Cogeco 2003 Annual Report Download - page 27

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2003 2002
Revenue $479,293 $447,984
Operating costs 288,080 271,928
Management fees – COGECO Inc. (note 17) 7,869 7,710
Operating income before depreciation and amortization 183,344 168,346
Depreciation and amortization (note 2) 107,158 95,073
Income before undernoted items 76,186 73,273
Unusual item (note 3) —4,925
Financial expense 61,113 59,645
Income before income taxes 15,073 8,703
Income taxes (note 4) 7,194 4,915
Net income $7,879 $3,788
Earnings per share (note 12)
Basic $0.20 $0.10
Diluted 0.20 0.09
YEARS ENDED AUGUST 31,
(in thousands of dollars, except per share data)
Consolidated Statements of Income
YEARS ENDED AUGUST 31,
(in thousands of dollars)
2003 2002
Balance at beginning $87,771 $83,983
Net income 7,879 3,788
Excess of the attributed value of subordinate
voting shares purchased over price paid 27 —
Balance at end $95,677 $87,771
Consolidated Statements of Retained Earnings
Cogeco Cable Inc. 2003 25