Forbes 2009 200 Small Companies

13
No SYM Company Name Description Price** DCF* Graham Value EPV Net Asset Value 1 LL Lumber Liquidators Holdings Inc Lumber Liquidators Holdings Inc, formerly Lumber Liquidators, Inc., is a specialty retailer of hardwood flooring in the United States. The Company offers a selection of hardwood flooring products under multiple brands. As of December 31, 2008, it sold its products through 150 Lumber Liquidators stores in 44 states, a call center, its Website and a catalog. It offers an assortment of hardwood flooring that includes prefinished domestic and exotic hardwoods, engineered hardwoods, unfinished hardwoods, bamboo, cork and laminates. In total, the Company offers nearly 350 different flooring product stock-keeping units. It also offers an assortment of flooring enhancements and installation accessories, including moldings, noise-reducing underlay and adhesives. $25.16 $14.31 $11.32 $12.71 2 ALGT Allegiant Travel Co Allegiant Travel Company (Allegiant Travel) is a leisure travel company focused on transporting travelers in small cities to leisure destinations, such as Las Vegas, Nevada, Phoenix, Arizona, Orlando, Florida, Tampa/St. Petersburg, Florida and Ft. Lauderdale, Florida. It operates a low-cost passenger airline marketed to leisure travelers in small cities, allowing it to sell air travel both on a stand-alone basis and bundled with hotel rooms, rental cars and other travel related services. $49.49 $14.00 $18.71 N/A 3 QSII Quality Systems Inc Quality Systems, Inc. develops and markets healthcare information systems that automate certain aspects of medical and dental practices, networks of practices, such as physician hospital organizations (PHOs) and management service organizations (MSOs), ambulatory care centers, community health centers, and medical and dental schools. The Company also provides revenue cycle management (RCM) services through its Practice Solutions division of NextGen. The Company is consisted of the QSI Division and a wholly owned subsidiary, NextGen Healthcare Information Systems, Inc. (NextGen Division). The QSI Division focuses on developing, marketing and supporting software suites sold to dental and certain niche medical practices. $64.51 N/A N/A N/A 4 LHCG LHC Group Inc LHC Group, Inc. (LHC Group) provides post-acute health care services to patients through its home nursing agencies, hospices and long-term acute care hospitals (LTACHs). Through its wholly and majority owned subsidiaries, equity joint ventures and controlled affiliates, the Company operates in Louisiana, Mississippi, Arkansas, Alabama, Texas, Kentucky, Florida, Tennessee, Georgia, Virginia, West Virginia, Ohio, Missouri, Oklahoma, Maryland and Washington. The Company operates in two segments: home-based services and facility-based services. In September 2008, LHC Group announced two separate acquisitions, both effective September 1, 2008. LHC Group acquired 100% of the assets of Mountaineer Home Health located in Charleston, West Virginia. The agency will operate under the name of Mountaineer HomeCare. The Company also acquired 100% of the home health assets of the Jackson County Board of Health located in Ripley, West Virginia. $31.87 $33.00 $28.14 $25.81 5 GMCR Green Mountain Coffee Roasters Inc Green Mountain Coffee Roasters, Inc., together with its subsidiaries (GMCR, Inc.) is engaged in the specialty coffee and coffee maker businesses. It sells over 200 whole bean and ground coffee selections, cocoa, teas and coffees in K-Cup portion packs, Keurig single-cup brewers, and other accessories. The Company operates in two business segments: Specialty Coffee business unit (SCBU) and Keurig business unit (Keurig). As of November 13, 2009, the Company acquired the Timothys World Coffee brand and the licensed Emerils brand. $80.61 $4.00 $10.19 $17.76 6 TRCR Transcend Services Inc Transcend Services, Inc. (Transcend) provides medical transcription services to the healthcare industry. The Company provides two primary medical transcription options for customers: the provision of transcription services and technology using the Companys BeyondTXT workflow platform, and the provision of transcription services using the customers or licensed third party transcription system. On January 1, 2009, the purchased certain assets of DeVenture Global Health Partners (DeVenture). Effective April 1, 2009, the Company acquired the domestic medical transcription business of Transcription Relief Services, LLC. On August 31, 2009, the Company completed the acquisition of Medical Dictation Services, Inc. $20.46 $12.20 $10.33 $7.26 7 RAX Rackspace Hosting Inc Rackspace Hosting, Inc. (Rackspace Hosting), incorporated on March 7, 2000, is engaged in the business of hosting and cloud computing. The Companys services are sold to businesses in more than 120 countries. The Company sells a suite of hosting and cloud computing offerings, all backed by Fanatical Support. $21.18 N/A N/A N/A 8 NVEC NVE Corp NVE Corporation (NVE) develops and sells devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store and transmit information. The Company manufactures high-performance spintronic products, including sensors and couplers that are used to acquire and transmit data. It has also licensed spintronic magnetoresistive random access memory technology (MRAM). The Companys designs are generally based on either giant magnetoresistance (GMR) or tunneling magnetoresistance (TMR). These structures produce a change in electrical resistance depending on the electron spin orientation in a free layer. The Companys sensor products detect the presence of a magnet or metal to determine position or speed. The GMR changes its electrical resistance depending on the magnetic field. In its devices, GMR is combined with conventional foundry integrated circuitry and packaged in the same way as conventional integrated circuits. $45.14 $37.45 $24.67 $23.66 9 APEI American Public Education Inc American Public Education, Inc. is a provider of online postsecondary education directed at the needs of the military and public service communities. The Company operates through two universities: American Military University (AMU), and American Public University (APU), which together constitute the American Public University System. The Company s universities share a common faculty and curriculum that includes 74 degree programs and 51 certificate programs in disciplines related to national security, military studies, intelligence, homeland security, criminal justice, technology, business administration, education and liberal arts. During the year ended December 31, 2008, the Company served over 45,000 students living in all 50 states and more than 130 foreign countries. Its university system is regionally and nationally accredited. $37.06 $15.55 $7.00 $17.49 10 ASEI American Science & Engineering Inc American Science and Engineering, Inc. (AS&E) develops, manufactures, markets, and sells X-ray inspection and other detection solutions for homeland security and other targeted markets. AS&E provides maintenance, warranty, research, engineering, and training services related to these solutions. The Company manufactures X-ray inspection products that can be used to inspect parcels, baggage, vehicles, pallets, cargo containers, and people. It sells its products to a variety of customers, including authorities responsible for port and border security, military organizations, high threat commercial and government facilities, aviation security agencies and legal enforcement agencies. Its products are used by these customers to help combat terrorism, trade fraud, drug trafficking, weapons smuggling, and illegal immigration. Its products are also used for military force protection and general facility security. $81.12 $62.49 $70.01 $56.00 *intrinsic value calculated automatically with spreadsheet. Detailed calculation required later on. DCF, Graham Fair Values and EPV were at time of writing 12-Jan-10 2009 Forbes 200 Best Old School Value: Stock Valuation Spreadsheets, Stock screeners and more

description

http://www.oldschoolvalue.comForbes 2009 200 Best Small CompaniesStock valuations of Forbes Best small companies.

Transcript of Forbes 2009 200 Small Companies

Page 1: Forbes 2009 200 Small Companies

No SYM Company Name Description Price** DCF*Graham

ValueEPV

Net Asset

Value

1 LLLumber Liquidators

Holdings Inc

Lumber Liquidators Holdings Inc, formerly Lumber Liquidators, Inc., is a specialty retailer of hardwood flooring in the United

States. The Company offers a selection of hardwood flooring products under multiple brands. As of December 31, 2008, it

sold its products through 150 Lumber Liquidators stores in 44 states, a call center, its Website and a catalog. It offers an

assortment of hardwood flooring that includes prefinished domestic and exotic hardwoods, engineered hardwoods,

unfinished hardwoods, bamboo, cork and laminates. In total, the Company offers nearly 350 different flooring product

stock-keeping units. It also offers an assortment of flooring enhancements and installation accessories, including moldings,

noise-reducing underlay and adhesives.

$25.16 $14.31 $11.32 $12.71

2 ALGT Allegiant Travel Co

Allegiant Travel Company (Allegiant Travel) is a leisure travel company focused on transporting travelers in small cities to

leisure destinations, such as Las Vegas, Nevada, Phoenix, Arizona, Orlando, Florida, Tampa/St. Petersburg, Florida and Ft.

Lauderdale, Florida. It operates a low-cost passenger airline marketed to leisure travelers in small cities, allowing it to sell air

travel both on a stand-alone basis and bundled with hotel rooms, rental cars and other travel related services.

$49.49 $14.00 $18.71 N/A

3 QSII Quality Systems Inc

Quality Systems, Inc. develops and markets healthcare information systems that automate certain aspects of medical and

dental practices, networks of practices, such as physician hospital organizations (PHOs) and management service

organizations (MSOs), ambulatory care centers, community health centers, and medical and dental schools. The Company

also provides revenue cycle management (RCM) services through its Practice Solutions division of NextGen. The Company is

consisted of the QSI Division and a wholly owned subsidiary, NextGen Healthcare Information Systems, Inc. (NextGen

Division). The QSI Division focuses on developing, marketing and supporting software suites sold to dental and certain niche

medical practices.

$64.51 N/A N/A N/A

4 LHCG LHC Group Inc

LHC Group, Inc. (LHC Group) provides post-acute health care services to patients through its home nursing agencies,

hospices and long-term acute care hospitals (LTACHs). Through its wholly and majority owned subsidiaries, equity joint

ventures and controlled affiliates, the Company operates in Louisiana, Mississippi, Arkansas, Alabama, Texas, Kentucky,

Florida, Tennessee, Georgia, Virginia, West Virginia, Ohio, Missouri, Oklahoma, Maryland and Washington. The Company

operates in two segments: home-based services and facility-based services. In September 2008, LHC Group announced two

separate acquisitions, both effective September 1, 2008. LHC Group acquired 100% of the assets of Mountaineer Home

Health located in Charleston, West Virginia. The agency will operate under the name of Mountaineer HomeCare. The

Company also acquired 100% of the home health assets of the Jackson County Board of Health located in Ripley, West

Virginia.

