FINANCIAL HIGHLIGHTS 63 Financial position Year ended August 31  (thousands of Canadian dollars except per share data) 2000 1999 1998 Results of operations Revenues 229,230 162,379 146,185 Operating income before interest, taxes, depreciation and amortization (EBITDA) 65,536 49,091 43,650 Net income (loss) 155,984 7,375 (4,284) Cash flow from operations 54,304 42,263 35,647 Capital expenditures 9,975 6,535 8,308 Per share data Cash flow per share 1.63 Earnings per share 4.67 Weighted average shares outstanding 33,379,000 Total assets 1,413,795 862,537 798,452 Long-term debt 294,355 300,000 300,000 Shareholders’ equity 826,678 – Net investment by Shaw – 470,839 395,255 Net debt/EBITDA (1.21) 6.11 6.87 99 00 98 162 229 146 TOTAL REVENUE (in $millions) 99 00 98 42 54 36 TOTAL CASH FLOW FROM OPERATIONS (in $millions) 99 00 98 49 66 44 TOTAL OPERATING INCOME (in $millions) 99 00 98 30.2 28.6 29.9 TOTAL OPERATING MARGIN (in percentages)