable                                                            1,132,359              696,658
Accounts payable - related parties                                                 --               16,291
Accrued liabilities                                                           243,408              653,571
Short-term deferred revenues                                                  805,304              521,860
                                                                          -----------          -----------

      TOTAL CURRENT LIABILITIES                                             2,314,404            2,071,713
                                                                          -----------          -----------

Long-term deferred revenues                                                   197,000                   --
                                                                          -----------          -----------

      TOTAL LIABILITIES                                                     2,511,404            2,071,713
                                                                          -----------          -----------
STOCKHOLDERS' EQUITY (DEFICIT):
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;
 5,340,738 and 5,338,238 shares issued and outstanding as of
 August 31, 2004 and May 31, 2004, respectively                                 5,341                5,338
Paid-in capital                                                             4,992,403            4,981,156
Accumulated deficit                                                          (429,111)            (338,578)
                                                                          -----------          -----------

      TOTAL EQUITY                                                          4,568,633            4,647,916
                                                                          -----------          -----------

      TOTAL LIABILITIES & EQUITY                                          $ 7,080,037          $ 6,719,629
                                                                          ===========          ===========
</TABLE>

                                       3
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
               FOR THE THREE MONTHS ENDED AUGUST 31, 2004 AND 2003

<TABLE>
<CAPTION>
                                                           Three months ended August 31,
                                                            2004                  2003
                                                         -----------           -----------
                                                         (Unaudited)           (Unaudited)
<S>                                                      <C>                   <C>
Revenues
   Project management fees                               $ 1,499,366           $   185,310
   Licensing and advertising fees                            546,988               572,170
   Other revenue                                                  18                62,000
   Franchise fees                                                 --                40,000
                                                         -----------           -----------
                                                           2,046,372               859,480
                                                         -----------           -----------

Operating Costs
   Cost of revenues                                        1,178,252                62,236
   General and administrative costs                          958,654               607,475
                                                         -----------           -----------
                                                           2,136,906               669,711
                                                         -----------           -----------

Income (Loss) from Operations                                (90,534)              189,769

Other Income (Expense)
   Interest income                                                 1                 2,091
                                                         -----------           -----------

Net Income (Loss) before income taxes                        (90,533)              191,860
                                                         -----------           -----------

Provision for income taxes                                        --                    --

Net Income (Loss)                                        $   (90,533)          $   191,860
                                                         ===========           ===========

Net Income (Loss) Per Share - basic and diluted          $     (0.02)          $      0.05
                                                         ===========           ===========
Weighted average shares outstanding
   - basic and diluted                                     5,338,820             4,068,115
                                                         ===========           ===========
</TABLE>

                                       4
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                             CONDENSED CONSOLIDATED
             STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
                     FOR THE YEAR ENDED MAY 31, 2004 AND THE
                 THREE MONTHS ENDED AUGUST 31, 2004 (UNAUDITED)

<TABLE>
<CAPTION>
                                            Common Stock
                                         -------------------       Paid-in        Accumulated
                                         Shares       Amount       Capital          Deficit           Total
                                         ------       ------       -------          -------           -----
<S>                                    <C>            <C>        <C>              <C>              <C>
Balance at May 31, 2003                4,068,115      $4,068     $ 1,583,970      $(1,186,549)     $   401,489

Issuance of common stock and
 options for merger, net of
 registration costs of $311,946          815,308         815       2,093,307               --        2,094,122

Issuance of common stock
 for repayment of debt                   444,815         445       1,265,055               --        1,265,500

Options issued for services                   --          --          10,800               --           10,800

Purchase of fractional shares                 --          --            (416)              --             (416)

Issuance of common stock
 for services                             10,000          10          28,440               --           28,450

Net income for year ended
 May 31, 2004                                 --          --              --          847,971          847,971
                                       ---------      ------     -----------      -----------      -----------

Balance at May 31, 2004                5,338,238       5,338       4,981,156         (338,578)       4,647,916

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

Net loss for quarter ended
 August 31, 2004                              --          --              --          (90,533)         (90,533)
                                       ---------      ------     -----------      -----------      -----------

Balance at August 31, 2004             5,340,738      $5,341     $ 4,992,403      $  (429,111)     $ 4,568,633
                                       =========      ======     ===========      ===========      ===========
</TABLE>

                                       5
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
          FOR THE THREE MONTHS ENDED AUGUST 31, 2004 & 2003 (UNAUDITED)