$31.87 $33.00 $28.14 $25.81

5 GMCRGreen Mountain Coffee

Roasters Inc

Green Mountain Coffee Roasters, Inc., together with its subsidiaries (GMCR, Inc.) is engaged in the specialty coffee and

coffee maker businesses. It sells over 200 whole bean and ground coffee selections, cocoa, teas and coffees in K-Cup

portion packs, Keurig single-cup brewers, and other accessories. The Company operates in two business segments:

Specialty Coffee business unit (SCBU) and Keurig business unit (Keurig). As of November 13, 2009, the Company acquired

the Timothy�s World Coffee brand and the licensed Emeril�s brand.

$80.61 $4.00 $10.19 $17.76

6 TRCR Transcend Services Inc

Transcend Services, Inc. (Transcend) provides medical transcription services to the healthcare industry. The Company

provides two primary medical transcription options for customers: the provision of transcription services and technology

using the Company�s BeyondTXT workflow platform, and the provision of transcription services using the customer�s or

licensed third party transcription system. On January 1, 2009, the purchased certain assets of DeVenture Global Health

Partners (DeVenture). Effective April 1, 2009, the Company acquired the domestic medical transcription business of

Transcription Relief Services, LLC. On August 31, 2009, the Company completed the acquisition of Medical Dictation

Services, Inc.

$20.46 $12.20 $10.33 $7.26

7 RAX Rackspace Hosting Inc

Rackspace Hosting, Inc. (Rackspace Hosting), incorporated on March 7, 2000, is engaged in the business of hosting and

cloud computing. The Company�s services are sold to businesses in more than 120 countries. The Company sells a suite of

hosting and cloud computing offerings, all backed by Fanatical Support. $21.18 N/A N/A N/A

8 NVEC NVE Corp

NVE Corporation (NVE) develops and sells devices that use spintronics, a nanotechnology that relies on electron spin rather

than electron charge to acquire, store and transmit information. The Company manufactures high-performance spintronic

products, including sensors and couplers that are used to acquire and transmit data. It has also licensed spintronic

magnetoresistive random access memory technology (MRAM). The Company�s designs are generally based on either giant

magnetoresistance (GMR) or tunneling magnetoresistance (TMR). These structures produce a change in electrical resistance

depending on the electron spin orientation in a free layer. The Company�s sensor products detect the presence of a

magnet or metal to determine position or speed. The GMR changes its electrical resistance depending on the magnetic

field. In its devices, GMR is combined with conventional foundry integrated circuitry and packaged in the same way as

conventional integrated circuits.

$45.14 $37.45 $24.67 $23.66

9 APEIAmerican Public

Education Inc

American Public Education, Inc. is a provider of online postsecondary education directed at the needs of the military and

public service communities. The Company operates through two universities: American Military University (AMU), and

American Public University (APU), which together constitute the American Public University System. The Company�s

universities share a common faculty and curriculum that includes 74 degree programs and 51 certificate programs in

disciplines related to national security, military studies, intelligence, homeland security, criminal justice, technology,

business administration, education and liberal arts. During the year ended December 31, 2008, the Company served over

45,000 students living in all 50 states and more than 130 foreign countries. Its university system is regionally and nationally

accredited.

$37.06 $15.55 $7.00 $17.49

10 ASEIAmerican Science &

Engineering Inc

American Science and Engineering, Inc. (AS&E) develops, manufactures, markets, and sells X-ray inspection and other

detection solutions for homeland security and other targeted markets. AS&E provides maintenance, warranty, research,

engineering, and training services related to these solutions. The Company manufactures X-ray inspection products that

can be used to inspect parcels, baggage, vehicles, pallets, cargo containers, and people. It sells its products to a variety of

customers, including authorities responsible for port and border security, military organizations, high threat commercial

and government facilities, aviation security agencies and legal enforcement agencies. Its products are used by these

customers to help combat terrorism, trade fraud, drug trafficking, weapons smuggling, and illegal immigration. Its products

are also used for military force protection and general facility security.

$81.12 $62.49 $70.01 $56.00

*intrinsic value calculated automatically with spreadsheet. Detailed calculation required later on. DCF, Graham Fair Values and EPV were at time of writing

12-Jan-102009 Forbes 200 Best Old School Value: Stock Valuation Spreadsheets, Stock screeners and more

Page 2: Forbes 2009 200 Small Companies

11 DLB Dolby Laboratories Inc

Dolby Laboratories, Inc. develops and delivers products and technologies that are used in the entertainment industry. The

Company�s technologies are used in digital versatile disc (DVD), players and personal computer DVD playback software,

digital televisions, set top boxes, portable media devices and in a range of consumer electronic products, such as gaming

systems and audio/video receivers. Its products are also used by movie theatres and broadcasters worldwide. The

Company generates revenue by licensing its technologies to manufacturers of consumer electronics products and media

software vendors and by selling its professional products and related services to entertainment content creators, producers

and distributors. The Company has licensed its technologies to manufacturers in approximately 25 countries. It sells its

products and services in over 85 countries.

$49.96 $47.24 $40.19 $34.41 $9.51

12 HMSY HMS Holdings Corp

HMS Holdings Corp. (HMS) provides a variety of cost management services for government-sponsored health and human

services programs. HMS�s customers are State Medicaid agencies, Medicaid managed care plans, Pharmacy Benefits

Managers (PBM), child support agencies, the Veterans Health Administration, the Centers for Medicare & Medicaid Services

(CMS), and other public programs. As of December 31, 2008, the Company served 36 state Medicaid agencies and 92

Medicaid health plans (under 37 contracts). HMS also provides coordination of benefits and third party insurance

identification services to 21 Veterans Integrated Service Networks of the Veterans Health Administration, and child support

agencies in 11 states. On September 16, 2008, the Company acquired Prudent Rx, Inc. Prudent Rx�s products and services

include pharmacy audits, PBM audits and Long-Term Care Audits. In September 2009, the Company acquired the business

of IntegriGuard LLC.

$48.30 $25.89 $21.87 $20.98 $4.35

13 SYNA Synaptics Inc

Synaptics Incorporated is a worldwide developer and supplier of custom-designed user interface solutions that enable

people to interact and intuitively with a variety of mobile computing, communications, entertainment and other electronic

devices. The Company targets the personal computer (PC) market and the market for digital lifestyle products, including

mobile smartphones and feature phones, portable digital music and video players, and other select electronic device

markets with its customized human interface solutions. Its original equipment manufacturer (OEM) customers include tier

one PC OEMs. The Company supplies custom designed human interface solutions to its OEM customers through their

contract manufacturers. Through its OneTouch offering, the Company enable its customers to access the technologies to

develop their own human interface designs for capacitive button and scrolling applications for products, such as mobile

smartphones and feature phones.

$30.64 $27.48 $21.55 $17.96 $6.35

14 JOSB Jos A Bank Clothiers Inc

Jos. A. Bank Clothiers, Inc. (Jos. A. Bank) is a designer, retailer and direct marketer (through stores, catalog and Internet) of

men�s tailored and casual clothing and accessories. It sells all of its products exclusively under the Jos. A. Bank label

through its 460 retail stores (as of January 31, 2009, which includes seven outlet stores and 12 franchise stores) located

throughout 42 states and the District of Columbia in the United States, as well as through the Company�s nationwide

catalog and Internet (www.josbank.com) operations. Its products are targeted at the male career professional and

emphasize the Jos. A. Bank brand of tailored and casual clothing and accessories. The Company�s products, which range

from the original Jos. A. Bank Executive collection to the more luxurious Jos. A. Bank Signature collection to the exclusive

Jos. A. Bank Signature Gold collection. Jos. A. Bank operates through two segments: Stores and Direct Marketing.

$44.16 $50.18 $51.99 $53.20 $18.91

15 PETS PetMed Express Inc

PetMed Express, Inc. (PetMed) and its subsidiaries, doing business as 1-800-PetMeds, is a pet pharmacy. The Company

markets prescription and non-prescription pet medications, and other health products for dogs, cats, and horses direct to

the consumer. The Company markets its products through national television, online, and direct mail/print advertising

campaigns. PetMed offers a selection of products for dogs, cats, and horses. As of March 31, 2009, its product line contains

approximately 750 stock keeping units (skus). These products include brands of medication, such as Frontline Plus, K9

Advantix, Advantage, Heartgard Plus, Sentinel, Interceptor, Program, Revolution, Deramaxx and Rimadyl.

$17.96 $15.49 $14.03 $13.67 $3.88

16 MED Medifast Inc

Medifast, Inc. (Medifast) is engaged in the production, distribution, and sale of weight management and disease

management products and other consumable health and diet products. The Company�s product lines include weight and

disease management, meal replacement, and vitamins primarily manufactured in its modern, the United States Food and

Drug Administration (FDA) approved facility in Owings Mills, Maryland. The Company�s operations are primarily conducted

through five of its wholly owned subsidiaries, Jason Pharmaceuticals, Inc. (Jason), Take Shape for Life, Inc. (TSF), Jason

Enterprises, Inc., Jason Properties, LLC and Seven Crondall, LLC. The Company offers a variety of weight and disease

management products under the Medifast brand and for select private label customers. It's distribution channels include

Medifast Direct, Take Shape for Life, Medifast Weight Control Centers and Medifast Physicians.

