Inc. Magazine, the premier publication for small and medium-size businesses, has released its 23rd annual Inc. 500 ranking of the fastest-growing private companies in the country.
Ballston Spa, New York - -October 25, 2004 -Inc. Magazine, the premier publication for small and medium -size businesses, has released its 23rd annual Inc. 500 ranking of the fastest -growing private companies in the country. ReQuest Multimedia, the acknowledged leader in hard -disk -based audio and video solutions, ranks No. #168 on the list, with four years' annual sales growth of 203%.
`Making this prestigious list of the fastest -growing private companies of America is well - deserved recognition of the hard work, dedication, and entrepreneurial accomplishment of our team at ReQuest. I congratulate our founders, John Reine and Steve Vasquez, and all present and former associates of the company, whose collective efforts over the past four years made this achievement possible. We look forward to moving up the list in the years ahead," says Joseph Gersuk, CEO of ReQuest Multimedia.
The companies that made the Inc. 500 list have thrived despite continued stagnation in the economy, posting an average year -over -year sales growth of 265%. Inc. 500 companies posted aggregate 2003 revenue of $12.6 billion, and 82% 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.
Further demonstrating the resilience of this year's Inc. 500 crop is the fact that 102 of this year's honorees started in 1999 -meaning that they weathered the start -up costs of the overcapitalized boom and thrived during the impending bust which was one of the toughest periods for young companies in recent memory.
The Inc. 500 ranks privately held companies according to averaged year -over -year sales growth over the past four years. With approximately 75% of all new job creation in the U.S. coming from small businesses, the Inc. 500 is a prescient indicator of the companies and industries that are driving the economy forward. Eighty -five companies (17%) on this year's Inc. 500 say they plan to go public at some point. Over the years, the Inc. 500 has identified the next generation of world -class companies -Microsoft, Stonyfield Farms, Timberland, Oracle, The Princeton Review, Morningstar, E* Trade, Intuit, and Domino's Pizza all appeared on the list before becoming industry powerhouses.
To be eligible for this year`s Inc. 500, companies had to be independent and privately held through their fiscal year 2003, have had at least $200,000 in net sales in the base year of 1999 for Inc. 500 alumni and 2000 for new applicants, and $2 million in net sales for 2003. In addition, their 2003 sales had to exceed 2002 sales. Companies are ranked on averaged year -over -year sales growth. Inc. verifies all information using tax forms and audited financial statements from certified public accountants and by conducting interviews with company officials.
About Inc. Magazine
Inc., the only business magazine dedicated exclusively to owners and managers of fast -growing private companies, delivers real solutions for today`s innovative company builders. It provides hands -on tools and market -tested strategies for managing people, finances, sales, marketing and technology. Inc. is the premier publication that focuses on small to medium -size businesses, which are responsible for more than half the nation`s gross domestic product and 75% of its new jobs. And Inc. looks beyond work to address the entrepreneurial lifestyle. Inc., a Gruner+Jahr USA publication, inspires and informs, with cutting -edge coverage that reflects our readers` energy, brashness, and imagination.
About ReQuest Multimedia
Headquartered in Ballston Spa, New York, ReQuest Multimedia's home -entertainment control systems have set the standard for high -end digital media storage, management, playback, and integration since 1998. From award -winning music servers to the all -new video management systems, ReQuest Multimedia's products are the accepted leaders in cutting -edge technology.
For more information visit www.request.com.