<TABLE>
<CAPTION>
                                                                 Three months ended August 31,
                                                                   2004                2003
                                                                 ---------           ---------
<S>                                                              <C>                 <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income (loss)                                             $ (90,533)          $ 191,860
   Adjustments to reconcile net income to net cash
    provided (used) by operating activities:
     Depreciation and amortization                                  10,479               5,923
     Issuance of common stock for services                          11,250                  --
   Changes in Assets and Liabilities:
     Accounts receivable
       - trade                                                    (693,456)            (92,044)
       - miscellaneous and related parties                          26,375             (21,842)
     Prepaid expenses                                               16,317             (22,483)
     Miscellaneous assets                                               --              (1,500)
     Accounts payable
       - trade                                                     435,701            (132,419)
       - related party                                             (16,291)                 --
     Accrued liabilities                                          (410,163)           (121,807)
     Deferred revenues                                             480,444             272,077
                                                                 ---------           ---------
        NET CASH PROVIDED USED BY OPERATING ACTIVITIES:           (229,877)             77,765
                                                                 ---------           ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchase of fixed assets                                        (76,659)            (31,989)
   Increase in goodwill                                                 --             (17,978)
                                                                 ---------           ---------
        NET CASH USED BY INVESTING ACTIVITES:                      (76,659)            (49,967)
                                                                 ---------           ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
   Payments for registration of securities                          (4,960)                 --
   Repayment of debt                                                    --             (22,206)
   Repayment of debt - related party                               (50,000)            (14,750)
   Issuance of stock in merger                                          --
                                                                 ---------           ---------
        NET CASH USED BY FINANCING ACTIVITIES:                     (54,960)            (36,956)
                                                                 ---------           ---------

NET DECREASE IN CASH AND CASH EQUIVALENTS:                        (361,496)             (9,158)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD:                    483,773             280,767
                                                                 ---------           ---------

CASH AND CASH EQUIVALENTS, END OF PERIOD:                        $ 122,277           $ 271,609
                                                                 =========           =========
</TABLE>

                                       6
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


--------------------------------------------------------------------------------
                                     NOTE 1
        SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, NATURE OF OPERATIONS,
                              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  ("ICC"),   Global
Entertainment  Marketing Systems ("GEMS"),  Cragar Industries,  Inc. ("Cragar"),
and Global Entertainment Ticketing, Inc. ("GETTIX.net") (collectively called the
"Company").  All significant  intercompany  balances and transactions  have been
eliminated in consolidation.

The accompanying  unaudited condensed  consolidated financial statements for the
Company 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 three months ended August 31, 2004 are not necessarily
indicative of the results that may be expected for the year ending May 31, 2005.
For  further  information,  refer  to the  financial  statements  and  footnotes
included in the  Company's  annual report  included on  Form-10KSB  for the year
ended May 31, 2004.

USE OF ESTIMATES

Management uses estimates and assumptions in preparing  financial  statements in
accordance with generally accepted  accounting  principles.  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, and the realization of the deferred income tax asset. 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 within the next year.

RESTATEMENTS

Certain  items as of and for the three  months  ended  August 31, 2003 have been
restated  in  the  accompanying  financial  statements  to  conform  to  current
presentations, for comparative purposes only.

                                       7
<PAGE>
                GLOBAL ENTERTAINMENT CORPORATION AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)


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

REVENUE RECOGNITION

INITIAL AND TRANSFER FRANCHISE FEES:

Initial  franchise fees represent amounts received from franchisees to acquire a
franchise.  The amount is recognized as revenue when the franchise  agreement is
signed and the  Company  has met all of its  significant  obligations  under the
terms of the franchise  agreement.  The Company is 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 the  franchisees  upon the
transfer of ownership of a franchise and are recognized when invoiced.

SPONSORSHIP, LICENSING AND ADVERTISING FEES

Pursuant to the terms of the Joint Operating  Agreement ("JOA"),  each team pays
assessment  fees of $75,000 per annum,  plus  $15,000 per annum for  officiating
costs. In addition, the 12 teams from the WPHL pay an extra $10,000 per annum to
cover Global's costs. The fees are recognized  ratably over the year. At the end
of the year, net profits/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,  but not limited to, facility
naming rights, luxury suite sales, club seat license sales, facility sponsorship
agreements, and ticket operations contracts. The revenue from these contracts is
recognized ratably over the duration of the contract. Corporate sponsorship fees
represent amounts received from third-party  sponsors.  Revenue from this source
is recognized when invoiced

PROJECT MANAGEMENT FEES:

ICC receives Design and Build contract revenue from various municipalities. This
is recognized as revenue ratably over the duration of the contracts. The Company
has entered into several construction-project supervisory contracts.

