Consolidated Statements of Cash Flows

Years ended December 31, 2007 and 2006 (In thousands of dollars)   2007   2006
Cash flows from (used in) operating activities:        
Net income $ 148,697 $ 131,524
Adjustments to determine net cash flows:        
Amortization   15,838   13,048
Unrealized loss on marketable securities   3,142   -
(Income) loss from investment in affiliate   (374)   82
Cost of share option plan   2,283   2,553
Future tax asset   (3,060)   (12,608)
Energy contracts receivable   144,017   114,925
Accounts receivable and prepaid expenses   (15,173)   (6,095)
Other assets   (3,122)   544
Accounts payable and accrued liabilities   7,878   (11,144)
Energy contracts payable    (144,017)   (114,925)
Long-term accrued and other liabilities   (907)   11,709
Deferred revenue   78,027   67,346
Income taxes payable   (11,549)   (7,431)
    221,680   189,528
Cash flows from (used in) financing activities:        
Reduction in obligation under capital lease   (786)   (838)
Proceeds on options exercised   4,416   5,296
Dividends on common shares   (103,465)   (90,213)
Purchased under normal course issuer bid   (107,597)   -
    (207,432)   (85,755)
Cash flows from (used in) investing activities:        
Additions to premises and equipment   (6,504)   (4,228)
Acquisitions, net of cash acquired   (8,142)   (53,704)
Marketable securities   33,268   (37,308)
Additions to intangible assets   (6,225)   -
Purchase of option to acquire NetThruPut Inc.   (10,265)   -
    2,132   (95,240)
Increase in cash   16,380   8,533
         
Cash, beginning of year   37,018   28,485
Cash, end of year $ 53,398 $ 37,018
         
Supplemental cash flow information:        
Interest paid   979   741
Interest received   16,090   15,026
Income taxes paid $ 124,601 $ 108,112
         
See accompanying notes to consolidated financial statements.