City tops for firms growing rapidly

Inc. fast-expansion list says Huntsville leads the nation

Thursday, October 21, 2004

By MARIAN ACCARDI

Times Business Writer accardi@htimes.com

Adjusted for population, Huntsville leads the nation in fast-growing companies.

Five local firms made Inc. magazine's annual Inc. 500 list, which charts the fastest-growing private companies in the nation. When adjusted for population, Huntsville has 17 Inc. 500 companies per million residents, putting it ahead of such cities as Provo, Utah; Boulder, Colo.; Salt Lake City; San Francisco and Washington, D.C.

Local companies on the 23rd annual Inc. 500 list are Radiance Technologies Inc., Solid Earth Inc., SEI Group Inc., 3D Research Corp. and Gray Research Inc.

"That's great news for the Huntsville community and especially for our small businesses," said Brian Hilson, president and chief executive officer with the Huntsville-Madison County Chamber of Commerce. "Huntsville is an excellent location for entrepreneurs and technology-minded people to establish their businesses and be successful. We take great pride in that."

The recognition is a big deal for the five Huntsville companies, who all made the list for the first time this year.

"This confirms that our business approach and the way we're doing things is successful," said Ron Gray, president of Gray Research. The company, incorporated on Oct. 1, 1998, has 91 employees and provides systems and engineering services to the U.S. government.

The ranking gives a company greater credibility, said Matt Fowler, president of Solid Earth, an 11-employee real estate technology company launched in 1998. "It shows that we're doing something right and that we're able to sustain it."

Eloy Torrez, founder/owner and president of SEI Group, an engineering and information-technology firm with 97 employees, said the staff is "ecstatic" about being included in the ranking.

"Of particular interest to us is that we're No. 8 in the construction segment," said Torrez, who started the company in 1996. SEI's current challenge, Torrez said, is to build power stations on U.S. military bases in Iraq.

"We're very pleased with being named to the list," said George Clark, president of Radiance Technologies. He credited employees and clients with "contributing to us reaching that plateau." The company was ranked No. 9 on a list of 19 defense contractors. Radiance, started in March 1999, now employs 202 people.

Lisa Williams is the founder and president of 3D Research, which provides testing, systems and engineering services and has about 150 employees. She was recently named Executive of the Year by the Huntsville/Madison County Chamber of Commerce.

The city with the most companies on the list was Washington, D.C., with 29; the state with the most companies on the list was Florida, with 69.

Other Alabama companies on the list are Barlovento LLC of Dothan, ComFrame Software Corp. of Birmingham, Information Transport Solutions Inc. of Wetumpka, and Newcastle Construction Inc. of Bessemer.

The companies that made this list have thrived despite continued stagnation in the economy, posting an average year-over-year sales growth of 265 percent. Inc. 500 companies posted aggregate 2003 revenue of $12.6 billion, and 82 percent of them were profitable. And while the United States shed 410,000 jobs in 2003, Inc. 500 companies provided employment for more than 70,000 people.

To be eligible for this year's list, companies had to be independent and privately held through their fiscal year 2003, have at least $200,000 in net sales in their "base" year (1999 for Inc. 500 alumni and 2000 for new applicants) and $2 million in net sales for 2003. In addition, 2003 sales had to exceed 2002 sales. Inc. verifies all information using tax forms and audited financial statements from certified public accountants and by conducting interviews with company officials.

The Inc. 500 special issue of Inc. magazine will be on newsstands Tuesday and will be on display until Dec. 21. The report may also be purchased from Inc.'s Web site, www.Inc. com.




City tops for firms growing rapidly Inc. fast-expansion list says Huntsville leads the nation Thursday, October 21, 2004 By MARIAN ACCARDI Times Business Writer accardi@htimes.com Adjusted for population, Huntsville leads the nation in fast-growing companies. Five local firms made Inc. magazine's annual Inc. 500 list, which charts the fastest-growing private companies in the nation. When adjusted for population, Huntsville has 17 Inc. 500 companies per million residents, putting it ahead of such cities as Provo, Utah; Boulder, Colo.; Salt Lake City; San Francisco and Washington, D.C. Local companies on the 23rd annual Inc. 500 list are Radiance Technologies Inc., Solid Earth Inc., SEI Group Inc., 3D Research Corp. and Gray Research Inc. "That's great news for the Huntsville community and especially for our small businesses," said Brian Hilson, president and chief executive officer with the Huntsville-Madison County Chamber of Commerce. "Huntsville is an excellent location for entrepreneurs and technology-minded people to establish their businesses and be successful. We take great pride in that." The recognition is a big deal for the five Huntsville companies, who all made the list for the first time this year. "This confirms that our business approach and the way we're doing things is successful," said Ron Gray, president of Gray Research. The company, incorporated on Oct. 1, 1998, has 91 employees and provides systems and engineering services to the U.S. government. The ranking gives a company greater credibility, said Matt Fowler, president of Solid Earth, an 11-employee real estate technology company launched in 1998. "It shows that we're doing something right and that we're able to sustain it." Eloy Torrez, founder/owner and president of SEI Group, an engineering and information-technology firm with 97 employees, said the staff is "ecstatic" about being included in the ranking. "Of particular interest to us is that we're No. 8 in the construction segment," said Torrez, who started the company in 1996. SEI's current challenge, Torrez said, is to build power stations on U.S. military bases in Iraq. "We're very pleased with being named to the list," said George Clark, president of Radiance Technologies. He credited employees and clients with "contributing to us reaching that plateau." The company was ranked No. 9 on a list of 19 defense contractors. Radiance, started in March 1999, now employs 202 people. Lisa Williams is the founder and president of 3D Research, which provides testing, systems and engineering services and has about 150 employees. She was recently named Executive of the Year by the Huntsville/Madison County Chamber of Commerce. The city with the most companies on the list was Washington, D.C., with 29; the state with the most companies on the list was Florida, with 69. Other Alabama companies on the list are Barlovento LLC of Dothan, ComFrame Software Corp. of Birmingham, Information Transport Solutions Inc. of Wetumpka, and Newcastle Construction Inc. of Bessemer. The companies that made this list have thrived despite continued stagnation in the economy, posting an average year-over-year sales growth of 265 percent. Inc. 500 companies posted aggregate 2003 revenue of $12.6 billion, and 82 percent of them were profitable. And while the United States shed 410,000 jobs in 2003, Inc. 500 companies provided employment for more than 70,000 people. To be eligible for this year's list, companies had to be independent and privately held through their fiscal year 2003, have at least $200,000 in net sales in their "base" year (1999 for Inc. 500 alumni and 2000 for new applicants) and $2 million in net sales for 2003. In addition, 2003 sales had to exceed 2002 sales. Inc. verifies all information using tax forms and audited financial statements from certified public accountants and by conducting interviews with company officials. The Inc. 500 special issue of Inc. magazine will be on newsstands Tuesday and will be on display until Dec. 21. The report may also be purchased from Inc.'s Web site, www.Inc. com. Copyright 2004 al.com. All Rights Reserved.