2004 Annual Report

Highlights

Net after-tax profit $1.39 million (2003, $1.66 million)
Total revenue $39.4 million (2003, $37.2 million)
Commercial revenue $11.1 million (2003, $10.1 million)
Total expenses $37.2 million (2003, $34.7 million)
Total assets $28.9 million (2003, $25.4 million)
Shareholders' equity $15.6 million (2003, $14.5 million)
Return on equity 9.3 percent (2003, $11.9 percent)
Revenue per FTE $142,000 (2003, $136,000)
Total staff - 274, comprising 197 researchers, 37 research support, and 40 general support and management.

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