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 |
|

CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS
For the years ended August 31 (in thousands of Canadian dollars except for per-share data)
|
Notes |
2006 |
2005 |
| Revenues |
|
$ 593,650 |
$549,610 |
| Operating expenses |
|
401,905 |
376,994 |
 |
 |
 |
 |
| |
|
191,745 |
172,616 |
Depreciation |
7,8 |
16,362 |
14,551 |
| Amortization of deferred charges |
7 |
3,267 |
1,181 |
| Interest income, net |
13 |
(3,385) |
(2,272) |
| |
|
 |
 |
| Earnings from continuing operations before income taxes |
|
175,501 |
159,156 |
| |
|
 |
 |
| Income tax provision before undernoted |
14 |
60,533 |
54,710 |
| Future income tax recovery resulting from income tax rate changes, net |
14 |
(8,791) |
— |
 |
 |
 |
 |
| |
|
51,742 |
54,710 |
| |
|
 |
 |
| Net earnings from continuing operations |
|
123,759 |
104,446 |
Net earnings (loss) from discontinued operations |
4 |
(252) |
3,149 |
| |
|
 |
 |
| Net earnings |
|
$123,507 |
$107,595 |
 |
 |
 |
 |
Earnings per share from continuing operations |
12 |
|
|
| - Basic |
|
$ 2.30 |
$ 1.87 |
 |
 |
 |
 |
| - Diluted |
|
$ 2.26 |
$ 1.84 |
 |
 |
 |
 |
| Earnings per share |
|
|
|
| - Basic |
|
$ 2.30 |
$ 1.93 |
 |
 |
 |
 |
| - Diluted |
|
$ 2.26 |
$ 1.90 |
 |
 |
 |
 |
Retained earnings - beginning of year |
|
$342,550 |
$283,912 |
| Net earnings |
|
123,507 |
107,595 |
| Dividends |
|
(16,117) |
(11,160) |
| Shares repurchased - excess of purchase price over carrying value |
12 |
(61,249) |
(36,406) |
| Impact of adoption of a new accounting policy |
1 |
— |
(1,391) |
 |
 |
 |
 |
| Retained earnings - end of year |
|
$388,691 |
$342,550 |
 |
 |
 |
 |
See accompanying notes.

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