Cogeco 2007 Annual Report Download - page 45

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Consolidated Financial Statements COGECO CABLE INC. 2007 43
CONSOLIDATED STATEMENTS OF INCOME
YEARS ENDED AUGUST 31, 2007 2006
(in thousands of dollars, except per share data) $ $
REVENUE
SERVICE 935,390 617,806
EQUIPMENT 3,490 2,195
938,880 620,001
OPERATING COSTS (NOTE 1 M)) 559,559 358,631
MANAGEMENT FEES—COGECO INC. (NOTE 18) 8,568 8,392
OPERATING INCOME BEFORE AMORTIZATION 370,753 252,978
AMORTIZATION (NOTE 4) 189,323 120,782
OPERATING INCOME 181,430 132,196
FINANCIAL EXPENSE (NOTE 11) 84,569 57,366
INCOME BEFORE INCOME TAXES 96,861 74,830
INCOME TAXES (NOTE 5) 12,170 9,274
NET INCOME 84,691 65,556
EARNINGS PER SHARE (NOTE 6)
BASIC 1.96 1.64
DILUTED 1.94 1.63
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
YEARS ENDED AUGUST 31, 2007 2006
(in thousands of dollars) $ $
BALANCE AT BEGINNING 117,760 58,604
NET INCOME 84,691 65,556
SUBORDINATE VOTING SHARES ISSUE COSTS, NET OF RELATED INCOME TAXES
OF $4,689,000 (10,151) —
DIVIDENDS ON MULTIPLE VOTING SHARES (3,766) (2,512)
DIVIDENDS ON SUBORDINATE VOTING SHARES (6,582) (3,888)
BALANCE AT END 181,952 117,760