FSB100

T
he companies you are about to meet represent the fifth graduating class of the annual FSB 100. They have been screened just as the others were: Zacks, a financial research firm, identified companies with annual revenue of less than $200 million and a stock price of more than
EARNINGS/SHARE GROWTH 2005 RANK COMPANY NAME TICKER
CITY (2004 RANKING)

THE
REVENUE GROWTH

AMERICA’S FASTEST-GROWING SMALL PUBLIC COMPANIES

$1 and ranked them based on the past three years’ earnings growth, revenue growth, and stock performance. We excluded banks and real estate firms, which would otherwise overrun the list.

TOTAL RETURN TO INVESTORS
Three-year annual rate RANK STOCK as of 6/1/05

Three-year annual rate RANK NET INCOME Four quarters to 12/31/04 (millions)

Three-year annual rate RANK REVENUE Four quarters to 12/31/04 (millions)

PRICE

NUMBER OF EMPLOYEES COMMENTS 249
To catch a thief—or at least incapacitate one— law enforcement officers can pack one of Taser’s stun guns. Last year the company introduced a new civilian model (for a profile, see page 70). Description below.

1 TASER INTERNATIONAL TASR
SCOTTSDALE

295.4%
3

$19.1

121.7%
3

$67.7

202.3%
1

$11.35

2 LASERSCOPE LSCP
SAN JOSE

419.3
2

14.7

36.0
22

93.8

143.1
2

34.14

229

No.
3 NGAS RESOURCES NGAS
LEXINGTON

2
1.6 101.5
4

LASERSCOPE: This maker of medical lasers and advanced fiber-optic devices saw its revenues increase 63% in 2004. The company’s urological segment—which accounts for two-thirds of revenues—led the way with the success of a system for treating enlarged prostates. Sales of that product nearly tripled last year. Its beams can also be focused on cosmetic procedures such as spider-vein removal.
48.0 73.8
22

1,501.6
1

4.78

62

NGAS harvests natural gas from the southern Appalachian region, exploring on the nearly 255,000 acres it controls. Since 2002 the price of natural gas has doubled. J2 Global’s e-fax service transforms facsimiles into e-mail attachments for about 400,000 paying subscribers. A newer service enables users to manage messages through the web. eResearch provides software and consulting services for Big Pharma and medical-device makers aimed at helping them get new products through FDA testing. Sonic Solutions makes technology used to create CDs and DVDs. It also licenses its software to others—including, as of May, Yahoo, for use in its music service and media player. This 22-year-old company makes tractors that glide, going where those of most rivals can’t, such as on frozen lakes, in sand, and through swamps. (For a profile, please see page 68.)
JULY/AUGUST 2005 FSB 55

4 J2 GLOBAL COMMUN. JCOM
LOS ANGELES

147.5
11

31.6

48.7
13

106.3

140.7
4

35.58

202

5 ERESEARCHTECHNOLOGY ERES
PHILADELPHIA (2)

122.4
20

29.7

58.8
9

109.4

109.0
9

12.45

353

6 SONIC SOLUTIONS SNIC
NOVATO, CALIF.

261.0
4

11.5

65.3
8

72.3

65.4
28

15.33

600

7 ASV ASVI
GRAND RAPIDS, MINN. (19)

221.6
7

17.2

54.0
11

160.9

60.2
38

36.51

150

Copyright 2005 Time Inc. You may make a single printed copy of this content, solely for your personal use. For all other uses, including commercial and academic uses, please visit www.FortuneReprints.com and www.FortunePermissions.com.

100

FSB

THE LIST
EARNINGS/SHARE GROWTH REVENUE GROWTH
Three-year annual rate RANK REVENUE Four quarters to 12/31/04 (millions)

TOTAL RETURN TO INVESTORS
Three-year annual rate RANK STOCK as of 6/1/05

2005 RANK COMPANY NAME TICKER
CITY (2004 RANKING)

Three-year annual rate RANK NET INCOME Four quarters to 12/31/04 (millions)

PRICE

NUMBER OF EMPLOYEES COMMENTS 1,000
EXX has subsidiaries in the mechanicalequipment industry and in plastic and rubber. Its motors are used in toys, watches, airconditioning systems, and floor polishers. Its Reno hotel features a 24-hour casino with more than 600 slot machines and a sports club with 35 TVs, bingo, and a poker room—oh, and you can sleep there too. It also has 800 rooms. Diodes supplies semiconductors to a variety of manufacturers in markets ranging from consumer electronics to automotive to telecom. It also has four Far East subsidiaries. Tell a friend about this company, which sells nutritional supplements and weightmanagement and skin-care products using an Amway-style system of 73,000 distributors. This specialty-chemical company makes pigments and pigment extenders used to boost thickness and durability in paints, industrial coatings, and plastics. Rays of hope: Doctors use Candela’s cosmetic and aesthetic lasers to smooth wrinkles, zap varicose veins, and rub out acne scars. (Yes, it can remove that tattoo you don’t recall getting.) Description below.

