Cogeco 2006 Annual Report Download - page 41

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Consolidated Financial Statements COGECO CABLE INC. 2006 39
CONSOLIDATED STATEMENTS OF INCOME
YEARS ENDED AUGUST 31, 2006 2005
(in thousands of dollars, except per share data) $ $
REVENUE
SERVICE 617,806 550,711
EQUIPMENT 2,195 3,693
620,001 554,404
OPERATING COSTS (NOTE 1 L)) 358,631 318,704
MANAGEMENT FEES – COGECO INC. (NOTE 18) 8,392 8,179
OPERATING INCOME BEFORE AMORTIZATION 252,978 227,521
AMORTIZATION (NOTE 3) 120,782 125,088
OPERATING INCOME 132,196 102,433
FINANCIAL EXPENSE (NOTE 10) 57,366 55,692
INCOME BEFORE INCOME TAXES 74,830 46,741
INCOME TAXES (NOTE 4) 9,274 18,020
NET INCOME 65,556 28,721
EARNINGS PER SHARE (NOTE 13)
BASIC 1.64 0.72
DILUTED 1.63 0.72
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
YEARS ENDED AUGUST 31, 2006 2005
(in thousands of dollars) $ $
BALANCE AT BEGINNING 58,604 33,880
NET INCOME 65,556 28,721
DIVIDENDS ON MULTIPLE VOTING SHARES (2,512) (1,569)
DIVIDENDS ON SUBORDINATE VOTING SHARES (3,888) (2,428)
BALANCE AT END 117,760 58,604