AMERICA’S FASTEST-GROWING

THE SMALL PUBLIC COMPANIES

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
$1 and ranked them based on the past three years’ earnings
growth, revenue growth, and stock performance. We excluded
revenue of less than $200 million and a stock price of more than banks and real estate firms, which would otherwise overrun the list.

EARNINGS/SHARE REVENUE TOTAL RETURN

GROWTH GROWTH TO INVESTORS
Three-year annual rate Three-year annual rate Three-year annual rate
RANK NET INCOME RANK REVENUE RANK STOCK
2005 RANK Four quarters Four quarters PRICE
COMPANY NAME TICKER to 12/31/04 to 12/31/04 as of NUMBER OF
CITY (2004 RANKING) (millions) (millions) 6/1/05 EMPLOYEES COMMENTS

To catch a thief—or at least incapacitate one—

1 TASER INTERNATIONAL TASR 295.4% $19.1 121.7% $67.7 202.3% $11.35 249 law enforcement officers can pack one of Taser’s
SCOTTSDALE 3 3 1 stun guns. Last year the company introduced a
new civilian model (for a profile, see page 70).

2 LASERSCOPE LSCP 419.3 14.7 36.0 93.8 143.1 34.14 229 Description below.
SAN JOSE 2 22 2

No.
2
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 proce-
dures such as spider-vein removal.

NGAS harvests natural gas from the southern

3 NGAS RESOURCES NGAS 1,501.6 1.6 101.5 48.0 73.8 4.78 62 Appalachian region, exploring on the nearly
LEXINGTON 1 4 22 255,000 acres it controls. Since 2002 the
price of natural gas has doubled.
J2 Global’s e-fax service transforms facsimiles
4 J2 GLOBAL COMMUN. JCOM 147.5 31.6 48.7 106.3 140.7 35.58 202 into e-mail attachments for about 400,000
LOS ANGELES 11 13 4 paying subscribers. A newer service enables
users to manage messages through the web.
eResearch provides software and consulting
5 ERESEARCHTECHNOLOGY ERES 122.4 29.7 58.8 109.4 109.0 12.45 353 services for Big Pharma and medical-device
PHILADELPHIA (2) 20 9 9 makers aimed at helping them get new
products through FDA testing.
Sonic Solutions makes technology used to
6 SONIC SOLUTIONS SNIC 261.0 11.5 65.3 72.3 65.4 15.33 600 create CDs and DVDs. It also licenses its
NOVATO, CALIF. 4 8 28 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
7 ASV ASVI 221.6 17.2 54.0 160.9 60.2 36.51 150 glide, going where those of most rivals can’t,
GRAND RAPIDS, MINN. (19) 7 11 38 such as on frozen lakes, in sand, and through
swamps. (For a profile, please see page 68.)

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100 THE LIST

EARNINGS/SHARE REVENUE TOTAL RETURN

GROWTH GROWTH TO INVESTORS
Three-year annual rate Three-year annual rate Three-year annual rate
RANK NET INCOME RANK REVENUE RANK STOCK
2005 RANK Four quarters Four quarters PRICE
COMPANY NAME TICKER to 12/31/04 to 12/31/04 as of NUMBER OF
CITY (2004 RANKING) (millions) (millions) 6/1/05 EMPLOYEES COMMENTS

EXX has subsidiaries in the mechanical-

8 EXX EXX-A 140.2% $1.5 140.8% $143.6 52.0% $1.88 1,000 equipment industry and in plastic and rubber.
LAS VEGAS (17) 13 1 49 Its motors are used in toys, watches, air-
conditioning systems, and floor polishers.
Its Reno hotel features a 24-hour casino with
9 SANDS REGENT SNDS 116.6 3.6 27.9 74.9 78.1 9.20 1,000 more than 600 slot machines and a sports club
RENO 24 30 19 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
10 DIODES DIOD 220.9 25.6 23.3 185.7 72.2 30.65 1,370 of manufacturers in markets ranging from
WESTLAKE VILLAGE, CALIF. 8 43 24 consumer electronics to automotive to telecom.
It also has four Far East subsidiaries.
Tell a friend about this company, which sells
11 RELIV INTERNATIONAL RELV 120.4 5.4 22.3 97.0 120.2 10.60 238 nutritional supplements and weight-
CHESTERFIELD, MO. 23 45 7 management and skin-care products using an
Amway-style system of 73,000 distributors.
This specialty-chemical company makes
12 TOR MINERALS INTL. TORM 86.2 1.1 28.0 30.5 87.9 5.80 203 pigments and pigment extenders used to boost
CORPUS CHRISTI 37 29 15 thickness and durability in paints, industrial
coatings, and plastics.
Rays of hope: Doctors use Candela’s cosmetic
13 CANDELA CLZR 111.5 11.7 24.2 112.5 79.5 10.53 290 and aesthetic lasers to smooth wrinkles, zap
WAYLAND, MASS. 28 40 18 varicose veins, and rub out acne scars. (Yes, it
can remove that tattoo you don’t recall getting.)

