CONSOLIDATED STATEMENT OF OPERATIONS

2008 2007
Year ended March 31$$
[in thousands of Canadian dollars]
Revenue 191,884 171,697
Expenses
Direct 92,660 83,942
Selling, general and administrative 80,801 76,664
Depreciation 4,443 4,095
Amortization of deferred expenses and intangible assets 287 1,488
Project expenditures 611 860
178,802 167,049
Income from continuing operations before undernoted items 13,082  4,648
Investment income 2,402 2,093
Foreign exchange gain (loss) (3,792) 149
Income from continuing operations 11,692   6,890
Income from discontinued operations [note 13] 1,092   1,926
Gain on sale of discontinued operations [note 13] 31,888   —
Excess of revenue over expenses for the year 44,672 8,816
See accompanying notes