$26.69 N/A N/A N/A N/A

17 ORN Orion Marine Group Inc

Orion Marine Group, Inc. (Orion) is a marine specialty contractor serving the heavy civil marine infrastructure market. The

Company provides different marine construction services on, over and under the water along the Gulf Coast, the Atlantic

Seaboard and in the Caribbean Basin. Orion's customers are federal, state and municipal governments, as well as private

commercial and industrial enterprises. Orion acts as a single-source, turnkey solution for its customers� marine contracting

needs. The Company provides dredging, repair and maintenance, and other specialty services. Many of Orion's contracts

encompass multiple services within a single project. On February 29, 2008, Orion acquired Subaqueous Service, Inc. (SSI).

$21.91 $12.81 $22.35 $8.47 $4.05

18 MXB MSCI Inc

MSCI Inc. (MSCI) is a provider of investment decision support tools, including indices and portfolio risk and performance

analytics for use by institutions in managing equity, fixed income and multi-asset class portfolios. The Company�s principal

products are its international equity indices marketed under the MSCI brand and its equity portfolio analytics marketed

under the Barra brand. Its products are used in many areas of the investment process, including portfolio construction and

optimization, performance benchmarking and attribution, risk management and analysis, index-linked investment product

creation, asset allocation, investment manager selection and investment research. The Company�s primary products

consist of equity indices, equity portfolio analytics and multi-asset class portfolio analytics. As of November 30, 2008, the

Company had over 3,100 clients across 64 countries.

$33.23 N/A N/A N/A ($1.99)

19 IDCC InterDigital Inc

InterDigital, Inc. designs and develops digital wireless technologies for use in digital cellular and wireless Institute of

Electrical and Electronic Engineers (IEEE) 802 related products. The Company participates in and contributes its technology

solutions to worldwide organizations responsible for the development and approval of Standards, to which digital cellular

and IEEE 802 compliant products are built, and its contributions are regularly incorporated into such Standards. The

Company offers for license or sale its SlimChip family of mobile broadband modem solutions (which includes modem

Internet protocol (IP) know-how, baseband integrated circuits (ICs) and Reference Platforms) to mobile device

manufacturers, semiconductor companies and other equipment producers that manufacture, use and sell digital cellular

products. InterDigital has built its suite of technology and offerings through independent development, joint development

with other companies and selected acquisitions.

$26.16 $18.23 $11.86 $39.41 $1.88

20 CPLA Capella Education Co

Capella Education Company, is an online postsecondary education services company. Through its wholly owned subsidiary,

Capella University (the University), the Company offers a variety of bachelor�s, master�s and doctoral degree programs

primarily delivered to working adults. At December 31, 2008, Capella Education Company offered over 1,020 online courses

and 22 academic programs with 111 specializations to approximately 26,800 learners. The Company also offers certificate

programs, which consist of a series of courses focused on a particular area of study. In addition, Capella Education

Company offers academic services, such as advising, writing and research services; administrative services, such as online

class registration and transcript requests; library services; financial aid counseling and career counseling services.

$75.52 $43.25 $41.53 $44.51 $10.06

21 AZZ AZZ inc

AZZ incorporated (AZZ) is an electrical equipment and components manufacturer, serving the global markets of power

generation, transmission and distribution, and the general industrial markets. The Company is also a provider of hot dip

galvanizing services to the steel fabrication market nationwide. AZZ offers products through two business segments: the

Electrical and Industrial Products Segment, and the Galvanizing Services Segment. The Electrical and Industrial Products

Segment produces engineered specialty electrical products, industrial lighting and tubular products, all of which the

Company markets and sells both domestic and international markets. The Galvanizing Services Segment provides hot dip

galvanizing to the steel fabrication industry through facilities located throughout the South, Midwest and Southwest United

States. The Company acquired AAA Industries, Inc. on April 1, 2008. It acquired Blenkhorn and Sawle, Ltd. on July 1, 2008.

$31.68 $32.11 $7.11 $18.97 $12.01

22 MIDD Middleby Corp

The Middleby Corporation, through its operating subsidiary Middleby Marshall Inc. and its subsidiaries, is engaged in the

design, manufacture, marketing, distribution, and service of a line of cooking and warming equipment used in all types of

commercial restaurants and institutional kitchens and food preparation, cooking and packaging equipment for food

processing operations. It operates through three principal business segments: the Commercial Foodservice Equipment

Group; the Food Processing Equipment Group, and the International Distribution Division. The Commercial Foodservice

Equipment Group has a portfolio of brands and cooking and warming equipment. The Food Processing Equipment Group

provides a range of products designed for the food processing industry. Its International Distribution Division provides

integrated export management and distribution services. In January 2009, it acquired TurboChef Technologies, Inc. In

December 2009, the Company acquired Doyon Equipment Inc.

$46.46 $50.06 $67.09 $20.32 ($11.57)

Page 3: Forbes 2009 200 Small Companies

23 EBS Emergent BioSolutions Inc

Emergent BioSolutions Inc. is a biopharmaceutical company focused on the development, manufacture and

commercialization of vaccines and immune-related therapeutics that assist the body�s immune system to prevent or treat

disease. The Company develop vaccines and therapeutics for use against biological agents that are potential weapons of

bioterrorism and biowarfare and infectious diseases that have resulted in significant unmet or underserved public health

needs. It manufactures and markets BioThrax, also referred to as anthrax vaccine adsorbed, the only vaccine approved by

the United States Food and Drug Administration (FDA), for the prevention of anthrax infection. BioThrax is approved for

pre-exposure prevention of anthrax infection by all routes of exposure, including inhalation. In addition to the BioThrax

product, the Company have product candidates in advanced stages of development and earlier stages of development.

$13.56 $7.58 $15.04 $10.51 $7.52

24 HITT Hittite Microwave Corp

Hittite Microwave Corporation designs and develops integrated circuits (ICs), modules and subsystems for radio frequency

(RF) microwave and millimeterwave applications. The Company offers a range of standard and custom ICs, modules and

subsystems that perform a range of functions across the RF, microwave and millimeterwave frequency bands. As of

December 31, 2008, the Company had approximately 730 standard products spanning 20 product lines. The products are

used in a range of wired and wireless communications applications, such as cellular telephone base stations, microwave

and millimeterwave radio systems, broadband wireless access systems, and direct broadcast satellite systems. They are also

used in detection, measurement and imaging applications including military communication, targeting, guidance and

electronic countermeasure systems, commercial, scientific and military spacecraft, automotive collision avoidance systems,

medical imaging systems and industrial test equipment.

$41.52 $34.85 $31.64 $24.67 $9.36

25 AFAM Almost Family Inc

Almost Family, Inc. (Almost Family), along with its subsidiaries, is a provider of home health services. The Company has

service locations in Florida, Kentucky, Connecticut, New Jersey, Ohio, Massachusetts, Alabama, Missouri, Illinois,

Pennsylvania and Indiana. The Company operates in two segments: Visiting Nurse (VN) and Personal Care (PC). The

Company is compensated for its services by Medicare (Visiting Nurse only), Medicaid, other third party payors (insurance

companies and other sources) and private pay (paid by personal funds). Its VN segment provides a range of Medicare-

certified home health nursing services to patients in need of recuperative care, following a period of hospitalization or care

in another type of inpatient facility. The Company�s PC segment provides services in patients' homes on an as-needed,

hourly, or live-in basis. During the year ended December 31, 2008, the Company acquired 11 visiting nurse branch

locations.

$39.63 $11.20 $21.03 $17.93 $3.97

26 WXS Wright Express Corp

Wright Express Corporation (Wright Express) is a provider of payment processing and information management services to

the United States commercial and government vehicle fleet industry. The Company provides services in the United States,

Canada, New Zealand, and Australia.The Company�s operations are organized into two segments: Fleet and MasterCard.

The Fleet segment provides customers with payment processing services specifically designed for the needs of vehicle fleet

industries. The MasterCard segment provides customers with a payment processing solution for their corporate purchasing

and transaction monitoring needs. The Company�s wholly owned banking subsidiary, Wright Express Financial Services

Corporation (FSC) approves the customer applications and owns the customer relationships for the fuel and maintenance

programs, and offers the MasterCard-branded corporate payment solution.

$31.91 $12.69 $28.32 $17.29 $1.81

27 SYNT Syntel Inc

Syntel, Inc. (Syntel) is a provider of information technology and Knowledge Process Outsourcing (KPO) services to Global

2000 companies in the financial services, healthcare, life sciences, insurance, manufacturing, automotive, retail, telecom

and other industries. The Company�s service offerings are grouped into four segments: Applications Outsourcing, KPO, e-

Business and TeamSourcing. Applications Outsourcing consists of outsourcing services for ongoing management,

development and maintenance of business applications. KPO consists of high-value, customized outsourcing solutions.

Syntel�s primary KPO focus is in the financial services, healthcare and insurance sectors. e-Business consists of practice

areas in Web solutions, Data Warehousing/Business Intelligence, Enterprise Resource Planning (ERP) and Enterprise

Applications Integration (EAI) services. TeamSourcing consists of professional Information Technology (IT) consulting

services.

$37.01 $25.23 $27.57 $18.96 $8.01

28 FDSFactset Research Systems

Inc

FactSet Research Systems Inc. (FactSet) is a provider of integrated global financial and economic information, including

fundamental financial data on tens of thousands of companies worldwide. FactSet offers access to financial data and

analytics to thousands of investment professionals around the world. FactSet provides the tools to download, combine,

and manipulate financial data for investment analysis. FactSet applications support and make workflows for buy and sell-

side professionals. These professionals include portfolio managers, research and performance analysts, risk managers,

marketing professionals, sell-side equity research professionals, investment bankers and fixed income professionals.