14 LOWRANCE ELECTRONICS LEIX 258.5 8.6 12.0 115.3 132.5 20.25 991 Description below.
TULSA 5 80 5

No.
14
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.

Until last year SunAir was solely in the business

15 SUNAIR ELECTRONICS SNR 95.5 1.3 22.2 13.8 104.6 9.33 98 of selling high-frequency telecom equipment. In
FORT LAUDERDALE 35 46 11 early 2005 an investment group took over, with
plans to enter the pest-control industry.
Revenues at this protection-equipment maker
16 TECHNOLOGY RESEARCH TRCI 125.4 1.8 20.5 30.6 64.4 5.02 110 caught fire in 2004 because of new air-
CLEARWATER, FLA. (21) 17 51 31 conditioner safety requirements. The
U.S.military accounted for 30% of sales.
Model company: Stratasys sells rapid proto-
17 STRATASYS SSYS 61.9 9.1 24.5 70.3 96.8 32.18 250 typing systems that enable engineers—whether
EDEN PRAIRIE, MINN. (18) 52 38 13 they are making cars or toys or electronics—
to get products to market more quickly.

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 EARNINGS/SHARE REVENUE TOTAL RETURN
GROWTH GROWTH TO INVESTORS
Three-year annual rate Three-year annual rate Three-year annual rate
RANK NET INCOME RANK REVENUE RANK STOCK
2005 RANK Four quarters Four quarters PRICE
COMPANY NAME TICKER to 12/31/04 to 12/31/04 as of NUMBER OF
CITY (2004 RANKING) (millions) (millions) 6/1/05 EMPLOYEES COMMENTS

Pinched lately by higher steel prices and rising

18 COAST DISTRIBUTION SYS. CRV 130.7% $4.4 8.8% $171.8 142.5% $4.35 405 freight costs, Coast dispenses supplies for
MORGAN HILL, CALIF. 15 89 3 the recreational-vehicle and marine industries
through its 17 distribution centers.
Panhandle receives royalties from about 5,000
19 PANHANDLE ROYALTY PHX 98.9 8.2 32.5 28.1 48.0 23.52 16 natural-gas (80% of 2004 revenues) and oil
OKLAHOMA CITY 33 24 55 wells in more than 20 states, including Okla-
homa, New Mexico, and Texas.
CCA sells health and beauty aids, along with
20 CCA INDUSTRIES CAW 96.0 5.8 14.5 61.5 108.9 10.10 138 dietary supplements, to retailers such as
EAST RUTHERFORD, N.J. 34 71 10 Wal-Mart, its largest customer. It was a pio-
neer in tooth-whitening products.
Doctors can go digital thanks to Merge, which
21 MERGE TECHNOLOGIES MRGE 47.9 7.5 35.1 37.0 62.4 17.50 200 makes software that lets hospitals eliminate
MILWAUKEE 57 23 35 paper used for information and archiving. It
merged with Cedara Software in early 2005.
Collegiate Pacific is in the game of selling
22 COLLEGIATE PACIFIC BOO 73.4 4.5 56.4 80.9 40.0 8.87 450 sports equipment—4,500 different items—
DALLAS (24) 44 10 66 mostly to institutions such as schools. Last year
it acquired two uniform distributors.
Listen here: APSG’s products scan all manner
23 APPLIED SIGNAL TECH. APSG 76.7 12.0 23.5 142.8 61.2 17.90 498 of communications (cell calls, ship-to-shore,
SUNNYVALE, CALIF. 41 42 37 microwave) to find relevant information. The
U.S. government accounts for most of its sales.
This developer of video vehicle-detection
24 IMAGE SENSING SYSTEMS ISNS 53.2 2.7 18.1 10.8 97.3 13.39 38 systems for traffic management has installed
ST. PAUL 55 57 12 more than 30,000 cameras to reduce
congestion and improve roadway planning.
Increasing demand for its drug-testing equip-
25 CLINICAL DATA CLDA 65.8 4.6 81.5 59.4 37.4 17.82 218 ment has helped inject new sales at this
NEWTON, MASS. 50 6 71 maker of medical instruments. About half of
its revenue comes from overseas.

