CONSOLIDATED STATEMENT OF OPERATIONS

	2006		2005
Year ended March 31	$		$
[in thousands of Canadian dollars]
Revenue	196,263		181,820
Expenses
Direct	93,662		85,777
Selling, general and administrative	89,877		82,911
Depreciation	4,817		5,615
Amortization of deferred expenses    and intangible assets	2,051		2,109
Project expenditures	810		4,906
	191,217		181,318
Income from operations	5,046		502
Investment income	1,515		2,077
Foreign exchange loss	(1,271)		(1,155)
Excess of revenue over    expenses for the year	5,290		1,424
See accompanying notes