WYOMISSING, Pa. (AP) – Penn National Gaming Inc. reported record fourth-quarter earnings of $9.19 million, or 23 cents per share, on Tuesday.

The company attributed its performance to managers of its various properties.

Analysts surveyed by Thomson First Call expected earnings of 34 cents per share.

Fourth-quarter net income in 2003 was $7.63 million, or 19 cents a share, the Wyomissing, Pa.-based company said.

Revenue for the quarter was $296.9 million, compared to $164.1 million in 2002.

“Our record fourth quarter and full year 2003 represented significant periods of growth for Penn National,” said Peter M. Carlino, chief executive officer.

Carlino said the company has been “aggressively seeking new growth opportunities that leverage our property development and management skills and race track operating experience.”

One of those new opportunities may be in Maine, where Penn National is in the process of acquiring Bangor Historic Track.

The company is in line to obtain a conditional license from the Maine Harness Racing Commission on Feb. 11.

Penn National’s stock closed down 28 cents at $24.15 in trading Tuesday on NASDAQ.

AP-ES-02-03-04 1839EST