Cogeco 2004 Annual Report Download - page 29

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CONSOLIDATED FINANCIAL STATEMENTS
Cogeco Cable Inc. 2004 27
CONSOLIDATED STATEMENTS OF INCOME
Years ended August 31, 2004 2003
(in thousands of dollars, except per share data) (restated)
$$
Revenue
Service 518,401 479,307
Equipment 8,079 9,887
526,480 489,194
Operating costs (note 1l)) 315,208 305,716
Management fees – COGECO Inc. (note 15) 8,026 7,869
Operating income before amortization 203,246 175,609
Amortization (note 2) 140,214 110,234
Operating income 63,032 65,375
Financial expense (note 8) 57,957 61,113
Income before income taxes 5,075 4,262
Income taxes (note 3) 37,269 4,386
Net loss (32,194) (124)
Loss per share (note 10)
Basic and diluted (0.81) (0.00)
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
Years ended August 31, 2004 2003
(in thousands of dollars) (restated)
$$
Balance at beginning
As previously reported 95,677 87,771
Changes in accounting policies (note 1c)vi)) (29,603) (21,600)
As restated 66,074 66,171
Net loss (32,194) (124)
Excess of the attributed value of subordinate
voting shares purchased over price paid —27
Balance at end 33,880 66,074