No.
26
ROYAL GOLD: This Denver-based company finances gold and sil-
ver mines in return for receiving a royalty on production from the op-
erators. Its current holdings include Nevada’s three biggest mines.
Silver and copper make up a smaller part of its business.

26 ROYAL GOLD RGLD 43.3 10.4 39.6 24.1 52.7 18.55 15 Description above.
DENVER (4) 61 18 48

This contract-research firm began a new

27 SFBC INTERNATIONAL SFCC 38.8 19.7 73.8 159.6 42.4 35.40 2,100 phase in 2004 when it acquired PharmaNet,
MIAMI 64 7 60 a specialist in late-stage research, adding to the
early-phase trial data it provides drugmakers.
Ventana makes instruments that automate
28 VENTANA MEDICAL SYS. VMSI 103.3 21.3 24.5 166.1 41.4 42.80 732 slide-staining for pathologists so that they can
TUCSON 31 38 62 efficiently analyze samples. Cancer researchers
use its products to study tissue.
Ever heard of Paris Hilton? Parlux makes
29 PARLUX FRAGRANCES PARL 86.6 9.9 8.7 94.1 129.7 24.46 120 fragrances, watches, cosmetics, and handbags
FORT LAUDERDALE (75) 36 91 6 under the heiress’s name. Coming soon: a
Guess fragrance and an Andy Roddick brand.
Originally used by NASA to monitor astronauts
30 CARDIODYNAMICS INTL. CDIC 249.8 10.1 28.5 41.0 –7.9 2.25 256 in flight, CardioDynamics’ technology provides
SAN DIEGO 6 27 100 doctors with a noninvasive way to gather cardiac
data and is used on about 3.5 million patients.

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100 THE LIST

EARNINGS/SHARE REVENUE TOTAL RETURN

GROWTH GROWTH TO INVESTORS
Three-year annual rate Three-year annual rate Three-year annual rate
RANK NET INCOME RANK REVENUE RANK STOCK
2005 RANK Four quarters Four quarters PRICE
COMPANY NAME TICKER to 12/31/04 to 12/31/04 as of NUMBER OF
CITY (2004 RANKING) (millions) (millions) 6/1/05 EMPLOYEES COMMENTS

Websense’s software can help you watch your

31 WEBSENSE WBSN 121.8% $26.2 45.6% $111.9 16.5% $54.18 479 workers: It monitors and reports on employee
SAN DIEGO (11) 21 16 96 Internet use, blocks specific content, and
provides added security from viruses.
This company’s got skin in the game: Tutogen
32 TUTOGEN MEDICAL TTG 160.7 –0.5 29.0 28.9 –6.0 2.12 204 takes human (and animal) donor tissue and
WEST PATERSON, N.J. 10 26 99 processes it for use in different kinds of
operations, from orthopedic to plastic surgery.
More than 7,000 companies use Packeteer’s
33 PACKETEER PKTR 135.7 13.5 25.5 92.4 25.2 11.75 286 systems to manage bandwidth by controlling
CUPERTINO, CALIF. 14 35 86 traffic and prioritizing web access. Late last year
it acquired Mentat, a network service provider.
Its ParTech unit serves fast-food purveyors,
34 PAR TECHNOLOGY PTC 121.6 5.6 11.9 174.9 63.3 28.67 1,411 having installed 25,000 point-of-sale systems in
NEW HARTFORD, N.Y. 22 81 33 95 countries. Last year’s acquisition of a software
company gives it access to 500 luxury hotels.
Screen gems: Video Display makes and
35 VIDEO DISPLAY VIDE 144.5 4.4 3.5 82.4 68.8 12.86 404 distributes more than 3,000 types of display
TUCKER, GA. (60) 12 98 27 devices for military, medical, and industrial
applications. It has 11 manufacturing plants.
Hitting a nerve: ANSI makes and sells neuro-
36 ADVANCED NEURO SYS. ANSI 104.1 18.2 51.1 120.7 18.9 33.96 506 stimulators, which help more than a million
PLANO, TEXAS 30 12 95 patients mask chronic pain and nervous-system
disorders through electrical impulses.

