2003 Annual Report

Highlights

Net after-tax profit $1.66 million (2002, $1.67 million)
Total revenue $37.2 million (2002, $38.3 million)
Commercial revenue $10.1 million (2002, $9.7 million)
Total expenses $34.7 million (2002, $35.8 million)
Total assets $25.4 million (2002, 24.5 million)
Shareholders' equity $14.5 million ($13.6 million)
Return on equity 11.9 percent (2002, 12.6 percent)
Revenue per FTE $136,000 (2002, $147,900)
Total staff - 273, comprising 200 researchers, 38 research support, and 35 general support and management.

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