FactSet applications provide users access to company analysis, multicompany comparisons, industry analysis, company

screening, portfolio analysis, portfolio optimization and simulation, real-time news, and quotes and tools to value and

analyze fixed income securities and portfolios.

$66.60 $55.73 $61.36 $36.00 $5.86

29 IEC IEC Electronics Corp

IEC Electronics Corp. (IEC) is a provider of electronic manufacturing services (EMS) to advanced technology companies. The

Company specializes in the custom manufacture of circuit cards, system level assemblies and an array of custom cable/wire

harness assemblies. IEC manufactures a range of assemblies, which are incorporated into many different products. It

provides electronic manufacturing services primarily for wireless communication systems, test diagnostic equipment,

military and defense systems, transportation products, and medical systems and instrumentation. In December 2009, the

Company acquired General Technology Corporation (GTC), an indirect, wholly owned subsidiary of Crane Co.

$4.61 $2.33 $0.63 $4.26 $2.47

30 DECK Deckers Outdoor Corp

Deckers Outdoor Corporation is engaged in designing, producing and managing footwear and the category creator in the

sport sandal, luxury sheepskin, and footwear segments. The Company sell the products, including accessories, such as

handbags, headwear, packs and outerwear, through domestic retailers and international distributors and directly to the

consumers, both domestically and internationally, through Websites, call centers, retail concept stores and retail outlet

stores. The Company markets its products under four brands: UGG, Teva, Simple and TSUBO. Teva is the Company's brand

of the sport sandal market of product line, such as casual open-toe and closed-toe footwear, adventure travel shoes,

outdoor cross training shoes, trail running shoes, amphibious footwear, light hikers, and other rugged outdoor footwear

styles and accessories. UGG is the brand and the category creator for luxury sheepskin footwear. The Simple brand

comprises sustainable footwear and accessories.

$108.15 $85.11 $71.78 $58.85 $31.55

31 STRA Strayer Education Inc

Strayer Education, Inc. is a post-secondary education services corporation. The Company offers a variety of academic

programs through its wholly owned subsidiary, Strayer University, Inc., both in classroom courses and online via the

Internet. The Strayer University is an institution of higher learning that offers undergraduate and graduate degree

programs in business administration, accounting, information technology, education and public administration at 65

campuses in Alabama, Delaware, Florida, Georgia, Kentucky, Maryland, New Jersey, North Carolina, Pennsylvania, South

Carolina, Tennessee, Utah, Virginia, West Virginia and Washington, D.C. As part of its program offering, the University also

offers classes online via the Internet. As of December 31, 2008, the Company had more than 44,000 students enrolled in its

programs.

$218.25 $125.43 $118.14 $94.95 $5.12

32 BRLIBio-Reference

Laboratories Inc

Bio-Reference Laboratories, Inc. (Bio-Reference) is principally engaged in providing clinical laboratory testing services,

primarily to customers in the greater New York metropolitan area, as well as to customers in a number of other states. Bio-

Reference offers a list of chemical diagnostic tests, including blood and urine analysis, blood chemistry, hematology

services, serology, radioimmuno analysis, toxicology (including drug screening), pap smears, tissue pathology (biopsies) and

other tissue analysis. The Company operates two clinical laboratories, one in Elmwood Park, New Jersey and one in Valley

Cottage, New York, and an andrology laboratory in New York City, a cytogenetics testing laboratory located in Milford,

Massachusetts, a pathology laboratory in Poughkeepsie, New York, a pathology laboratory in Clarksburg, Maryland and a

genetics laboratory in Gaithersburg, Maryland.

$39.07 $26.09 $18.79 $18.61 $3.83

33 HWKN Hawkins Inc

Hawkins, Inc. (Hawkins) is engaged in distributing, blending and manufacturing bulk and specialty chemicals for the

customers in a range of industries. The Company operates in two business segments: Industrial and Water Treatment. The

Industrial Group operates the Industrial segment, which specializes in providing industrial chemicals, products and services

primarily to the agriculture, energy, electronics, food, chemical processing, pulp and paper, pharmaceutical, medical device

and plating industries. The group�s principal products are acids, alkalis and industrial and food-grade salts. The Water

Treatment Group operates the Water Treatment segment, which specializes in providing equipment, chemicals and

solutions for potable water, municipal and industrial wastewater, industrial process water and non-residential swimming

pool water.

$21.13 $23.56 $17.81 $18.39 $4.36

34 NGSNatural Gas Services

Group Inc

Natural Gas Services Group, Inc. (Natural Gas Services Group) is a provider of small-to-medium horsepower compression

equipment to the natural gas industry. The Company focuses primarily on the non-conventional natural gas production

business in the United States (such as coalbed methane, gas shales and tight gas). Natural Gas Services Group

manufactures, fabricates and rents natural gas compressors that enhance the production of natural gas wells and provide

maintenance services for those compressors. In addition, it sells custom fabricated natural gas compressors to meet

customer specifications dictated by well pressures, production characteristics and particular applications. It also

manufactures and sells flare systems for oil and gas plant and production facilities. The Company identifies its segments

based upon major revenue sources, which include Gas Compressor Rental, Engineered Equipment Sales, Service and

Maintenance and Corporate.

$20.02 N/A $33.54 N/A ($0.23)

Page 4: Forbes 2009 200 Small Companies

35 GLF GulfMark Offshore Inc

GulfMark Offshore, Inc. provides offshore marine services primarily to companies involved in offshore exploration and

production of oil and natural gas. The Company's vessels transport materials, supplies and personnel to offshore facilities,

as well as move and position drilling structures. The Company and its subsidiaries operate through three segments: the

North Sea, Southeast Asia and the Americas. Offshore support vessels generally fall into seven functional classifications

derived from their primary or predominant operating characteristics or capabilities: anchor handling, towing and supply

vessels (AHTs), platform supply vessels (PSVs), Fast Supply or Crew Vessels (FSVs/Crewboat), specialty vessels (SpVs),

standby rescue vessels (Stby), construction support vessels and utility vehicles. On July 1, 2008, the Company acquired

Rigdon Marine Holdings, L.L.C. (Rigdon Holdings).

$28.82 $41.94 $48.30 $37.33 ($14.84)

36 FFIV F5 Networks Inc

F5 Networks, Inc. is a provider of application delivery networking products that ensure the security, optimization and

availability of applications for any user, anywhere. The Company�s core technology is hardware and software for

application delivery networking, including application security, secure remote access, wide area network (WAN)

optimization and file virtualization. All of its products are systems that integrate its software with purpose-built hardware

that incorporates commodity components. The Company�s BIG-Internet protocol (IP) product family supports a number of

features and functions as software modules, including Global Traffic Manager (GTM), Link Controller, Application Security

Manager (ASM) and WebAccelerator. It also sells ASM, FirePass, WANJet and WebAccelerator as separate, stand-alone

appliances.

$51.02 $34.60 $24.54 $20.67 $2.15

37 ENSG Ensign Group Inc

The Ensign Group, Inc. (Ensign) is a provider of nursing and rehabilitative care services through the operation of facilities

located in California, Arizona, Texas, Washington, Utah and Idaho. During the year ended December 31, 2008, the Company

owned or leased 63 facilities. Its facilities provide a spectrum of skilled nursing, physical, occupational and speech therapies,

and other rehabilitative and healthcare services and, in certain facilities, assisted living services, for both long-term

residents and short-stay rehabilitation patients. The facilities have a collective capacity of over 7,600 skilled nursing,

assisted living and independent living beds. As of December 31, 2008, Ensign owned 32 of its facilities and operated an

additional 31 facilities under long-term lease arrangements. Effective October 1, 2009, The Ensign Group, Inc. acquired

Golden Acres, an operating skilled nursing and independent living campus, as well as a separate hospice business, both in

Dallas, Texas.

$15.99 $13.52 $19.84 $10.97 ($2.71)

38 ICFI ICF International Inc

ICF International, Inc. provides management, technology, and policy consulting and implementation services to

government, commercial and international clients. The Company helps its clients conceive, develop, implement and

improve solutions that address economic, social and national security issues. Its services primarily address four markets:

energy and climate change; environment and infrastructure; health, human services and social programs, and homeland

security and defense. The Company�s advisory and management consulting services include needs and markets

assessment, policy analysis, strategy and concept development, change management strategy, enterprise architecture, and

program design. Its implementation services include information technology solutions, project and program management,

project delivery, strategic communications and training. In April 2009, the Company acquired Macro International Inc. In

December 2009, the Company acquired Jacob & Sundstrom, Inc.

$25.91 $27.87 $29.69 $12.18 ($10.69)

39 BWLD Buffalo Wild Wings Inc

Buffalo Wild Wings, Inc. (Buffalo Wild Wings) is an owner, operator and franchisor of restaurants featuring a variety of

boldly-flavored, cravable menu items, including its Buffalo, New York-style chicken wings spun in any of the Company�s 14

signature sauces. The Company's concept offers elements of the quick casual and casual dining restaurant concepts

featuring a service model that allows its guests to choose among dining options, such as casual counter service, casual

dining table service or take out. Buffalo Wild Wings' menu, priced between the quick casual and casual dining segments,

features fresh chicken wings and other items, including boneless wings, chicken tenders, popcorn shrimp, specialty

hamburgers and sandwiches, wraps, Buffalito soft tacos, appetizers and salads. As of December 30, 2007, the Company

owned or franchised 493 Buffalo Wild Wings restaurants in 37 states, of which 161 were Company-owned and 332 were

franchised.

