78 Interest Expense Asset Writedown Other Revenue Income Taxes Equity Earnings from Investees Net Income (Loss) Interest expense increased from $16.8 million in 1998 to $27.0 million in 1999,  an increase of 60.7%. Interest expense has been allocated to Corus based on an average debt of $300 million in 1999 and an average debt of $187 million in 1998, at Shaw’s average cost of borrowing of 9%. In 1998 Corus recorded a $22.3 million writedown in the carrying value of the invest- ment in Liberty Digital Inc. due to prolonged periods of the carrying value being in excess of market value. Other revenue consists of interest and dividend income received from investments. Other revenue was $2.0 million in 1999, compared to $2.9 million in 1998, a decrease of 31%. The decrease was a result of WIC suspending dividend payments in the second quarter of fiscal 1999. Income tax expense in fiscal 1999 of $4.7 million was comprised of current income tax expense of $7.0 million and future income tax recovery of $2.3 million. This repre- sented 44% of income before income taxes. The difference from the statutory tax rate of approximately 45% related to dividend income which is not taxable of $0.9 million, offset by depreciation and amortization on amounts assigned to capital assets on business acquisitions not deductible for tax purposes of $0.8 million. Equity earnings from investees increased $1.1 million or 275% to $1.5 million in fiscal 1999 from $0.4 million in fiscal 1998. This increase was primarily a result of improved earnings from TELETOON. Net income of Corus increased $11.7 million to $7.4 million in fiscal 1999 from a net loss of $4.3 million in fiscal 1998, as a result of the reasons noted above.