This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q2 2024
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
Quarterhill Inc					TSX:	QTRH	OTC	QTRHF	http://www.quarterhill.com			Fiscal Yr:	Oct 31
Year	12/31/11	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26		Value	Description	#Y	Item	Total G	Curr
Accounting Rules	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	US GAAP	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Currency change	US$ -->								<--US$	CDN$ -->											Currency change
USD - CDN$	1.0213	0.9983	1.0636	1.1601	1.3847	1.3427	1.2545	1.3642	1.2988	1.2732	1.2678	1.3544	1.3226	1.3854	1.3854	1.3854					USD - CDN$
Year-End																					Year-End
														$130	<-12 mths	-11.30%
Revenue* US$	$105.809	$87.960	$88.209	$98.311	$102.855	$92.876	$134.711	$77.401	$146.720	$113.514	$99.144	$225.701	$146.920	$159	$175			66.56%	<-Total Growth	10	Revenue		US$
Increase	107.97%	-16.87%	0.28%	11.45%	4.62%	-9.70%	45.04%	-42.54%	89.56%	-22.63%	-12.66%	127.65%	-34.91%	8.53%	9.46%			5.23%	<-IRR #YR->	10	Revenue	66.56%	US$
5 year Running Average	$55.115	$59.807	$73.247	$86.233	$96.629	$94.042	$103.392	$101.231	$110.913	$113.044	$114.298	$132.496	$146.400	$148.946	$161.150			13.68%	<-IRR #YR->	5	Revenue	89.82%	US$
Revenue per Share	$0.86	$0.72	$0.74	$0.82	$0.85	$0.78	$1.14	$0.65	$1.23	$0.99	$0.87	$1.97	$1.28	$1.38	$1.51			7.17%	<-IRR #YR->	10	5 yr Running Average	99.87%	US$
Increase	85.16%	-15.71%	1.65%	11.14%	4.11%	-7.97%	44.94%	-42.62%	89.56%	-19.59%	-12.32%	126.14%	-35.15%	8.26%	9.46%			7.66%	<-IRR #YR->	5	5 yr Running Average	44.62%	US$
5 year Running Average	$0.510	$0.517	$0.622	$0.720	$0.797	$0.782	$0.865	$0.848	$0.931	$0.960	$0.977	$1.144	$1.269	$1.298	$1.402			5.67%	<-IRR #YR->	10	Revenue per Share	73.55%	US$
P/S (Price/Sales) Med	8.82	7.16	4.69	4.16	2.45	2.57	1.53	2.13	0.94	1.55	2.40	1.01	0.94	0.94	0.00			14.41%	<-IRR #YR->	5	Revenue per Share	95.99%	US$
P/S (Price/Sales) Close	6.69	6.27	4.58	3.66	1.55	2.08	1.62	1.52	1.03	2.03	2.46	0.58	1.16	0.82	0.75			7.39%	<-IRR #YR->	10	5 yr Running Average	104.07%	US$
*Revenue in M CDN $					P/S Med	20 yr	2.57	15 yr	2.45	10 yr	1.84	5 yr	1.01		-55.56%	Diff M/C		8.40%	<-IRR #YR->	5	5 yr Running Average	49.66%	US$
			-$88.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$146.9
								-$77.4	$0.0	$0.0	$0.0	$0.0	$146.9
			-$73.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$146.4
								-$101.2	$0.0	$0.0	$0.0	$0.0	$146.4
			-$0.74	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.28
								-$0.65	$0.00	$0.00	$0.00	$0.00	$1.28
			-$0.62	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.27
								-$0.85	$0.00	$0.00	$0.00	$0.00	$1.27
														$181	<-12 mths	-7.09%
Revenue*	$108.066	$87.811	$93.819	$114.051	$142.428	$124.705	$168.995	$105.590	$190.560	$144.526	$125.695	$305.690	$194.316	$220.9	$241.8			107.12%	<-Total Growth	10	Revenue		CDN$
Increase	113.04%	-18.74%	6.84%	21.56%	24.88%	-12.44%	35.52%	-37.52%	80.47%	-24.16%	-13.03%	143.20%	-36.43%	13.68%	9.46%			7.55%	<-IRR #YR->	10	Revenue	107.12%	CDN$
5 year Running Average	$56.135	$61.443	$75.094	$90.894	$109.235	$112.563	$128.799	$131.154	$146.456	$146.875	$147.073	$174.412	$192.157	$198.225	$217.680			12.97%	<-IRR #YR->	5	Revenue	84.03%	CDN$
Revenue per Share	$0.88	$0.72	$0.78	$0.95	$1.18	$1.05	$1.42	$0.89	$1.60	$1.26	$1.10	$2.67	$1.69	$1.91	$2.10			9.85%	<-IRR #YR->	10	5 yr Running Average	155.89%	CDN$
Increase	89.68%	-17.61%	8.30%	21.22%	24.27%	-10.77%	35.42%	-37.60%	80.47%	-21.17%	-12.69%	141.59%	-36.67%	13.40%	9.46%			7.94%	<-IRR #YR->	5	5 yr Running Average	46.51%	CDN$
5 year Running Average	$0.52	$0.53	$0.64	$0.76	$0.90	$0.94	$1.08	$1.10	$1.23	$1.25	$1.26	$1.51	$1.67	$1.73	$1.89			8.00%	<-IRR #YR->	10	Revenue per Share	115.82%	CDN$
P/S (Price/Sales) Med	8.31	7.25	5.16	3.92	2.23	2.49	1.58	2.03	0.97	1.64	2.38	0.78	0.94	0.92	0.00			13.70%	<-IRR #YR->	5	Revenue per Share	90.01%	CDN$
P/S (Price/Sales) Close	6.69	6.27	4.54	3.67	1.57	2.08	1.63	1.50	1.04	2.02	2.45	0.59	1.15	0.81	0.74			10.08%	<-IRR #YR->	10	5 yr Running Average	161.23%	CDN$
*Revenue in M CDN $					P/S Med	20 yr	3.21	15 yr	2.38	10 yr	1.83	5 yr	0.97		-55.56%	Diff M/C		8.68%	<-IRR #YR->	5	5 yr Running Average	51.63%	CDN$
			-$93.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$194.3
								-$105.6	$0.0	$0.0	$0.0	$0.0	$194.3
			-$75.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$192.2
								-$131.2	$0.0	$0.0	$0.0	$0.0	$192.2
			-$0.78	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.69
								-$0.89	$0.00	$0.00	$0.00	$0.00	$1.69
			-$0.64	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.67
								-$1.10	$0.00	$0.00	$0.00	$0.00	$1.67
														-$0.15	<-12 mths	-64.83%
EPS Basic U$	$0.26	-$0.12	-$0.15	$0.08	$0.08	$0.09	$0.09	-$0.41	$0.09	$0.13	-$0.15	$0.01	-$0.43					-187.31%	<-Total Growth	10	EPS Basic		US$
EPS Diluted*	$0.25	-$0.12	-$0.15	$0.08	$0.08	$0.09	$0.09	-$0.41	$0.09	$0.13	-$0.15	$0.01	-$0.43	-$0.10	$0.01			-187.31%	<-Total Growth	10	EPS Diluted		US$
Increase	218.69%	-148.00%	-25.00%	153.33%	0.00%	12.50%	0.00%	-555.56%	121.95%	39.63%	-219.26%	109.85%	-3018.52%	77.47%	114.13%			7	3	10	Years of Data, EPS P or N	70.00%	US$
Earnings Yield	4.4%	-2.6%	-4.5%	2.7%	6.1%	5.5%	4.9%	-41.4%	7.1%	6.2%	-7.0%	1.3%	-29.1%	-8.6%	1.2%			11.13%	<-IRR #YR->	10	Earnings	-187.31%	US$
5 year Running Average	$0.06	-$0.04	-$0.05	-$0.03	$0.03	$0.00	$0.04	-$0.01	-$0.01	$0.00	-$0.05	-$0.07	-$0.07	-$0.11	-$0.13			-1.00%	<-IRR #YR->	5	Earnings	-5.11%	US$
10 year Running Average	-$0.03	-$0.03	-$0.04	-$0.02	$0.04	$0.03	$0.00	-$0.03	-$0.02	$0.01	-$0.03	-$0.01	-$0.04	-$0.06	-$0.07			3.45%	<-IRR #YR->	10	5 yr Running	-40.34%	US$
* ESP per share									E/P	10 Yrs	3.78%	5Yrs	1.28%					38.00%	<-IRR #YR->	5	5 yr Running	-400.57%	US$
			$0.15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.43
								$0.41	$0.00	$0.00	$0.00	$0.00	-$0.43
			$0.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.07
								$0.01	$0.00	$0.00	$0.00	$0.00	-$0.07
														-$0.21	<-12 mths	-63.16%
EPS Basic CDN$	$0.27	-$0.12	-$0.16	$0.09	$0.11	$0.12	$0.11	-$0.56	$0.12	$0.16	-$0.19	$0.02	-$0.57					-257.28%	<-Total Growth	10	EPS Basic		CDN$
EPS Diluted*	$0.26	-$0.12	-$0.16	$0.09	$0.11	$0.12	$0.11	-$0.56	$0.12	$0.16	-$0.19	$0.02	-$0.57	-$0.13	$0.02			-257.28%	<-Total Growth	10	EPS Diluted		CDN$
Increase	-221.59%	-146.92%	33.18%	-158.17%	19.36%	9.08%	-6.57%	-595.39%	-120.90%	36.88%	-218.75%	-110.53%	-2950.00%	-76.40%	-114.13%			7	3	10	Years of Data, EPS P or N	70.00%	CDN$
Earnings Yield	4.3%	-2.6%	-4.5%	2.7%	6.0%	5.5%	4.9%	-42.1%	7.0%	6.3%	-7.0%	1.3%	-29.2%	-8.6%	1.2%			#NUM!	<-IRR #YR->	10	Earnings	-257.28%	CDN$
5 year Running Average	$0.05	-$0.04	-$0.05	-$0.03	$0.04	$0.01	$0.06	-$0.02	-$0.02	-$0.01	-$0.07	-$0.09	-$0.09	-$0.14	-$0.17			-0.38%	<-IRR #YR->	5	Earnings	-1.91%	CDN$
10 year Running Average	-$0.06	-$0.05	-$0.05	-$0.02	$0.05	$0.03	$0.01	-$0.04	-$0.02	$0.01	-$0.03	-$0.02	-$0.06	-$0.08	-$0.09			6.19%	<-IRR #YR->	10	5 yr Running	-82.32%	CDN$
* ESP per share (Cdn GAAP)									E/P	10 Yrs	3.77%	5Yrs	1.27%					30.58%	<-IRR #YR->	5	5 yr Running	-279.64%	CDN$
			$0.16	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.57
								$0.56	$0.00	$0.00	$0.00	$0.00	-$0.57
			$0.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.09
								$0.02	$0.00	$0.00	$0.00	$0.00	-$0.09
Dividend*														$0.00					Estimates		Dividend*
Increase														-100.00%					Estimates		Increase
Payout Ratio EPS														0.00%					Estimates		Payout Ratio EPS
Special Dividends US$, Pd In CDN$	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends		US$
Dividend*	$0.09	$0.12	$0.15	$0.15	$0.15	$0.15	$0.04	$0.04	$0.04	$0.04	$0.04	$0.04	$0.01	$0.00	$0.00	$0.00		-93.51%	<-Total Growth	10	Dividends		US$
Increase	79.82%	40.31%	21.24%	0.55%	2.26%	3.13%	-74.21%	-8.04%	5.04%	2.01%	0.43%	-6.39%	-74.40%	-100.00%	#DIV/0!	#DIV/0!		10	4	14	Years of data, Count P, N	71.43%	US$
Average Increases 5 Year Running			48.3%	48.4%	28.8%	13.5%	-9.4%	-15.3%	-14.4%	-14.4%	-15.0%	-1.4%	-14.7%	-35.7%	#DIV/0!	#DIV/0!		-11.89%	<-Median->	10	Average Incr 5 Year Running		US$
Dividends 5 Yr Running			$0.08	$0.11	$0.13	$0.14	$0.13	$0.11	$0.08	$0.06	$0.04	$0.04	$0.03	$0.03	$0.02	$0.01		-47.03%	<-Total Growth	10	Dividends 5 Yr Running		US$
Yield H/L Price	1.13%	2.32%	4.22%	4.31%	7.19%	7.69%	2.30%	2.64%	3.30%	2.56%	1.89%	1.86%	0.79%	0.00%				2.60%	<-Median->	10	Yield H/L Price		US$
Yield on High  Price	0.86%	2.07%	3.81%	3.76%	4.70%	5.12%	1.84%	1.92%	2.69%	1.82%	1.63%	1.68%	0.63%	0.00%				1.88%	<-Median->	10	Yield on High  Price		US$
Yield on Low Price	1.65%	2.64%	4.73%	5.05%	15.29%	15.45%	3.07%	4.21%	4.28%	4.32%	2.24%	2.09%	1.07%	0.00%				4.25%	<-Median->	10	Yield on Low Price		US$
Yield on Close Price	1.49%	2.65%	4.32%	4.90%	11.35%	9.48%	2.17%	3.70%	3.03%	1.94%	1.84%	3.21%	0.64%	0.00%	0.00%	0.00%		3.12%	<-Median->	10	Yield on Close Price		US$
Payout Ratio EPS	34.27%	0.00%	0.00%	183.17%	187.31%	171.71%	44.29%	0.00%	42.77%	31.25%	0.00%	250.00%	0.00%	0.00%	0.00%	#DIV/0!		43.53%	<-Median->	10	DPR EPS		US$
DPR EPS 5 Yr Running			0.00%	0.00%	462.85%	0.00%	335.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	#DIV/0!		0.00%	<-Median->	10	DPR EPS 5 Yr Running		US$
Payout Ratio CFPS	18.49%	42.99%	0.00%	30.06%	41.60%	49.74%	6.76%	51.94%	60.60%	16.23%	0.00%	14.47%	0.00%	0.00%	#DIV/0!	#DIV/0!		23.14%	<-Median->	10	DPR CF		US$
DPR CF 5 Yr Running			59.26%	45.47%	42.86%	52.74%	38.14%	29.00%	30.07%	24.20%	22.18%	35.41%	58.21%	33.90%	#DIV/0!	#DIV/0!		36.77%	<-Median->	10	DPR CF 5 Yr Running		US$
Payout Ratio CFPS WC	25.56%	32.18%	209.55%	32.56%	33.03%	37.82%	8.54%	0.00%	14.41%	20.60%	0.00%	15.55%	0.00%	0.00%	#DIV/0!	#DIV/0!		14.98%	<-Median->	10	DPR CF WC		US$
DPR CF WC 5 Yr Running			53.60%	44.03%	38.53%	40.84%	34.44%	29.76%	26.39%	23.29%	22.11%	29.48%	29.76%	28.82%	#DIV/0!	#DIV/0!		29.76%	<-Median->	10	DPR CF WC 5 Yr Running		US$
Median Values	10 Yr Med	10 Yr Cl	2.60%	3.12%	5 Yr Med	5 Yr Cl	1.89%	1.94%	5 Yr Med	Payout	31.25%	14.47%	14.41%					-23.74%	<-IRR #YR->	5	Dividends	-74.21%	US$
* Dividends per share	10 Yr Med	and Cur.	-100.00%	-100.00%	5 Yr Med	and Cur.	-100.00%	-100.00%	Last Div Inc --->		$0.053	$0.013	-76.2%					-23.93%	<-IRR #YR->	10	Dividends	-93.51%	US$