$42.07 N/A $36.18 $6.31 ($1.81)

40 CHTT Chattem Inc

Chattem, Inc. (Chattem) is a marketer and manufacturer of a portfolio of branded over-the-counter (OTC) healthcare

products, toiletries and dietary supplements, in such categories as medicated skin care products, topical pain care, oral

care, internal OTC, medicated dandruff shampoos, dietary supplements, and other OTC and toiletry products. The

Company�s portfolio of products includes brands, such as Gold Bond, Cortizone-10 and Balmex (medicated skin care); Icy

Hot, Aspercreme and Capzasin (topical pain care); ACT and Herpecin-L (oral care); Unisom, Pamprin and Kaopectate

(internal OTC); Selsun Blue (medicated dandruff shampoos); Dexatrim, Garlique and New Phase (dietary supplements), and

Bullfrog, UltraSwim and Sun-In (other OTC and toiletry products). Its products are sold primarily through mass

merchandisers, independent and chain drug stores, drug wholesalers and food stores in the United States, and in various

markets in approximately 80 countries worldwide.

$93.29 $71.70 $66.39 $26.95 ($17.82)

41 LXU LSB Industries Inc

LSB Industries, Inc. (LSB) is a diversified holding company, which operates through its wholly owned subsidiary,

ThermaClime, Inc. (ThermaClime) and its subsidiaries. The Company operates in two segments: Climate Control and

Chemical. Climate Control business is engaged in the manufacturing and selling of a range of heating, ventilation and air

conditioning (HVAC) products for use in commercial and residential new building construction, renovation of existing

buildings and replacement of existing systems. Chemical business is engaged in the manufacturing and selling of chemical

products produced from plants in Texas, Arkansas and Alabama for the industrial, mining and agricultural markets.

$14.67 $14.64 $16.79 $16.64 $0.14

42 PRO PROS Holdings?Inc

PROS Holdings Inc. is a provider of pricing and margin optimization software, an emerging category of enterprise

applications designed to allow companies to improve financial performance. The Company�s software products help

customers gain insight into their pricing strategies, identify detrimental pricing practices, optimize their pricing decision-

making and improve their business processes and financial performance. Its software products incorporate pricing science,

which includes operations research, forecasting and statistics. Its science-based software products analyze, execute and

optimize pricing strategies using data elements determined using pricing science, including the pocket price, pocket margin,

customer willingness-to-pay, customer cost-to-serve, win-loss ratios, market price, stretch price and other relevant

information, as well as data from traditional enterprise applications.

$9.53 $6.47 $8.36 $8.00 $1.58

43 SMTS Somanetics Corp

Somanetics Corporation develops, manufactures and markets the In Vivo Optical Spectroscopy (INVOS) System, a non-

invasive patient monitoring system that continuously measures changes in the blood oxygen levels in the brain and

elsewhere in the body in tissues beneath the sensor in patients with or at risk for restricted blood flow. The INVOS System

consists of a portable monitoring system, including technology, which is used with multiple single-use disposable sensors,

called SomaSensors or OxyAlert sensors. During the fiscal year ended November 30, 2008 (fiscal 2008), net revenues from

disposable sensors comprised approximately 72% of its net revenues. As of November 30, 2008, the Company had an

installed base of 2,523 INVOS System monitors in the United States in 714 hospitals, and during fiscal 2008, it sold 424,647

sensors worldwide. In November 2008, it acquired ICU Data Systems, Inc., a technology development company,

$18.31 $14.08 $6.59 $17.38 $4.89

44 ARD Arena Resources Inc

Arena Resources, Inc. (Arena) is engaged in the acquisition, exploration and development of oil and gas properties, and the

production and sale of oil and gas. The Company owns interests in oil and gas properties located in Oklahoma, Texas,

Kansas and New Mexico. The Company has a portfolio of oil and natural gas reserves, with approximately 85% of its proved

reserves consisting of oil and approximately 15% consisting of natural gas. Approximately 31% of Arena's proved reserves

are classified as proved developed producing (PDP); approximately 7% of its proved reserves are classified as proved

developed non-producing (PDNP), and approximately 62% are classified as proved undeveloped (PUD). The Company sells

its oil and natural gas production to end users, marketers and other purchasers who have access to nearby pipeline

facilities. During the year ended December 31, 2008, the Company completed the drilling of 233 wells.

$42.10 N/A $17.12 $7.90 ($1.04)

45 NTRI NutriSystem Inc

NutriSystem, Inc. is a provider of a weight management system based on a portion-controlled, prepared meal program. The

Company provides a weight management program, consisting primarily of a pre-packaged food program and counseling.

The Company�s customers purchase monthly food packages containing a 28-day supply of breakfasts, lunches, dinners and

desserts, which they supplement with fresh dairy, fruit, salad, vegetables and low-glycemic carbohydrate items. Most of the

Company�s customers order on an auto-delivery basis (Auto-Delivery), in which it sends a month�s food supply on an

ongoing basis until notified by the customer to stop the shipments. The Company�s NutriSystem Advanced program

consists of over 150 portion-controlled food items that provide dieters with an intake of carbohydrates, proteins and fats.

On July 1, 2008, it acquired certain assets of Power Chow, LLC (doing business as NuKitchen).

$29.01 $21.12 $27.90 $31.39 $2.74

46 HSR Hi Shear Technology Corp Company description not available. $0.00 $12.95 $17.47 $6.99 $1.52

Page 5: Forbes 2009 200 Small Companies

47 ATNI Atlantic Tele-Network Inc

Atlantic Tele-Network, Inc. provides wireless and wireline telecommunications services in North America and the Caribbean.

Through its operating subsidiaries, the Company offers the services, which include Wireless, Local Telephone and Data and

International Long Distance Voice and Data Services. It conducts its operations in the mainland United States, Guyana,

Bermuda, and United States Virgin Islands through its subsidiaries, which include Guyana Telephone & Telegraph (GT&T),

Commnet Wireless, LLC, Sovernet, Inc., Bermuda Digital Communications, Ltd (BDC) and Choice Communications, LLC

(Choice). Through its operating subsidiaries, it provides wireless, local telephone and data, international long distance

services and wholesale transport services. It provides Internet access services as an Internet service provider (ISP). The

Company acquired ION Holdco, LLC (ION) in August 2008.

$54.45 $32.09 $45.92 $20.63 ($3.52)

48 ERII Energy Recovery Inc

Energy Recovery, Inc. is engaged in developing, manufacturing and selling energy recovery devices for selling in the

seawater desalination. The subsidiaries of the Company include Osmotic Power, Inc., Energy Recovery, Inc. International,

and Energy Recovery Iberia, S.L. There are two methods of producing drinking water from seawater: thermal distillation and

membrane or reverse osmosis desalination. Thermal distillation involves heating seawater, capturing the vapor and

condensing it as potable water. Reverse osmosis desalination entails pressurizing seawater and driving it into filtering

membranes to produce pure water and concentrated brine, which is carried away in a high pressure reject stream. The

energy recovery products are used in reverse osmosis desalination. The products of the Company are sold under the

trademarks ERI, PX, Pressure Exchanger and PX Pressure Exchanger. In December 2009, the Company acquired Pump

Engineering, L.L.C.

$7.09 N/A N/A N/A $1.89

49 RHT Red Hat Inc

Red Hat Inc.(Red Hat) is engaged in providing open source software solutions to the enterprise, including its core enterprise

operating system platform, Red Hat Enterprise Linux, its enterprise middleware platform, JBoss Enterprise Middleware, its

virtualization solutions and other Red Hat enterprise technologies. The Company employs an open source software

development and licensing model that uses the collaborative input of an international community of contributors to

develop and enhance software. The collectively developed software is distributed under open source licenses, such as the

GNU General Public License and GNU Lesser General Public License, permitting access to the human-readable software

source code. In March 2008, the Company acquired Amentra, Inc., and in September 2008, it acquired Qumranet, Inc. Its

wholly owned subsidiary is Red Hat Professional Consulting, Inc.

$29.09 $10.55 N/A $10.79 $0.74

50 NPKNational Presto Industries

Inc

National Presto Industries, Inc. operates in three business segments: Housewares/Small Appliance, Defense Products and

Absorbent Products. The Housewares/Small Appliance segment designs, markets and distributes housewares and small

electrical appliances, including pressure cookers and canners, kitchen electrics, and comfort appliances. The Defense

Products segment manufactures 40mm ammunition, precision mechanical and electro-mechanical assemblies, medium

caliber cartridge cases, and performs Load, Assemble and Pack (LAP) operations on ordnance related products primarily for

the U.S. government and prime contractors.

$110.97 $96.49 $70.00 $79.25 $35.99

51 DRQ Dril-Quip Inc

Dril-Quip, Inc. (Dril-Quip) designs, manufactures, sells and services engineered offshore drilling and production equipment

for use in deepwater, harsh environment and service applications. The Company�s principal products consist of subsea and

surface wellheads, subsea and surface production trees, subsea control systems and manifolds, mudline hanger systems,

specialty connectors and associated pipe, drilling and production riser systems, liner hangers, wellhead connectors and

diverters. Dril-Quip�s products are used by integrated, large independent and foreign national oil and gas companies in

offshore areas worlwide. Dril-Quip also provides technical advisory assistance on an as-requested basis during installation

of its products, as well as rework and reconditioning services for customer-owned Dril-Quip products. In addition, Dril-

Quip�s customers may rent or purchase running tools from the Company for use in the installation and retrieval of its

products.

$56.34 $46.37 $45.35 $27.88 $11.30

52 NCIT NCI Inc

NCI, Inc. (NCI) is a provider of information technology (IT), engineering, and professional services and solutions to federal

government agencies. The Company provides IT and professional services and systems solutions by leveraging across eight

service offerings: enterprise systems management, network engineering; information assurance and cybersecurity; systems

engineering and integration; program management, acquisition, and lifecycle support; engineering and logistics; medical

transformation/health IT; and distance learning and training. On March 15, 2008, the Company completed the acquisition

of a business from MTC Technologies, Inc. In August 2009, the Company acquired the outstanding capital stock of TRS

Consulting, Inc.

