Earnings Statement

Consolidated Statements of Earnings
(Unaudited)
(In Thousands)

		Three Months Ended		Nine Months Ended
		Sept 30/02	Sept 30/01	Sept 30/02	Sept 30/01

Revenue from
	Products and services	$158,284	$170,477	$477,247	$379,193

Expenses
	Products and services sold	104,427	107,425	307,184	229,512
	Depreciation, depletion and reclamation	32,461	35,854	84,719	75,348
	Administration	9,890	9,567	28,394	26,714
	Exploration	5,256	4,342	14,939	11,991
	Research and development	553	453	1,755	1,565
	Interest and other [note 5]	881	(310)	(1,295)	(1,740)
	Gain on property interests [note 2]	(2,700)	-	(2,700)	-

		150,768	157,331	432,996	343,390

Earnings from operations		7,516	13,146	44,251	35,803

	Earnings from Bruce Power	11,228	12,627	7,613	12,627
	Other income	-	292	205	589

Earnings before income taxes		18,744	26,065	52,069	49,019

	Income tax expense [note 6]	9,595	8,388	21,156	13,959
	Minority interest [note 2]	(123)	-	(123)	-

Net earnings		9,272	17,677	31,036	35,060
Preferred securities charges, net of tax		2,387	2,437	7,039	6,965

Net earnings attributable to common shares		$6,885	$15,240	$23,997	$28,095

Earnings per common share		$0.12	$0.27	$0.43	$0.51
Diluted earnings per common share		$0.12	$0.27	$0.43	$0.51

Consolidated Statements of Retained Earnings
(Unaudited)
(In Thousands)

	Three Months Ended		Nine Months Ended
	Sept 30/02	Sept 30/01	Sept 30/02	Sept 30/01

Retained earnings at beginning of period	$468,642	$436,288	$465,420	$437,328
Net earnings	9,272	17,677	31,036	35,060
Dividends on common shares	(6,995)	(6,957)	(20,885)	(20,852)
Preferred securities charges, net of tax	(2,387)	(2,437)	(7,039)	(6,965)

Retained earnings at end of period	$468,532	$444,571	$468,532	$444,571

See accompanying notes to consolidated financial statements