Dividends Growth 15																		-6.39%	<-IRR #YR->	14	Dividends
Dividends Growth 5								-$0.04	$0.00	$0.00	$0.00	$0.00	$0.01								Dividends Growth 5
Dividends Growth 10			-$0.15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.01								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.01								Dividends Growth 15
	Historical	High Div	15.36%	Low Div	0.73%	10 Yr High	15.44%	10 Yr Low	0.73%	Med Div	2.32%	Close Div	2.65%
	Curr diff	Exp.	-100.00%		#DIV/0!	Exp.	-100.00%		-100.00%	Exp.	-100.00%	Exp.	-100.00%
Dividend*														$0.00					Estimates		Dividend*
Increase														-100.00%					Estimates		Increase
Payout Ratio EPS														0.00%					Estimates		Payout Ratio EPS
Special Dividends CDN$ Paid In	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends		CDN$
Dividend*	$0.09	$0.12	$0.16	$0.17	$0.21	$0.21	$0.05	$0.05	$0.05	$0.05	$0.05	$0.05	$0.01	$0.00	$0.00	$0.00		-91.94%	<-Total Growth	10	Dividends		CDN$
Increase	84.21%	37.14%	29.17%	9.68%	22.06%	0.00%	-75.90%	0.00%	0.00%	0.00%	0.00%	0.00%	-75.00%	-100.00%	#DIV/0!	#DIV/0!		6	2	14	Years of data	Count P, N	CDN$
Average Increases 5 Year Running			48.1%	50.0%	36.5%	19.6%	-3.0%	-8.8%	-10.8%	-15.2%	-15.2%	0.0%	-15.0%	-35.0%	#DIV/0!	#DIV/0!		-5.92%	<-Median->	10	Average Incr 5 Year Running		CDN$
Dividends 5 Yr Running			$0.09	$0.12	$0.15	$0.17	$0.16	$0.14	$0.11	$0.08	$0.05	$0.05	$0.04	$0.03	$0.02	$0.01		-71.28%	<-Total Growth	10	Dividends 5 Yr Running		CDN$
Yield H/L Price	1.20%	2.29%	3.84%	4.57%	7.89%	7.92%	2.22%	2.78%	3.23%	2.41%	1.90%	2.41%	0.79%	0.00%				2.59%	<-Median->	10	Yield H/L Price		CDN$
Yield on High  Price	0.93%	2.01%	3.11%	4.02%	5.24%	5.43%	1.72%	2.07%	2.62%	1.77%	1.63%	1.87%	0.62%	0.00%				1.97%	<-Median->	10	Yield on High  Price		CDN$
Yield on Low Price	1.69%	2.66%	5.00%	5.30%	15.96%	14.61%	3.14%	4.24%	4.20%	3.76%	2.27%	3.40%	1.07%	0.00%				3.98%	<-Median->	10	Yield on Low Price		CDN$
Yield on Close Price	1.49%	2.65%	4.37%	4.89%	11.22%	9.47%	2.16%	3.76%	2.99%	1.95%	1.85%	3.16%	0.64%	0.00%	0.00%	0.00%		3.08%	<-Median->	10	Yield on Close Price		CDN$
Payout Ratio EPS	34.27%	0.00%	0.00%	183.17%	187.31%	171.71%	44.29%	0.00%	42.77%	31.25%	N/C	250.00%	N/C	0.00%	0.00%	#DIV/0!		108.00%	<-Median->	8	DPR EPS		CDN$
DPR EPS 5 Yr Running			0.00%	0.00%	412.07%	1907.16%	284.38%	0.00%	0.00%	0.00%	N/C	250.00%	N/C	0.00%	0.00%	#DIV/0!		125.00%	<-Median->	8	DPR EPS 5 Yr Running		CDN$
Payout Ratio CFPS	18.49%	42.99%	0.00%	30.06%	41.60%	49.74%	6.76%	51.94%	60.60%	16.23%	0.00%	14.47%	0.00%	0.00%	#VALUE!	#DIV/0!		23.14%	<-Median->	10	DPR CF		CDN$
DPR CF 5 Yr Running			60.57%	45.22%	42.71%	51.29%	36.96%	29.56%	30.80%	24.79%	22.54%	34.95%	57.22%	32.58%	#VALUE!	#DIV/0!		35.96%	<-Median->	10	DPR CF 5 Yr Running		CDN$
Payout Ratio CFPS WC	25.56%	32.18%	209.55%	32.56%	33.03%	37.82%	8.54%	0.00%	14.41%	20.60%	N/C	19.60%	N/C	0.00%	#VALUE!	#DIV/0!		20.10%	<-Median->	8	DPR CF WC		CDN$
DPR CF WC 5 Yr Running			54.37%	43.85%	38.15%	40.08%	33.50%	30.11%	26.91%	23.77%	22.45%	29.42%	29.47%	27.83%	#VALUE!	#DIV/0!		29.79%	<-Median->	10	DPR CF WC 5 Yr Running		CDN$
Median Values	10 Yr Med	10 Yr Cl	2.59%	3.08%	5 Yr Med	5 Yr Cl	2.41%	1.95%	5 Yr Med	Payout	42.77%	14.47%	19.60%					-24.21%	<-IRR #YR->	5	Dividends	-75.00%	CDN$
* Dividends per share paid CDN$	10 Yr Med	and Cur.	-100.00%	-100.00%	5 Yr Med	and Cur.	-100.00%	-100.00%	Last Div Inc --->		$0.053	$0.013	-76.2%					-22.26%	<-IRR #YR->	10	Dividends	-93.98%	CDN$
Dividends Growth 15																		-4.83%	<-IRR #YR->	14	Dividends
Dividends Growth 5								-$0.05	$0.00	$0.00	$0.00	$0.00	$0.01								Dividends Growth 5
Dividends Growth 10			-$0.16	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.01								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.01								Dividends Growth 15
Historical Dividends	Historical	High Div	15.15%	Low Div	0.69%	10 Yr High	15.83%	10 Yr Low	0.72%	Med Div	2.41%	Close Div	2.65%								Historical Dividends		CDN$
High/Ave/Median Values	Curr diff	Exp.	-100.00%	Exp	-100.00%	Exp.	-100.00%		-100.00%	Exp.	-100.00%	Exp.	-100.00%								High/Ave/Median		CDN$
Future Dividend Yield					Div Yield	$0.00	earning in	5	Years	at IRR of	-24.21%	Div Inc.	#DIV/0!								Future Dividend Yield		CDN$
Future Dividend Yield					Div Yield	0.00%	earning in	10	Years	at IRR of	-24.21%	Div Inc.	#DIV/0!								Future Dividend Yield		CDN$
Future Dividend Yield					Div Yield	0.00%	earning in	15	Years	at IRR of	-24.21%	Div Inc.	#DIV/0!								Future Dividend Yield		CDN$
Future Dividend Paid					Div Paid	$0.00	earning in	5	Years	at IRR of	-24.21%	Div Inc.	#DIV/0!								Future Dividend Paid		CDN$
Future Dividend Paid					Div Paid	$0.00	earning in	10	Years	at IRR of	-24.21%	Div Inc.	#DIV/0!								Future Dividend Paid		CDN$
Future Dividend Paid					Div Paid	$0.00	earning in	15	Years	at IRR of	-24.21%	Div Inc.	#DIV/0!								Future Dividend Paid		CDN$
Dividend Covering Cost					Total Div	$0.00	over	5	Years	at IRR of	-24.21%	Div Cov.	0.00%								Dividend Covering Cost		CDN$
Dividend Covering Cost					Total Div	$0.00	over	10	Years	at IRR of	-24.21%	Div Cov.	0.00%								Dividend Covering Cost		CDN$
Dividend Covering Cost					Total Div	$0.00	over	15	Years	at IRR of	-24.21%	Div Cov.	0.00%								Dividend Covering Cost		CDN$
Div Gr, Cap Gain										2006	Sold	$0.35	-99.44%	-97.50%							Div Gr, Cap Gain		CDN$
I am earning								# yrs ->	6	2000	Bought	$62.52	RRSP	To 2023							I am earning		CDN$
Yield if held 5 years CDN$	6.06%	2.45%	5.64%	8.95%	4.59%	2.85%	0.95%	1.24%	1.34%	1.90%	1.91%	2.22%	0.69%	0.00%	0.00%	0.00%		1.90%	<-Median->	10	Paid Median Price		CDN$
Yield if held 10 years	0.57%	4.83%	4.78%	5.07%	23.06%	14.36%	1.02%	1.82%	2.63%	1.10%	0.69%	0.95%	0.31%	0.00%	0.00%	0.00%		1.46%	<-Median->	10	Paid Median Price		CDN$
Yield if held 15 years			8.38%	1.65%	0.40%	1.36%	2.01%	1.54%	1.49%	5.56%	3.46%	1.02%	0.45%	0.00%	0.00%	0.00%		1.52%	<-Median->	10	Paid Median Price		CDN$
Yield if held 20 years								2.70%	0.48%	0.10%	0.33%	2.01%	0.39%	0.00%	0.00%	0.00%		0.43%	<-Median->	6	Paid Median Price		CDN$
Yield if held 25 years													0.68%	0.00%	0.00%	0.00%		0.68%	<-Median->	1	Paid Median Price		CDN$
Cost covered if held 5 years CDN$	11.07%	5.71%	15.82%	30.53%	16.35%	11.80%	15.08%	16.96%	15.19%	15.49%	9.54%	11.11%	11.81%	10.48%	5.42%	2.38%		15.13%	<-Median->	10	Paid Median Price		CDN$
Cost covered if held 10 years	1.05%	11.27%	13.41%	18.06%	90.28%	70.59%	21.81%	40.73%	60.26%	25.36%	15.23%	19.85%	22.22%	19.56%	19.77%	11.93%		23.79%	<-Median->	10	Paid Median Price		CDN$
Cost covered if held 15 years			23.51%	5.87%	1.57%	6.67%	43.06%	34.51%	34.93%	135.56%	87.89%	26.91%	48.45%	68.82%	27.85%	16.08%		34.72%	<-Median->	10	Paid Median Price		CDN$
Cost covered if held 20 years								57.84%	10.86%	2.26%	7.98%	51.11%	40.68%	39.78%	148.06%	92.21%		25.77%	<-Median->	6	Paid Median Price		CDN$
Cost covered if held 25 years													72.03%	12.92%	2.58%	8.71%		72.03%	<-Median->	1	Paid Median Price		CDN$
																				Yr	Item	Tot. Growth	Per Year
Revenue Growth CDN$								$105.6	$190.6	$144.5	$125.7	$305.7	$194.3	$180.5	<-12 mths	-7.09%		84.03%	<-Total Growth	5	Revenue Growth	84.03%	12.97%
EPS Growth								-$0.56	$0.12	$0.16	-$0.19	$0.02	-$0.57	-$0.21	<-12 mths	-63.16%		-1.91%	<-Total Growth	5	EPS Growth	-1.91%	-0.38%
Net Income Growth								-$67.0	$13.7	$18.7	-$22.2	$2.8	-$65.6	-$10.3	<-12 mths	-84.31%		2.09%	<-Total Growth	5	Net Income Growth	2.09%	0.41%
Cash Flow Growth								$11.4	$9.8	$35.2	-$13.3	$39.6	-$28.5	$24.2	<-12 mths	-184.98%		-349.13%	<-Total Growth	5	Cash Flow Growth	-349.13%	N/C
Dividend Growth								$0.05	$0.05	$0.05	$0.05	$0.05	$0.01	$0.00	<-12 mths	-100.00%		-75.00%	<-Total Growth	5	Dividend Growth	-75.00%	-24.21%
Stock Price Growth								$1.33	$1.67	$2.56	$2.70	$1.58	$1.95	$1.56	<-12 mths	-20.00%		46.62%	<-Total Growth	5	Stock Price Growth	46.62%	7.95%
Revenue Growth CDN$			$93.8	$114.1	$142.4	$124.7	$169.0	$105.6	$190.6	$144.5	$125.7	$305.7	$194.3	$220.9	<-this year	13.68%		107.12%	<-Total Growth	10	Revenue Growth	107.12%	7.55%
EPS Growth			-$0.16	$0.09	$0.11	$0.12	$0.11	-$0.56	$0.12	$0.16	-$0.19	$0.02	-$0.57	-$0.13	<-this year	-76.40%		-257.28%	<-Total Growth	10	EPS Growth	-257.28%	N/C
Net Income Growth			-$19.2	$11.3	$13.9	$14.8	$12.8	-$67.0	$13.7	$18.7	-$22.2	$2.8	-$65.6	-$17.9	<-this year	-72.79%		-240.95%	<-Total Growth	10	Net Income Growth	-240.95%	N/C
Cash Flow Growth			-$10.1	$68.0	$60.3	$49.5	$87.8	$11.4	$9.8	$35.2	-$13.3	$39.6	-$28.5	$24.2	<-this year	-184.98%		-182.72%	<-Total Growth	10	Cash Flow Growth	-182.72%	N/C
Dividend Growth			$0.16	$0.17	$0.21	$0.21	$0.05	$0.05	$0.05	$0.05	$0.05	$0.05	$0.01	$0.0	<-this year	-100.00%		-91.94%	<-Total Growth	10	Dividend Growth	-91.94%	-22.26%
Stock Price Growth			$3.55	$3.48	$1.85	$2.19	$2.32	$1.33	$1.67	$2.56	$2.70	$1.58	$1.95	$1.56	<-this year	-20.00%		-45.07%	<-Total Growth	10	Stock Price Growth	-45.07%	-5.82%
Dividends on Shares				$47.94	$58.52	$58.52	$14.10	$14.10	$14.10	$14.10	$14.10	$14.10	$3.53	$0.00	$0.00	$0.00		$253.10	No of Years	10	Total Divs	12/31/13
Paid			$1,001.10	$981.36	$521.70	$617.58	$654.24	$375.06	$470.94	$721.92	$761.40	$445.56	$549.90	$439.92	$439.92	$614.76		$549.90	No of Years	10	Worth	$3.55	281.69
Total																		$803.00
Graham No. CDN$	$3.97	$3.71	$3.59	$2.23	$2.63	$2.74	$2.61	$2.49	$2.47	$2.93	$0.98	$1.01	$0.84	$0.71	$0.71	$0.00		-66.22%	<-Total Growth	10	Graham Price		CDN$
Price/GP Ratio Med	1.84	1.41	1.12	1.67	1.00	0.96	0.86	0.72	0.63	0.71	2.69	2.06	1.89	2.47				0.98	<-Median->	10	Price/GP Ratio		CDN$
Price/GP Ratio Hi	2.37	1.61	1.39	1.90	1.51	1.39	1.11	0.97	0.77	0.96	3.13	2.66	2.39	2.83				1.45	<-Median->	10	Price/GP Ratio		CDN$
Price/GP Ratio Low	1.30	1.21	0.86	1.44	0.50	0.52	0.61	0.47	0.48	0.45	2.25	1.46	1.39	2.11				0.56	<-Median->	10	Price/GP Ratio		CDN$
Price/GP Ratio Cl	1.48	1.22	0.99	1.56	0.70	0.80	0.89	0.53	0.68	0.87	2.77	1.57	2.32	2.19	2.19	#DIV/0!		0.88	<-Median->	10	Price/GP Ratio		CDN$
Prem/Disc CL	47.83%	21.98%	-1.15%	56.40%	-29.54%	-20.12%	-11.27%	-46.53%	-32.36%	-12.52%	176.61%	57.11%	132.07%	119.39%	119.39%	#DIV/0!