EARNINGS PER SHARE

The  computation of basic and diluted  earnings (loss) per share is based on the
weighted average number of common shares outstanding  during the periods.  As of
August  31,  2004  and  2003  there  were  536,982   (unaudited),   and  236,608
(unaudited),    potentially   dilutive   warrants   and   options   outstanding,
respectively. Due to the loss for the current period, these warrants and options
were not assumed exercised due to the anti-dilutive effect.

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


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

STOCK-BASED COMPENSATION

EMPLOYEE STOCK OPTIONS:

The Company has elected to follow  Accounting  Principals  Board Opinion No. 25,
"Accounting   for  Stock  Issued  to   Employees"   (ABP  25)  and  the  related
interpretations  in accounting  for its 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.  The Company has 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 FASB
Statement  No. 148,  "ACCOUNTING  FOR  STOCK-BASED  COMPENSATION  - TRANSITION &
DISCLOSURE,  AN AMENDMENT TO FASB STATEMENT NO. 123.",  to stock-based  employee
compensation.

                                                   Three months ended August 31,
                                                      2004             2003
                                                    ---------        ---------
                                                    (Unaudited)      (Unaudited)

Net income (loss), as reported                      $ (90,533)       $ 191,860
Deduct: Total stock-based employee compensation
 expense determined under fair value based method
 for all awards, net of related tax effects            (6,944)          (4,560)
                                                    ---------        ---------

Pro forma net income (loss)                         $ (97,477)       $ 187,300
                                                    =========        =========
Earnings (loss) per share:
  Basic and diluted, as reported                    $   (0.02)       $    0.05
                                                    =========        =========

  Basic and diluted, pro forma                      $   (0.02)       $    0.05
                                                    =========        =========

Due to the Company's net operating  loss  carryforwards,  the assumed tax effect
was deemed to be immaterial.

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


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

WARRANTS

As of August 31, 2004, the Company had 60,460 (unaudited)  warrants  outstanding
to purchase common stock.  All of the warrants are convertible into one share of
common stock. 20,500 are convertible at $3.50 per share and the remaining 39,960
are  convertible  at $3.55 per share.  They all carry exercise terms of five (5)
years. All of the warrants are vested and exercisable as of August 31, 2004. The
following table summarizes warrant activity:

<TABLE>
<CAPTION>
                                                                                    Weighted
                                                                   Number of        Average
                                                                   Warrants      Exercise Price
                                                                   --------      --------------
<S>                                                               <C>            <C>
Outstanding at May 31, 2003                                            500          $  3.50
  Granted                                                           59,960             3.55
  Exercised                                                             --               --
  Forfeited                                                             --               --
                                                                    ------          -------
Outstanding and exercisable at May 31, 2004                         60,460             3.53
  Granted                                                               --               --
  Exercised                                                             --               --
  Forfeited                                                             --               --
                                                                    ------          -------
Outstanding and exercisable at August 31, 2004 (unaudited)          60,460          $  3.53
                                                                    ======          =======
</TABLE>

Information  with respect to warrants  outstanding and exercisable at August 31,
2004 is as follows:

<TABLE>
<CAPTION>
                                             (Unaudited)

                           Warrants Outstanding                 Warrants Exercisable
             --------------------------------------------     ------------------------
                                 Weighted
                                 Average         Weighted                     Weighted
                                Remaining         Average                      Average
Exercise     Number of         Contractual       Exercise        Number       Exercise
 Price       Warrants       Life (in years)       Price       of Warrants      Price
 -----       --------       ---------------       -----       -----------      -----
<S>           <C>                 <C>             <C>            <C>           <C>
 $3.50        20,500              4.44            $3.50          20,500        $3.50
 $3.55        39,960              4.08            $3.55          39,960        $3.55
</TABLE>

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


--------------------------------------------------------------------------------
                                     NOTE 2
                               EQUITY (CONTINUED)
--------------------------------------------------------------------------------

OPTIONS

During the three  months  ended  August  31,  2004,  the  Company  issued  2,500
(unaudited) options.  During the three months ended August 31, 2003, the Company
issued 8,000 (unaudited) options. These options were issued to various directors
and managers.  Options  granted  prior to May 31, 2003 had an exercise  price of
$1.75.  Options  granted  during the three  months  ended August 31, 2004 had an
exercise price of $4.50 (unaudited).  Each option,  with the exception of 10,000
options,  has a term of ten (10) years.  Ten thousand  options granted in fiscal
year 2003 have a term of two (2) years.

