Quarterly Financial Information The table below shows selected consolidated financial data by quarter for 2004 and 2003. This quarterly informa- tion is unaudited but has been prepared on the same basis as the annual consolidated financial statements. The  factors that have caused our results to vary over the past eight quarters are discussed throughout this MD&A. 2004 2003 YEAR Q4 Q3 Q2 Q1 YEAR Q4 Q3 Q2 Q1 Operating revenues 19,193 4,989 4,781 4,782 4,641 18,737 4,818 4,627 4,673 4,619 EBITDA 7,564 1,831 1,936 1,953 1,844 7,410 1,847 1,895 1,895 1,773 Amortization expense (3,108) (803) (769) (769) (767) (3,100) (775) (801) (774) (750) Net benefit plans cost (256) (67) (61) (65) (63) (175) (46) (44) (43) (42) Restructuring and other items (1,224) (126) (1,081) (14) (3) (14) (13) (1) – – Operating income 2,976 835 25 1,105 1,011 4,121 1,013 1,049 1,078 981 Earnings from continuing operations 1,498 367 102 544 485 1,871 486 453 466 466 Discontinued operations 26 (2) (2) 27 3 (56) (86) 11 12 7 Extraordinary gain 69 69 – – – – – – – – Net earnings 1,593 434 100 571 488 1,815 400 464 478 473 Net earnings applicable to common shares 1,523 417 82 554 470 1,744 386 446 461 451 Included in net earnings: Net gains on investments Continuing operations 389 64 325 – – 84 84 – – – Discontinued operations 34 (2) (2) 31 7 (86) (94) 8 – – Restructuring and other items (772) (62) (725) 16 (1) (3) (9) 6 – – Net earnings per common share Continuing operations – basic 1.55 0.38 0.09 0.57 0.51 1.96 0.50 0.48 0.49 0.49 Continuing operations – diluted 1.55 0.38 0.09 0.57 0.51 1.95 0.50 0.47 0.49 0.49 Net earnings – basic 1.65 0.45 0.09 0.60 0.51 1.90 0.41 0.49 0.50 0.50 Net earnings – diluted 1.65 0.45 0.09 0.60 0.51 1.89 0.41 0.48 0.50 0.50 Average number of common shares outstanding (millions) 924.6 925.3 924.6 924.3 924.1 920.3 923.4 921.5 919.3 917.1 Bell Canada Enterprises  2004 Annual Report 47