Price Close CDN$	$5.87	$4.53	$3.55	$3.48	$1.85	$2.19	$2.32	$1.33	$1.67	$2.56	$2.70	$1.58	$1.95	$1.56	$1.56	$2.18		-45.07%	<-Total Growth	10	Stock Price		CDN$
Increase	-8.28%	-22.83%	-21.63%	-1.97%	-46.84%	18.38%	5.94%	-42.67%	25.56%	53.29%	5.47%	-41.48%	23.42%	-20.00%	0.00%	39.74%		-60.11	<-Median->	10	CAPE (10 Yr P/E)		CDN$
P/E	22.99	-37.81	-22.25	37.50	16.70	18.12	20.55	-2.38	14.29	16.00	-14.21	79.00	-3.42	-11.60	82.11	#DIV/0!		7.95%	<-IRR #YR->	5	Stock Price	46.62%	CDN$
Trailing P/E	-27.95	17.74	-29.63	-21.81	19.93	19.77	19.20	11.78	-2.99	21.90	16.88	-8.32	97.50	-2.74	-11.60	114.74		-5.82%	<-IRR #YR->	10	Stock Price	-45.07%	CDN$
CAPE (10 Yr P/E)	-51.20	-64.39	-61.35	-136.07	70.58	110.07	403.57	-89.63	-138.81	224.22	-83.26	-133.02	-36.97	-24.26	-21.48	#DIV/0!		10.82%	<-IRR #YR->	5	Price & Dividend	62.59%	CDN$
Median 10, 5 Yrs		D.  per yr	3.14%	2.86%	% Tot Ret	0.00%	26.48%	T P/E	18.04	16.88	P/E:	16.35	14.29					-2.67%	<-IRR #YR->	10	Price & Dividend	-19.79%	CDN$
Price  15		D.  per yr	6.28%		% Tot Ret	68.00%						CAPE Diff	-80.71%					2.95%	<-IRR #YR->	15	Stock Price	54.76%	CDN$
Price  20		D.  per yr	2.26%		% Tot Ret	-125.04%												-4.06%	<-IRR #YR->	20	Stock Price	-56.38%	CDN$
Price  25		D.  per yr	2.67%		% Tot Ret	71.68%												1.05%	<-IRR #YR->	25	Stock Price	30.00%	CDN$
Price & Dividend 15																		9.23%	<-IRR #YR->	15	Price & Dividend	160.52%	CDN$
Price & Dividend 20																		-1.81%	<-IRR #YR->	20	Price & Dividend	-26.57%	CDN$
Price & Dividend 25																		3.73%	<-IRR #YR->	25	Price & Dividend	1.1883333	CDN$
Price  5								-$1.33	$0.00	$0.00	$0.00	$0.00	$1.95								Price  5
Price 10			-$3.55	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.95								Price 10
Price & Dividend 5								-$1.33	$0.05	$0.05	$0.05	$0.05	$1.96								Price & Dividend 5
Price & Dividend 10			-$3.55	$0.17	$0.21	$0.21	$0.05	$0.05	$0.05	$0.05	$0.05	$0.05	$1.96								Price & Dividend 10
Price  15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.95								Price  15
Price  20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.95								Price  20
Price  25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.95								Price  25
Price & Dividend 15	$0.09	$0.12	$0.16	$0.17	$0.21	$0.21	$0.05	$0.05	$0.05	$0.05	$0.05	$0.05	$1.96								Price & Dividend 15
Price & Dividend 20	$0.09	$0.12	$0.16	$0.17	$0.21	$0.21	$0.05	$0.05	$0.05	$0.05	$0.05	$0.05	$1.96								Price & Dividend 20
Price & Dividend 25	$0.09	$0.12	$0.16	$0.17	$0.21	$0.21	$0.05	$0.05	$0.05	$0.05	$0.05	$0.05	$1.96								Price & Dividend 25
Price H/L Median CDN$	$7.29	$5.24	$4.04	$3.72	$2.63	$2.62	$2.25	$1.80	$1.55	$2.08	$2.63	$2.08	$1.59	$1.76				-60.64%	<-Total Growth	10	Stock Price		CDN$
Increase	61.10%	-28.12%	-22.90%	-7.92%	-29.30%	-0.38%	-14.12%	-20.00%	-13.89%	33.87%	26.75%	-21.10%	-23.37%	10.38%				-8.90%	<-IRR #YR->	10	Stock Price	-60.64%	CDN$
P/E	28.55	-43.74	-25.32	40.08	23.74	21.68	19.93	-3.22	13.26	12.97	-13.84	103.75	-2.79	-13.05				-2.45%	<-IRR #YR->	5	Stock Price	-11.67%	CDN$
Trailing P/E	-34.71	20.52	-33.72	-23.32	28.34	23.65	18.62	15.94	-2.77	17.75	16.44	-10.92	79.50	-3.08				-5.86%	<-IRR #YR->	10	Price & Dividend	-38.43%	CDN$
P/E on Run. 5 yr Ave	137.37	-134.73	-79.53	-131.73	73.23	290.51	40.50	-73.78	-79.16	-213.12	-36.58	-22.93	-17.17	-12.28				0.03%	<-IRR #YR->	5	Price & Dividend	0.14%	CDN$
P/E on Run. 10 yr Ave	-129.10	-105.97	-80.16	-154.23	54.84	84.40	270.01	-47.87	-64.83	158.52	-83.64	-118.82	-27.18	-21.60				-4.18	P/E Ratio		Historical Median		CDN$
Median 10, 5 Yrs		D.  per yr	3.05%	2.48%	% Tot Ret	-52.03%	8436.84%	T P/E	17.09	16.44	P/E:	16.59	12.97						Count	25	Years of data
			-$4.04	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.59
								-$1.80	$0.00	$0.00	$0.00	$0.00	$1.59
			-$4.04	$0.17	$0.21	$0.21	$0.05	$0.05	$0.05	$0.05	$0.05	$0.05	$1.60
								-$1.80	$0.05	$0.05	$0.05	$0.05	$1.60
High Months CDN$	Jul	Jan	Jul	Sep	Jan	Jun	Apr	Jan	Aug	Nov	Feb	Jan	Dec	Jan
Price High	$9.40	$5.97	$4.98	$4.23	$3.96	$3.82	$2.91	$2.42	$1.91	$2.82	$3.06	$2.68	$2.01	$2.01				-59.64%	<-Total Growth	10	Stock Price		CDN$
Increase	46.88%	-36.49%	-16.58%	-15.06%	-6.38%	-3.54%	-23.82%	-16.84%	-21.07%	47.64%	8.51%	-12.42%	-25.00%	0.00%				-8.67%	<-IRR #YR->	10	Stock Price	-59.64%	CDN$
P/E	36.81	-49.83	-31.21	45.58	35.75	31.61	25.77	-4.33	16.34	17.63	-16.11	134.00	-3.53	-14.94				-3.64%	<-IRR #YR->	5	Stock Price	-16.94%	CDN$
Trailing P/E	-44.76	23.38	-41.57	-26.51	42.67	34.48	24.08	21.43	-3.41	24.12	19.13	-14.11	100.50	-3.53				-5.57	P/E Ratio		Historical Median		CDN$
Median 10, 5 Yrs								T P/E	22.76	19.13	P/E:	21.70	16.34					29.28	P/E Ratio		Historical High		CDN$
			-$4.98	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.01
								-$2.42	$0.00	$0.00	$0.00	$0.00	$2.01
Low Months CDN$	Dec	Dec	Oct	Feb	Nov	Jan	Sep	Dec	Jan	Mar	Aug	Dec	May	Sep
Price Low	$5.18	$4.51	$3.10	$3.21	$1.30	$1.42	$1.59	$1.18	$1.19	$1.33	$2.20	$1.47	$1.17	$1.50				-62.26%	<-Total Growth	10	Stock Price		CDN$
Increase	95.47%	-12.93%	-31.26%	3.55%	-59.50%	9.23%	11.97%	-25.79%	0.85%	11.76%	65.41%	-33.18%	-20.41%	28.21%				-9.28%	<-IRR #YR->	10	Stock Price	-62.26%	CDN$
P/E	20.29	-37.65	-19.43	34.59	11.74	11.75	14.08	-2.11	10.18	8.31	-11.58	73.50	-2.05	-11.15				-0.17%	<-IRR #YR->	5	Stock Price	-0.85%	CDN$
Trailing P/E	-24.67	17.66	-25.88	-20.12	14.01	12.82	13.16	10.45	-2.13	11.38	13.75	-7.74	58.50	-2.63				-2.08	P/E Ratio		Historical Median		CDN$
Median 10, 5 Yrs								T P/E	12.10	11.38	P/E:	10.96	8.31					-12.20	P/E Ratio		Historical Low		CDN$
			-$3.10	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.17
								-$1.18	$0.00	$0.00	$0.00	$0.00	$1.17
Price Close US$ Using Exch	$5.75	$4.54	$3.34	$3.00	$1.34	$1.63	$1.85	$0.97	$1.29	$2.01	$2.13	$1.17	$1.47	$1.13	$1.13	$1.57
Price Close US$	$5.74	$4.54	$3.37	$2.99	$1.32	$1.63	$1.84	$0.99	$1.27	$2.02	$2.14	$1.15	$1.48	$1.13	$1.13	$1.13		-56.08%	<-Total Growth	10	Stock Price		US$
Increase	-10.73%	-20.91%	-25.77%	-11.28%	-55.85%	23.48%	12.88%	-46.20%	28.28%	59.06%	5.94%	-46.26%	28.70%	-23.65%	0.00%	0.00%		-60.33	<-Median->	10	CAPE (10 Yr P/E)		US$
P/E	22.96	-37.83	-22.47	37.38	16.50	18.11	20.44	-2.41	14.11	16.07	-14.28	77.88	-3.43	-11.64	82.39	#DIV/0!		8.37%	<-IRR #YR->	5	Stock Price	49.49%	US$
Trailing P/E	-27.25	18.16	-28.08	-19.93	16.50	20.38	20.44	11.00	-3.10	22.44	17.03	-7.67	100.23	-2.62	-11.64	82.39		-7.90%	<-IRR #YR->	10	Stock Price	-56.08%	US$
CAPE (10 Yr P/E)	-84.99	-95.32	-86.57	-222.15	77.98	116.93	3,869.82	-97.94	-143.00	204.59	-80.64	-134.26	-40.03	-25.06	-22.27	#DIV/0!		11.32%	<-IRR #YR->	5	Price & Dividend	66.02%	US$
Median 10, 5 Yrs		D.  per yr	2.70%	2.95%	% Tot Ret	0.00%	26.05%	T P/E	16.76	17.03	P/E:	16.29	14.11					-5.20%	<-IRR #YR->	10	Price & Dividend	-35.58%	US$
Price  15		D.  per yr	6.28%		% Tot Ret	78.73%						CAPE Diff	-80.71%					1.70%	<-IRR #YR->	15	Stock Price	28.70%	US$
Price  20		D.  per yr	2.54%		% Tot Ret	-211.06%												-3.74%	<-IRR #YR->	20	Stock Price	-53.31%	US$
Price  25		D.  per yr	2.52%		% Tot Ret	8569.59%												-2.49%	<-IRR #YR->	22	Stock Price	#DIV/0!	US$
Price & Dividend 15																		7.97%	<-IRR #YR->	15	Price & Dividend	125.57%	US$
Price & Dividend 20																		-1.20%	<-IRR #YR->	20	Price & Dividend	-0.181683	US$
Price & Dividend 25																		0.03%	<-IRR #YR->	22	Price & Dividend	#DIV/0!	US$
Price  5								-$0.99	$0.00	$0.00	$0.00	$0.00	$1.48								Price  5
Price 10			-$3.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.48								Price 10
Price & Dividend 5								-$0.99	$0.04	$0.04	$0.04	$0.04	$1.49								Price & Dividend 5
Price & Dividend 10			-$3.37	$0.15	$0.15	$0.15	$0.04	$0.04	$0.04	$0.04	$0.04	$0.04	$1.49								Price & Dividend 10
Price  15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.48								Price  15
Price  20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.48								Price  20
Price  25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.48								Price  25
Price & Dividend 15	$0.09	$0.12	$0.15	$0.15	$0.15	$0.15	$0.04	$0.04	$0.04	$0.04	$0.04	$0.04	$1.49								Price & Dividend 15
Price & Dividend 20	$0.09	$0.12	$0.15	$0.15	$0.15	$0.15	$0.04	$0.04	$0.04	$0.04	$0.04	$0.04	$1.49								Price & Dividend 20
Price & Dividend 25	$0.09	$0.12	$0.15	$0.15	$0.15	$0.15	$0.04	$0.04	$0.04	$0.04	$0.04	$0.04	$1.49								Price & Dividend 25
Price H/L Median US$	$7.57	$5.18	$3.45	$3.40	$2.09	$2.01	$1.74	$1.39	$1.17	$1.54	$2.09	$1.98	$1.20	$1.30				-65.36%	<-Total Growth	10	Stock Price		US$
Increase	77.91%	-31.57%	-33.40%	-1.45%	-38.68%	-3.60%	-13.68%	-19.88%	-16.19%	31.76%	36.09%	-5.15%	-39.69%	8.79%				-10.06%	<-IRR #YR->	10	Stock Price	-65.36%	US$
P/E	30.28	-43.17	-23.00	42.50	26.06	22.33	19.28	-3.39	12.94	12.21	-13.94	134.18	-2.77	-13.39				-2.98%	<-IRR #YR->	5	Stock Price	-14.03%	US$
Trailing P/E	-35.94	20.72	-28.75	-22.67	26.06	25.13	19.28	15.44	-2.84	17.06	16.62	-13.22	80.93	-3.02				-7.21%	<-IRR #YR->	10	Price & Dividend	-45.33%	US$
P/E on Run. 5 yr Ave	127.84	-142.41	-69.09	-112.86	74.46	-502.50	45.66	-99.29	-97.08	-535.50	-41.09	-30.07	-17.05	-12.09				-0.48%	<-IRR #YR->	5	Price & Dividend	-2.26%	US$
