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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.