Awards

To be eligible for 2005, Inc. 500, companies had to be U.S.-based, independent and privately held through their fiscal year 2004, and have had at least $500,000 in net sales in the base year of 2001. In addition, their 2004 sales had to exceed 2003 sales. Companies are ranked on cumulative three-year sales growth from 2001 to 2004. Inc. 500 verifies all information using tax forms and audited financial statements from certified public accountants and by conducting interviews with company officials

Inc. 500 selects WCS for 2004 award

New York, NY October 20, 2004

Inc. magazine, the premier publication for small and medium-sized businesses, today released its 23rd annual Inc.500 ranking of the fastest-growing private companies in the country. WCS ranks 117th on the list of 500, with four to five year average annual sales growth of 253%.

California is the state with the most Inc.500 companies (67). Florida is second, with 39 firms on the list, followed by Virginia (31), Texas (28), and New York (25). Like last year, Utah has the highest number of Inc. 500 companies per capita in the U.S with 6.8 per million residents—a distant second is Virginia with 3.9 per million residents.

For the second year in a row, Washington, D.C., is the top metropolitan area on the Inc. 500 with 29 companies, although it suffered a drop-off from last year, when it had 41. Boston is second, with 19 companies, followed by New York City (17), Miami (15), and Atlanta (14).

This year’s Inc. 500 is the first to reflect the tremendous start-up costs prevalent in the late 1990s economic boom. Of the Inc. 500 founders, 36% had start-up capital of less than $20,000, compared with 48% last year—and 21% reported needing more than $300,000 to get going, compared with only 14% last year. Just 7% of Inc. 500 CEOs reported using formal venture capital to start their company, compared with 2% last year, while 62% depended entirely on private equity.

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.