8 EXX EXX-A
LAS VEGAS (17)

140.2%
13

$1.5

140.8%
1

$143.6

52.0%
49

$1.88

9 SANDS REGENT SNDS
RENO

116.6
24

3.6

27.9
30

74.9

78.1
19

9.20

1,000

10 DIODES DIOD
WESTLAKE VILLAGE, CALIF.

220.9
8

25.6

23.3
43

185.7

72.2
24

30.65

1,370

11 RELIV INTERNATIONAL RELV
CHESTERFIELD, MO.

120.4
23

5.4

22.3
45

97.0

120.2
7

10.60

238

12 TOR MINERALS INTL. TORM
CORPUS CHRISTI

86.2
37

1.1

28.0
29

30.5

87.9
15

5.80

203

13 CANDELA CLZR
WAYLAND, MASS.

111.5
28

11.7

24.2
40

112.5

79.5
18

10.53

290

14 LOWRANCE ELECTRONICS LEIX
TULSA

258.5
5

8.6

12.0
80

115.3

132.5
5

20.25

991

LOWRANCE ELECTRONICS: Location, location, location. That is what counts most to Lowrance, and it isn’t even in real estate. Its 85 products help fishermen, hunters, and hikers get their bearings. Offerings range from fish-finders for anglers to GPS products for wayward travelers. It even sells a portable in-car GPS navigation system that comes with an MP3 player. An automated voice interrupts the tune to give directions.

No.

14
Until last year SunAir was solely in the business of selling high-frequency telecom equipment. In early 2005 an investment group took over, with plans to enter the pest-control industry. Revenues at this protection-equipment maker caught fire in 2004 because of new airconditioner safety requirements. The U.S.military accounted for 30% of sales. Model company: Stratasys sells rapid prototyping systems that enable engineers—whether they are making cars or toys or electronics— to get products to market more quickly.

15 SUNAIR ELECTRONICS SNR
FORT LAUDERDALE

95.5
35

1.3

22.2
46

13.8

104.6
11

9.33

98

16 TECHNOLOGY RESEARCH TRCI
CLEARWATER, FLA. (21)

125.4
17

1.8

20.5
51

30.6

64.4
31

5.02

110

17 STRATASYS SSYS
EDEN PRAIRIE, MINN. (18)

61.9
52

9.1

24.5
38

70.3

96.8
13

32.18

250

56 FSB JULY/AUGUST 2005
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EARNINGS/SHARE GROWTH 2005 RANK COMPANY NAME TICKER
CITY (2004 RANKING)

REVENUE GROWTH
Three-year annual rate RANK REVENUE Four quarters to 12/31/04 (millions)

TOTAL RETURN TO INVESTORS
Three-year annual rate RANK STOCK as of 6/1/05

Three-year annual rate RANK NET INCOME Four quarters to 12/31/04 (millions)

PRICE

NUMBER OF EMPLOYEES COMMENTS 405
Pinched lately by higher steel prices and rising freight costs, Coast dispenses supplies for the recreational-vehicle and marine industries through its 17 distribution centers. Panhandle receives royalties from about 5,000 natural-gas (80% of 2004 revenues) and oil wells in more than 20 states, including Oklahoma, New Mexico, and Texas. CCA sells health and beauty aids, along with dietary supplements, to retailers such as Wal-Mart, its largest customer. It was a pioneer in tooth-whitening products. Doctors can go digital thanks to Merge, which makes software that lets hospitals eliminate paper used for information and archiving. It merged with Cedara Software in early 2005. Collegiate Pacific is in the game of selling sports equipment—4,500 different items— mostly to institutions such as schools. Last year it acquired two uniform distributors. Listen here: APSG’s products scan all manner of communications (cell calls, ship-to-shore, microwave) to find relevant information. The U.S. government accounts for most of its sales. This developer of video vehicle-detection systems for traffic management has installed more than 30,000 cameras to reduce congestion and improve roadway planning. Increasing demand for its drug-testing equipment has helped inject new sales at this maker of medical instruments. About half of its revenue comes from overseas.

18 COAST DISTRIBUTION SYS. CRV 130.7%
MORGAN HILL, CALIF.

$4.4

8.8%
89

$171.8

142.5%
3

$4.35

15

19 PANHANDLE ROYALTY PHX
OKLAHOMA CITY

98.9
33

8.2

32.5
24

28.1

48.0
55

23.52

16

20 CCA INDUSTRIES CAW
EAST RUTHERFORD, N.J.

96.0
34

5.8

14.5
71

61.5

108.9
10

10.10

138

21 MERGE TECHNOLOGIES MRGE
MILWAUKEE

47.9
57

7.5

35.1
23

37.0

62.4
35

17.50

200

22 COLLEGIATE PACIFIC BOO
DALLAS (24)

73.4
44

4.5

56.4
10

80.9

40.0
66

8.87

450

23 APPLIED SIGNAL TECH. APSG
SUNNYVALE, CALIF.

76.7
41

12.0

23.5
42

142.8

61.2
37

17.90

498

24 IMAGE SENSING SYSTEMS ISNS
ST. PAUL

53.2
55

2.7

18.1
57

10.8

97.3
12

13.39

38

25 CLINICAL DATA CLDA
NEWTON, MASS.

65.8
50

4.6

81.5
6

59.4

37.4
71

17.82

218

ROYAL GOLD: This Denver-based company finances gold and silver mines in return for receiving a royalty on production from the operators. Its current holdings include Nevada’s three biggest mines. Silver and copper make up a smaller part of its business.

