persistent cron error

[Paul Mackinney <paul@mackinney.net>]

I get the following error for a cron job that runs ntpdate:
  Date: Thu, 19 Feb 2004 06:26:42 -0800
  From: Cron Daemon 
  Subject: Cron <root@dog> test -e /usr/sbin/anacron || run-parts --report
  /etc/cron.daily
  To: root
  
  /etc/cron.daily/ntpdate:
  run-parts: failed to exec /etc/cron.daily/ntpdate: Exec format error
  run-parts: /etc/cron.daily/ntpdate exited with return code 1

The file format _looks_ ok to me, and the commands succeed when run
manually in the shell (including the if...then conditions). 
Any suggestions?

/etc/cron.daily/ntpdate:
# cron script to run ntp client & sync clock.
#
# Run queue at 09:20
# m h dom mon dow user command
@reboot  root \
         if [ -x /usr/sbin/ntpdate ]; then \
             /usr/sbin/ntpdate -s ntp.ucsd.edu ntp1.mainecoon.com; \
         fi
20 9 * * * root \
           if [ -x /usr/sbin/ntpdate ]; then \
               /usr/sbin/ntpdate -s ntp.ucsd.edu ntp1.mainecoon.com; \
           fi
# <verbose comments about the ntp servers truncated>

TIA, Paul
-- 
Paul Mackinney
paul@mackinney.net