37 SAUCONY SCNYA 108.2 10.4 7.1 166.6 75.8 19.35 343 Description below.
PEABODY, MASS. 29 94 20

No.
37 SAUCONY: This maker of athletic footwear raced up
to No. 43 on the FSB 100 in 2001, then tripped badly before restructur-
ing 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.)

Who believes in synergy anymore? Amrep

38 AMREP AXR 72.9 13.7 20.3 132.8 52.8 22.04 1,440 derives about 80% of its revenue from providing
NEW YORK (56) 45 52 47 circulation services to magazines. The rest? It
comes from real estate development.
Credo loves to get crude—oil—from wells it
39 CREDO PETROLEUM CRED 35.9 3.7 27.4 10.3 55.8 15.40 11 owns or operates in the U.S. It also holds the
DENVER (47) 70 31 43 exclusive license on a system for recovering
natural gas from sites that seem tapped out.

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 EARNINGS/SHARE REVENUE TOTAL RETURN
GROWTH GROWTH TO INVESTORS
Three-year annual rate Three-year annual rate Three-year annual rate
RANK NET INCOME RANK REVENUE RANK STOCK
2005 RANK Four quarters Four quarters PRICE
COMPANY NAME TICKER to 12/31/04 to 12/31/04 as of NUMBER OF
CITY (2004 RANKING) (millions) (millions) 6/1/05 EMPLOYEES COMMENTS

40 AMERICAN VANGUARD AVD 33.5% $14.5 19.7% $150.9 82.7% $18.47 229 Description below.
NEWPORT BEACH, CALIF. (26) 75 54 16

No.
40
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 de-
mand to kill the swarms of mosquitoes that plagued the South after
hurricane season.

Software from Quality Systems helps diagnose

41 QUALITY SYSTEMS QSII 39.0 14.4 24.9 82.2 54.2 60.34 367 and cure the information ills of doctors and
IRVINE, CALIF. (15) 63 37 46 dentists by managing back-office functions such
as scheduling, billing, and patient records.
SS&C supplies software to the financial services
42 SS&C TECHNOLOGIES SSNC 68.8 19.0 15.2 95.9 64.0 29.51 42 industry, serving seven markets, including
WINDSOR, CONN. (30) 47 67 32 commercial lending and municipal finance. It
made three acquisitions in the first half of 2005.
FindWhat.com found growth last year by
43 FINDWHAT.COM FWHT 22.6 17.0 93.8 169.5 48.6 5.58 482 making two major acquisitions. The company’s
FORT MYERS, FLA. 89 5 54 search engine delivers leads to advertisers,
which pay a fee for every surfer clicking through.
This casual-dining chain of 27 restaurants in 12
44 J. ALEXANDER’S JAX 167.8 4.8 9.6 122.9 49.8 7.65 2,650 states serves American-style food and specialty
NASHVILLE (29) 9 87 53 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,
45 FRIEDMAN INDUSTRIES FRD 48.3 6.9 14.8 177.9 71.0 7.90 144 Texas, and Hickman, Ark.—can each process
HOUSTON 56 69 26 hot-rolled steel coils weighing as much as 25
tons, flattening them before selling them.
Rocky Shoes & Boots produces premium
46 ROCKY SHOES & BOOTS RCKY 78.2 8.6 8.7 132.3 72.9 29.98 1,091 footwear, sold via sporting-goods stores and
NELSONVILLE, OHIO 40 90 23 big-box retailers. In January it acquired
EJ Footwear Group, maker of Durango boots.
Assembly required: CPI Aero, as it began calling
47 CPI AEROSTRUCTURES CVU 13.8 5.1 22.6 30.3 93.5 9.38 67 itself in January, benefited from an uptick in
EDGEWOOD, N.Y. 96 44 14 orders for its structural aircraft parts from the
U.S. Air Force and other military customers.
Netsmart’s subsidiary, Creative Socio-Medics,
48 NETSMART TECH. NTST 73.6 2.8 18.7 29.0 45.3 9.14 168 sells software and hardware to specialty
GREAT RIVER, N.Y. (70) 43 55 57 health-care providers, such as psychiatric
hospitals and substance-abuse clinics.
Bentley, a maker of drug-delivery systems, may
49 BENTLEY PHARM. BNT 75.5 5.7 44.8 73.4 1.8 11.11 349 be based in Exeter, N.H., but it derives 96% of
EXETER, N.H. (39) 42 17 98 its revenue from Europe, where its subsidiaries
manufacture and sell pharmaceuticals.
A matter of fax: Castelle offers a full array of
50 CASTELLE CSTL 122.4 2.2 2.5 10.5 59.9 3.00 48 facsimile services that include desktop faxing,
MORGAN HILL, CALIF. 19 99 40 production faxing, fax and e-mail integration,
and tools for developing custom applications.
Immucor provides automated systems for pre-
51 IMMUCOR BLUD 22.4 14.6 17.4 122.8 115.0 34.06 531 transfusion blood diagnostics, claiming 65%
NORCROSS, GA. 90 60 8 of the U.S. market and 30% of Europe’s. Some
80% of its customers are hospitals.