P/E on Run. 10 yr Ave	-224.17	-154.20	-92.70	-222.41	46.92	72.81	2133.50	-43.48	-55.31	122.15	-76.18	-142.11	-28.43	-21.76				4.92	P/E Ratio		Historical Median		US$
Median 10, 5 Yrs		D.  per yr	2.85%	2.49%	% Tot Ret	-39.45%	-515.70%		Price Inc	-5.15%	P/E:	16.11	12.21						Count	18	Years of data
			-$3.45	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.20
								-$1.39	$0.00	$0.00	$0.00	$0.00	$1.20
			-$3.45	$0.15	$0.15	$0.15	$0.04	$0.04	$0.04	$0.04	$0.04	$0.04	$1.20
								-$1.39	$0.04	$0.04	$0.04	$0.04	$1.20
High Months US$	Jul	Jan	Jul	Sep	Jan	Jun	Apr	Jan	Aug	Dec	Feb	Jan	Dec	Jan
Price High	$9.95	$5.80	$3.82	$3.90	$3.19	$3.02	$2.17	$1.91	$1.43	$2.16	$2.42	$2.20	$1.51	$1.50				-60.47%	<-Total Growth	10	Stock Price		US$
Increase	66.67%	-41.71%	-34.14%	2.09%	-18.21%	-5.33%	-28.15%	-11.98%	-25.13%	51.05%	11.81%	-8.90%	-31.36%	-0.66%				-8.86%	<-IRR #YR->	10	Stock Price	-60.47%	US$
P/E	39.80	-48.33	-25.47	48.75	39.88	33.56	24.11	-4.66	15.89	17.19	-16.11	148.98	-3.50	-15.45				-4.59%	<-IRR #YR->	5	Stock Price	-20.94%	US$
Trailing P/E	-47.24	23.20	-31.83	-26.00	39.88	37.75	24.11	21.22	-3.49	24.00	19.22	-14.68	102.26	-3.48				7.74	P/E Ratio		Historical Median		US$
Median 10, 5 Yrs									Price Inc	-8.90%	P/E:	20.65	15.89					39.80	P/E Ratio		Historical High		US$
			-$3.82	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.51
								-$1.91	$0.00	$0.00	$0.00	$0.00	$1.51
Low Months US$	Dec	Dec	Oct	Feb	Nov	Jan	Sep	Aug	Jan	Mar	Aug	Aug	May	Sep
Price Low	$5.19	$4.56	$3.08	$2.90	$0.98	$1.00	$1.30	$0.87	$0.90	$0.91	$1.76	$1.76	$0.88	$1.10				-71.43%	<-Total Growth	10	Stock Price		US$
Increase	104.33%	-12.14%	-32.46%	-5.84%	-66.21%	2.04%	30.00%	-33.08%	3.45%	1.11%	93.73%	0.00%	-50.08%	25.00%				-11.77%	<-IRR #YR->	10	Stock Price	-71.43%	US$
P/E	20.76	-38.00	-20.53	36.25	12.25	11.11	14.44	-2.12	10.00	7.24	-11.76	119.38	-2.04	-11.33				0.23%	<-IRR #YR->	5	Stock Price	1.15%	US$
Trailing P/E	-24.64	18.24	-25.67	-19.33	12.25	12.50	14.44	9.67	-2.20	10.11	14.03	-11.76	59.59	-2.55				2.09	P/E Ratio		Historical Median		US$
Median 10, 5 Yrs									Price Inc	1.11%	P/E:	10.56	7.24					-12.06	P/E Ratio		Historical Low		US$
			-$3.08	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.88
								-$0.87	$0.00	$0.00	$0.00	$0.00	$0.88
														$14.88	<-12 mths	263.52%
Free Cash Flow Mkt Screener									$8.59	$32.99	-$14.49	$30.92	-$35.20	-$12.36	$12.36
Change										284.27%	-143.92%	313.39%	-213.84%	64.89%	200.00%
Free Cash Flow MS Old				$27.87	$7.47	$36.47	$87.28	-$12.95	$8.68	$32.63	-$19.92	$30.92
Change					-73.20%	388.22%	139.32%	-114.84%	167.03%	275.92%	-161.05%	255.22%
Free Cash Flow MS	$47.38	$8.12	$22.93	$10.63	$16.68	$38.74	$54.80	-$18.27	$26.65	$18.73	-$10.00	$20.52	-$9.10	-$12	$12			-139.69%	<-Total Growth	10	Free Cash Flow		CDN$
Change	1047.60%	-82.86%	182.39%	-53.64%	56.91%	132.25%	41.46%	-133.34%	245.87%	-29.72%	-153.39%	305.20%	-144.35%	-35.82%	200.00%			-13.01%	<-IRR #YR->	5	Free Cash Flow MS	50.19%	CDN$
FCF/CF from Op Ratio	0.83	0.24	-2.42	0.18	0.38	1.05	0.78	-2.18	3.53	0.68	0.95	0.70	0.42	-0.71	#DIV/0!			#NUM!	<-IRR #YR->	10	Free Cash Flow MS	-139.69%	CDN$
Dividends paid	$10.78	$14.58	$18.59	$20.681	$25.692	$5.998	$5.923	$5.969	$5.70	$4.44	$5.65	$5.69	$2.87	$0.00	$0.00			-84.58%	<-Total Growth	10	Dividends paid		CDN$
Percentage paid					154.03%	15.48%	10.81%	-32.67%	21.38%	23.71%	-56.48%	27.74%	-31.49%	0.00%	0.00%			$0.15	<-Median->	9	Percentage paid		CDN$
5 Year Coverage									41.55%	23.23%	38.49%	72.95%	52.02%	239.38%	1000.49%						5 Year Covrage		CDN$
Dividend Coverage Ratio					0.65	6.46	9.25	-3.06	4.68	4.22	-1.77	3.60	-3.18	0.00	0.00			3.60	<-Median->	9	Dividend Coverage Ratio		CDN$
5 Year of Coverage									2.41	4.30	2.60	1.37	1.92	0.42	0.10						5 Year of Coverage		CDN$
								$18.27	$0.00	$0.00	$0.00	$0.00	-$9.10
			-$22.93	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$9.10
														-$890.41	<-12 mths	-2890.56%
Free Cash Flow CDN$ WSJ				$64.287	$55.466	$48.749	$90.513	-$11.201	$9.047	$34.442	-$13.141	$37.960	-$29.774	-$12	$12			-146.31%	<-Total Growth	9	Free Cash Flow		CDN$
Change					-13.72%	-12.11%	85.67%	-112.38%	180.77%	280.69%	-138.15%	388.87%	-178.44%	58.49%	200.00%			21.59%	<-IRR #YR->	5	Free Cash Flow MS	-165.81%	CDN$
FCF/CF from Op Ratio				1.10	1.27	1.32	1.29	-1.34	1.20	1.25	1.25	1.30	1.38	-0.71	#DIV/0!			#NUM!	<-IRR #YR->	9	Free Cash Flow MS	#DIV/0!	CDN$
Dividends paid				$20.681	$25.692	$5.998	$5.923	$5.969	$5.699	$4.441	$5.648	$5.693	$2.866	$0.000	$0.000			-86.14%	<-Total Growth	9	Dividends paid		CDN$
Percentage paid				32.17%	46.32%	12.30%	6.54%	-53.29%	62.99%	12.89%	-42.98%	15.00%	-9.63%	0.00%	0.00%			$0.13	<-Median->	10	Percentage paid		CDN$
5 Year Coverage								25.93%	25.59%	16.34%	25.24%	48.07%	63.18%	108.88%	-286.72%						5 Year Covrage		CDN$
Dividend Coverage Ratio					2.16	8.13	15.28	-1.88	1.59	7.76	-2.33	6.67	-10.39	0.00	0.00
5 Year of Coverage									3.91	6.12	3.96	2.08	1.58	0.92	-0.35
								$11.20	$0.00	$0.00	$0.00	$0.00	-$29.77
				-$64.29	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$29.77
Market Cap US$	$707.38	$551.79	$404.09	$359.54	$159.51	$193.27	$218.33	$117.63	$150.90	$230.93	$243.71	$131.84	$170.31	$130.36	$130.36	$130.36		-57.85%	<-Total Growth	10	Market Cap		US$
Market Cap CDN$	$723.40	$550.58	$425.68	$418.46	$223.56	$259.67	$275.29	$158.03	$198.43	$292.66	$307.48	$181.13	$224.40	$179.97	$179.97	$251.49		-47.28%	<-Total Growth	10	Market Cap		CDN$
Diluted # of Shares in Millions	125.00	121.45	120.86	120.37	120.72	119.25	118.61	118.77	118.82	117.01	114.01	114.89	114.78	115.19				-5.03%	<-Total Growth	10	Diluted
Change	21.02%	-2.84%	-0.49%	-0.40%	0.29%	-1.22%	-0.53%	0.13%	0.04%	-1.52%	-2.56%	0.77%	-0.10%	0.36%				-0.25%	<-Median->	10	Change
Difference Diluted/Basic	-1.81%	0.00%	0.00%	-0.22%	-0.01%	0.00%	-0.01%	0.00%	0.00%	-0.06%	0.00%	-0.44%	0.00%	0.00%				0.00%	<-Median->	10	Difference Diluted/Basic
Average # of Shares in Millions	122.74	121.45	120.86	120.10	120.71	119.25	118.61	118.77	118.82	116.94	114.01	114.39	114.78	115.19				-5.03%	<-Total Growth	10	Average
Change	18.83%	-1.05%	-0.49%	-0.62%	0.51%	-1.22%	-0.54%	0.14%	0.04%	-1.58%	-2.50%	0.33%	0.34%	0.36%				-0.25%	<-Median->	10	Change
Difference Basic/Outstanding	0.4%	0.1%	-0.8%	0.1%	0.1%	-0.6%	0.0%	0.0%	0.0%	-2.2%	-0.1%	0.2%	0.3%	0.2%				0.04%	<-Median->	10	Difference Basic/Outstanding
														$17.48	<-12 mths	-181.13%
# of Share in Millions	123.237	121.541	119.909	120.248	120.842	118.572	118.658	118.817	118.817	114.322	113.881	114.640	115.077	115.364	115.364	115.364		-0.41%	<-IRR #YR->	10	Shares	-4.03%
Increase	12.32%	-1.38%	-1.34%	0.28%	0.49%	-1.88%	0.07%	0.13%	0.00%	-3.78%	-0.39%	0.67%	0.38%	0.25%	0.00%	0.00%		-0.64%	<-IRR #YR->	5	Shares	-3.15%
CF fr Op $M US$	$57.10	$33.99	-$9.48	$58.63	$43.53	$36.84	$69.96	$8.38	$7.55	$27.66	-$10.52	$29.25	-$21.54	$17.48				-127.35%	<-Total Growth	10	Cash Flow		US$
Change	967.67%	-40.48%	-127.88%	718.71%	-25.75%	-15.37%	89.88%	-88.02%	-9.97%	266.49%	-138.04%	377.96%	-173.66%	181.13%				SO	S. Issues		Buy Backs
5 year Running Average	$17.07	$21.32	$17.42	$29.12	$36.75	$32.70	$39.90	$43.47	$33.25	$30.08	$20.61	$12.46	$6.48	$8.46				-62.80%	<-Total Growth	10	CF 5 Yr Running		US$
CFPS	$0.46	$0.28	-$0.08	$0.49	$0.36	$0.31	$0.59	$0.07	$0.06	$0.24	-$0.09	$0.26	-$0.19	$0.15				-136.90%	<-Total Growth	10	Cash Flow per Share		US$
Increase	850.59%	-39.65%	-128.26%	716.97%	-26.12%	-13.75%	89.74%	-88.03%	-9.97%	280.90%	-138.18%	376.12%	-173.38%	180.92%				8.56%	<-IRR #YR->	10	Cash Flow	-127.35%	US$
5 year Running Average	$0.15	$0.18	$0.14	$0.24	$0.30	$0.27	$0.33	$0.36	$0.28	$0.26	$0.17	$0.11	$0.06	$0.07				#NUM!	<-IRR #YR->	5	Cash Flow	-356.96%	US$
P/CF on Med Price	16.34	18.52	-43.66	6.97	5.79	6.47	2.94	19.70	18.34	6.34	-22.61	7.77	-6.38	8.58				9.01%	<-IRR #YR->	10	Cash Flow per Share	-136.90%	US$
P/CF on Closing Price	12.39	16.24	-42.64	6.13	3.66	5.25	3.12	14.03	19.99	8.35	-23.16	4.51	-7.91	7.46				#NUM!	<-IRR #YR->	5	Cash Flow per Share	-365.32%	US$
															16.43%	Diff M/C		3.06%	<-IRR #YR->	10	CFPS 5 yr Running	-60.63%	US$
														$0.90	<-12 mths	107.50%
Excl.Working Capital CF	-$15.79	$11.42	$17.82	-$4.52	$11.30	$11.61	-$14.60	-$9.18	$24.19	-$5.87	$5.82	-$2.03	$9.55	$0.00				14.52%	<-IRR #YR->	5	CFPS 5 yr Running	-84.55%	US$
CF fr Op $M WC US$	$41.31	$45.40	$8.34	$54.11	$54.83	$48.45	$55.35	-$0.79	$31.74	$21.79	-$4.70	$27.22	-$11.99	$17.5				-243.83%	<-Total Growth	10	Cash Flow less WC		US$
Increase	3210.48%	9.92%	-81.63%	548.89%	1.32%	-11.63%	14.25%	-101.43%	4097.48%	-31.35%	-121.56%	679.30%	-144.07%	245.72%				#NUM!	<-IRR #YR->	10	Cash Flow less WC	-243.83%	US$
5 year Running Average	$12.32	$19.08	$19.25	$30.08	$40.80	$42.23	$44.22	$42.39	$37.91	$31.31	$20.68	$15.05	$12.81	$10				72.12%	<-IRR #YR->	5	Cash Flow less WC	-1410.55%	US$
CFPS Excl. WC US$	$0.34	$0.37	$0.07	$0.45	$0.45	$0.41	$0.47	-$0.01	$0.27	$0.19	-$0.04	$0.24	-$0.10	$0.15				-3.99%	<-IRR #YR->	10	CF less WC 5 Yr Run	-33.46%	US$
Increase	2847.46%	11.46%	-81.38%	547.06%	0.82%	-9.94%	14.17%	-101.43%	4097.48%	-28.65%	-121.64%	675.47%	-143.90%	245.36%				-21.28%	<-IRR #YR->	5	CF less WC 5 Yr Run	-69.78%	US$
5 year Running Average	$0.11	$0.16	$0.16	$0.25	$0.34	$0.35	$0.37	$0.35	$0.32	$0.27	$0.18	$0.13	$0.11	$0.09				#NUM!	<-IRR #YR->	10	CFPS - Less WC	-249.87%	US$
