82 CONSOLIDATED STATEMENTS OF INCOME (LOSS),  RETAINED EARNINGS/NET INVESTMENT Years ended August 31 (thousands of Canadian dollars) 2000 1999 1998 Revenues 229,230 162,379 146,185 Operating, general and administrative expenses 163,694 113,288 102,535 Operating income before the following 65,536 49,091 43,650 Depreciation (note 6) 8,995 6,023 5,203 Amortization (notes 7 and 8) 13,383 7,442 6,774 Interest on long-term debt (note 1) 30,445 27,000 16,825 Asset writedown (note 5) – – 22,323 Gain on sale of investments (note 5) (197,679) – – Other income (8,264) – – Dividend income from investees (1,190) (2,077) (2,835) Income (loss) before income taxes 219,846 10,703 (4,640) Income taxes (note 12) 65,770 4,716 (70) Income (loss) before equity earnings from investees and minority interest 154,076 5,987 (4,570) Equity earnings from investees 2,108 1,507 403 Minority interest (200) (119) (117) Net income (loss) 155,984 7,375 (4,284) Retained earnings/net investment,  beginning of year (note 1) – 395,255 261,429 Investment by Shaw during the year – 68,209 138,110 Retained earnings/net investment,  end of year (note 1) 155,984 470,839 395,255 Earnings per share (notes 1 and 2) Basic $4.67 – – Fully diluted $4.59 – – Weighted average number of shares outstanding  (thousands of shares) Basic 33,379 – – Fully diluted 34,096 – – See accompanying notes