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100 THE LIST

EARNINGS/SHARE REVENUE TOTAL RETURN

GROWTH GROWTH TO INVESTORS
Three-year annual rate Three-year annual rate Three-year annual rate
RANK NET INCOME RANK REVENUE RANK STOCK
2005 RANK Four quarters Four quarters PRICE
COMPANY NAME TICKER to 12/31/04 to 12/31/04 as of NUMBER OF
CITY (2004 RANKING) (millions) (millions) 6/1/05 EMPLOYEES COMMENTS

Deal with it: Gaming supplier Shuffle Master

52 SHUFFLE MASTER SHFL 32.9% $24.1 19.7% $84.8 65.2% $28.15 258 owns the patent for Big Raise Hold ’Em poker,
LAS VEGAS (34) 76 53 29 recently featured on the Discovery Channel. It
also makes a shuffler that can recognize cards.
First Cash has opened 125 pawnshops and
53 FIRST CASH FINAN. SVCS. FCFS 28.7 20.7 17.2 179.8 80.6 17.40 1,822 payday advance stores in the past three years,
ARLINGTON, TEXAS (25) 80 62 17 bringing its total to 300 locations in 11 states
and Mexico. Another 60 are planned this year.
Feeling lucky? Nevada Gold develops and
54 NEVADA GOLD & CASINOS UWN 24.3 5.6 134.3 6.6 36.5 10.95 35 operates casinos throughout the U.S., some in
HOUSTON 85 2 74 partnership with five Native American tribes. It
also owns Pizza Hut outlets in Latin America.
This company’s hydraulic cartridge valves and
55 SUN HYDRAULICS SNHY 129.2 7.8 11.6 94.5 40.9 36.36 678 manifolds control force, speed, and motion in
SARASOTA, FLA. 16 83 63 manufacturing equipment. SNHY’s products are
used in construction and other industries.
Lifetime Hoan makes cutlery and other
56 LIFETIME HOAN LCUT 123.6 8.5 10.6 189.5 42.4 17.92 714 housewares for such brand names as Cuisinart
WESTBURY, N.Y. (87) 18 84 61 and KitchenAid. A 2004 acquisition added new
categories, including glassware.
Light-sensitive coatings and films made by
57 IKONICS IKNX 115.8 0.8 8.0 13.7 54.3 4.85 69 Ikonics are used primarily in the screen-printing
DULUTH, MINN. 26 93 45 market. Last year the company started a
business unit selling signmaking equipment.

58 FOX & HOUND FOXX 23.7 7.6 28.4 149.5 50.3 12.46 4,800 Description below.
WICHITA (5) 87 28 50

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.

59 MONARCH CASINO MCRI 46.9 16.5 10.0 139.9 71.8 20.00 1,800
No.
58
Monarch’s big bet is on its Atlantis Casino Resort
in Reno, which has almost 1,000 rooms, eight
RENO (53) 58 85 25 restaurants, and—most important, profitwise—
1,450 slot and video poker machines.
Oil be there: PrimeEnergy pumps oil and gas
60 PRIMEENERGY PNRG 83.8 7.3 15.1 63.6 37.9 21.32 196 from such states as Louisiana, Oklahoma,
STAMFORD, CONN. 38 68 69 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
61 NATURAL ALTERNATIVES NAII –19.1 3.5 25.4 88.9 60.1 7.57 243 customized nutritional supplements—powders,
SAN MARCOS, CALIF. 100 36 39 tablets, and herbs—for private-label customers.
It also sells consulting services.
Cantel’s medical equipment helps doctors and
62 CANTEL MEDICAL CMN 5.6 12.0 38.5 178.5 43.3 30.95 701 hospitals prevent and control infection. Its
LITTLE FALLS, N.J. 99 19 58 newest subsidiary makes packaging for
transporting infectious specimens.
Nearly 7,500 businesses outsource payroll and
63 TALX TALX 38.7 13.4 48.2 145.8 2.0 28.81 1,337 HR to TALX. In March the company reached a
ST. LOUIS (48) 65 14 97 $2.5 million settlement—neither admitting nor
denying wrongdoing—over accounting issues.