P/CF on Med Price	22.59	13.87	49.61	7.56	4.60	4.92	3.72	-208.01	4.36	8.05	-50.64	8.35	-11.47	8.58				73.22%	<-IRR #YR->	5	CFPS - Less WC	-1459.66%	US$
P/CF on Closing Price	17.13	12.15	48.46	6.64	2.91	3.99	3.94	-148.15	4.75	10.60	-51.88	4.84	-14.20	7.46				-3.55%	<-IRR #YR->	10	CFPS 5 yr Running	-30.36%	US$
		CF/-WC	P/CF Med	10 yr	6.41	5 yr	7.77	P/CF Med	10 yr	4.76	5 yr	4.36	4.36		56.78%	Diff M/C		-20.87%	<-IRR #YR->	5	CFPS 5 yr Running	-68.98%	US$
														$24.21	<-12 mths	-184.98%		problem is no positive  cash flow until 2007
CF fr Op $M CDN$	$58.32	$33.93	-$10.08	$68.02	$60.28	$49.47	$87.76	$11.44	$9.80	$35.22	-$13.34	$39.61	-$28.49	$24.21	<-12 mths			182.72%	<-Total Growth	10	Cash Flow		CDN$
Increase	993.72%	-41.82%	-129.70%	-774.85%	-11.37%	-17.94%	77.41%	-86.97%	-14.29%	259.27%	-137.88%	-396.95%	-171.93%	-184.98%	<-12 mths			SO	S. Issues		Buy Backs
5 year Running Average	$17.62	$21.98	$17.53	$31.10	$42.09	$40.32	$51.09	$55.39	$43.75	$38.74	$26.18	$16.55	$8.56	$11.44	<-12 mths			-51.15%	<-Total Growth	10	CF 5 Yr Running		CDN$
CFPS CDN$	$0.47	$0.28	-$0.08	$0.57	$0.50	$0.42	$0.74	$0.10	$0.08	$0.31	-$0.12	$0.35	-$0.25	$0.21	<-12 mths			-194.59%	<-Total Growth	10	Cash Flow per Share		CDN$
Increase	873.78%	-41.01%	-130.11%	-772.95%	-11.81%	-16.37%	77.28%	-86.98%	-14.29%	273.39%	-138.02%	-394.98%	-171.66%	-184.77%	<-12 mths			10.95%	<-IRR #YR->	10	Cash Flow	-182.72%	CDN$
5 year Running Average	$0.16	$0.19	$0.14	$0.26	$0.35	$0.34	$0.43	$0.46	$0.37	$0.33	$0.22	$0.14	$0.07	$0.10	<-12 mths			#NUM!	<-IRR #YR->	5	Cash Flow	-349.13%	CDN$
P/CF on Med Price	15.41	18.77	-48.07	6.58	5.27	6.28	3.04	18.70	18.79	6.74	-22.45	6.01	-6.42	8.36	<-12 mths			11.41%	<-IRR #YR->	10	Cash Flow per Share	-194.59%	CDN$
P/CF on Closing Price	12.40	16.23	-42.24	6.15	3.71	5.25	3.14	13.82	20.24	8.31	-23.05	4.57	-7.88	7.43	<-12 mths			#NUM!	<-IRR #YR->	5	Cash Flow per Share	-357.23%	CDN$
															15.62%	Diff M/C		2.81%	<-IRR #YR->	10	CFPS 5 yr Running	-48.29%	CDN$
														$1.25	<-12 mths	107.86%
Excl.Working Capital CF	-$16.13	$11.40	$18.95	-$5.24	$15.64	$15.58	-$18.32	-$12.52	$31.42	-$7.48	$7.38	-$2.75	$12.63	$0.0	<-12 mths			14.56%	<-IRR #YR->	5	CFPS 5 yr Running	-83.98%	CDN$
CF fr Op $M WC CDN$	$42.2	$45.3	$8.9	$62.8	$75.9	$65.1	$69.4	-$1.1	$41.2	$27.7	-$6.0	$36.9	-$15.9	$24.2	<-12 mths			-278.85%	<-Total Growth	10	Cash Flow less WC		CDN$
Increase	3291.24%	7.44%	-80.43%	607.76%	20.94%	-14.32%	6.75%	-101.56%	-3905.84%	-32.70%	-121.47%	-718.87%	-143.04%	-252.64%	<-12 mths			#NUM!	<-IRR #YR->	10	Cash Flow less WC	-278.85%	CDN$
5 year Running Average	$12.7	$19.6	$19.5	$32.1	$47.0	$51.6	$56.4	$54.4	$50.1	$40.5	$26.3	$19.8	$16.8	$13.4	<-12 mths			71.06%	<-IRR #YR->	5	Cash Flow less WC	-1364.49%	CDN$
CFPS Excl. WC CDN$	$0.34	$0.37	$0.07	$0.52	$0.63	$0.55	$0.59	-$0.01	$0.35	$0.24	-$0.05	$0.32	-$0.14	$0.21	<-12 mths			-1.49%	<-IRR #YR->	10	CF less WC 5 Yr Run	-13.91%	CDN$
Increase	2919.37%	8.94%	-80.17%	605.77%	20.35%	-12.68%	6.67%	-101.56%	-3905.84%	-30.06%	-121.55%	-714.78%	-142.87%	-252.26%	<-12 mths			-20.95%	<-IRR #YR->	5	CF less WC 5 Yr Run	-69.13%	CDN$
5 year Running Average	$0.11	$0.16	$0.16	$0.26	$0.39	$0.43	$0.47	$0.46	$0.42	$0.34	$0.22	$0.17	$0.14	$0.12	<-12 mths			#NUM!	<-IRR #YR->	10	CFPS - Less WC	-286.36%	CDN$
P/CF on Med Price	21.30	14.05	54.62	7.13	4.19	4.78	3.84	-197.45	4.47	8.55	-50.29	6.45	-11.53	8.36	<-12 mths			72.15%	<-IRR #YR->	5	CFPS - Less WC	-1412.10%	CDN$
P/CF on Closing Price	17.15	12.15	47.99	6.67	2.94	3.99	3.96	-145.89	4.81	10.55	-51.62	4.91	-14.15	7.43	<-12 mths			-1.04%	<-IRR #YR->	10	CFPS 5 yr Running	-9.89%	CDN$
*Operational Cash Flow per share		CF-WC	P/CF Med	10 yr	6.43	5 yr	6.74	P/CF Med	10 yr	4.62	5 yr	3.84	4.47		60.82%	Diff M/C		-20.53%	<-IRR #YR->	5	CFPS 5 yr Running	-68.31%	CDN$
			-119.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	115.1								Shares
								-118.8	0.0	0.0	0.0	0.0	115.1								Shares
			$9.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$21.5								Cash Flow		US$
								-$8.4	$0.0	$0.0	$0.0	$0.0	-$21.5								Cash Flow		US$
			$0.08	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.19								Cash Flow per Share		US$
								-$0.07	$0.00	$0.00	$0.00	$0.00	-$0.19								Cash Flow per Share		US$
			$1.28	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$1.73								CFPS 5 yr Running		US$
								$0.88	$0.00	$0.00	$0.00	$0.00	-$1.73								CFPS 5 yr Running		US$
			-$8.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$12.0								Cash Flow less WC		US$
								$0.8	$0.0	$0.0	$0.0	$0.0	-$12.0								Cash Flow less WC		US$
			-$19.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$12.8								CF less WC 5 Yr Run		US$
								-$42.4	$0.0	$0.0	$0.0	$0.0	$12.8								CF less WC 5 Yr Run		US$
			-$0.07	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.10								CFPS - Less WC		US$
								$0.01	$0.00	$0.00	$0.00	$0.00	-$0.10								CFPS - Less WC		US$
			-$0.16	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.11								CFPS 5 yr Running		US$
								-$0.35	$0.00	$0.00	$0.00	$0.00	$0.11								CFPS 5 yr Running		US$
			$10.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$28.5								Cash Flow		CDN$
								-$11.4	$0.0	$0.0	$0.0	$0.0	-$28.5								Cash Flow		CDN$
			$0.08	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.25								Cash Flow per Share		CDN$
								-$0.10	$0.00	$0.00	$0.00	$0.00	-$0.25								Cash Flow per Share		CDN$
			$1.30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$1.72								CFPS 5 yr Running		CDN$
								$0.87	$0.00	$0.00	$0.00	$0.00	-$1.72								CFPS 5 yr Running		CDN$
			-$8.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$15.9								Cash Flow less WC		CDN$
								$1.1	$0.0	$0.0	$0.0	$0.0	-$15.9								Cash Flow less WC		CDN$
			-$19.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$16.8								CF less WC 5 Yr Run		CDN$
								-$54.4	$0.0	$0.0	$0.0	$0.0	$16.8								CF less WC 5 Yr Run		CDN$
			-$0.07	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.14								CFPS - Less WC		CDN$
								$0.01	$0.00	$0.00	$0.00	$0.00	-$0.14								CFPS - Less WC		CDN$
			-$0.16	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.14								CFPS 5 yr Running		CDN$
								-$0.46	$0.00	$0.00	$0.00	$0.00	$0.14								CFPS 5 yr Running		CDN$
Net Intrust paid in Cash													$4.829
Taxes paid													$0.548
Other Income												-$1.439	-$0.992
Accounts receivable			-$10.860	$9.801	-$6.238	-$11.921	$12.826	$8.328	-$22.165	$23.962	-$6.686	$6.208	-$13.670
Long Term Acc Rec									-$2.536
Unbilled Revenue							$1.850	$4.755	-$2.973	-$5.287	-$10.785	-$5.497	-$6.376
Income Tax Rec									$0.091	-$0.139	-$0.121	$0.045	$0.138
Inventories							$1.399	-$0.983	-$0.634	-$0.829	-$5.210	$0.060	-$2.095
Prepaid expenses and deposits			-$0.279	$0.098	-$1.113	$0.314	-$0.558	$1.621	$0.528	-$6.861	-$0.180	-$2.420	-$1.371
Deferred Revenue							$1.272	-$1.624	$1.675	$1.713	$3.258	$0.458	-$1.172
Payments associated with success fee obligation			-$3.897	-$4.032	-$3.736	-$3.007	-$0.492	$0.000
Accts & other long Term Rec											-$0.728
Deferred compensation assets											-$0.111	-$0.180	$0.082
Deferred compensation Liab											-$0.093	$0.181	$0.083
Accounts payable and accrued liabilities			-$2.779	-$1.349	-$0.208	$3.008	-$2.205	-$2.264	$1.665	-$5.547	$13.203	$5.055	$6.962
Income Tax Payble							$0.511	-$0.655	$0.157	$0.466	$0.069	$0.282	$0.403
Total			-$17.815	$4.518	-$11.295	-$11.606	$14.603	$9.178	-$24.192	$7.478	-$7.384	$2.753	-$12.631
Google --> Morningstar		-$11.42	-$17.82	$4.52	-$11.29	-$11.61	$15	$9	-$24	$7	-$7	$4	-$13
Difference			$0.01	$0.00	-$0.01	$0.00	$0	$0	$0	$0	$0	-$1	$0
WC			-$18	$5	-$11	-$14	$18	$11	-$22	$6	-$7	$3
Difference			$0	$0	$0	$2	-$3	-$2	-$2	$1	$0	$0
Year						2021	2021	2021	2024	2024
						TD CDN$	TD CDN$	TD CDN$	TD CDN$	TD CDN$
OPM CDN$	53.96%	38.64%	-10.74%	59.64%	42.32%	39.67%	51.93%	10.83%	5.14%	24.37%	-10.61%	12.96%	-14.66%	10.96%				-36.50%	<-Total Growth	10	OPM CDN$		CDN$
Increase	413.38%	-28.40%	-127.80%	-655.13%	-29.03%	-6.27%	30.91%	-79.14%	-52.51%	373.70%	-143.55%	-222.10%	-213.16%	-174.75%					Should increase		or be stable.		CDN$
Diff from Ave	189.1%	107.0%	-157.6%	219.5%	126.8%	112.5%	178.2%	-42.0%	-72.4%	30.6%	-156.9%	-30.6%	-178.6%	-41.3%				0.00	<-Median->	10	OPM		CDN$
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	18.66%	5 Yrs	5.14%					should be	zero, it is a		check on calculations		CDN$
Adjusted EBITDA US$					$54.70	$53.70	$64.60	$10.60													Adjusted EBITDA US$
Adjusted EBITDA CDN$					$75.75	$72.10	$81.04	$14.46	$48.52	$31.20	$5.03	$64.65	$3.83	$11.23	$26.24			-94.69%	<-Total Growth	8	Adjusted EBITDA CDN$
Change					0.00%	-4.81%	12.40%	-82.16%	235.53%	-35.70%	-83.89%	1186.00%	-94.07%	193.06%	133.66%			-4.81%	<-Median->	9	Change
Margin					53.18%	57.82%	47.95%	13.69%	25.46%	21.59%	4.00%	21.15%	1.97%	5.08%	10.85%			21.59%	<-Median->	9	Margin
Long Term Debt US$				$27.47	$19.90	$12.78	$0.40	$0.17	$0.21	$0.00	$90.21	$35.72	$55.61	$69.10				102.47%	<-Total Growth	9	Debt-Patent Finance		US$
Change					-27.56%	-35.79%	-96.86%	-56.86%	20.23%	0.00%	0.00%	-60.40%	55.68%	24.27%				-27.56%	<-Median->	9	Change		US$