$29.55 $21.95 $26.83 $10.76 $0.08

53 CPSIComputer Programs And

Systems Inc

Computer Programs and Systems, Inc. (CPSI) is a healthcare information technology company that designs, develops,

markets, installs and supports computerized information technology systems to meet the demands of small and midsize

hospitals. The Company is a single-source vendor providing software and hardware products, complemented by data

conversion, complete installation and extensive support. Its integrated, enterprise-wide system automates the

management of clinical and financial data across the primary functional areas of a hospital. In addition, it provides services

that enable its customers to outsource certain data-related business processes. It provides fully integrated, enterprise-

wide, Health Insurance Portability and Accountability Act (HIPAA) compliant medical information systems and services that

collect, process, retain and report data in the primary functional areas of a hospital, from patient care to clinical processing

to administration and accounting.

$47.81 $26.18 $30.36 $19.71 $2.61

54 AVAV AeroVironment Inc

AeroVironment, Inc. designs, develops, produces and supports a portfolio of unmanned aircraft systems (UAS), that it

supplies primarily to organizations within the United States Department of Defense (DoD), charging systems for electric

industrial vehicle batteries and electric vehicle test systems devices that it supplies to commercial and government

customers. The Company derives the majority of its revenue from these business areas. The Company's core technological

capabilities include lightweight aerostructures, electric propulsion systems, electric energy generation and storage systems,

energy packaging, miniaturization, controls integration and systems engineering optimization. The Company is organized

into two segments: UAS and Efficient Energy Systems. The Company�s UAS business segment focuses primarily on the

design, development, production and support of UAS that provide situational awareness to the security of its customers'

operations.

$31.71 $23.01 $5.74 $17.77 $7.75

55 VIVO Meridian Bioscience Inc

Meridian Bioscience, Inc. is a life science company. The Company�s principal businesses are the development, manufacture,

sale and distribution of diagnostic test kits, primarily for certain respiratory, gastrointestinal, viral and parasitic infectious

diseases; the manufacture and distribution of bulk antigens, antibodies, and reagents used by researchers and other

diagnostic manufacturers, and the contract development and manufacture of proteins and other biologicals for use by

biopharmaceutical and biotechnology companies engaged in research for new drugs and vaccines. The Company operates

in three business segments: US Diagnostics, European Diagnostics and Life Science.

$21.50 $15.21 $17.23 $11.71 $2.08

56 BOOM Dynamic Materials Corp

Dynamic Materials Corporation is an industrial manufacturer of equipment and materials, to support the infrastructure of

the process and energy industries. It provides explosion-welded clad metal plates. The Company operates in three business

segments: Explosive Metalworking (which is also referred as DMC Clad), Oilfield Products (which is also referred as

DYNAwell or DYNAenergetics) and AMK Welding (AMK Welding). DMC Clad's products are used in critical applications in a

range of industries, including oil and gas, alternative energy, chemical and petrochemical, hydrometallurgy, aluminum

production, shipbuilding, power generation and industrial refrigeration. The Company through the Oilfield Products

segment provides a range of products for the global oil and gas industries. The AMK Welding segment provides advanced

welding services, primarily to the power turbine and aircraft engine manufacturing industries. In October 2009, Dynamic

Materials Corporation acquired LRI Oil Tools Inc.

$21.09 $19.40 $29.76 $17.01 ($0.95)

57 CNQR Concur Technologies Inc

Concur Technologies, Inc. (Concur) is a global provider of on-demand Employee Spend Management solutions. The

Company�s solutions unite online travel procurement with automated expense reporting, streamline corporate event

management, and optimize the process of managing vendor payments, employee check requests and direct

reimbursements. The Company sells its solutions and services primarily on a subscription basis and delivers them on-

demand. As of September 30, 2009, Concur had approximately 9,000 customers in approximately 90 countries. In August

2009, Concur acquired Etap-On-Line, a provider of business travel and expense management solutions.

$40.92 $9.95 $18.18 $15.22 $3.33

58 AAON Aaon Inc

AAON, Inc. is engaged in the manufacturing and selling of air-conditioning and heating equipment. The products of the

Company consists of rooftop units, chillers, air-handling units, make-up air units, heat recovery units, condensing units,

coils and boilers. The Company�s subsidiaries include AAON Coil Products, Inc., AAON Canada, Inc. and AAON Properties,

Inc.

$19.80 $21.33 $27.54 $12.29 $2.64

Page 6: Forbes 2009 200 Small Companies

59 DXPE DXP Enterprises Inc

DXP Enterprises, Inc. (DXP) is engaged in the business of distributing maintenance, repair and operating (MRO) products,

equipment and service to industrial customers. The Company is organized into two segments: MRO and Electrical

Contractor. The MRO segment provides MRO products, equipment and integrated services, including technical design

expertise and logistics capabilities, to industrial customers. The Electrical Contractor segment sells a range of electrical

products. On January 31, 2008, DXP acquired Rocky Mtn Supply, Inc. On August 28, 2008, the Company acquired PFI, LLC.

On December 1, 2008, DXP acquired Falcon Pump.

$13.10 $19.92 $19.23 $13.89 ($2.32)

60 PRAAPortfolio Recovery

Associates Inc

Portfolio Recovery Associates, Inc. is a full-service provider of outsourced receivables management and related services.

The Company�s primary business is the purchase, collection and management of portfolios of defaulted consumer

receivables. These are the unpaid obligations of individuals to credit originators, which include banks, credit unions,

consumer and auto finance companies and retail merchants. The Company also provides a range of contingent and fee-

based services, including collateral-location services for credit originators via PRA Location Services, LLC (IGS), audit and

debt discovery/recovery services for government entities through PRA Government Services, LLC (RDS) and MuniServices,

LLC (MuniServices). On July 1, 2008, the Company acquired 100% of the membership interests of MuniServices. On August

1, 2008, the Company acquired Broussard Partners and Associates, Inc. (BPA).

$48.80 $47.45 $65.94 $25.62 $16.52

61 AIRM Air Methods Corp

Air Methods Corporation (Air Methods) is a provider of air medical emergency transport services and systems throughout

the United States. The Company provides air medical emergency transport services under two service delivery models:

Community-Based Services (CBS) and Hospital-Based Services (HBS). Rocky Mountain Holdings, LLC (RMH), FSS Airholdings,

Inc. (FSS), Mercy Air Service, Inc. (Mercy Air), and LifeNet, Inc. (LifeNet) all operate as wholly owned subsidiaries of Air

Methods. As of December 31, 2008, the Company�s CBS Division provided air medical transportation services in 20 states,

while its HBS Division provided air medical transportation services to hospitals located in 32 states under operating

agreements with original terms ranging from two to eight years. The Company�s Products Division designs, manufactures,

and installs aircraft medical interiors and other aerospace or medical transport products.

$32.32 $21.69 $36.47 $3.60 ($5.20)

62 BOLT Bolt Technology Corp

Bolt Technology Corporation consists of three operating units that manufacture and sell marine seismic data acquisition

equipment: Bolt Technology Corporation (Bolt), A-G Geophysical Products, Inc. (A-G) and Real Time Systems Inc. (RTS). Bolt

develops, manufactures and sells marine seismic energy sources (air guns) and replacement parts, and is referred to as the

seismic energy sources segment. A-G develops, manufactures and sells underwater cables, connectors, hydrophones, depth

and pressure transducers and seismic source monitoring systems, and is referred to as the underwater cables and

connectors segment. RTS develops, manufactures and sells air gun controllers/synchronizers, data loggers and auxiliary

equipment, and is referred to as the seismic energy source controllers segment. In May 2008, the Company completed the

selling of Custom Products Corporation (Custom), a wholly owned subsidiary of Bolt.

$13.05 $19.04 $16.92 $17.96 $5.89

63 JCOMj2 Global Communications

Inc

j2 Global Communications, Inc. (j2 Global) provides outsourced, value-added messaging and communications services to

individuals and businesses worldwide. The Company offers fax, voicemail, e-mail and call handling services, as well as

bundled suites of certain of these services. It markets the services under the brand names eFax, eFax Corporate,

eFaxDeveloper, Fax.com, Send2Fax, eFax Broadcast, jBlast, jConnect, Onebox, Onebox Receptionist, RapidFAX, eVoice,

eVoice Receptionist, YAC and Electric Mail. j2 Global delivers its services through its global telephony/Internet protocol (IP)

network, which spans more than 3,000 cities in 42 countries across five continents. The Company operates in one segment:

value-added messaging and communications services, which provides for the delivery of fax, voicemail and email messages

and communications via the telephone and/or Internet networks. During 2008, the Company announced the acquisition of

Phone People Holdings Corporation.

$19.68 $33.85 $28.12 $22.52 $2.91

64 BCPC Balchem Corp

Balchem Corporation (Balchem), incorporated in 1967, is engaged in the development, manufacture and marketing of

specialty performance ingredients and products for the food, nutritional, feed, pharmaceutical and medical sterilization

industries. The Company operates in three segments: Specialty Products; Food, Pharma & Nutrition, and Animal Nutrition &

Health (AN&H). The Company operates four domestic wholly owned subsidiaries: BCP Ingredients, Inc. (BCP), Balchem

Minerals Corporation (BMC), BCP Saint Gabriel, Inc. (BCP St. Gabriel) and Chelated Minerals Corporation (CMC). It also

operates three wholly owned subsidiaries in Europe: Balchem BV, Balchem Trading BV and Balchem Italia Srl.