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100 THE LIST

EARNINGS/SHARE REVENUE TOTAL RETURN

GROWTH GROWTH TO INVESTORS
Three-year annual rate Three-year annual rate Three-year annual rate
RANK NET INCOME RANK REVENUE RANK STOCK
2005 RANK Four quarters Four quarters PRICE
COMPANY NAME TICKER to 12/31/04 to 12/31/04 as of NUMBER OF
CITY (2004 RANKING) (millions) (millions) 6/1/05 EMPLOYEES COMMENTS

BRLI’s labs perform medical testing for phy-

64 BIO REFERENCE LABS BRLI 45.5% $8.5 17.8% $136.2 42.5% $14.51 1,167 sicians, nursing homes, and prisons. It also offers
ELMWOOD PARK, N.J. (6) 60 58 59 a web-based communication system for doctors.
Last year it acquired a cancer genetics lab.
SigmaTron produces circuitboards,
65 SIGMATRON INTL. SGMA 81.5 4.6 9.3 107.5 50.2 10.52 1,250 motherboards, user interfaces, and other
ELK GROVE VILLAGE, ILL. 39 88 51 electronic components for use in everything
from kitchen appliances to exercise equipment.
Do-it-yourselfers have been floored by QEP,
66 QEP QEPC 41.9 4.6 14.4 166.4 55.1 9.99 500 which sells home-improvement tools via
BOCA RATON (63) 62 72 44 retailers such as Home Depot. In May it
acquired a maker of flooring adhesives.
This energy company focuses on exploration
67 CARRIZO OIL & GAS CRZO 35.8 10.9 26.3 51.4 36.6 15.13 38 and production of natural gas and oil along the
HOUSTON 72 33 73 Gulf Coast in Texas and Louisiana. As of last
year it had drilled 373 wells.
ISSC, an air-data equipment supplier, took off
68 INNOVATIVE SOLUTIONS ISSC 30.7 16.5 15.3 56.6 62.5 33.72 129 thanks to a new FAA mandate reducing the
EXTON, PA. 79 66 34 vertical distance between planes. It recently
introduced a flat-panel display for cockpits.

69 K-TRON INTERNATIONAL KTII 71.2 6.6 17.6 112.5 36.5 29.70 467 Description below.
PITMAN, N.J. 46 59 75

No.
69
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.

Eye on the prize: Escalon sells ophthalmic

70 ESCALON MEDICAL ESMC 35.9 1.0 13.3 19.2 61.3 7.99 64 diagnostic, surgical, and pharmaceutical
WAYNE, PA.. (20) 71 76 36 instruments. Last year it acquired Drew
Scientific, based in Britain.
The market is open wide for Birner, which
71 BIRNER DENTAL MGMT. BDMS 59.8 1.4 2.2 31.9 64.5 27.90 475 acquires and manages dentists’ offices, taking
DENVER 53 100 30 over administrative functions such as billing and
renaming them under its Perfect Teeth brand.
Orbit, which made an acquisition in April,
72 ORBIT INTERNATIONAL ORBT 36.8 1.9 6.0 18.0 75.0 10.16 104 designs and manufactures display terminals and
HAUPPAUGE, N.Y. 68 95 21 keyboards for the military. It also sells AC power
sources and frequency converters.
Edge scouts for oil and natural gas using special
73 EDGE PETROLEUM EPEX 19.0 14.8 30.0 64.5 40.1 13.97 53 software and other high-tech tools. It spent
HOUSTON 94 25 65 $50 million last year acquiring oil and gas
properties in South Texas.

