64 Orbit G arant 2012 annual rep O rt N OTES TO CONSOLIDATED FINANCIAL STATEMENTS continued For the years ended June 30 2012 and 2011 in thousands of Canadian dollars except for earnings per share and option data Consolidated statement of earnings and comprehensive earnings for the year ended June 30 2011 Canadian IFRS IFRS GAAP adjustments reclass IFRS Explanation Contract revenue 127738 127738 Cost of contract revenue d 92471 6793 99264 Gross proft 35267 6793 28474 Expenses General and administrative expenses a c d 9247 566 1750 11563 Amortization of property plant and equipment d 7159 7159 Amortization of intangible assets d 1510 1510 Foreign exchange losses d 41 41 Gain on disposal of property plant and equipment d 126 126 Interest on longterm debt d 258 258 Interest and bank charges b d 182 116 298 Other operating expenses d 41 41 Finance costs d 556 556 18271 682 6793 12160 Earnings before the following items 16996 682 16314 Share in net earnings of associate 225 225 Gain on investments in associate 209 209 Earnings before income taxes 17430 682 16748 Income taxes 5302 5302 Net earnings and comprehensive earnings 12128 682 11446