Canada’s Source of R&D Intelligence
Toronto - October 28, 2004 - Eight Alberta companies made Canada's Top 100 Corporate R&D Spenders List 2004 released today by Research Infosource Inc. Together these companies accounted for $282.3 million in R&D spending in fiscal 2003, a decrease of (-5.7%) from the $299.4 million in fiscal 2002. Over the same period, revenue rose by 25.2% from $34.8 billion to $43.6 billion.
#30 - Nova Chemicals Corporation moved up 5 spots from 35th. The Calgary-based company reported a 3% increase in R&D spending, from $61.2 million to $63.1 million while revenue rose 14% from $4.9 billion to $5.5 billion.
#36 - EnCana Corporation dropped from 30th position. Headquartered in Calgary, the company posted a (-26.2%) decrease in R&D expenditures from $76 million to $56.1 million. Revenue rose by an impressive 43% from $10 billion to $14.3 billion.
#38 - Syncrude Canada Ltd. moved up one place from 39th. Based in Fort McMurray, the company reported a (-3.6%) drop in R&D spending from $52.3 million to $50.4 million. Revenue also fell slightly by (-2.7%) from $3.4 billion to $3.3 billion.
#47 - Precision Drilling Corporation climbed from 52nd position. The Calgary-based firm posted an impressive 21.7% increase in R&D spending, from $34.9 million to $42.4 million. Revenue saw a more modest rise of 13.5% from $1.7 billion to $1.9 billion.
#62 - Westaim Corporation climbed from 72nd place. Headquartered in Calgary, the firm recorded a small (-0.1%) decrease in R&D investment to $25.7 million. Revenue took a steep dive of (-64.8%) from $49 million to $17.3 million.
#95 - Petro-Canada is new to the Top 100 List this year. The Calgary-based firm reported an impressive 150% increase in R&D spending from $6 million to $15 million. Revenue rose by 23.1% from $9.9 billion to $12.2 billion.
# 95 - Suncor Energy Inc. moves up from 98th to tie with Petro-Canada. Also based in Calgary, Suncor held R&D expenditures at the same level of $15 million, but posted a 28.5% increase in revenue from $4.9 billion to $6.3 billion.
#100 - Biomira Inc. drops from 62nd position. Headquartered in Edmonton, the firm dropped R&D expenditures by (-48.1%) from $28.3 million to $14.7 million. Revenue decreased by (-35.6%) from $5.3 million to $3.4 million.
"In fiscal 2002, Alberta companies maintained their R&D spending in the face of declining revenues", explained Ron Freedman, CEO, Research Infosource Inc. "In 2003, with revenue rising, Alberta firms are not reinvesting in R&D."
Overall, corporate spending on R&D in Canada declined for the second year in a row. In fiscal 2003, Canada's top R&D companies invested nearly $10.6 billion in research and development activities, down (-5.1%) from 2002. This 2-year decline that began in 2002 comes on the heels of 5 straight years (1996-2001) of spending increases. In 2003, 55 firms, over half of the Top 100 companies cut back or held the line on R&D spending. In 2002, only 34 firms reduced their R&D investment.
The 48 companies headquartered in Ontario accounted for $6.4 billion or 61% of the total for fiscal 2003. This represents a decrease of (-8.1%) from fiscal 2002. Québec's 26 companies spent $3.02 billion, representing 29% of total expenditures, an increase of 2.3%. The 16 British Columbia-based firms invested $788.5 million, 7% of the total and a decrease of (-5.6%). The 8 Alberta firms accounted for $282.3 million or 3% of Top 100 spending and posted a decrease of (-5.7%) from 2002.
The complete Canada's Top 100 Corporate R&D Spenders List 2004 and more regional information is available on the Research Infosource website, www.researchinfosource.com. An in-depth Canada's Top Corporate R&D Spenders Report 2004, based on over 650 companies, is slated for publication in November 2004. Research Infosource Inc., a division of The Impact Group, is Canada's source of R&D intelligence. Drawing from an extensive database, Research Infosource Inc. publishes Canada's Top 100 Corporate R&D Spenders List, Canada's Top 50 Research Universities List, and specialized reports.
Information: Ron Freedman, CEO, Research Infosource Inc. (416) 481-7070 ext. 31
Janet Sandor, Director of Communications (416) 481-7070 ext. 25