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 EARNINGS/SHARE REVENUE TOTAL RETURN
GROWTH GROWTH TO INVESTORS
Three-year annual rate Three-year annual rate Three-year annual rate
RANK NET INCOME RANK REVENUE RANK STOCK
2005 RANK Four quarters Four quarters PRICE
COMPANY NAME TICKER to 12/31/04 to 12/31/04 as of NUMBER OF
CITY (2004 RANKING) (millions) (millions) 6/1/05 EMPLOYEES COMMENTS

The booming oil market is only one reason that

74 GULF ISLAND FABRICATION GIFI 64.0% $12.0 23.7% $173.9 20.5% $20.27 1,050 demand for Gulf Island’s offshore drilling and
HOUMA, LA. 51 41 93 production platforms has soared. Hurricanes
also destroyed equipment in the Gulf of Mexico.
Neoware’s “appliances” behave much like PCs
75 NEOWARE SYSTEMS NWRE 28.2 5.6 46.2 69.6 23.9 10.11 114 but cost less. The company’s terminals rely on a
KING OF PRUSSIA, PA. 81 15 89 central server and can run most software.
Among its customers: Intel and ESPN.
This maker of fiber-optic modems—used in
76 OPTELECOM OPTC 34.2 1.6 17.3 19.4 50.1 10.83 70 video surveillance, for instance—changed its
GERMANTOWN, MD. 73 61 52 name to Optelecom-NKF in April after buying
NKF Electronics, a communications company.
Smooth operators: Kensey Nash makes medical
77 KENSEY NASH KNSY 31.7 14.1 36.1 62.4 24.3 27.05 300 devices and developed—then licensed out—a
EXTON, PA. (37) 78 21 88 material that seals arterial punctures occurring
during cardiovascular surgery.
NRCI measures hospital performance by
78 NATIONAL RESEARCH NRCI 38.4 4.6 20.9 29.7 37.2 14.00 205 surveying patients, using software it developed
LINCOLN (49) 66 50 72 to mail out nearly nine million questionnaires a
year and process 10,000 responses a day.
Tyler sells information-management software to
79 TYLER TECHNOLOGIES TYL 116.3 10.1 13.5 172.3 22.5 6.59 1,400 local government offices, providing more than
DALLAS 25 75 91 200 applications to almost 6,000 offices. A
new product aims to create order in the courts.
About 75% of Meridian’s revenues come from
80 MERIDIAN BIOSCIENCE VIVO 46.1 9.5 12.9 80.3 47.8 17.84 385 developing disposable tests for medical
CINCINNATI 59 78 56 conditions from stomach ulcers to strep. Last
year the company began studying bioterrorism.
Founded in 1941 as a distributor of clay floor
81 OIL-DRI ODC 100.2 4.6 4.0 183.3 38.5 16.90 781 absorbents, Oil-Dri makes the lion’s share of the
CHICAGO 32 97 68 world’s kitty litter under its own brands (Jonny
Cat, for one) as well as for other companies.
Swallow the leader: HITK makes generic
82 HI-TECH PHARMACAL HITK 23.8 6.4 26.7 60.3 32.7 29.80 200 versions of more than 100 liquid prescription
AMITYVILLE, N.Y. (7) 86 32 80 and over-the-counter medications. Some $4 bil-
lion more will go off-patent within five years.
EBIX supplies software to more than 3,000
83 EBIX EBIX 114.0 2.2 12.6 20.0 20.2 13.28 239 insurance agencies and brokers in 52 countries.
SCHAUMBURG, ILL. 27 79 94 Insurance buyers and carriers use its website as
an online auction house.
Coal fusion: PVR manages 54 coal mines,
84 PENN VIRGINIA RESOURCE PVR 7.7 34.3 38.2 75.6 31.4 47.07 32 collecting royalties from third-party operators.
RADNOR, PA. 98 20 83 Earlier this year it spent nearly $200 million
acquiring the assets of a natural-gas business.

85 PEET’S COFFE & TEA PEET 56.3 8.8 14.5 145.7 32.9 28.94 389 Description below.
EMERYVILLE, CALIF. 54 70 79

No.
85
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.

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 FSB

100 THE LIST

EARNINGS/SHARE REVENUE TOTAL RETURN

GROWTH GROWTH TO INVESTORS
Three-year annual rate Three-year annual rate Three-year annual rate
RANK NET INCOME RANK REVENUE RANK STOCK
2005 RANK Four quarters Four quarters PRICE
COMPANY NAME TICKER to 12/31/04 to 12/31/04 as of NUMBER OF
CITY (2004 RANKING) (millions) (millions) 6/1/05 EMPLOYEES COMMENTS

86 LOJACK LOJN 67.1% $10.4 13.8% $145.7 30.4% $15.21 800 Description below.
WESTWOOD, MASS. 49 74 84

No.
86
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.

