2004 2003 2002 2001 2000 1999 1998 Operating revenue (thousands of dollars) Newspapers $1,003,473 $903,385 $856,956 $825,765 $857,989 $774,191 $645,066 Book Publishing 538,376 584,924 618,093 596,898 587,085 577,185 545,247 Total $1,541,849 $1,488,309 $1,475,049 $1,422,663 $1,445,074 $1,351,376 $1,190,313 Operating profit & Income  from continuing operations (thousands of dollars) Newspapers $127,601 $110,116 $105,495 $54,300 $98,814 $107,562 $81,428 Book Publishing 97,182 124,121 119,168 99,643 83,831 80,941 92,850 Corporate (15,555) (14,166) (12,764) (10,773) (9,804) (6,708) (5,962) Operating profit 209,228 220,071 211,899 143,170 172,841 181,795 168,316 Interest (10,916) (12,806) (12,751) (29,143) (41,283) (32,170) (17,051) Foreign exchange (1,723) (4,011) 973 392 (1,395) 55 324 Unusual items (12,282) (673) (3,300) (70,544) 24,415 3,531 (9,381) Income before taxes 184,307 202,581 196,821 43,875 154,578 153,211 142,208 Income and other taxes (72,100) (79,200) (72,000) (14,900) (47,200) (52,900) (49,400) Income before income  (losses) of  associated businesses 112,207 123,381 124,821 28,975 107,378 100,311 92,808 Income (losses) of  associated businesses 496 134 504 (8,022) (6,202) (5,516) 145 Income from  continuing operations  before amortization  of goodwill 112,703 123,515 125,325 20,953 101,176 94,795 92,953 Amortization of  goodwill (net of tax) (17,973) (17,461) (13,975) (7,744) Income from  continuing operations $112,703 $123,515 $125,325 $2,980 $83,715 $80,820 $85,209 Cash from continuing  operating activities $178,598 $162,976 $167,732 $91,711 $184,802 $113,582 $165,251 Average number of  shares outstanding  (thousands) 79,168 77,645 76,329 75,292 74,695 74,667 75,926 Per share Data Income from  continuing operations $1.42 $1.59 $1.64 $0.04 $1.12 $1.08 $1.12 Dividends – Class A  and Class B shares $0.70 $0.64 $0.58 $0.58 $0.58 $0.58 $0.565 Rate of Return on Revenue Operating profit 13.6% 14.8% 14.4% 10.1% 12.0% 13.5% 14.1% Income before  income (losses) of  associated businesses 7.3% 8.3% 8.5% 2.0% 7.4% 7.4% 7.8% Return on equity Cash from operating  activities as a percentage of average  shareholders’ equity 23.2% 23.5% 28.5% 15.4% 27.5% 17.1% 23.1% Financial position Total Assets $1,510,027 $1,511,767 $1,480,721 $1,490,154 $1,755,764 $1,726,402 $1,380,907 Long-term debt 317,829 387,800 448,390 508,848 494,477 649,712 355,829 Shareholders’ equity 793,661 745,055 643,506 534,398 660,001 684,188 647,055 Property, plant and  equipment (net) 392,141 401,172 391,521 410,427 425,380 440,673 389,832 60 TORSTAR 2004 TORSTAR CORPORATION ANNUAL OPERATING HIGHLIGHTS CONTINUING OPERATIONS