CIPO continues to implement its financial strategy of investing in key areas that will enable the organization to meet the objectives set out in the 2012-2017 Business Strategy, while allocating the necessary resources for operations to ensure customer service standards are met. This includes ramping up investments to modernize IT infrastructure and legislative frameworks, as well as providing resources to reduce turnaround times (TAT). While the organization continues to benefit from a stable revenue base, CIPO management ensures that its resource capacity is growing effectively and sustainably.
CIPO's operating results for the past year were favourable, with the organization generating a net surplus of $8.7M. This is an improvement from the previous year, due mainly to an increase in revenues. These gains relate to increased production, with the organization continuing to reduce its outstanding inventory of requests for examination, as well as to increased revenues from patent maintenance fees. Expenses were flat to the previous year, with increases in spending on IT projects offset by lower amortization and accommodations costs. The centralization of IT employees within the department resulted in a decrease of costs for salaries and benefits and an increase of spending on professional services, but did not represent a significant change to overall expenses.
As CIPO continues to build its capacity and drive the necessary changes, it remains well positioned to finance the key activities that will enable successful delivery of the strategic objectives for the benefit of existing customers and future innovators.