The following is a table of activity for all options:

<TABLE>
<CAPTION>
                                                                                      Weighted
                                                                    Number of          Average
                                                                     Options        Exercise Price
                                                                     -------        --------------
<S>                                                                 <C>               <C>
Outstanding and exercisable at May 31, 2003                          228,107           $ 3.50
   Granted                                                           258,415             3.52
   Exercised                                                              --               --
   Forfeited                                                         (12,500)              --
                                                                    --------           ------
Outstanding and exercisable at May 31, 2004                          474,022             3.51
   Granted                                                             2,500             4.50
   Exercised                                                              --               --
   Forfeited                                                              --               --
                                                                    --------           ------
Outstanding and exercisable at August 31, 2004 (unaudited)           476,522           $ 3.61
                                                                    ========           ======
</TABLE>

Additional  information  about  outstanding  options to purchase  the  Company's
common stock as of August 31, 2004 is as follows:

<TABLE>
<CAPTION>
                                         (Unaudited)
                        Options Outstanding                  Options Exercisable
            -----------------------------------------      ----------------------
                              Weighted
                              Average        Weighted                    Weighted
                             Remaining       Average                     Average
Exercise    Number of       Contractual      Exercise        Number      Exercise
  Price      Options      Life (in years)     Price        of Options     Price
  -----      -------      ---------------     -----        ----------     -----
<S>            <C>               <C>            <C>            <C>          <C>
 $3.50       353,607           7.78           $3.50          223,607      $3.50
 $3.55       120,415           4.08           $3.55          120,415      $3.55
 $4.50         2,500           9.92           $4.50            2,500      $4.50
</TABLE>

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


--------------------------------------------------------------------------------
                                     NOTE 2
                               EQUITY (CONTINUED)
--------------------------------------------------------------------------------

The fair value of each option  granted is  estimated  on the grant date by using
the  Black-Scholes  option  pricing  model with the following  weighted  average
assumptions:

                                                  Three months ended August 31,
                                                    2004               2003
                                                 -----------        -----------
                                                 (Unaudited)        (Unaudited)

     Expected volatility                             50.32%                 0%
     Risk-free interest rate                          4.00%              5.67%

     Expected dividends                               --                --
     Expected life                                10 Years           10 Years
     Value of individual options                  $   2.78           $   0.75

The Company applies APB Opinion No. 25 and related interpretations in accounting
for its stock options granted to employees.  Accordingly,  no compensation  cost
has been  recognized  for  grants of options to  employees,  since the  exercise
prices  were not less than the fair  value of the  Company's  stock on the grant
dates.  Had  compensation  cost been  determined  based on the fair value on the
grant dates for awards under those plans consistent with the methods of SFAS No.
123, the Company's net income (loss) per share would have been as follows:

                                                  Three months ended August 31,
                                                    2004               2003
                                                 -----------        -----------
                                                 (Unaudited)        (Unaudited)
     Net income (loss):
       As reported                                $(90,533)          $191,860
       Pro forma                                  $(97,477)          $187,300
     Income (Loss) per share:
       As reported                                $  (0.02)          $   0.05
       Pro forma                                  $  (0.02)          $   0.05

                                       12
<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. 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 negative 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, 2004 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 the Company's financial position and operating results during
the periods included in the accompanying condensed consolidated financial
statements.

OVERVIEW - COMPANY DESCRIPTION

In April 2000, Global II acquired all of the outstanding shares of Western
Professional Hockey League, Inc. ("WPHL") from WPHL Holdings, Inc., a British
Columbia corporation, in exchange for six million shares of Global II common
stock. Contemporaneously with the acquisition of WPHL, we changed our name to
Global Entertainment Corporation. Pursuant to a joint operating agreement
between Central Hockey League, Inc., WPHL operates and manages a minor
professional hockey league known as the Central Hockey League (the "CHL"), which
consists of seventeen teams located in mid-market communities in seven states,
including Texas, Colorado, Kansas, Louisiana, Mississippi, New Mexico, and
Oklahoma.

