Inc. Magazine has ranked New Way® Air Bearings No. 3245 on its third annual Inc. 5000, 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 domestic marketplace – America’s independent-minded entrepreneurs. Joining New Way Air Bearings on this year’s list are consumer electronics maker Vizio, Internet giant GoDaddy, rental car service Zipcar, and beverage maker Honest Tea, among other prominent brands. Taken as a whole, these companies represent the backbone of the U.S. economy.
New Way Air Bearings, the world’s largest independent air bearing manufacturer, achieved its No. 3245 ranking with revenue growth of 80% from 2005 through 2008. Founded in 1994, the company’s growth accelerated with the 2005 launch of new products engineered for the non-contact glass handling, processing and inspection needs of Flat Panel Display (FPD) and Solar (PV) manufacturers globally.
“This is the third year in a row we’ve made the Inc. 5000 list,” said New Way president and CEO Nick Hackett. “This is especially gratifying because, as a capital equipment component manufacturer, a number of our key markets – the semiconductor industry and flat panel display manufacturers, for example – were among the first casualties of the economic downturn. Yet we were able to maintain strong growth even through the end of 2008. Market diversification has served us well and positions us well for future growth.”
Growth is what the Inc. 5000 is all about. In just its third year, the prestigious Inc. ranking exercise provides the deepest look ever into the private companies that drive the American economy.
“Savvy trend spotters and those who invest in private companies know that the Inc. 5000 is the best place to find out about young companies that are achieving success through a wide variety of unprecedented business models, as well as older private companies that are still expanding at an impressive rate,” said Inc. 5000 project manager Jim Melloan. “That’s why our list is so eagerly anticipated every year.”
The 2009 Inc. 5000 serves as a unique report card on the U.S. economy. Despite the ongoing recession, aggregate revenue among the companies on the list actually increased to $214 billion, up $29 billion from last year, with a median three-year growth rate of 126 percent. The Inc. 5000 companies are responsible for creating more than 1 million jobs since their founding, making the list perhaps the best example of the impact private, fast-growing companies can have on the economy.
“We made the list again because more and more engineers recognize the advantages our technology provides,” said New Way chairman and CTO Drew Devitt. “When you get down to the details, it’s downright humbling. We’re the 170th fastest-growing manufacturer in the country; we’re 13th in the mid-Atlantic Region, and 8th in Pennsylvania. For manufacturing companies our size ($5-25 million, 50-200 Employees) we rank 35th in the country, 4th in the region, and 2nd in PA.
“That also tells you something about the quality of our people, and the manufacturing strength we offer right here in the Philadelphia area. We’re selling a lot of product, here in the United States and around the world…especially in the Far East.”
Complete results of the Inc. 5000, including company profiles and a list of the fastest-growing companies that can be sorted by industry and region, can be found at www.inc.com/inc5000/2009/index.html. The list features a profile for each company, almost all of them written as a result of Inc. interviews with management. In addition, the list is searchable according to numerous criteria, including industry, city, state, region, and year founded.
The profile of New Way Air Bearings can be found at http://www.inc.com/inc5000/2009/company-profile.htmlid= ....
The Hottest Regions for Fast-Growing Companies
Once again, California tops the Inc. 5000 with the most companies of any state with 612. The Golden State is followed by Texas (393), New York (316), Florida (263), and Virginia (261). All 50 states, plus Washington, D.C., and Puerto Rico, are represented on this year’s list.
New York boasts 371 Inc. 5000 companies, making it the top metropolitan area, followed by Washington, D.C. (317), Los Angeles (253), Atlanta (209), and Chicago (203).
The Inc. 5000 at a Glance
Bolstered by this year's No. 1 company, Northern Capital Insurance, Insurance emerged as the top industry, with an average growth rate of 667 percent. Other strong performers include Energy (523 percent) and Government Services (491 percent).
In total, the companies on the Inc. 5000 have created more than 1 million jobs. Health is the top employer with 156,223 jobs, followed by Business Products & Services (122,911), IT Services (89,632), Food & Beverage (86,572), and Construction (65,494).
IT Services had the most companies on this year’s list with 658, followed by Business Products & Services (502), Advertising & Marketing (398), Construction (354), and Manufacturing (342).
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 generated $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. 5000 posted an aggregate revenue of $214 billion in 2008, up nearly 16 percent from the previous year. The top five industries by total revenue include Health ($22.7 billion), Business Products & Services ($19.6 billion), Construction ($18.8 billion), Energy ($14.7 billion), and IT Services ($13.2 billion).
Methodology
The Inc. 5000 is ranked according to percentage 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 have to be U.S.-based, privately held, for profit, and independent -- not subsidiaries or divisions of other companies -- as of December 31, 2008. Revenue in 2005 must have been at least $200,000, and revenue in 2008 must have been at least $2 million. The top 10 percent of companies on the list comprise the Inc. 500, now in its 28th year.
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.
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