Cogeco 2005 Annual Report Download - page 33

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CONSOLIDATED STATEMENTS OF INCOME
Years ended August 31, 2005 2004
(in thousands of dollars, except per share data) $$
Revenue
Service 550,711 518,401
Equipment 3,693 8,079
554,404 526,480
Operating costs (note 1k)) 318,704 315,208
Management fees – COGECO Inc. (note 15) 8,179 8,026
Operating income before amortization 227,521 203,246
Amortization (note 2) 125,088 140,214
Operating income 102,433 63,032
Financial expense (note 8) 55,692 57,957
Income before income taxes 46,741 5,075
Income taxes (note 3) 18,020 37,269
Net income (loss) 28,721 (32,194)
Earnings (loss) per share (note 10)
Basic and diluted 0.72 (0.81)
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
Years ended August 31, 2005 2004
(in thousands of dollars) $$
Balance at beginning
As previously reported 33,880 95,677
Changes in accounting policies (note 1c)v)) —(29,603)
As restated 33,880 66,074
Net income (loss) 28,721 (32,194)
Dividends on multiple voting shares (1,569) —
Dividends on subordinate voting shares (2,428) —
Balance at end 58,604 33,880
Cogeco Cable Inc. 2005
31
Consolidated Financial Statements