In January 2001, we formed a subsidiary to acquire the assets of International
Coliseums Company, Inc. ("ICC") in exchange for 350,000 shares of Global common
stock. Our subsidiary, ICC, develops and manages multipurpose entertainment
facilities in mid-market communities. ICC enables us to secure a professional
minor league hockey team as a primary tenant in facilities that it develops or
manages, which we believe is a key factor in the viability of our managed
multipurpose facilities, and to promote the development of the CHL by assisting
potential franchisees in securing quality venues in which to play professional
minor league hockey.

In January 2002, we formed a third wholly owned subsidiary, Global Entertainment
Marketing Systems ("GEMS"), to promote, market, and sell various services
related to multipurpose entertainment facilities, including facility naming
rights, luxury suite sales, club seat license sales, facility sponsorship
agreements, and ticket operations contracts, among other licensing and marketing
opportunities. GEMS is all currently pursuing licensing and marketing
opportunities for CRAGAR-branded products, which we recently acquired,
particularly with respect to those markets in which WPHL and CHL franchisees
operate.

In March 2003, we acquired through a merger Cragar Industries, Inc. ("Cragar"),
whereby each share of Cragar common stock was exchanged for a fractional share
of Global common stock at a conversion rate of approximately 0.2091, resulting
in 815,308 of our shares being issued. In addition, the holders of $1,265,500 in
principal amount of outstanding Cragar debt exchanged their debt for 444,815
shares of Global common stock, and all outstanding Cragar options and warrants
were converted to Global options or warrants based on the same conversion rates
described above, for a total of 120,415 options and 39,960 warrants issued upon
closing of the merger.

                                       13
<PAGE>
Most recently, we formed Global Entertainment Ticketing, Inc. ("GETTIX"), a
wholly owned subsidiary, as a third party provider of ticketing solutions for
the multipurpose event centers under ICC management, existing CHL franchisees,
and various other entertainment venues, theatres, concert halls, and other
facilities and event coordinators. GETTIX intends to offer Internet and inbound
ticket sales services for each client, and has the ability to create local
networks of outlet sales locations in the various communities in which they
serve.

THREE MONTHS ENDED AUGUST 31, 2004 COMPARED TO THREE MONTHS ENDED AUGUST 31,
2003

REVENUES:

<TABLE>
<CAPTION>
                                                             For the Quarters Ended August 31,
                                    --------------------------------------------------------------------------------
                                                Percent of               Percent of   Dollar Change   Percent Change
                                                  2004                     2003       Between 2003     Between 2003
                                       2004      Revenue      2003        Revenue       and 2004        and 2004
                                       ----      -------      ----        -------       --------        --------
<S>                                 <C>            <C>      <C>            <C>        <C>                 <C>
Revenue
   Project management fees          $1,499,366     73.3%    $185,310       21.6%      $ 1,314,056         709.1%
   Licensing and advertising fees      546,988     26.7%     572,170       66.6%          (25,182)         -4.4%
   Other revenue                            18      0.0%      62,000        7.2%          (61,982)       -100.0%
   Franchise fees                           --      0.0%      40,000        4.7%          (40,000)       -100.0%
                                    ----------    -----     --------      -----       -----------       -------
   Total                            $2,046,372    100.0%    $859,480      100.0%      $ 1,186,892         138.1%
                                    ==========    =====     ========      =====       ===========       =======
</TABLE>

Total revenues increased $1,186,892 from $859,480 for the quarter ended August
31, 2003 to $2,046,372 for the quarter ended August 31, 2004. This 138.1%
increase was generated by ICC which realized an increase of $1,314,056 from
$185,310 for the quarter ended August 31, 2003 to $1,499,366 for the quarter
ended August 31, 2004. This increase was the result of revenues received under
the current project management agreement with the City of Youngstown, Ohio for
the construction of the Youngstown Convocation Center. At the present time, ICC
is in the design and build portion of the agreement. It is anticipated that the
facility will be completed in the second half of 2005. Revenues from these
projects are relatively infrequent. ICC's revenues represented 73.3% of our
total revenue for the first fiscal quarter of 2004, compared to 21.6% of our
total revenue for the first fiscal quarter of 2003.