No.
15

26
JULY/AUGUST 2005 FSB 57

26 ROYAL GOLD RGLD
DENVER (4)

43.3
61

10.4

39.6
18

24.1

52.7
48

18.55

Description above.

27 SFBC INTERNATIONAL SFCC
MIAMI

38.8
64

19.7

73.8
7

159.6

42.4
60

35.40

2,100

This contract-research firm began a new phase in 2004 when it acquired PharmaNet, a specialist in late-stage research, adding to the early-phase trial data it provides drugmakers. Ventana makes instruments that automate slide-staining for pathologists so that they can efficiently analyze samples. Cancer researchers use its products to study tissue. Ever heard of Paris Hilton? Parlux makes fragrances, watches, cosmetics, and handbags under the heiress’s name. Coming soon: a Guess fragrance and an Andy Roddick brand. Originally used by NASA to monitor astronauts in flight, CardioDynamics’ technology provides doctors with a noninvasive way to gather cardiac data and is used on about 3.5 million patients.

28 VENTANA MEDICAL SYS. VMSI
TUCSON

103.3
31

21.3

24.5
38

166.1

41.4
62

42.80

732

29 PARLUX FRAGRANCES PARL
FORT LAUDERDALE (75)

86.6
36

9.9

8.7
91

94.1

129.7
6

24.46

120

30 CARDIODYNAMICS INTL. CDIC
SAN DIEGO

249.8
6

10.1

28.5
27

41.0

–7.9
100

2.25

256

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100

FSB

THE LIST
EARNINGS/SHARE GROWTH REVENUE GROWTH
Three-year annual rate RANK REVENUE Four quarters to 12/31/04 (millions)

TOTAL RETURN TO INVESTORS
Three-year annual rate RANK STOCK as of 6/1/05

2005 RANK COMPANY NAME TICKER
CITY (2004 RANKING)

Three-year annual rate RANK NET INCOME Four quarters to 12/31/04 (millions)

PRICE

NUMBER OF EMPLOYEES COMMENTS 479
Websense’s software can help you watch your workers: It monitors and reports on employee Internet use, blocks specific content, and provides added security from viruses. This company’s got skin in the game: Tutogen takes human (and animal) donor tissue and processes it for use in different kinds of operations, from orthopedic to plastic surgery. More than 7,000 companies use Packeteer’s systems to manage bandwidth by controlling traffic and prioritizing web access. Late last year it acquired Mentat, a network service provider. Its ParTech unit serves fast-food purveyors, having installed 25,000 point-of-sale systems in 95 countries. Last year’s acquisition of a software company gives it access to 500 luxury hotels. Screen gems: Video Display makes and distributes more than 3,000 types of display devices for military, medical, and industrial applications. It has 11 manufacturing plants. Hitting a nerve: ANSI makes and sells neurostimulators, which help more than a million patients mask chronic pain and nervous-system disorders through electrical impulses. Description below.

31 WEBSENSE WBSN
SAN DIEGO (11)

121.8%
21

$26.2

45.6%
16

$111.9

16.5%
96

$54.18

32 TUTOGEN MEDICAL TTG
WEST PATERSON, N.J.

160.7
10

–0.5

29.0
26

28.9

–6.0
99

2.12

204

33 PACKETEER PKTR
CUPERTINO, CALIF.

135.7
14

13.5

25.5
35

92.4

25.2
86

11.75

286

34 PAR TECHNOLOGY PTC
NEW HARTFORD, N.Y.

121.6
22

5.6

11.9
81

174.9

63.3
33

28.67

1,411

35 VIDEO DISPLAY VIDE
TUCKER, GA. (60)

144.5
12

4.4

3.5
98

82.4

68.8
27

12.86

404

36 ADVANCED NEURO SYS. ANSI
PLANO, TEXAS

104.1
30

18.2

51.1
12

120.7

18.9
95

33.96

506

37 SAUCONY SCNYA
PEABODY, MASS.

108.2
29

10.4

7.1
94

166.6

75.8
20

19.35

343

No.