$32.50 $22.83 $20.58 $13.49 $2.33

65 CTRN Citi Trends Inc

Citi Trends, Inc. is a retailer of urban fashion apparel and accessories for the entire family The Company offers branded

products from brands, as well as private label products and a limited assortment of home decor items. Citi Trends'

merchandise offerings are designed to appeal to the preferences of fashion conscious consumers, particularly African-

Americans. The Company's stores average approximately 10,200 square feet of selling space and are typically located in

neighborhood shopping centers. During the fiscal year ended January 31, 2009 (fiscal 2008), the Company opened 39 new

stores and closed one store. As of January 31, 2009, Citi Trends operated 357 stores in both urban and rural markets in 22

states.

$30.32 $17.33 $10.22 $25.24 $6.16

66 PPD Pre-Paid Legal Services Inc

Pre-Paid Legal Services, Inc. designs, underwrites and markets legal expense plans. The Company�s life events legal plans

(referred to as Memberships) provide for a variety of legal services. In most states and provinces, standard plan benefits

include preventive legal services, motor vehicle legal defense services, trial defense services, internal revenue service (IRS)

audit services and a 25% discount off legal services not specifically covered by the Membership. It also offers Identity Theft

Shield (IDT) to new and existing members. As of December 31, 2008, the Company had 1,559,154 Memberships in force

with members in all 50 states, the District of Columbia and the Canadian provinces of Ontario, British Columbia, Alberta

and Manitoba.

$43.28 $46.44 $51.12 $54.83 ($5.75)

67 AMPHAmerican Physicians

Service Group Inc

American Physicians Service Group, Inc. (APSG) is engaged in providing insurance services, specifically medical professional

liability insurance, and financial services, including brokerage and other investment services to individuals and institutions.

The Company acquired American Physicians Insurance Company (API). The Company offers medical professional liability

insurance coverage, which is designed to protect its policyholders from losses and legal costs associated with medical

professional liability claims. Its policies are written for one-year terms. Medical professional liability insurance is offered on

either a claims made basis or an occurrence basis. Claims made policies insure physicians only against claims that are

reported during the period covered by the policy. Occurrence policies insure physicians against claims based on occurrences

during the policy period regardless of when they are reported.

$22.02 N/A $34.82 N/A N/A

68 STRLSterling Construction Co

Inc

Sterling Construction Company, Inc. (Sterling) is a heavy civil construction company that specializes in the building,

reconstruction and repair of transportation and water infrastructure. Transportation infrastructure projects include

highways, roads, bridges and light rail. Water infrastructure projects include water, wastewater and storm drainage

systems. The Company is operated by its subsidiaries, Texas Sterling Construction Co. in Texas and Road and Highway

Builders LLC (RHB) in Nevada. Sterling provides general contracting services primarily to public sector clients utilizing its own

employees and equipment, including excavating, concrete and asphalt paving, installation of large-diameter water and

wastewater distribution systems; construction of bridges and similar large structures; construction of light rail

infrastructure; concrete batch plant operations, concrete crushing and aggregates and asphalt paving operations.

$19.63 $22.19 $21.26 $22.78 $2.29

69 TISI TEAM Inc

Team, Inc. (Team) is a provider of specialty maintenance and construction services required in maintaining high

temperature and high pressure piping systems and vessels that are utilized in heavy industries. The Company offers an

array of services, which includes leak repair, hot tapping, fugitive emissions control, field machining, technical bolting, field

valve repair, non-destructive testing and field heat treating. Team offers these services in over 100 locations throughout

the United States, and international markets, including Aruba, Belgium, Canada, Singapore, the Netherlands, Trinidad and

Venezuela.

$19.18 $15.26 $21.01 $13.62 $1.20

70 HOSHornbeck Offshore

Services Inc

Hornbeck Offshore Services, Inc. operates offshore supply vessels (OSVs), multi-purpose support vessels (MPSVs), and a

shore-base to provide logistics support and specialty services to the offshore oil and gas exploration and production

industry, primarily in the United States, Gulf of Mexico and select international markets. The Company, through its

subsidiaries, also operates ocean-going tugs and tank barges that provide transportation of petroleum products, primarily

in the northeastern United States, Gulf of Mexico and Puerto Rico. The Company owns a 49% interest in Hornbeck Offshore

Trinidad & Tobago Limited (HOTT-Ltd). HOTT-Ltd is a vessel crewing and management services company established to

support the Company�s Trinidad & Tobago-based operations. The Company operates in two segments: Upstream and

Downstream.

$24.07 $33.98 $16.68 $14.95 ($31.22)

Page 7: Forbes 2009 200 Small Companies

71 LINCLincoln Educational

Services Corp

Lincoln Educational Services Corporation is a provider of career-oriented post-secondary education. The Company offers

high school graduates and working adults degree and diploma programs in five areas of study: automotive technology,

health sciences, skilled trades, business and information technology, and hospitality services. During the year ended

December 31, 2008, the Company�s automotive technology program, health science program, skilled trades program,

business and information technology program, and hospitality services program accounted for approximately 35%, 32%,

14%, 9%, and 10%, respectively, of its average enrollment. On December 1, 2008, the Company acquired the rights, title and

interest in the assets used in the conduct and operation of Briarwood College (Briarwood). On January 20, 2009, the

Company acquired four of the five institutions comprising Baran Institute of Technology (Baran). In April 2009, the

Company completed the acquisition of Clemens College.

$21.21 $7.35 $6.99 $11.87 ($3.28)

Page 8: Forbes 2009 200 Small Companies

72 POWL Powell Industries Inc

Powell Industries, Inc. (Powell) develops, designs, manufactures and services custom engineered-to-order equipment and

systems for the management and control of electrical energy and other critical processes. The Company operates in two

segments: Electrical Power Products and Process Control Systems. Powell serves transportation, environmental, energy,

industrial and utility industries. Its wholly owned subsidiaries include Powell Electrical Systems, Inc., Transdyn, Inc., Powell

Industries International, Inc., Switchgear & Instrumentation Limited and Switchgear & Instrumentation Properties Limited.

Effective December 15, 2009, Powell Industries, Inc. acquired the Canadian business and assets of PowerComm Inc.

$32.10 N/A N/A $25.51 $7.03

73 LUFK Lufkin Industries Inc

Lufkin Industries, Inc., is a supplier of oil field and power transmission products. The Company is divided into two operating

segments: Oil Field and Power Transmission. Through its Oil Field segment, the Company manufactures and services

artificial reciprocating rod lift equipment and related products, which are used to extract crude oil and other fluids from

wells. Through its Power Transmission segment, the Company manufactures and services high-speed and low-speed

increasing and reducing gearboxes for industrial applications. In January 2008, the Company announced the decision to

suspend its participation in the commercial trailer markets and to develop a plan to run-out existing inventories, fulfil

contractual obligations and close all trailer facilities. In March 2009, the Company acquired International Lift Systems, LLC

(ILS), a manufacturer of artificial lift systems serving oil and gas companies. In July 2009, the Company acquired Rotating

Machinery Technology, Inc.

$71.97 $79.04 $86.00 $59.40 $12.69

74 BRY Berry Petroleum Co

Berry Petroleum Company (Berry) is an energy company engaged in the production, development, acquisition, exploitation

and exploration of crude oil and natural gas. The Company has organized its operations into seven asset teams: South

Midway-Sunset (S. Midway), North Midway-Sunset, including diatomite (N. Midway), Southern California, including Poso

Creek and Placerita (S. Cal), Piceance, Uinta, DJ and E. Texas. On July 15, 2008, the Company acquired a 100% working

interest in natural gas producing properties on 4,500 net acres in Limestone and Harrison counties in East Texas.

$28.56 N/A $58.12 N/A ($32.14)

75 KTII K-Tron International Inc

K-Tron International, Inc. is engaged in one principal business segment, which is material handling equipment and systems,

and its operations are conducted through subsidiary companies. The Company has manufacturing facilities in the United

States, Switzerland and the People�s Republic of China, and its equipment is sold and serviced worldwide. It serves the bulk

solids material handling markets through two separate business lines. These two business lines focus primarily on feeding

and pneumatic conveying equipment (its Process Group) and on size reduction equipment, conveying systems and

screening equipment (its Size Reduction Group). The Company�s material handling equipment is used in a range of

manufacturing and other industrial processes, particularly in the plastics, food, chemical, pharmaceutical, power

generation, coal mining, pulp and paper, wood and forest products, and biomass energy generation industries.

$148.39 $130.44 $131.25 $123.86 $22.01

76 COGT Cogent Inc

Cogent, Inc. is a provider of automated fingerprint identification systems (AFIS) and other fingerprint biometrics solutions

to governments, law enforcement agencies and other organizations worldwide. The Company�s AFIS solutions enable

customers to capture fingerprint images electronically, encode fingerprints into searchable files and compare a set of

fingerprints to a database of potentially millions of fingerprints in seconds. Cogent has researched, designed and developed

fingerprint biometric technologies that incorporate advanced concepts in fluid dynamics, neural networks, image

enhancement, data mining and massively parallel processing. The Company offers its services to governments, law

enforcement agencies and other organizations worldwide.

$10.47 $10.70 $3.83 $8.61 $2.45

77 GWR Genesee & Wyoming Inc

Genesee & Wyoming Inc. owns and operates short line and regional freight railroads and provide railcar switching services

in the United States, Australia, Canada and the Netherlands. The Company also owns a minority interest in a railroad in

Bolivia. As of December 31, 2008, it operated over approximately 6,800 miles of owned and leased track, and

approximately 3,100 additional miles under track access arrangements. The Company operated in 26 states in the United

States, five Australian states, and two Canadian provinces and provided rail service at 16 ports in North America and

Europe.