Licensing and advertising fees declined $25,182, from $572,170 for the quarter
ended August 31, 2003 to $546,988 for the quarter ended August 31, 2004. This
4.4% decline resulted from a decrease in assessment fees of $127,000 from the
first fiscal quarter of 2003 to the first fiscal quarter of 2004, offset by an
increase in advertising fees of $102,000 during these periods. The net decline
in assessment fees resulted from the timing of the annual re-allocation of CHL
revenues pursuant to the terms of the joint operating agreement. These revenues
are recognized ratably over the course of the fiscal year and each year
management reviews expenses from the prior year and adjusts the allocation
accordingly. The growth in advertising fees was a direct result of the merger
with Cragar Industries, Inc, which is now a wholly owned subsidiary. The merger
was closed in March 2004, and was an entirely new revenue source for us during
the first quarter of 2004. The reduction of licensing and advertising fees as a
percentage of total revenues from 66.6% in the first fiscal quarter of 2003 to
26.7% in the first fiscal quarter of 2004 is primarily the result of the
increase in total revenues.

Franchise fees decreased $40,000 in the first fiscal quarter of 2004 from the
corresponding 2003 period. We had no new franchise sales, transfers, or
relocations during the first fiscal quarter of 2004. The realization of
revenues, if any, from new franchise fees or from the transfer of franchises in
any fiscal year or interim period is unpredictable.

Other revenue decreased $61,982 in the first fiscal quarter of 2004 as compared
to the first fiscal quarter of 2003. This decrease resulted from a non-recurring
special advertising contract that was sold during the first fiscal quarter of
2003.

                                       14
<PAGE>
OPERATING COSTS:

<TABLE>
<CAPTION>
                                                                 For the Quarters Ended August 31,
                                        --------------------------------------------------------------------------------
                                                    Percent of               Percent of   Dollar Change   Percent Change
                                                      2004                     2003       Between 2003     Between 2003
                                           2004      Revenue      2003        Revenue       and 2004        and 2004
                                           ----      -------      ----        -------       --------        --------
<S>                                     <C>            <C>      <C>            <C>        <C>                 <C>
Operating Costs
   Cost of revenues                    $1,178,252     57.6%     $ 62,236        7.2%       $1,116,016        1793.2%
   General and administrative costs       958,654     46.8%      607,475       70.7%          351,179          57.8%
                                       ----------    -----      --------       ----        ----------        ------
   Total                               $2,136,906    104.4%     $669,711       77.9%       $1,467,195         219.1%
                                       ==========    =====      ========       ====        ==========        ======
</TABLE>

Total operating costs increased by $1,467,195, from $669,711 for the quarter
ended August 31, 2003 to $2,136,906 for the quarter ended August 31, 2004. This
219.1% increase resulted from an increase in cost of revenue of $1,116,016 in
the first fiscal quarter of 2004 over the prior corresponding period, which
resulted from the requirements of the project management agreement for the City
of Youngstown, Ohio and the costs associated with construction of the Youngstown
Convocation Center.

General and administrative expenses increased $351,179 from $607,475 for the
quarter ended August 31, 2003 to $958,654 for the quarter ended August 31, 2004.
This 57.8% increase resulted from $163,378 in expenses associated with the
formation and start up of GETTIX.net. In addition, approximately $82,500 of the
increase was the result of general corporate expansion and an increase in
overhead expenditures associated with additional staffing and marketing
expenditures. Finally, present quarter results also include $105,310 in
expenditures for Cragar that are not reflected in the first quarter results of
the prior quarter.

INCOME (LOSS) FROM OPERATIONS.

<TABLE>
<CAPTION>
                                                                 For the Quarters Ended August 31,
                                        --------------------------------------------------------------------------------
                                                    Percent of               Percent of   Dollar Change   Percent Change
                                                      2004                     2003       Between 2003     Between 2003
                                           2004      Revenue      2003        Revenue       and 2004        and 2004
                                           ----      -------      ----        -------       --------        --------
<S>                                     <C>            <C>      <C>            <C>        <C>                 <C>
Net income/(Loss) from operations       $(90,534)     -4.3%     $189,769       22.1%        $280,303         -147.7%
</TABLE>

Net loss from operations was $90,534 for the three months ended August 31, 2004
compared to net income from operations of $189,769 for the three months ended
August 31, 2003. The current quarter loss was the result of start up
expenditures for GETTIX.net, new staffing requirements, and associated overhead
costs. Operations from this new wholly-owned subsidiary began in the second
quarter.