37
SAUCONY: This maker of athletic footwear raced up to No. 43 on the FSB 100 in 2001, then tripped badly before restructuring its business—including closing U.S. manufacturing operations—for a return appearance. CEO John Fisher used grassroots marketing to rise to more than an also-ran against the giants and attract customers. He also attracted an acquirer: In June, Fisher sold Saucony, which had been in his family for four generations, to Stride Rite. (See profile on page 70.)
72.9
45

38 AMREP AXR
NEW YORK (56)

13.7

20.3
52

132.8

52.8
47

22.04

1,440

Who believes in synergy anymore? Amrep derives about 80% of its revenue from providing circulation services to magazines. The rest? It comes from real estate development. Credo loves to get crude—oil—from wells it owns or operates in the U.S. It also holds the exclusive license on a system for recovering natural gas from sites that seem tapped out.

39 CREDO PETROLEUM CRED
DENVER (47)

35.9
70

3.7

27.4
31

10.3

55.8
43

15.40

11

60 FSB JULY/AUGUST 2005
Copyright 2005 Time Inc. You may make a single printed copy of this content, solely for your personal use. For all other uses, including commercial and academic uses, please visit www.FortuneReprints.com and www.FortunePermissions.com.

EARNINGS/SHARE GROWTH 2005 RANK COMPANY NAME TICKER
CITY (2004 RANKING)

REVENUE GROWTH
Three-year annual rate RANK REVENUE Four quarters to 12/31/04 (millions)

TOTAL RETURN TO INVESTORS
Three-year annual rate RANK STOCK as of 6/1/05

Three-year annual rate RANK NET INCOME Four quarters to 12/31/04 (millions)

PRICE

NUMBER OF EMPLOYEES COMMENTS 229
Description below.

40 AMERICAN VANGUARD AVD
NEWPORT BEACH, CALIF. (26)

33.5%
75

$14.5

19.7%
54

$150.9

82.7%
16

$18.47

No.
IRVINE, CALIF. (15)

40
39.0
63

AMERICAN VANGUARD: This maker of agricultural chemicals doesn’t develop products on its own. Instead it acquires or licenses them from its bigger peers and then rebrands them. Last year’s growth was fueled by DiBrom, an insecticide that was much in demand to kill the swarms of mosquitoes that plagued the South after hurricane season.

41 QUALITY SYSTEMS QSII

14.4

24.9
37

82.2

54.2
46

60.34

367

Software from Quality Systems helps diagnose and cure the information ills of doctors and dentists by managing back-office functions such as scheduling, billing, and patient records. SS&C supplies software to the financial services industry, serving seven markets, including commercial lending and municipal finance. It made three acquisitions in the first half of 2005. FindWhat.com found growth last year by making two major acquisitions. The company’s search engine delivers leads to advertisers, which pay a fee for every surfer clicking through. This casual-dining chain of 27 restaurants in 12 states serves American-style food and specialty items such as Rattlesnake Pasta (no, it’s just chicken). JAX has plans to expand in 2006. This steel processor’s two plants—in Lone Star, Texas, and Hickman, Ark.—can each process hot-rolled steel coils weighing as much as 25 tons, flattening them before selling them. Rocky Shoes & Boots produces premium footwear, sold via sporting-goods stores and big-box retailers. In January it acquired EJ Footwear Group, maker of Durango boots. Assembly required: CPI Aero, as it began calling itself in January, benefited from an uptick in orders for its structural aircraft parts from the U.S. Air Force and other military customers. Netsmart’s subsidiary, Creative Socio-Medics, sells software and hardware to specialty health-care providers, such as psychiatric hospitals and substance-abuse clinics. Bentley, a maker of drug-delivery systems, may be based in Exeter, N.H., but it derives 96% of its revenue from Europe, where its subsidiaries manufacture and sell pharmaceuticals. A matter of fax: Castelle offers a full array of facsimile services that include desktop faxing, production faxing, fax and e-mail integration, and tools for developing custom applications. Immucor provides automated systems for pretransfusion blood diagnostics, claiming 65% of the U.S. market and 30% of Europe’s. Some 80% of its customers are hospitals.
JULY/AUGUST 2005 FSB 61

42 SS&C TECHNOLOGIES SSNC
WINDSOR, CONN. (30)

68.8
47

19.0

15.2
67

95.9

64.0
32

29.51

42

43 FINDWHAT.COM FWHT
FORT MYERS, FLA.

22.6
89

17.0

93.8
5

169.5

48.6
54

5.58

482

44 J. ALEXANDER’S JAX
NASHVILLE (29)

167.8
9

4.8

9.6
87

122.9

49.8
53

7.65

2,650

45 FRIEDMAN INDUSTRIES FRD
HOUSTON

48.3
56

6.9

14.8
69

177.9

71.0
26

7.90

144

46 ROCKY SHOES & BOOTS RCKY
NELSONVILLE, OHIO

78.2
40

8.6

8.7
90

132.3

72.9
23

29.98

1,091

47 CPI AEROSTRUCTURES CVU
EDGEWOOD, N.Y.

13.8
96

5.1

22.6
44

30.3

93.5
14

9.38

67

48 NETSMART TECH. NTST
GREAT RIVER, N.Y. (70)

73.6
43

2.8

18.7
55

29.0

45.3
57

9.14

168

49 BENTLEY PHARM. BNT
EXETER, N.H. (39)

75.5
42

5.7

44.8
17

73.4

1.8
98

11.11

349

50 CASTELLE CSTL
MORGAN HILL, CALIF.

122.4
19

2.2

2.5
99

10.5

59.9
40

3.00

48

51 IMMUCOR BLUD
NORCROSS, GA.

22.4
90

14.6

17.4
60

122.8

115.0
8

34.06

531

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100

FSB

THE LIST
EARNINGS/SHARE GROWTH REVENUE GROWTH
Three-year annual rate RANK REVENUE Four quarters to 12/31/04 (millions)