Nearly 25,000 students, mainly working adults,

87 STRAYER EDUCATION STRA 22.1 41.2 25.7 183.2 31.6 89.06 1,691 attend Strayer, which added five campuses last
ARLINGTON, VA. (31) 91 34 82 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
88 ACME UNITED ACU 32.8 3.2 5.5 43.4 59.1 16.70 110 its scissors. It sold 50 million pairs of them last
FAIRFIELD, CONN. 77 96 41 year, thanks to such extras as stainless-steel
blades and soft rubberized handles.
Mold everything: CMT makes plastic parts for
89 CORE MOLDNG TECH. CMT 68.1 5.1 13.1 110.7 23.5 9.84 1,094 boats and trucks—everything from decks and
COLUMBUS (70) 48 77 90 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
90 ANSYS ANSS 27.4 34.6 16.7 134.5 37.5 33.44 550 software helps engineers model how their
CANONSBURG, PA. (55) 82 64 70 product designs will perform under such real-
world variables as temperature and stress.
Allied makes specialized motors that are used by
91 ALLIED MOTION TECH. AMOT 21.8 2.3 21.2 62.7 35.9 5.00 550 a range of customers, from medical-device
ENGLEWOOD, COLO. 92 48 76 makers to the U.S. Postal Service. Last year it
acquired a Netherlands motor maker.
Raven may look like any other industrial
92 RAVEN INDUSTRIES RAVN 26.3 16.8 8.3 157.7 58.3 26.82 850 supplier, but it’s not. Besides electronics
SIOUX FALLS, S.D. 83 92 42 manufacturing and plastic sheeting, it makes
balloons for Macy’s Thanksgiving parade.
Replaceable you: Exactech makes artificial
93 EXACTECH EXAC 25.3 7.3 21.2 81.8 30.1 13.59 190 knees, hips, and—new this year—shoulders that
GAINESVILLE, FLA. (64) 84 49 85 are used in replacement surgery. Its founder
remains a practicing orthopedic surgeon.

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 EARNINGS/SHARE REVENUE TOTAL RETURN
GROWTH GROWTH TO INVESTORS
Three-year annual rate Three-year annual rate Three-year annual rate
RANK NET INCOME RANK REVENUE RANK STOCK
2005 RANK Four quarters Four quarters PRICE
COMPANY NAME TICKER to 12/31/04 to 12/31/04 as of NUMBER OF
CITY (2004 RANKING) (millions) (millions) 6/1/05 EMPLOYEES COMMENTS

Cushy job: Span-America’s therapeutic

94 SPAN-AMERICA MEDICAL SPAN 8.6% $2.1 21.7% $49.2 35.6% $10.31 312 mattresses cushion and elevate injured body
GREENVILLE, S.C. 97 47 77 parts for patients in hospitals and at extended-
care facilities.
Home economics: Nobility sells pre-
95 NOBILITY HOMES NOBH 20.4 4.6 15.6 50.0 40.3 25.73 250 manufactured homes through nearly
OCALA, FLA. (81) 93 65 64 20 company-owned stores and more than
50 independent retailers in Florida.
Organic growth: Lifeway makes a yogurt-like
96 LIFEWAY FOODS LWAY 18.4 2.1 16.8 16.3 39.4 12.50 75 beverage, kefir, that started appearing on the
MORTON GROVE, ILL. (38) 95 63 67 shelves at Target in May. It also produces a line
of beverages marketed to Hispanics.
EDUC sells children’s books, which it markets
97 EDUCATIONAL DEVEL. EDUC 23.2 2.5 18.4 30.6 24.5 10.41 72 via 8,000 retailers and 10,000 direct sellers,
TULSA (43) 88 56 87 many of whom hold home parties and call on
schools and libraries.
II-VI’s lenses, mirrors, and prisms can detect
98 II-VI IIVI 36.0 22.6 10.0 163.5 35.1 17.14 1,502 the onset of osteoporosis or help aim a missile.
SAXONBURG, PA. 69 85 78 Its industrial business accounts for 50% of
revenues; military applications are No. 2.
The beat goes on: Merit makes disposable
99 MERIT MEDICAL MMSI 36.8 17.9 14.3 151.4 22.0 15.40 1,307 medical products used to treat heart disease,
SOUTH JORDAN, UTAH (10) 67 73 92 such as blowup stents for arteries. This year it
has seven products coming out.

100 ROCKY MT. CHOCOLATE RMCF 34.2 3.1 11.9 23.6 32.2 23.50 185 Description below.
DURANGO, COLO. 74 82 81

No.
100
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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