Debt/Market Cap Ratio				0.08	0.12	0.07	0.00	0.00	0.00	0.00	0.37	0.27	0.33	0.53				7.12%	<-Median->	10	Debt/Market Cap Ratio		US$
Assets/Current Liabilities Ratio				8.62	9.37	10.88	8.52	8.93	8.18	11.47	7.62	4.66	6.13	3.05				8.57	<-Median->	10	Assets/Current Liab Ratio		US$
Debt to Cash Flow (Years)				0.47	0.46	0.35	0.01	0.02	0.03	0.00	-8.57	1.22	-2.58	3.95				0.02	<-Median->	10	Debt to Cash Flow (Years)		US$
Long Term Debt CDN$				$31.86	$27.55	$17.15	$0.50	$0.24	$0.27	$0.00	$114.37	$48.38	$73.55	$95.74				130.83%	<-Total Growth	9	Debt		CDN$
Change					-13.54%	-37.74%	-97.07%	-53.09%	14.47%	0.00%	0.00%	-57.70%	52.02%	30.17%				-13.54%	<-Median->	9	Change		CDN$
Debt/Market Cap Ratio				0.08	0.12	0.07	0.00	0.00	0.00	0.00	0.37	0.27	0.33	0.53				0.07	<-Median->	9	Debt/Market Cap Ratio		CDN$
Assets/Current Liabilities Ratio				8.62	9.37	10.88	8.52	8.93	8.18	11.47	7.62	4.66	6.13	3.05				8.57	<-Median->	10	Assets/Current Liab Ratio		CDN$
Debt to Cash Flow (Years)				0.47	0.46	0.35	0.01	0.02	0.03	0.00	-8.57	1.22	-2.58	3.95				0.02	<-Median->	10	Debt to Cash Flow (Years)		CDN$
Intangibles US$	$118.65	$116.85	$150.03	$146.49	$155.21	$123.35	$114.94	$87.43	$68.70	$46.54	$119.38	$104.35	$79.23	$57.60				-33.63%	<-Total Growth	10	Intangibles US$
Goodwill US$	$12.62	$12.62	$12.62	$12.62	$12.62	$12.62	$42.59	$25.30	$25.30	$12.64	$41.86	$41.63	$29.07	$22.41				-30.54%	<-Total Growth	10	Goodwill US$
Goodwill and Intangibles US$	$131.27	$129.47	$162.65	$159.11	$167.84	$135.97	$157.53	$112.73	$94.00	$59.18	$161.24	$145.98	$108.31	$80.01				-32.83%	<-Total Growth	10	Goodwill and Intangibles US$		US$
Change		-1.37%	25.63%	-2.18%	5.49%	-18.98%	15.85%	-28.44%	-16.61%	-37.04%	172.44%	-9.46%	-25.81%	-26.13%				-13.04%	<-Median->	10	Change		US$
Intangible/Market Cap Ratio	0.19	0.23	0.40	0.44	1.05	0.70	0.72	0.96	0.62	0.26	0.66	1.11	0.64	0.61				68.26%	<-Median->	10	Intangible/Market Cap Ratio		US$
Intangibles CDN$	121.18	116.65	159.57	169.94	214.93	165.62	144.20	119.27	89.23	59.26	151.36	141.34	104.80	79.80				-30.76%	<-Total Growth	10	Intangibles CDN$
Goodwill  CDN$	12.89	12.60	13.43	14.64	17.48	16.95	53.43	34.52	32.86	16.09	53.07	56.39	38.45	31.05				-27.54%	<-Total Growth	10	Goodwill  CDN$
Goodwill and Intangibles CDN$	$134.07	$129.25	$172.99	$184.58	$232.41	$182.57	$197.62	$153.78	$122.09	$75.35	$204.42	$197.72	$143.25	$110.85				-29.93%	<-Total Growth	10	Goodwill and Intangibles CDN$		CDN$
Change		-3.59%	33.84%	6.70%	25.91%	-21.44%	8.24%	-22.18%	-20.61%	-38.28%	171.28%	-3.28%	-27.55%	-22.62%				-11.94%	<-Median->	10	Change		CDN$
Intangible/Market Cap Ratio	0.19	0.23	0.41	0.44	1.04	0.70	0.72	0.97	0.62	0.26	0.66	1.09	0.64	0.62				0.68	<-Median->	10	Intangible/Market Cap Ratio		CDN$
Current Assets US$	$437.869	$178.316	$144.443	$130.339	$104.594	$129.357	$118.266	$90.061	$116.910	$146.200	$127.072	$118.133	$120.042	$78.354				-20.33%	<-Total Growth	10	Assets		US$
Current Liabilities	$237.435	$24.953	$44.492	$36.333	$31.290	$26.017	$35.592	$26.599	$30.446	$20.799	$44.206	$65.335	$40.950	$57.218				-8.65%	<-Total Growth	10	Liabilities		US$
Liquidity	1.84	7.15	3.25	3.59	3.34	4.97	3.32	3.39	3.84	7.03	2.87	1.81	2.93	1.37				3.36	<-Median->	10	Ratio		US$
Assets US$	$588.992	$330.785	$337.201	$313.194	$293.218	$282.983	$303.176	$237.412	$249.113	$238.618	$336.958	$304.152	$251.080	$174.591				Debt Ratio of 1.5 and up, best
Liabilities	$257.836	$38.523	$84.092	$67.437	$51.840	$38.839	$48.642	$32.544	$37.069	$25.038	$146.773	$113.913	$107.382	$76.109				5.94	<-Median->	10	Ratio		US$
Debt Ratio	2.28	8.59	4.01	4.64	5.66	7.29	6.23	7.30	6.72	9.53	2.30	2.67	2.34	2.29				2.67	<-Median->	5	Ratio		US$
																							US$
Book Value US$$	$331.156	$292.262	$253.109	$245.757	$241.378	$244.144	$254.534	$204.868	$212.044	$213.580	$190.185	$190.239	$143.699	$98.483	$98.483	$98.483		-24.44%	<-Total Growth	10	Book Value		US$
Book Value per share	$2.69	$2.40	$2.11	$2.04	$2.00	$2.06	$2.15	$1.72	$1.78	$1.87	$1.67	$1.66	$1.25	$0.85	$0.85	$0.85		-40.84%	<-Total Growth	10	Book Value per Share		US$
Change	22.94%	-10.51%	-12.22%	-3.18%	-2.27%	3.08%	4.18%	-19.62%	3.50%	4.69%	-10.61%	-0.63%	-24.75%	-31.64%	0.00%	0.00%		11.68%	P/B Ratio		Current/Historical Median		US$
P/B Ratio (Median)	2.82	2.15	1.63	1.66	1.04	0.98	0.81	0.81	0.65	0.82	1.25	1.19	0.96	1.52	0.00	0.00		1.19	P/B Ratio		Historical Close		US$
P/B Ratio (Close)	2.14	1.89	1.60	1.46	0.66	0.79	0.86	0.57	0.71	1.08	1.28	0.69	1.19	1.32	1.32	1.32		-5.11%	<-IRR #YR->	10	Book Value	-40.84%	US$
Change	-27.39%	-11.61%	-15.44%	-8.36%	-54.83%	19.79%	8.35%	-33.06%	23.94%	51.94%	18.51%	-45.92%	71.03%	11.68%	0.00%	0.00%		-6.25%	<-IRR #YR->	5	Book Value	-27.58%	US$
Leverage (A/BK)	1.78	1.13	1.33	1.27	1.21	1.16	1.19	1.16	1.17	1.12	1.77	1.60	1.75					1.20	<-Median->	10	A/BV		US$
Debt/Equity Ratio	0.78	0.13	0.33	0.27	0.21	0.16	0.19	0.16	0.17	0.12	0.77	0.60	0.75					0.20	<-Median->	10	Debt/Eq Ratio		US$
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	0.97	5 yr Med	0.96		36.95%	Diff M/C		1.19	Historical		Leverage (A/BK)		US$
																							US$
			-$2.11	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.25
								-$1.72	$0.00	$0.00	$0.00	$0.00	$1.25
Current Assets CDN$	$447.209	$178.015	$153.630	$151.206	$144.836	$173.688	$148.365	$122.861	$151.843	$186.142	$161.102	$159.999	$158.768	$108.552				3.34%	<-Total Growth	10	Current Assets
Current Liabilities	$242.499	$24.911	$47.322	$42.150	$43.329	$34.933	$44.650	$36.286	$39.543	$26.481	$56.044	$88.490	$54.161	$79.270				14.45%	<-Total Growth	10	Current Liabilities		CDN$
Liquidity	1.84	7.15	3.25	3.59	3.34	4.97	3.32	3.39	3.84	7.03	2.87	1.81	2.93	1.37				3.36	<-Median->	10	Ratio		CDN$
Liq. with CF aft div	2.04	7.92	2.33	4.72	4.16	5.68	5.16	3.54	3.94	8.14	2.61	2.19	2.86	1.67				2.86	<-Median->	5	Ratio		CDN$
Liq. CF re  Inv+Div	2.04	3.81	1.96	2.15	1.48	3.58	1.45	3.16	3.94	8.14	0.73	1.96	2.86	1.67				2.86	<-Median->	5	Ratio		CDN$
Assets  CDN$	$601.555	$330.226	$358.647	$363.336	$406.032	$379.961	$380.334	$323.877	$323.548	$303.809	$427.195	$411.944	$332.079	$241.879				-8.00%	<-Total Growth	10	Assets
Liabilities	$263.336	$38.458	$89.440	$78.234	$71.785	$52.149	$61.021	$44.397	$48.145	$31.879	$186.079	$154.284	$142.023	$105.441				58.79%	<-Total Growth	10	Liabilities		CDN$
Debt Ratio	2.28	8.59	4.01	4.64	5.66	7.29	6.23	7.30	6.72	9.53	2.30	2.67	2.34	2.29				5.94	<-Median->	10	Ratio		CDN$
Check on CDN$	$338.220	$291.768	$269.207	$285.103	$334.246	$327.812	$319.313	$279.481	$275.403	$271.930	$241.116	$257.660	$190.056	$136.438
Book Value CDN$	$338.220	$291.768	$269.207	$285.103	$334.246	$327.812	$319.313	$279.481	$275.403	$271.930	$241.116	$257.660	$190.056	$136.438	$136.438	$136.438		-29.40%	<-Total Growth	10	Book Value		CDN$
Book Value per share	$2.74	$2.40	$2.25	$2.37	$2.77	$2.76	$2.69	$2.35	$2.32	$2.38	$2.12	$2.25	$1.65	$1.18	$1.18	$1.18		-26.44%	<-Total Growth	10	Book Value per Share		CDN$
Change	25.94%	-12.53%	-6.48%	5.61%	16.66%	-0.05%	-2.66%	-12.59%	-1.46%	2.62%	-10.99%	6.15%	-26.52%	-28.39%	0.00%	0.00%		-29.96%	P/B Ratio		Current/Historical Median		CDN$
P/B Ratio (Median)	2.66	2.18	1.80	1.57	0.95	0.95	0.84	0.77	0.67	0.87	1.24	0.92	0.96	1.48				1.88	P/B Ratio		Historical Median
P/B Ratio (Close)	2.14	1.89	1.58	1.47	0.67	0.79	0.86	0.57	0.72	1.08	1.28	0.70	1.18	1.32	1.32	1.84		-3.02%	<-IRR #YR->	10	Book Value	-26.44%	CDN$
Change	-27.17%	-11.77%	-16.21%	-7.18%	-54.43%	18.43%	8.83%	-34.41%	27.42%	49.38%	18.49%	-44.87%	67.96%	11.72%	0.00%	39.74%		-6.83%	<-IRR #YR->	5	Book Value	-29.79%	CDN$
Leverage (A/BK)	1.78	1.13	1.33	1.27	1.21	1.16	1.19	1.16	1.17	1.12	1.77	1.60	1.75	1.77				1.20	<-Median->	10	A/BV		CDN$
Debt/Equity Ratio	0.78	0.13	0.33	0.27	0.21	0.16	0.19	0.16	0.17	0.12	0.77	0.60	0.75	0.77				0.20	<-Median->	10	Debt/Eq Ratio		CDN$
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	0.94	5 yr Med	0.92		41.01%	Diff M/C		1.27	Historical		Leverage (A/BK)
			-$2.25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.65
								-$2.35	$0.00	$0.00	$0.00	$0.00	$1.65
														-$16.08	<-12 mths	-68.59%
Comprehensive Income US$	$21.97	-$14.52	-$18.09	$9.71	$10.04	$11.05	$14.11	-$52.99	$11.08	$8.90	-$20.21	$14.09	-$51.20					-182.96%	<-Total Growth	10	Comprehensive Income		US$
Increase	343.62%	-166.10%	-24.61%	153.67%	3.35%	10.12%	27.69%	-475.48%	120.91%	-19.71%	-327.13%	169.71%	-463.44%					-19.7%	<-Median->	5	Comprehensive Income		US$
5 Yr Running Average	$6.58	-$2.14	-$4.25	-$1.99	$1.82	-$0.36	$5.36	-$1.62	-$1.34	-$1.57	-$7.82	-$7.83	-$7.47					10.96%	<-IRR #YR->	10	Comprehensive Income	-182.96%	US$
ROE US$	6.6%	-5.0%	-7.1%	4.0%	4.2%	4.5%	5.5%	-25.9%	5.2%	4.2%	-10.6%	7.4%	-35.6%					-0.69%	<-IRR #YR->	5	Comprehensive Income	3.38%	US$
5Yr Median	-0.7%	-3.8%	-3.8%	-3.8%	4.0%	4.0%	4.2%	4.2%	4.5%	4.5%	4.2%	4.2%	4.2%					5.80%	<-IRR #YR->	10	5 Yr Running Average	-75.70%	US$
% Difference from NI	-30.9%	0.0%	0.0%	0.0%	0.0%	0.0%	38.0%	7.9%	5.3%	-39.4%	15.5%	589.8%	3.2%					35.83%	<-IRR #YR->	5	5 Yr Running Average	-375.97%	US$
Median Values									Diff	5, 10 yr	2.6%	7.9%	5.3%					4.2%	<-Median->	5	Comprehensive Income		US$
			$18	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$51
								$53	$0	$0	$0	$0	-$51