TOTAL RETURN TO INVESTORS
Three-year annual rate RANK STOCK as of 6/1/05

2005 RANK COMPANY NAME TICKER
CITY (2004 RANKING)

Three-year annual rate RANK NET INCOME Four quarters to 12/31/04 (millions)

PRICE

NUMBER OF EMPLOYEES COMMENTS 258
Deal with it: Gaming supplier Shuffle Master owns the patent for Big Raise Hold ’Em poker, recently featured on the Discovery Channel. It also makes a shuffler that can recognize cards. First Cash has opened 125 pawnshops and payday advance stores in the past three years, bringing its total to 300 locations in 11 states and Mexico. Another 60 are planned this year. Feeling lucky? Nevada Gold develops and operates casinos throughout the U.S., some in partnership with five Native American tribes. It also owns Pizza Hut outlets in Latin America. This company’s hydraulic cartridge valves and manifolds control force, speed, and motion in manufacturing equipment. SNHY’s products are used in construction and other industries. Lifetime Hoan makes cutlery and other housewares for such brand names as Cuisinart and KitchenAid. A 2004 acquisition added new categories, including glassware. Light-sensitive coatings and films made by Ikonics are used primarily in the screen-printing market. Last year the company started a business unit selling signmaking equipment. Description below.

52 SHUFFLE MASTER SHFL
LAS VEGAS (34)

32.9%
76

$24.1

19.7%
53

$84.8

65.2%
29

$28.15

53 FIRST CASH FINAN. SVCS. FCFS
ARLINGTON, TEXAS (25)

28.7
80

20.7

17.2
62

179.8

80.6
17

17.40

1,822

54 NEVADA GOLD & CASINOS UWN
HOUSTON

24.3
85

5.6

134.3
2

6.6

36.5
74

10.95

35

55 SUN HYDRAULICS SNHY
SARASOTA, FLA.

129.2
16

7.8

11.6
83

94.5

40.9
63

36.36

678

56 LIFETIME HOAN LCUT
WESTBURY, N.Y. (87)

123.6
18

8.5

10.6
84

189.5

42.4
61

17.92

714

57 IKONICS IKNX
DULUTH, MINN.

115.8
26

0.8

8.0
93

13.7

54.3
45

4.85

69

58 FOX & HOUND FOXX
WICHITA (5)

23.7
87

7.6

28.4
28

149.5

50.3
50

12.46

4,800

FOX & HOUND: Known until recently as Total Entertainment Restaurant Corp., this company operates 78 eateries in 22 states. Not all are named Fox & Hound; some are called Bailey’s. But they share such amenities as a full bar, games including darts and billiards, and an average of 40 TVs in each location. By 2006 the company hopes to open its 100th restaurant.

No.
59 MONARCH CASINO MCRI
RENO (53)

46.9
58

16.5

10.0
85

139.9

71.8
25

20.00

1,800

Monarch’s big bet is on its Atlantis Casino Resort in Reno, which has almost 1,000 rooms, eight restaurants, and—most important, profitwise— 1,450 slot and video poker machines. Oil be there: PrimeEnergy pumps oil and gas from such states as Louisiana, Oklahoma, Texas, and New Mexico. This year it will spend $10 million to explore the Gulf of Mexico. NAI wants to pump you up: It designs customized nutritional supplements—powders, tablets, and herbs—for private-label customers. It also sells consulting services. Cantel’s medical equipment helps doctors and hospitals prevent and control infection. Its newest subsidiary makes packaging for transporting infectious specimens. Nearly 7,500 businesses outsource payroll and HR to TALX. In March the company reached a $2.5 million settlement—neither admitting nor denying wrongdoing—over accounting issues.

