The company's fundraising also showed improved results, with revenue rising 14 percent over the previous year.
The COC also posted a small surplus in 2003; in 2002, the company ran a C$500,000 deficit, its first shortfall in five years.
The meeting also marked the end of Arthur R.A. Scace's tenure as board president. Robert Collins now takes up the position.
The COC will move to the Four Seasons Centre for the Performing Arts, currently under construction, in fall 2006. That season will also see the company's most ambitious initiative: a complete production of Wagner's Ring, the first ever produced in Canada.