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Management’s Discussion and Analysis (MD&A) COGECO CABLE INC. 2010 35
Three-year annual financial highlights and quarterly financial
highlights
Three-year financial highlights
Years ended August 31, 2010 2009
(
1
)
2008
(1)(2)
(in thousands of dollars, except percentages and per share data) $ $ $
Revenue 1,281,376 1,217,837 1,076,787
Operating income before amortization 510,096 507,876 428,543
Operating margin 39.8% 41.7% 39.8%
Operating income 251,225 251,799 211,569
Impairment of goodwill and intangible assets – 399,648 –
Net income (loss) 157,303 (258,228) 128,722
A
djusted net income(3) 127,521 102,039 104,720
Cash flow from operating activities 417,284 415,169 375,974
Cash flow from operations 494,814 384,206 343,493
Capital expenditures and increase in deferred charges 319,682 288,794 244,603
Free cash flow 175,132 95,412 98,890
Total assets 2,702,819 2,630,912 2,986,830
Long term financial liabilities(4) 956,311 1,015,069 721,373
Per share data(5)
Earnings (loss) per share
Basic 3.24 (5.32) 2.66
Diluted 3.23 (5.32) 2.64
A
djusted earnings per share
Basic 2.63 2.10 2.16
Diluted 2.62 2.10 2.15
Dividend 0.56 0.48 0.40
(1) Certain comparative figures have been reclassified to conform to the current year’s presentation. Financial information has been restated to reflect the
application of the CICA Handbook Section 3064. Please refer to the “Critical accounting policies and estimates” section on page 11 for more details.
(2) Includes the results of CDS since the date of acquisition of control on July 31, 2008.
(3) In addition to the adjustments described in the “Non-GAAP financial measures” section on page 40, net income for the 2008 fiscal year has been adjusted to
remove the income tax adjustment of $24 million related to the reduction of Canadian federal income tax rates.
(4) Long-term financial liabilities include long-term debt, derivative financial instrument liabilities and pension plan liabilities and accrued employee benefits.
(5) Per multiple and subordinate voting share.