58

60 PRIMEENERGY PNRG
STAMFORD, CONN.

83.8
38

7.3

15.1
68

63.6

37.9
69

21.32

196

61 NATURAL ALTERNATIVES NAII
SAN MARCOS, CALIF.

–19.1
100

3.5

25.4
36

88.9

60.1
39

7.57

243

62 CANTEL MEDICAL CMN
LITTLE FALLS, N.J.

5.6
99

12.0

38.5
19

178.5

43.3
58

30.95

701

63 TALX TALX
ST. LOUIS (48)

38.7
65

13.4

48.2
14

145.8

2.0
97

28.81

1,337

62 FSB JULY/AUGUST 2005
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100

FSB

THE LIST
EARNINGS/SHARE GROWTH REVENUE GROWTH
Three-year annual rate RANK REVENUE Four quarters to 12/31/04 (millions)

TOTAL RETURN TO INVESTORS
Three-year annual rate RANK STOCK as of 6/1/05

2005 RANK COMPANY NAME TICKER
CITY (2004 RANKING)

Three-year annual rate RANK NET INCOME Four quarters to 12/31/04 (millions)

PRICE

NUMBER OF EMPLOYEES COMMENTS 1,167
BRLI’s labs perform medical testing for physicians, nursing homes, and prisons. It also offers a web-based communication system for doctors. Last year it acquired a cancer genetics lab. SigmaTron produces circuitboards, motherboards, user interfaces, and other electronic components for use in everything from kitchen appliances to exercise equipment. Do-it-yourselfers have been floored by QEP , which sells home-improvement tools via retailers such as Home Depot. In May it acquired a maker of flooring adhesives. This energy company focuses on exploration and production of natural gas and oil along the Gulf Coast in Texas and Louisiana. As of last year it had drilled 373 wells. ISSC, an air-data equipment supplier, took off thanks to a new FAA mandate reducing the vertical distance between planes. It recently introduced a flat-panel display for cockpits. Description below.

64 BIO REFERENCE LABS BRLI
ELMWOOD PARK, N.J. (6)

45.5%
60

$8.5

17.8%
58

$136.2

42.5%
59

$14.51

65 SIGMATRON INTL. SGMA
ELK GROVE VILLAGE, ILL.

81.5
39

4.6

9.3
88

107.5

50.2
51

10.52

1,250

66 QEP QEPC
BOCA RATON (63)

41.9
62

4.6

14.4
72

166.4

55.1
44

9.99

500

67 CARRIZO OIL & GAS CRZO
HOUSTON

35.8
72

10.9

26.3
33

51.4

36.6
73

15.13

38

68 INNOVATIVE SOLUTIONS ISSC
EXTON, PA.

30.7
79

16.5

15.3
66

56.6

62.5
34

33.72

129

69 K-TRON INTERNATIONAL KTII
PITMAN, N.J.

71.2
46

6.6

17.6
59

112.5

36.5
75

29.70

467

K-TRON INTERNATIONAL: Finally, machines that will handle a midnight feeding—not of infants, but of other machines. K-Tron’s feeders enable manufacturers to control the flow of material on the factory floor. Customers come from a range of industries, including plastics and food. K-Tron also makes machines that pulverize coal.

No.

69
Eye on the prize: Escalon sells ophthalmic diagnostic, surgical, and pharmaceutical instruments. Last year it acquired Drew Scientific, based in Britain. The market is open wide for Birner, which acquires and manages dentists’ offices, taking over administrative functions such as billing and renaming them under its Perfect Teeth brand. Orbit, which made an acquisition in April, designs and manufactures display terminals and keyboards for the military. It also sells AC power sources and frequency converters. Edge scouts for oil and natural gas using special software and other high-tech tools. It spent $50 million last year acquiring oil and gas properties in South Texas.

70 ESCALON MEDICAL ESMC
WAYNE, PA.. (20)

35.9
71

1.0

13.3
76

19.2

61.3
36

7.99

64

71 BIRNER DENTAL MGMT. BDMS
DENVER

59.8
53

1.4

2.2
100

31.9

64.5
30

27.90

475

72 ORBIT INTERNATIONAL ORBT
HAUPPAUGE, N.Y.

36.8
68

1.9

6.0
95

18.0

75.0
21

10.16

104

73 EDGE PETROLEUM EPEX
HOUSTON

19.0
94

14.8

30.0
25

64.5

40.1
65

13.97

53

64 FSB JULY/AUGUST 2005
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EARNINGS/SHARE GROWTH 2005 RANK COMPANY NAME TICKER
CITY (2004 RANKING)

REVENUE GROWTH
Three-year annual rate RANK REVENUE Four quarters to 12/31/04 (millions)

TOTAL RETURN TO INVESTORS
Three-year annual rate RANK STOCK as of 6/1/05

Three-year annual rate RANK NET INCOME Four quarters to 12/31/04 (millions)