                                       15
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES

Our primary source of operating capital in fiscal year 2005 is expected to be
from league assessments from the CHL. Since there is no assurance that we will
be able to supplement our operating capital through franchise fees or service
fees from our new operation, GETTIX.net, we must generate sufficient levels of
cash from operations to meet our working capital needs, or rely on equity or
debt financing to meet cash requirements.

We are currently seeking to enter into a credit agreement with a commercial
lender. If our working capital needs exceed cash flow from operations, and this
credit facility has not been secured to meet this shortfall, we will be required
to obtain additional equity or debt financing on terms that may be
unsatisfactory or may not be available at all. In that case, our financial
condition and ability to continue operations could be materially and adversely
affected.

For the three months ended August 31, 2004, cash used in operating activities
totaled $229,877 compared to net cash provided by operations of $77,765 for the
three months ended August 31, 2003. This is primarily due to start up operations
for GETTIX.net.

Cash used in investing activities totaled $76,659 for the three months ended
August 31, 2004, as compared to $49,967 for the three months ended August 31,
2003. This increase in use of funds is predominantly attributed to the purchase
of capital equipment and furniture related to the startup operations of
GETTIX.net.

Cash used in financing activities totaled $54,960 for the three months ended
August 31, 2004 as compared to $36,956 for the three months ended August 31,
2003. This increase is the result of the repayment of a note assumed in
conjunction with the merger with Cragar.

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 May 2003, the FASB issued SFAS No. 150, "Accounting for Certain Financial
Instruments with Characteristics of both Liabilities and Equity." This Statement
establishes standards for how an issuer classifies and measures certain
financial instruments with characteristics of both liabilities and equity. The
provisions of SFAS No. 150, which also include a number of new disclosure
requirements, are effective for instruments entered into or modified after May
15, 2003 and pre-existing instruments as of the beginning of the first interim
period that commences after June 15, 2003. The adoption of SFAS No. 150 did not
have a significant effect on our results of operations or financial position.

                                       16
<PAGE>
ITEM 3.  CONTROLS AND PROCEDURES

Our Chief Executive Officer and our Chief Financial Officer, after evaluating
the effectiveness of the company's disclosure controls and procedures (as
defined in the Securities and Exchange Act of 1934, Rules 13a-14(c) and
15d-14(c) as of a date within 90 days of the filing date of this quarterly
report on Form 10-QSB (the "Evaluation Date"), have concluded that as of the
Evaluation Date, our disclosure controls and procedures were adequate and
effective to ensure that material information relating to Global Entertainment
and our consolidated subsidiaries would be made known to them by others within
those entities, particularly during the period in which this quarterly report on
Form 10-QSB was being prepared.

There were no significant changes in our internal controls or in other factors
that could significantly affect our disclosure controls and procedures
subsequent to the Evaluation Date, nor any significant deficiencies or material
weaknesses in such disclosure controls and procedures requiring corrective
action. As a result, no corrective action was taken.

                           PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

In the ordinary course of business we experience ancillary exposure to the
general public, due primarily to our facilities construction and management
operations. As with the construction and management of any facilities, there
exists a degree of risk that fans or other public attendees or visitors may be
accidentally injured. To mitigate this risk, we maintain insurance coverage in
amounts and covering risks that we believe to be reasonably foreseeable, but
there is no assurance that our insurance will be sufficient to cover actual
liabilities.

We are a defendant in a lawsuit filed by an employee of one of our franchises
for alleged breach of contract. The suit asks for unspecified actual damages. We
do not believe that the suit has merit and we are defending it vigorously. We
cannot provide any assurances as to the outcome of litigation, however.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits. See Exhibit Index attached.

(b) Reports on Form 8-K. On June 10, 2004, we filed a report on Form 8-K with
the SEC relating to prior press releases announcing the start up of our new
ticketing subsidiary, the commencement of trading of our common stock on the
NASD Bulletin Board and the appointment and promotion of executive officers and
key employees. In addition, on August 30, 2004, we filed a report on Form 8-K
with the SEC relating to our press release announcing our financial results for
the fiscal year ended May 31, 2004.

                                       17
<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)


October 15, 2004                          By /s/ Richard Kozuback
                                             -----------------------------------
                                             Richard Kozuback
                                             President & Chief Executive Officer



October 15, 2004                          By /s/ J. Craig Johnson
                                             -----------------------------------
                                             J. Craig Johnson
                                             Chief Financial Officer

                                       18
<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, 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, Chief
        Financial Officer

----------

*        Filed herewith.
**       Furnished herewith.