CONSOLIDATED STATEMENT OF CASH FLOWS

2008 2007
Year ended March 31$$
[in thousands of Canadian dollars]
Operating activities
Income from continuing operations 11,692  6,890
Add (deduct) items not involving cash
Depreciation and amortization 4,730  5,480
Loss on disposal of capital assets 7  76
Gain on sale of investments (244) (61)
Unrealized mark to market gains on investments (216)   —
Write-off of investment in joint venture 155   —
Unrealized foreign exchange losses 2,580 323
Amortization of lease inducement (13)—
  18,691   12,708
       
Net change in non-cash working capital balances related to
    operations [note 8]		 (376) (884)
Increase in accrued pension benefit asset [note 10]
(8,041)
(6,149)
Increase in accrued other retirement and post-employment
    benefit liability [note 10]
3,965
4,654
Cash provided by operating activities 14,239  10,329 
 
Investing activities
Purchase of capital assets (10,886) (5,548)
Proceeds on disposal of capital assets 37  22 
Purchase of investments (37,620) (41,655)
Proceeds on sale of investments 35,799  35,420
Proceeds on disposal of business [note 13] 38,024   —
Investment in joint venture—   (255)
Cash provided by (used in) investing activities 25,354 (11,986)
Financing activities
Loan repayment (466) (64)
Lease inducements proceeds 235—
Cash used in financing activities (231) (64)
Net increase (decrease) in cash during the year   
    from continuing operations 1,338   (1,721)
    from proceeds on disposal of business 38,024   —
    from discontinued operations [note 13] 1,372   2,470
Effect of exchange rate changes on cash and cash equivalents (1,062) (138)
Cash and cash equivalents, beginning of year 12,668  12,057
Cash and cash equivalents, end of year 52,340 12,668
       
Cash and cash equivalents consist of:
Cash
13,340
12,668
Short term deposit
39,000
—
 
52,340
12,668
See accompanying notes