PRICE

NUMBER OF EMPLOYEES COMMENTS 1,050
The booming oil market is only one reason that demand for Gulf Island’s offshore drilling and production platforms has soared. Hurricanes also destroyed equipment in the Gulf of Mexico. Neoware’s “appliances” behave much like PCs but cost less. The company’s terminals rely on a central server and can run most software. Among its customers: Intel and ESPN. This maker of fiber-optic modems—used in video surveillance, for instance—changed its name to Optelecom-NKF in April after buying NKF Electronics, a communications company. Smooth operators: Kensey Nash makes medical devices and developed—then licensed out—a material that seals arterial punctures occurring during cardiovascular surgery. NRCI measures hospital performance by surveying patients, using software it developed to mail out nearly nine million questionnaires a year and process 10,000 responses a day. Tyler sells information-management software to local government offices, providing more than 200 applications to almost 6,000 offices. A new product aims to create order in the courts. About 75% of Meridian’s revenues come from developing disposable tests for medical conditions from stomach ulcers to strep. Last year the company began studying bioterrorism. Founded in 1941 as a distributor of clay floor absorbents, Oil-Dri makes the lion’s share of the world’s kitty litter under its own brands (Jonny Cat, for one) as well as for other companies. Swallow the leader: HITK makes generic versions of more than 100 liquid prescription and over-the-counter medications. Some $4 billion more will go off-patent within five years. EBIX supplies software to more than 3,000 insurance agencies and brokers in 52 countries. Insurance buyers and carriers use its website as an online auction house. Coal fusion: PVR manages 54 coal mines, collecting royalties from third-party operators. Earlier this year it spent nearly $200 million acquiring the assets of a natural-gas business. Description below.

74 GULF ISLAND FABRICATION GIFI
HOUMA, LA.

64.0%
51

$12.0

23.7%
41

$173.9

20.5%
93

$20.27

75 NEOWARE SYSTEMS NWRE
KING OF PRUSSIA, PA.

28.2
81

5.6

46.2
15

69.6

23.9
89

10.11

114

76 OPTELECOM OPTC
GERMANTOWN, MD.

34.2
73

1.6

17.3
61

19.4

50.1
52

10.83

70

77 KENSEY NASH KNSY
EXTON, PA. (37)

31.7
78

14.1

36.1
21

62.4

24.3
88

27.05

300

78 NATIONAL RESEARCH NRCI
LINCOLN (49)

38.4
66

4.6

20.9
50

29.7

37.2
72

14.00

205

79 TYLER TECHNOLOGIES TYL
DALLAS

116.3
25

10.1

13.5
75

172.3

22.5
91

6.59

1,400

80 MERIDIAN BIOSCIENCE VIVO
CINCINNATI

46.1
59

9.5

12.9
78

80.3

47.8
56

17.84

385

81 OIL-DRI ODC
CHICAGO

100.2
32

4.6

4.0
97

183.3

38.5
68

16.90

781

82 HI-TECH PHARMACAL HITK
AMITYVILLE, N.Y. (7)

23.8
86

6.4

26.7
32

60.3

32.7
80

29.80

200

83 EBIX EBIX
SCHAUMBURG, ILL.

114.0
27

2.2

12.6
79

20.0

20.2
94

13.28

239

84 PENN VIRGINIA RESOURCE PVR
RADNOR, PA.

7.7
98

34.3

38.2
20

75.6

31.4
83

47.07

32

85 PEET’S COFFE & TEA PEET
EMERYVILLE, CALIF.

56.3
54

8.8

14.5
70

145.7

32.9
79

28.94

389

PEET’S COFFEE: In 1966, Alfred Peet opened his first coffee shop, in Berkeley. By 1984—three years after Starbucks got started—he had a handful, which he sold to the group that owned Starbucks. Peet’s and Starbucks shared an owner until 1987. Since then Peet’s has grown to 100 stores and cultivated other distribution channels, such as online, catalogs, and wholesale accounts. No word on what happened to that other chain.

No.

85
JULY/AUGUST 2005 FSB 65

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100

FSB

THE LIST
EARNINGS/SHARE GROWTH REVENUE GROWTH
Three-year annual rate RANK REVENUE Four quarters to 12/31/04 (millions)

TOTAL RETURN TO INVESTORS
Three-year annual rate RANK STOCK as of 6/1/05

2005 RANK COMPANY NAME TICKER
CITY (2004 RANKING)

Three-year annual rate RANK NET INCOME Four quarters to 12/31/04 (millions)

PRICE

NUMBER OF EMPLOYEES COMMENTS 800
Description below.

86 LOJACK LOJN
WESTWOOD, MASS.

67.1%
49

$10.4

13.8%
74

$145.7

30.4%
84

$15.21

No.

LOJACK: As of February, Lojack wants to turn aspiring motorcycle thieves into uneasy riders. That is when the company introduced a version of its stolen-vehicle-recovery system for crotch rockets. As with cars, Lojack installs a hidden transmitter that can be activated by the police when the vehicle is reported as stolen. The cops can then trail the bad guys and recover the wheels. If only there were such a system to catch stray socks.

