Rogers 2005 Annual Report Download - page 103

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Years ended December 31, 2005 and 2004 2 0 0 5 2 0 0 4
Operating revenue $ 7,482,154 $ 5,608,249
Cost of sales 1,296,148 797,857
Sales and marketing expenses 1,122,348 883,622
Operating, general and administrative expenses 2,853,613 2,188,214
Integration expenses (note 3(e)) 66,476 4,415
Depreciation and amortization 1,478,011 1,092,551
Operating income 665,558 641,590
Interest on long-term debt (note 2(s)(i)) 710,079 575,998
(44,521) 65,592
Loss on repayment of long-term debt (note 11(f)) (11,242) (28,210)
Foreign exchange gain (loss) (note 2(g)) 35,477 (67,555)
Change in fair value of derivative instruments (25,168) 26,774
Gain on dilution on issue of shares by a subsidiary – 15,502
Other income, net 2,951 3,783
Income (loss) before income taxes and non-controlling interest (42,503) 15,886
Income tax expense (reduction) (note 14):
Current 10,730 3,447
Future (8,575) –
2,155 3,447
Income (loss) before non-controlling interest (44,658) 12,439
Non-controlling interest – (79,581)
Loss for the year (note 2(s)(i)) $ (44,658) $ (67,142)
Loss per share (note 15):
Basic $ (0.15) $ (0.28)
Diluted (0.15) (0.28)
See accompanying notes to consolidated financial statements.
99 ROGERS 2005 ANNUAL REPORT . CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statements of Income
(I N TH OU S AN DS O F DOL LA R S, E XC EPT P ER S HA R E AM OU N TS )
Years ended December 31, 2005 and 2004 2 0 0 5 2 0 0 4
Deficit, beginning of year:
As previously reported $ (519,441) $ (339,436)
Change in accounting policy related to stock-based
compensation (note 2(p)) – (7,025)
Change in accounting policy related to
Convertible Preferred Securities (note 2(s)(i)) – (81,786)
As restated (519,441) (428,247)
Loss for the year (44,658) (67,142)
Dividends on Class A Voting and Class B Non-Voting shares (37,449) (24,052)
Deficit, end of year $ (601,548) $ (519,441)
See accompanying notes to consolidated financial statements.
Consolidated Statements of Deficit
(I N TH OU S AN DS O F DOL LA R S)