Inc. Magazine Unveils 28th Annual List of America's Fastest-Growing Private Companies - Inc. 500
Spectraforce Technologies Inc. Ranks No. 182 on the 2009 Inc. 500 with Three-Year Sales Growth of over 1000%
NEW YORK, August 12, 2009 -- Inc. magazine today ranked SPECTRAFORCE TECHNOLOGIES INC. NO.182 on its 28th Annual Inc. 500, an exclusive ranking of the nation's fastest-growing private companies. The list represents the most comprehensive look at the most important segment of the economy-America's independent-minded entrepreneurs. Companies such as Microsoft, Zappos, Intuit, GoDaddy, Under Armour, Jamba Juice, American Apparel, Oracle, and hundreds of other powerhouses gained early exposure as members of the Inc. 500.
"If you want to know which companies are going to change the world, look at the Inc. 500,"said Inc. editor Jane Berentson. "These are the most dynamic, fast-growth companies in the nation, the ones finding innovative solutions to problems, creating smart systems, and inventing products we soon discover we can't live without. The Inc. 500 list is Inc. magazine's tribute to American business ingenuity and ambition."
The 2009 Inc. 500, unveiled in the September issue of Inc. magazine (available on newsstands August 17 to November 15) and on Inc.com, reported aggregate revenue of$18.4 billion-up significantly from last year's $13.7 billion-and a median three-year growth rate of 880.5 percent. The companies on this year's list are also responsible for creating more than 55,000 jobs since their founding; making the Inc. 500 perhaps the best example of the impact private, fast-growing companies can have on the overall U.S. economy. The largest company on the list, flat-panel-TV maker Vizio, broke the $2 billion revenue mark. Complete results of the Inc. 500, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found on Inc.com.
Despite the ongoing recession, the 2009 Inc. 500 offers a glimpse of the future of the U.S. economy. In the health sector, which saw aggregate revenue of $1.1 billion and a 917percent median growth rate, businesses are moving forward on cancer and stem-cell research, clinical trials, and medication management. More than 25 percent of companies in the energy sector ($2.5 billion aggregate revenue; 942 percent median growth rate) focus on solar and other alternative sources. Fewer than a third of retailers ($356 million aggregate revenue; 914 percent median growth rate) have even a single brick-and-mortar store. And the number of companies providing technical services to the various branches of the federal government continues to rise.
The Hottest Regions for Fast-Growing Companies
Once again, California tops the Inc. 500 with the most companies of any state, 84, up six from last year. The Golden State is followed by Texas (45), Virginia (35), New York (35), and Florida (27).
The Washington, D.C., metropolitan area boasts 42 Inc. 500 companies, making it the top metro area for the seventh consecutive year (up three from last year). New York City and Los Angeles are close seconds with 36 each (up five and 10 from last year, respectively), followed by Chicago with 23 (down four from last year) and San Francisco with 20.
The Inc. 500 at a Glance
Insurance was by far the fastest-growing industry on this year's Inc. 500, with an average growth rate of 6,195 percent. Other strong performers include Logistics & Transportation (2,487 percent) and Food & Beverage (2,153 percent).
In total, the companies on the Inc. 500 have created more than 55,000 jobs. Government Services is the top employer with 6,895 jobs, followed by Telecommunications (6,338), Health (5,803), IT Services (5,179), and Energy (4,559).
IT Services boasted the most companies on this year's list with 57, followed by Government Services (50), Advertising & Marketing (48), Consumer Products & Services (44), and Health (43).
Topping this year's list is Northern Capital Insurance, a Miami-based firm that is helping to revolutionize Florida's ailing insurance industry. The company boasted $95 million in revenue in 2008 and an impressive three-year growth rate of 19,812 percent.
The top woman-owned company is P3S (No. 17 overall), a San Antonio-based firm that provides IT network security and physical security services, mostly to the Defense Department. P3S, owned by Mary Ellen Trevino, recorded revenue of $13.5 million in 2008 and a three-year growth rate of 5,898 percent. The top minority-owned company is Harley Stanfield (No. 3 overall), a Washington, D.C.-based real estate investment firm that buys existing properties, makes them energy efficient, and then resells them as investment properties. Harley Stanfield, founded by Cedric Franklin, posted revenue of$38.4 million in 2008 and a three-year growth rate of 13,350 percent.
The Inc. 500 posted aggregate revenue of $18.4 billion, up more than 34 percent from last year, even in a down economy. The top five industries by total revenue include Consumer Products & Services ($3.1 billion), Energy ($2.5 billion), Government Services ($1.9billion), Advertising & Marketing ($1.3 billion), and Real Estate ($1.2 billion).
The 2009 Inc. 500 measures revenue growth from 2005 through 2008. To qualify, companies must have been founded and generating revenue by the first week of 2005,and therefore able to show four full calendar years of sales. Additionally, they had to be U.S.-based, privately held, for profit, and independent-not subsidiaries or divisions of other companies-as of December 31, 2008. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2005 is$200,000; the minimum for 2008 is $2 million.
About Inc. Magazine
Founded in 1979 and acquired in 2005 by Mansueto Ventures LLC, Inc. (www.inc.com) is the only major business magazine dedicated exclusively to owners and managers of growing private companies that delivers real solutions for today's innovative company builders. With a total paid circulation of 712,961, Inc. provides hands-on tools and market tested strategies for managing people, finances, sales, marketing, and technology. Visit us online at Inc.com.
About the Inc. 500|5000 Conference
Each year, Inc. and Inc.com celebrate the remarkable achievements of today's entrepreneurial superstars-the privately held small businesses that drive our economy. The Inc. 500|5000 Conference & Awards Ceremony brings together members of the Inc.5000 community, both a new class of Inc. 5000 honorees and the list's alumni, for three days of powerful networking, inspired learning, and momentous celebration. Please join us September 23-25, 2009, at the Gaylord National Resort and Convention Center in National Harbor, Maryland. For more information about the 2009 Inc. 500|5000Conference & Awards Ceremony, and to register, visit www.Inc5000event.com. Stay connected with Inc. Events by following @IncEvents on Twitter.