			$4.3	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$7.5
								$1.6	$0	$0.0	$0	$0	-$7.5
Current Liability Coverage Ratio US$	0.17	1.82	0.19	1.49	1.75	1.86	1.56	-0.03	1.04	1.05	-0.11	0.42	-0.29	0.31							CFO / Current Liabilities		US$
5 year Median				0.84	1.49	1.75	1.56	1.56	1.56	1.05	1.04	0.42	0.42	0.31				0.42	<-Median->	5	Current Liability Cov Ratio		US$
Asset Efficiency Ratio US$	7.01%	13.73%	2.47%	17.28%	18.70%	17.12%	18.26%	-0.33%	12.74%	9.13%	-1.39%	8.95%	-4.78%	10.01%							CFO / Total Assets		US$
5 year Median	3.60%	3.60%	2.47%	7.01%	13.73%	17.12%	17.28%	17.28%	17.12%	12.74%	9.13%	8.95%	8.95%	8.95%				8.9%	<-Median->	5	Return on Assets		US$
Return on Assets ROA US$	5.4%	-4.4%	-5.4%	3.1%	3.4%	3.9%	3.4%	-20.7%	4.2%	6.1%	-5.2%	0.7%	-19.8%	-7.4%				Net	Income/Assets		Return on Assets		US$
5Yr Median	-0.7%	-3.6%	-4.4%	-4.4%	3.1%	3.1%	3.4%	3.4%	3.4%	3.9%	3.4%	0.7%	0.7%	-5.2%				0.7%	<-Median->	5	Asset Efficiency Ratio		US$
Return on Equity ROE US$	9.6%	-5.0%	-7.1%	4.0%	4.2%	4.5%	4.0%	-24.0%	5.0%	6.9%	-9.2%	1.1%	-34.5%	-13.1%				Net Inc/	Shareholders' equity		Return on Equity		US$
5Yr Median	-0.7%	-4.1%	-5.0%	-5.0%	4.0%	4.0%	4.0%	4.0%	4.2%	4.5%	4.0%	1.1%	1.1%	-9.2%				1.1%	<-Median->	5	Return on Equity		US$
														-$7.43	<-12 mths	-85.02%
Net Income US$	$31.80	-$14.52	-$18.09	$9.71	$10.04	$11.05	$10.23	-$49.12	$10.53	$14.67	-$17.50	$2.04	-$49.61	-$12.9				-174.18%	<-Total Growth	10	Net Income		US$
Increase	-243.11%	-145.66%	24.61%	-153.67%	3.35%	10.12%	-7.47%	-580.34%	-121.43%	39.38%	-219.24%	-111.67%	-2529.09%	-74.03%				EPS/CF Ratio should not be higher than 1.00					US$
5 Yr Running Average	$5.9	-$2.8	-$4.9	-$2.7	$3.8	-$0.4	$4.6	-$1.6	-$1.5	-$0.5	-$6.2	-$7.9	-$8.0	-$12.7				10.61%	<-IRR #YR->	10	Net Income	-174.18%	US$
Operating Cash Flow	$57.10	$33.99	-$9.48	$58.63	$43.53	$36.84	$69.96	$8.38	$7.55	$27.66	-$10.52	$29.25	-$21.54					0.20%	<-IRR #YR->	5	Net Income	-0.99%	US$
Investing Cash Flow	$9.81	-$26.92	-$11.90	-$43.36	-$56.28	-$15.26	-$90.83	-$3.20	$0.07	$32.55	-$124.70	-$7.60	$20.49					4.94%	<-IRR #YR->	10	5 Yr Running Average	-61.88%	US$
Total Accruals	-$35.12	-$21.59	$3.28	-$5.56	$22.78	-$10.53	$31.10	-$54.30	$2.91	-$45.54	$117.72	-$19.60	-$48.56					37.55%	<-IRR #YR->	5	5 Yr Running Average	-392.41%	US$
Total Assets	$588.99	$330.79	$337.20	$313.19	$293.22	$282.98	$303.18	$237.41	$249.11	$238.62	$336.96	$304.15	$251.08						Balance Sheet		Assets		US$
Accruals Ratio	-5.96%	-6.53%	0.97%	-1.77%	7.77%	-3.72%	10.26%	-22.87%	1.17%	-19.08%	34.94%	-6.44%	-19.34%					-6.44%	<-Median->	5	Ratio		US$
EPS/CF Ratio	0.78	-0.32	-2.16	0.18	0.18	0.22	0.19	61.35	0.34	0.66	3.63	0.06	4.14					0.28	<-Median->	10	EPS/CF Ratio
			$18.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$49.6
								$49.1	$0.0	$0.0	$0.0	$0.0	-$49.6
			$4.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$8.0
								$1.6	$0.0	$0.0	$0.0	$0.0	-$8.0
Financial Cash Flow	$289.94	-$260.28	-$24.83	-$18.27	-$19.01	-$8.67	-$4.13	-$6.01	-$4.20	-$15.30	$85.39	-$31.67	-$6.84						C F Statement		Financial Cash Flow		US$
Total Accruals	-$325.05	$238.70	$28.11	$12.71	$41.79	-$1.86	$35.24	-$48.29	$7.11	-$30.24	$32.33	$12.06	-$41.71								Accruals		US$
Accruals Ratio	-55.19%	72.16%	8.34%	4.06%	14.25%	-0.66%	11.62%	-20.34%	2.86%	-12.67%	9.59%	3.97%	-16.61%					2.86%	<-Median->	5	Ratio		US$
														-$22.28	<-12 mths	-67.10%
Comprehensive Income CDN$	$22.44	-$14.50	-$19.24	$11.27	$13.90	$14.84	$17.70	-$72.29	$14.39	$11.33	-$25.62	$19.08	-$67.71					-251.87%	<-Total Growth	10	Comprehensive Income		CDN$
Increase	349.56%	-164.61%	-32.76%	158.54%	23.36%	6.78%	19.30%	-508.32%	119.91%	-21.30%	-326.17%	174.47%	-454.90%					-21.3%	<-Median->	5	Comprehensive Income		CDN$
5 Yr Running Average	$6.04	-$2.38	-$4.39	-$1.81	$2.77	$1.25	$7.69	-$2.92	-$2.29	-$2.80	-$10.90	-$10.62	-$9.71					13.41%	<-IRR #YR->	10	Comprehensive Income	-251.87%	CDN$
ROE	6.6%	-5.0%	-7.1%	4.0%	4.2%	4.5%	5.5%	-25.9%	5.2%	4.2%	-10.6%	7.4%	-35.6%					-1.30%	<-IRR #YR->	5	Comprehensive Income	6.33%	CDN$
5Yr Median	-0.7%	-3.8%	-3.8%	-3.8%	4.0%	4.0%	4.2%	4.2%	4.5%	4.5%	4.2%	4.2%	4.2%					8.25%	<-IRR #YR->	10	5 Yr Running Average	-120.98%	CDN$
% Difference from NI	-30.9%	0.0%	0.0%	0.0%	0.0%	0.0%	38.0%	7.9%	5.3%	-39.4%	15.5%	589.8%	3.2%					27.19%	<-IRR #YR->	5	5 Yr Running Average	-232.86%	CDN$
Median Values										Diff	5, 10 yr	4.2%	5.3%					4.2%	<-Median->	5	Comprehensive Income		CDN$
			$19.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$67.7
								$72.3	$0.0	$0.0	$0.0	$0.0	-$67.7
			$4.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$9.7
								$2.9	$0.0	$0.0	$0.0	$0.0	-$9.7
Current Liability Coverage Ratio CDN$	0.17	1.82	0.19	1.49	1.75	1.86	1.56	-0.03	1.04	1.05	-0.11	0.42	-0.29	0.31							CFO / Current Liabilities		CDN$
5 year Median	0.17	0.17	0.17	0.19	1.49	1.75	1.56	1.56	1.56	1.05	1.04	0.42	0.42	0.31				0.42	<-Median->	5	Current Liability Cov Ratio		CDN$
Asset Efficiency Ratio CDN$	7.01%	13.73%	2.47%	17.28%	18.70%	17.12%	18.26%	-0.33%	12.74%	9.13%	-1.39%	8.95%	-4.78%	10.01%							CFO / Total Assets		CDN$
5 year Median	3.60%	3.60%	2.47%	7.01%	13.73%	17.12%	17.28%	17.28%	17.12%	12.74%	9.13%	8.95%	8.95%	8.95%				8.9%	<-Median->	5	Return on Assets		CDN$
Return on Assets ROA CDN$	5.40%	-4.39%	-5.37%	3.10%	3.42%	3.91%	3.37%	-20.69%	4.23%	6.15%	-5.19%	0.67%	-19.76%	-7.38%				Net	Income/Assets		Return on Assets		CDN$
5Yr Median	-0.66%	-3.62%	-4.39%	-4.39%	3.10%	3.10%	3.37%	3.37%	3.42%	3.91%	3.37%	0.67%	0.67%	-5.19%				0.7%	<-Median->	5	Asset Efficiency Ratio		CDN$
Return on Equity ROE CDN$	9.60%	-4.97%	-7.15%	3.95%	4.16%	4.53%	4.02%	-23.98%	4.97%	6.87%	-9.20%	1.07%	-34.52%	-13.08%				Net Inc/	Shareholders' equity		Return on Equity		CDN$
5Yr Median	-0.69%	-4.07%	-4.97%	-4.97%	3.95%	3.95%	4.02%	4.02%	4.16%	4.53%	4.02%	1.07%	1.07%	-9.20%				1.1%	<-Median->	5	Return on Equity		CDN$
														-$10.29	<-12 mths	-84.31%
Net Income CDN$	$32.48	-$14.50	-$19.24	$11.27	$13.90	$14.84	$12.83	-$67.01	$13.67	$18.68	-$22.18	$2.77	-$65.61	-$17.850	-$1.373			-240.95%	<-Total Growth	10	Net Income		CDN$
Increase	-246.60%	-144.64%	32.76%	-158.54%	23.36%	6.78%	-13.55%	-622.35%	-120.41%	36.63%	-218.73%	-112.47%	-2472.05%	-72.79%	-92.31%			EPS/CF Ratio should not be higher than 1.00					CDN$
5 Yr Running Average	$5.4	-$3.0	-$5.0	-$2.4	$4.8	$1.3	$6.7	-$2.8	-$2.4	-$1.4	-$8.8	-$10.8	-$10.5	-$16.8	-$20.9			13.05%	<-IRR #YR->	10	Net Income	-240.95%	CDN$
Operating Cash Flow	$58.32	$33.93	-$10.08	$68.02	$60.28	$49.47	$87.76	$11.44	$9.80	$35.22	-$13.34	$39.61	-$28.49					-0.42%	<-IRR #YR->	5	Net Income	2.09%	CDN$
Investing Cash Flow	$10.02	-$26.88	-$12.65	-$50.31	-$77.93	-$20.49	-$113.95	-$4.37	$0.09	$41.44	-$158.09	-$10.30	$27.11					7.70%	<-IRR #YR->	10	5 Yr Running Average	-109.98%	CDN$
Total Accruals	-$35.86	-$21.55	$3.49	-$6.44	$31.55	-$14.13	$39.02	-$74.08	$3.78	-$57.98	$149.25	-$26.55	-$64.22					30.01%	<-IRR #YR->	5	5 Yr Running Average	-271.49%	CDN$
Total Assets	$601.56	$330.23	$358.65	$363.34	$406.03	$379.96	$380.33	$323.88	$323.55	$303.81	$427.20	$411.94	$332.08						Balance Sheet		Assets		CDN$
Accruals Ratio	-5.96%	-6.53%	0.97%	-1.77%	7.77%	-3.72%	10.26%	-22.87%	1.17%	-19.08%	34.94%	-6.44%	-19.34%					-6.44%	<-Median->	5	Ratio		CDN$
EPS/CF Ratio	0.75	-0.32	-2.16	0.18	0.18	0.22	0.19	61.35	0.34	0.66	3.63	0.06	4.14					0.28	<-Median->	10	EPS/CF Ratio		CDN$
			$19.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$65.6
								$67.0	$0.0	$0.0	$0.0	$0.0	-$65.6
			$5.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$10.5
								$2.8	$0.0	$0.0	$0.0	$0.0	-$10.5
Change in Close	-8.28%	-22.83%	-21.63%	-1.97%	-46.84%	18.38%	5.94%	-42.67%	25.56%	53.29%	5.47%	-41.48%	23.42%	-20.00%	0.00%	39.74%			Count	25	Years of data		CDN$
up/down		up	up			down	up	down	up		up	down	up	up					Count	21	84.00%		CDN$
Meet Prediction?							Yes	Yes	Yes		Yes	Yes	Yes					% right	Count	13	61.90%		CDN$
Financial Cash Flow	$296.12	-$259.84	-$26.41	-$21.19	-$26.33	-$11.64	-$5.18	-$8.19	-$5.46	-$19.48	$108.26	-$42.89	-$9.05						C F Statement		Fin. C. F		CDN$
Total Accruals	-$331.98	$238.29	$29.90	$14.75	$57.87	-$2.49	$44.20	-$65.88	$9.24	-$38.50	$40.99	$16.34	-$55.17								Accruals		CDN$
Accruals Ratio	-55.19%	72.16%	8.34%	4.06%	14.25%	-0.66%	11.62%	-20.34%	2.86%	-12.67%	9.59%	3.97%	-16.61%					2.86%	<-Median->	5	Ratio		CDN$
Cash US$	$432.19	$175.25	$130.39	$126.31	$93.43	$106.55	$81.82	$63.93	$67.42	$106.58	$55.80	$48.99	$42.81	$17.35							Cash		US$
Cash CDN$	$441.40	$174.95	$138.69	$146.53	$129.38	$143.07	$102.64	$87.21	$87.57	$135.70	$70.75	$66.36	$56.62	$24.04							Cash		CDN$
Cash per Share	$3.58	$1.44	$1.16	$1.22	$1.07	$1.21	$0.87	$0.73	$0.74	$1.19	$0.62	$0.58	$0.49	$0.21				$0.62	<-Median->	5	Cash per Share		CDN$
% of share value.	61.02%	31.78%	32.58%	35.02%	57.87%	55.10%	37.28%	55.19%	44.13%	46.37%	23.01%	36.63%	25.23%	13.36%				36.63%	<-Median->	5	% of Stock Price		CDN$
http://www.cantechletter.com/2013/03/wi-lan-ceo-jim-skippen-keeps-buying-his-own-stock0312/
Notes:
November 5, 2024.  Last estimates were for 2023 and 2024 of $189M, $200M, $219M 2023/5 Revenue, -$0.34, $0.03 EPS, $0.00 dividends,
-$28M, $15M FCF, -$1M, -$662.1M CF, -$30M, $3M Net Income.
