Shaw 2010 Annual Report Download - page 73

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Shaw Communications Inc.
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS (DEFICIT)
Years ended August 31 [thousands of Canadian dollars
except per share amounts]
2010
$
2009
$
2008
$
Restated – note 1 Restated – note 1
Service revenue [note 15] 3,717,580 3,390,913 3,104,859
Operating, general and administrative expenses 1,958,829 1,850,304 1,693,930
Service operating income before amortization
[note 15] 1,758,751 1,540,609 1,410,929
Amortization –
Deferred IRU revenue [note 10] 12,546 12,547 12,547
Deferred equipment revenue [note 10] 120,639 132,974 126,601
Deferred equipment costs [note 7] (228,714) (247,110) (228,524)
Deferred charges [note 7] (1,025) (1,025) (1,025)
Property, plant and equipment [note 6] (526,432) (449,808) (390,778)
Other intangibles [note 8] (33,285) (30,774) (23,954)
Operating income 1,102,480 957,413 905,796
Amortization of financing costs –
long-term debt [note 9] (3,972) (3,984) (3,627)
Interest [notes 9, 13 and 15] (248,011) (237,047) (230,588)
850,497 716,382 671,581
Debt retirement costs [note 9] (81,585) (8,255) (5,264)
Loss on financial instruments [note 19] (47,306) ––
Other gains [note 1] 5,513 19,644 24,009
Income before income taxes 727,119 727,771 690,326
Income tax expense [note 14] 183,137 191,197 17,420
Income before the following 543,982 536,574 672,906
Equity income (loss) on investee [note 5] (11,250) (99) 295
Net income 532,732 536,475 673,201
Retained earnings (deficit), beginning of year 384,747 226,408 (68,132)
Adjustment for adoption of new accounting
policies [note 1] (2,520) (3,756) (3,641)
Retained earnings (deficit), beginning of
year restated 382,227 222,652 (71,773)
Reduction on Class B Non-Voting Shares
purchased for cancellation [note 11] (85,143) (25,017) (74,963)
Dividends – Class A Shares and Class B
Non-Voting Shares (372,088) (351,883) (303,813)
Retained earnings, end of year 457,728 382,227 222,652
Earnings per share [note 11]
Basic $ 1.23 $ 1.25 $ 1.56
Diluted $ 1.23 $ 1.25 $ 1.55
See accompanying notes
69