Rogers 2008 Annual Report Download - page 87

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ROGERS COMMUNICATIONS INC. 2008 ANNUAL REPORT 83
Years ended December 31, 2008 and 2007 2008 2007
Operating revenue (note 3(b)) $ 11,335 $ 10,123
Operating expenses:
Cost of sales 1,303 961
Sales and marketing 1,334 1,322
Operating, general and administrative 4,569 4,251
Stock option plan amendment (note 19(a)(i)) – 452
Integration and restructuring (note 6) 51 38
Depreciation and amortization 1,760 1,603
Impairment losses on goodwill, intangible assets and other long-term assets (notes 11(a) and 13) 294 –
Operating income 2,024 1,496
Interest on long-term debt (575) (579)
Debt issuance costs (note 14(a)) (16) –
Loss on repayment of long-term debt (note 14(f)) – (47)
Foreign exchange gain (loss) (99) 54
Change in fair value of derivative instruments 64 (34)
Other income (expense), net 28 (4)
Income before income taxes 1,426 886
Income tax expense (recovery) (note 7):
Current 3 (1)
Future 421 250
424 249
Net income for the year $ 1,002 $ 637
Net income per share (note 8):
Basic $ 1.57 $ 1.00
Diluted 1.57 0.99
See accompanying notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF INCOME
(IN MILLIONS OF CANADIAN DOLLARS, EXCEPT PER SHARE AMOUNTS)