November 4, 2023.  Last estimates were for 2022, 2023 and 2024 of $210M, $245M and $399M for Revenue, $0.16 and -$0.08 2022/3 for EPS,
$0.05 for 2022 for Dividends, $0.36M, $11M 2022/3 for FCF, $0.29, -$0.01 and -$5.81 for CFPS, $21M, -$6M and -$2.2M for Net Income.
November 5, 2022.  Last estimates were for 2021, and 2022  of $134M, $245M and $283M CDN$ for Revenue 2022-24,
-$.08, $0.06 CDN$ EPS, $0.05 CDN for Dividends for 2021, -$10M and $28M CDN$ for FCF, -$11M, $11M CDN$ for Net Income.
November 13, 2021.  Last estimates were for 2020 and 2021 of 134M, $113M US$ for Revenue, $0.11 and -$0.01 US$ for EPS,
$0.05 and $0.05 CDN$ for Dividends, $2, $3 CDN$ for FCF and $16M and $5M US$ for Net Income.
November 22, 2020.  Last estimates were for 2019 and 2020 of $135M and $108M US$ for Revenue,
$0.05 and -$0.01 US$ for EPS and $6M and -$1M US$ for Net Income.
December 3, 2019.  This stock is delisted from Nasdawq and listed OTC as QTRHF
November 23, 2019.  Last estimates were for 2018, 2019 and 2020 of $77M, $99M and $110M for Revenue US$,
-$0.16, $0.01 and $0.11 for EPS US$, -$31M and $-8M for Net Income for 2018 and 2019.
November 27, 2018.  Last estimates were for 2017, 2018 and 2019 of $137M, $109M and $127M US$ for Revenue,
$0.21, $ 0.03 amd $0.05 US$ for EPS, $24.4M, -$1.51M and $5.97M US$ for Net Income.
December 2, 2017.  Last estimates were for 2016 and 2017 of $81.3M and 72.2M for Revenue, $0.40 and $0.22 for EPS and $17.8M and $4.22M for Net Income.
June 2, 2017.  Name and Symbol change from Wi-Lan (TSX-WIN, NASDAQ-WILN) to Quarterhaill Inc (TSX-QTRH, NASDAQ-QTRH)
December 3, 2016.  Last estimates were for 2015 and 2016 of $98.80M, $91.50M and $60.00M for Revenue US$ for 2015, 2016 and 2017,
$0.06 and $0.02 for EPS US$, $0.52 and 0.65 for CFPS US$ and $15.10M for Net Income for 2015 US$.
December 6, 2015.  Last estimates were for 2014, 2015 and 2016 of $97.5M, $106M and $142M US$ For Revenue, $0.10 and $0.13 for EPS for 2014 and 2015 US$,
$0.45, $0.52 and $0.65 for CFPS US$, $14.5M and $15.1M for 2014 and 2015 for Net Income US$.
November 1, 2014.  Last estimates were for 2013, 2014 and 2015 of $82.58M, 114.99M and $146M US$ for Revenue,
$0.11, $0.48 and $0.59 EPS US$, -$0.05 and $0.09 for CFPS for 2013 and 2014.
September 29, 2013.  The last estimates were for 2012 and 2013 of $96.35M and $117.8M for Revenue, $.40 and $0.55 ($.077 for 2013).
July 28, 2012.  The last estimates I got were for EPS for 2010 to 2012 and were $.08, $.30 and $.57.
Jan 31, 2010.  I got the financials for Oct 2009 from the internet annoucement for the 3 andf 12 months ending 31 Oct 2009.
Jul 2009, the company annouced it will be changing its year end to Dec, effect 31 Dec 2009.  So the figures for Oct 31, 2009 will not be the final ones for the company.
The CEO and CFO are listed as Officers of the company in the insider trading report.  They should be listed as CEO and CFO.
Jim Skippen, Chairman & CEO
Shaun McEwan, CFO
Bill Middleton, Senior VP & General Counsel
Jung Yee, CTO
Sector:
Tech
Old: Telecom Service, Utilities old
What should this stock accomplish?
Would I buy this company and Why.
I would not buy this company.  I do not like its business model.  It is a patent troll and I do not like this business.
Why am I following this stock.
I am still following stock because I once owned it.  I held it from 2000 to 2006 and basically lost all my investment. It was called Wi-Lan (TSX-WIN, NASDAQ-WILN) at that time.
Dividends
Dividends are payable mostly in Cycle 1, in months of January, April, July and October.  Dividends are declared in one month and paid in the following month.
For example, the dividend declared for Shareholders of record on December 13, 2013 was payable on January 6. 2014.
Would I consider buying this company?
No.  They seem now to be patent trolls and I do not like this business model.
Why I bought this stock.
I bought this company in 2000 as WiLan Inc. (TSX-WIN, OTC-WILN.  It was an up and coming company in communications.   I sold it in 2006 after losing most of my investment.
This stock has never recovered from the bubble that occurred in 2000.  I lost all hope of ever making any money on this stock.
The other thing is that they completely refocused their company to earn money on their patents.
How they make their money.
Quarterhill Inc is focused on the acquisition, management, and growth of companies in the intelligent transportation systems (ITS) and innovation and
licensing industries. It operates in two segments Licensing, and Intelligent Transportation Systems. Its geographical segments are the United States, Canada,
Chile, China, Korea, Singapore, Taiwan, Thailand, Ukraine, and the Rest of the world. The majority of the revenue comes from the United States.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2016	Dec 2	2017	Nov 27	2018	Nov 23	2019	Nov 22	2020	Nov 13	2021	Nov 05	2022	Nov 04	2023			Nov 05	2024
Myers, Chuck														0.034	0.03%			0.229	0.20%			567.72%
CEO - Shares - Amount															$0.067				$0.357
Options - percentage														0.515	0.45%			0.433	0.37%			-16.03%
Options - amount															$1.004				$0.675
Kidd, Bret										0.000	0.00%	0.035	0.03%								Ceased insider Mar 2023
CEO - Shares - Amount											$0.000		$0.055
Options - percentage										0.475	0.42%	-0.991	-0.86%
Options - amount											$1.283		-$1.565
Chriest, Kyle Lincoln														0.011	0.01%			0.026	0.02%		Interium CFO	145.31%
CFO - Shares - Amount															$0.021				$0.041
Options - percentage														0.012	0.01%			0.054	0.05%			354.81%
Options - amount															$0.023				$0.085
Holbert, Kevin														0.000	0.00%			0.008	0.01%			#DIV/0!
Officer - Shares - Amount															$0.000				$0.012
Options - percentage														0.350	0.30%			0.350	0.30%			0.00%
Options - amount															$0.683				$0.546
																		0.000	0.00%		Cannot find any other	#DIV/0!
Officer - Shares - Amount																			$0.000		current officer
Options - percentage																		0.000	0.00%			#DIV/0!
Options - amount																			$0.000
Holbert, Kevin																					Was CFO to 2017
Officer - Shares - Amount																					Interim CEO 2017
Options - percentage																					Return of CFO Jan 2018
Options - amount																					Announcement He is leaving
Watchmaker, Prashant				0.670	0.56%	0.051	0.04%	0.066	0.06%	0.073	0.06%	0.098	0.09%
Officer - Shares - Amount					$0.892		$0.085		$0.169		$0.198		$0.155
Options - percentage				0.620	0.52%	0.718	0.60%	0.737	0.64%	0.735	0.65%	0.708	0.62%
Options - amount					$0.825		$1.199		$1.886		$1.984		$1.119
Malhotra, Rish																					COO
Officer - Shares - Amount																					Ceased insider Apr 2018
Options - percentage
Options - amount
Anderson, Roxanne												0.099	0.09%	0.099	0.09%			0.099	0.09%			0.00%
Director - Shares - Amount													$0.156		$0.193				$0.154
Options - percentage												0.372	0.32%	0.482	0.42%			0.558	0.48%			15.64%
Options - amount													$0.588		$0.940				$0.870
Morris, William Frederick														0.017	0.01%			0.082	0.07%			387.50%
Director - Shares - Amount															$0.033				$0.128
Options - percentage														0.060	0.05%			0.135	0.12%			124.24%
Options - amount															$0.118				$0.211
Skippen, James	0.66%	0.800	0.67%	0.800	0.67%	0.839	0.71%	0.839	0.73%	0.708	0.62%	0.708	0.62%								was CEO to 2017	#DIV/0!
Vice-Chair - Shares - Amt	$1.712		$1.856		$1.064		$1.400		$2.147		$1.911		$1.118								Was Chair in 2018
Options - percentage	2.55%	4.073	3.43%	3.173	2.67%	2.984	2.51%	0.000	0.00%	2.833	2.49%	2.845	2.48%									#DIV/0!
Options - amount	$6.620		$9.448		$4.220		$4.982		$0.000		$7.648		$4.495
Lewis, Rusty												0.143	0.12%	0.501	0.44%			2.007	1.74%			300.88%
Chairman - Shares - Amt													$0.226		$0.976				$3.131
Options - percentage												0.047	0.04%	0.197	0.17%			0.295	0.26%			49.62%
Options - amount													$0.074		$0.384				$0.460
Gillbery, John Kendall						0.115	0.10%	0.115	0.10%	0.115	0.10%	0.115	0.10%									#DIV/0!
Chairman - Shares - Amt							$0.193		$0.295		$0.311		$0.182
Options - percentage						0.310	0.26%	0.360	0.31%	0.402	0.35%	0.449	0.39%									#DIV/0!
Options - amount							$0.517		$0.922		$1.085		$0.709
Increase in O/S Shares	0.52%	0.058	0.05%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.352	0.31%	0.400	0.35%	0.759	0.66%			0.437	0.38%		0 in 2018, 2019
due to SO	$1.157		$0.126		$0.000		$0.000		$0.000		$0.901		$1.080		$1.199				$0.852
Book Value	$2.056		$0.127		$0.000		$0.000		$0.000		$1.006		$2.560		$2.137				$1.792
Insider Buying	-$0.118		-$0.275		-$0.101		-$0.166		-$0.438		-$0.238		-$0.569		-$0.669				-$2.952
Insider Selling	$0.819		$0.000		$0.000		$0.000		$0.000		$0.472		$0.032		$0.000				$0.000
Net Insider Selling	$0.700		-$0.275		-$0.101		-$0.166		-$0.438		$0.234		-$0.538		-$0.669				-$2.952
% of Market Cap	0.27%		-0.10%		-0.06%		-0.08%		-0.15%		0.08%		-0.30%		-0.30%				-1.64%
Directors		8		8		6		8		8		9		6				6
Women	13%	1	13%	1	13%	1	17%	1	13%	2	25%	4	44%	3	50%			3	50%
Minorities	13%	1	13%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%			0	0%
Institutions/Holdings	29.28%	43	19.47%	45	30.34%	20				20	9.40%	20	5.88%	20	5.37%			20	5.37%
Total Shares Held	29.27%	23.102	19.47%	36.047	30.34%	26.019	21.90%			10.695	9.39%	6.731	5.87%	6.160	5.35%			0.000	0.00%
Increase/Decrease	-12.76%	-5.819	-20.12%	-0.735	-2.00%	1.176	4.74%			-1.542	-12.60%	0.024	0.36%	-1.344	-17.91%			-1.344	-100.00%
Starting No. of Shares		28.921		36.782		24.843	Top 20			12.237	Top 20	6.706	Top 20	7.504	Top 20			1.344	Top 20
Copyright © 2008 Website of SPBrunner. All rights reserved.
http://www.cantechletter.com/2014/04/wi-lans-valuation-looks-compelling-going-q1-earnings/