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Inc. 500 Names of Livingston, Montana
One of America's Fastest Growing Private Companies Ranks 183rd on the 2004 Inc. 500
With Four Year Average Annual Sales Growth of 186.5% makes the Inc. 500 for third straight year

New York, (October 20, 2003) - 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., of Livingston, Montana, made this distinguished list for the third year in a row, coming in at 183rd with a four year average annual sales growth of 186.5% and total growth of 933%. The Inc. 500 Special Issue will appear on newsstands October 26 and will be on display until December 21, 2004.

The companies that made this 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. accounted for $10.3 million of this revenue. And while the United States shed 410,000 jobs in 2003, Inc. 500 companies provided employment for more than 70,000 people. currently employs 100 full time employees, making it one of the largest employers in Park County, Montana.

Further demonstrating the resilience of this year's Inc. 500 crop is the fact that 102 of this year's honorees, including, started in 1999-meaning that they weathered the start-up costs of the overcapitalized dot-com boom and thrived during the impending bust that was one of the toughest periods for young companies in recent memory.

Montana is ranked sixth among states with the most Inc. 500 companies per million residents, at 3.3 companies per million residents. 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. California is the state with the most Inc. 500 companies with 67 firms on the list. Florida is second (39), followed by Virginia (31), Texas (28), and New York (25).

"The best thing you can say about this year's crop of Inc. 500 entrepreneurs is that they didn't buy into the hype," said Inc. editor-in-chief John Koten. "When people were practically giving away funding in the late 1990s, these companies didn't overextend, and when everyone hit the panic button a few years later, they stayed calm and seized opportunities."

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, with Microsoft, Stonyfield Farms, Timberland, Oracle, The Princeton Review, Morningstar, E* Trade, Intuit, and Domino's Pizza all appearing on the list before they became industry powerhouses. With 30,000 customers and counting, could soon be an industry powerhouse as well with a well-recognized brand name in the printing industry.

The industries with the strongest showing on this year's list are Business Services such as Following Business Services on the list are IT Services, Health and Financial Services (based on number of companies in the sector).

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.

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. Inc., a Gruner + Jahr USA publication, inspires and informs, with cutting-edge coverage that reflects our readers' energy, brashness, and imagination.