86
22.1
91

87 STRAYER EDUCATION STRA
ARLINGTON, VA. (31)

41.2

25.7
34

183.2

31.6
82

89.06

1,691

Nearly 25,000 students, mainly working adults, attend Strayer, which added five campuses last year to increase its total to more than 30. Half of those students take courses online. Begun in 1867, Acme made the cut because of its scissors. It sold 50 million pairs of them last year, thanks to such extras as stainless-steel blades and soft rubberized handles. Mold everything: CMT makes plastic parts for boats and trucks—everything from decks and hulls to fenders and hoods. An acquisition it made last year has led it into the auto market. Keeping it virtual: This company’s simulation software helps engineers model how their product designs will perform under such realworld variables as temperature and stress. Allied makes specialized motors that are used by a range of customers, from medical-device makers to the U.S. Postal Service. Last year it acquired a Netherlands motor maker. Raven may look like any other industrial supplier, but it’s not. Besides electronics manufacturing and plastic sheeting, it makes balloons for Macy’s Thanksgiving parade. Replaceable you: Exactech makes artificial knees, hips, and—new this year—shoulders that are used in replacement surgery. Its founder remains a practicing orthopedic surgeon.

88 ACME UNITED ACU
FAIRFIELD, CONN.

32.8
77

3.2

5.5
96

43.4

59.1
41

16.70

110

89 CORE MOLDNG TECH. CMT
COLUMBUS (70)

68.1
48

5.1

13.1
77

110.7

23.5
90

9.84

1,094

90 ANSYS ANSS
CANONSBURG, PA. (55)

27.4
82

34.6

16.7
64

134.5

37.5
70

33.44

550

91 ALLIED MOTION TECH. AMOT
ENGLEWOOD, COLO.

21.8
92

2.3

21.2
48

62.7

35.9
76

5.00

550

92 RAVEN INDUSTRIES RAVN
SIOUX FALLS, S.D.

26.3
83

16.8

8.3
92

157.7

58.3
42

26.82

850

93 EXACTECH EXAC
GAINESVILLE, FLA. (64)

25.3
84

7.3

21.2
49

81.8

30.1
85

13.59

190

66 FSB JULY/AUGUST 2005
Copyright 2005 Time Inc. You may make a single printed copy of this content, solely for your personal use. For all other uses, including commercial and academic uses, please visit www.FortuneReprints.com and www.FortunePermissions.com.

EARNINGS/SHARE GROWTH 2005 RANK COMPANY NAME TICKER
CITY (2004 RANKING)

REVENUE GROWTH
Three-year annual rate RANK REVENUE Four quarters to 12/31/04 (millions)

TOTAL RETURN TO INVESTORS
Three-year annual rate RANK STOCK as of 6/1/05

Three-year annual rate RANK NET INCOME Four quarters to 12/31/04 (millions)

PRICE

NUMBER OF EMPLOYEES COMMENTS 312
Cushy job: Span-America’s therapeutic mattresses cushion and elevate injured body parts for patients in hospitals and at extendedcare facilities. Home economics: Nobility sells premanufactured homes through nearly 20 company-owned stores and more than 50 independent retailers in Florida. Organic growth: Lifeway makes a yogurt-like beverage, kefir, that started appearing on the shelves at Target in May. It also produces a line of beverages marketed to Hispanics. EDUC sells children’s books, which it markets via 8,000 retailers and 10,000 direct sellers, many of whom hold home parties and call on schools and libraries. II-VI’s lenses, mirrors, and prisms can detect the onset of osteoporosis or help aim a missile. Its industrial business accounts for 50% of revenues; military applications are No. 2. The beat goes on: Merit makes disposable medical products used to treat heart disease, such as blowup stents for arteries. This year it has seven products coming out. Description below.

94 SPAN-AMERICA MEDICAL SPAN
GREENVILLE, S.C.

8.6%
97

$2.1

21.7%
47

$49.2

35.6%
77

$10.31

95 NOBILITY HOMES NOBH
OCALA, FLA. (81)

20.4
93

4.6

15.6
65

50.0

40.3
64

25.73

250

96 LIFEWAY FOODS LWAY
MORTON GROVE, ILL. (38)

18.4
95

2.1

16.8
63

16.3

39.4
67

12.50

75

97 EDUCATIONAL DEVEL. EDUC
TULSA (43)

23.2
88

2.5

18.4
56

30.6

24.5
87

10.41

72

98 II-VI IIVI
SAXONBURG, PA.

36.0
69

22.6

10.0
85

163.5

35.1
78

17.14

1,502

99 MERIT MEDICAL MMSI
SOUTH JORDAN, UTAH (10)

36.8
67

17.9

14.3
73

151.4

22.0
92

15.40

1,307

100 ROCKY MT. CHOCOLATE RMCF
DURANGO, COLO.

34.2
74

3.1

11.9
82

23.6

32.2
81

23.50

185

No.

100
JULY/AUGUST 2005 FSB 67

ROCKY MOUNTAIN CHOCOLATE: With 285 stores, Rocky Mountain counts itself as the largest U.S. chocolate retailer. How can it drive customers to toss aside their calorie-counting? Four years ago the manufacturer and franchisor unveiled an upscale store design that highlights in-store candymaking operations. It’s merciless: Picture apples being swirled in caramel, smell the warm fresh-baked fudge. Well, maybe you will have a sample after all. Just one, right?

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