$31.61 $7.24 $24.21 $19.58 ($19.48)

78 SHOO Steven Madden Ltd

Steven Madden, Ltd. designs, sources, markets and retails fashion-forward footwear for women, men and children. The

Company also designs, sources, markets and retails name brand and private label fashion handbags and accessories

through its Daniel M. Friedman Division. The Company distributes products through its retail stores, its e-commerce

Website, department and specialty stores throughout the United States and through special distribution arrangements in

Canada, Europe, Central and South America, Australia and Asia. Its business comprises three segments: Wholesale, Retail

and First Cost. Steven Madden Retail, Inc., its wholly owned retail subsidiary, operates Steve Madden and Steven retail

stores, as well as its e-commerce Website. The Company�s wholly owned subsidiary, Adesso-Madden, Inc. (A-M), acts as a

buying agent for footwear products under private labels and licensed brands for many mass merchandisers and mid-tier

department stores.

$41.01 $31.18 $32.73 $17.65 $4.89

79 FSTR LB Foster Co

L.B. Foster Company (Foster), is a manufacturer, fabricator and distributor of products and services for the rail,

construction, energy and utility markets. Foster classifies its activities into three business segments: Rail products,

Construction products and Tubular products. For rail markets, Foster provides a new and used rail, trackwork, and

accessories to railroads, mines and industry. The Company also designs and produces concrete railroad ties, insulated rail

joints, power rail, track fasteners, coverboards and special accessories for mass transit and other rail systems worldwide.

For the construction industry, the Company sells steel sheet piling, H-bearing piling, pipe piling and provides rental sheet

piling for foundation requirements. For tubular markets, the Company supplies pipe coatings for natural gas pipelines and

utilities.

$28.66 $27.71 $56.61 $17.87 $17.69

80 ICUI ICU Medical Inc

ICU Medical, Inc. is engaged in the development, manufacture and sale of disposable medical connection systems for use in

vascular therapy applications. The Company�s devices are designed to protect patients from catheter-related bloodstream

infections and healthcare workers from exposure to infectious diseases through accidental needlesticks. It is also engaged

in the production of custom intravenous (I.V.) systems, critical care medical devices, including catheters, angiography kits

and cardiac monitoring systems. The Company designed CLAVE to eliminate needles from certain applications in acute care

hospitals, home healthcare, ambulatory surgical centers, nursing homes, convalescent facilities, physician�s offices, medical

clinics, and emergency centers. The principal products that it has introduced include Spiros Closed Male Connector, Genie

Closed Vial Access Device and a line of custom I.V. therapy sets designed for use in Oncology.

$36.94 $39.44 $18.67 $26.04 $6.55

81 HWCC Houston Wire & Cable Co

Houston Wire & Cable Company is a distributor of specialty wire and cable, and related services to the United States

electrical distribution market. During the year ended December 31, 2008, the Company served over 3,200 customers,

including 200 electrical distributors in the United States. In 2008, Houston Wire & Cable distributed approximately 22,000

stock-keeping units (SKUs) to over 8,600 customer locations nationwide from 11 distribution centers in 10 states. The

Company offers products in categories of specialty wire and cable, including continuous and interlocked armor cable,

control and power cable, electronic wire and cable, flexible and portable cords, instrumentation and thermocouple cable,

lead and high temperature cable, medium voltage cable, and premise and category wire and cable. It also offers private

branded products, including its LifeGuard low-smoke, zero-halogen cable.

$12.33 $21.42 $24.63 $14.14 $7.38

82 CRR Carbo Ceramics Inc

CARBO Ceramics Inc. is a supplier of ceramic proppant and a provider of fracture simulation software, and a provider of

fracture design, engineering and consulting services. The Company sells its products and services to operators of oil and

natural gas wells and to oilfield service companies. The Company�s products and services are primarily used in the

hydraulic fracturing of natural gas and oil wells. On October 10, 2008, the Company completed the sale of its fracture and

reservoir diagnostics business to Halliburton Energy Services, Inc.

$69.01 $49.96 $63.75 $22.19 $7.22

83 RGLD Royal Gold Inc

Royal Gold, Inc. (Royal Gold), together with its subsidiaries, is engaged in the business of acquiring and managing precious

metals royalties. The Company focuses to acquire existing royalties or to finance projects that are in production or in

development stage in exchange for royalty interests. During the fiscal year ended June 30, 2009 (fiscal 2009), the Company

received royalty revenue from 23 producing properties. In addition, it owns royalty interests on 10 development-stage

properties and over 80 exploration-stage properties, of which the Company considers 25 to be evaluation-stage projects.

Royal Gold does not conduct mining operations. On October 1, 2008, the Company completed the acquisition of 72

royalties from Barrick Gold Corporation (Barrick), including a restructuring of the Company�s gross smelter return 2 (GSR2),

GSR3 and net value royalty 1 (NVR1) royalties.

$48.44 N/A $17.47 $11.85 $7.21

Page 9: Forbes 2009 200 Small Companies

84 ROCM Rochester Medical Corp

Rochester Medical Corporation develops, manufactures and markets a range of polyvinyl chloride (PVC)-free and latex-free

urinary continence and urine drainage care products for the extended care and acute care markets. The Company�s

extended care products include a line of male external catheters for managing male urinary incontinence and a line of

intermittent catheters for managing both male and female urinary retention. The Company introduced Magic3tm, an

advanced line of silicone intermittent catheters. The Company�s extended care products also include the FemSoft Insert, a

soft, liquid-filled, conformable urethral insert for managing female stress urinary incontinence in adult females. The

Company�s acute care products include a line of standard Foley catheters and its new Strata brand of Foley catheters,

which includes its Strata NFtm catheter, an antibacterial Foley catheter that reduces the incidence of hospital acquired

urinary tract infection (UTI).

$11.96 $6.71 N/A $5.37 $3.74

85 ANSS Ansys Inc

ANSYS, Inc. (ANSYS) develops and globally markets engineering simulation software and services used by engineers and

designers across a range of industries, including aerospace, automotive, manufacturing, electronics, biomedical, energy and

defense. The Company focuses on the development of open and flexible solutions that enable users to analyze designs

directly on the desktop, providing a common platform for product development, from design concept to final-stage testing

and validation. The Company distributes its ANSYS suite of simulation technologies through a global network of resellers

and distributors (collectively, channel partners) and direct sales offices in global locations. On July 31, 2008, ANSYS acquired

Ansoft Corporation (Ansoft).

$42.74 $49.39 $24.67 $21.94 ($2.08)

86 GEOI GeoResources Inc

GeoResources, Inc., incorporated in 1958, is independent oil and gas company engaged in the acquisition and development

of oil and gas reserves through an active and diversified program, which includes purchases of reserves, re-engineering,

development and exploration activities focused in three United States areas, including the Southwest and Gulf Coast, the

Rocky Mountains and the Williston Basin. In January, 2008, the Company sold all of its interest in the Grand Canyon Unit, a

property acquired in the Merger. In February, 2008, it acquired properties from an unaffiliated party in the Williston Basin

of North Dakota and Montana. In May, 2008, it sold seven non-core oil and gas properties in Louisiana and Texas. In

September, 2008, it acquired producing properties in Oklahoma. On May 29, 2009, the Company acquired undivided

working interests in 68 wells, located in the Giddings Field, Texas.

$13.82 N/A N/A N/A ($6.99)

87 NEOG Neogen Corp

Neogen Corporation (Neogen), together with its subsidiaries, develops, manufactures and markets a line of products

dedicated to food and animal safety. The Company operates in two primary business areas: the food safety segment and

the animal safety segment. The Company�s food safety segment consists primarily of diagnostic test kits and

complementary products marketed by sales personnel in the North American, Mexico, the United Kingdom and other parts

of Europe, and by distributors elsewhere to food producers and processors to detect dangerous and/or unintended

substances in human food and animal feed. Neogen�s animal safety segment is engaged in the development, manufacture

and marketing of pharmaceuticals, rodenticides, disinfectants, vaccines, veterinary instruments, topicals and diagnostic

products for the worldwide animal safety market. In May 4, 2009, Neogen acquired International Diagnostic Systems

Corporation.

$23.88 $33.62 $18.08 $13.12 ($4.14)

88 LQDT Liquidity Services Inc

Liquidity Services, Inc. is an auction marketplace for surplus and salvage assets. The Company enables buyers and sellers to

transact in an automated online auction environment offering over 500 product categories. The Company�s marketplaces

provide professional buyers access to a global, organized supply of surplus and salvage assets presented with digital images

and other relevant product information. The Company organizes its products into categories across industry verticals, such

as consumer electronics, general merchandise, apparel, scientific equipment, aerospace parts and equipment, technology

hardware and specialty equipment. The Company�s online auction marketplaces are www.liquidation.com,

www.govliquidation.com, www.govdeals.com and www.liquibiz.com. The Company also operates a wholesale industry

portal, www.goWholesale.com that connects advertisers with buyers seeking products for resale and related business

services.

$10.44 $9.26 $5.38 $6.05 $1.61

89 INFA Informatica Corp

Informatica Corporation (Informatica) is a provider of enterprise data integration, and data quality software and services.

Informatica software handles a variety of data integration initiatives, including data migration, data consolidation, data

synchronization, data warehousing, establishment of data hubs, data services and cross-enterprise data exchange.

Informatica platform enables and accelerates data integration initiatives, allowing enterprises to meet new business

requirements by utilizing information technology (IT) systems. The Company has also introduced solutions designed to

meet the on-demand data needs of the software-as-a-service market. In May 2008, Informatica completed the acquisition

of Identity Systems, Inc. On February 13, 2009, Informatica acquired Applimation, Inc. (Applimation), which provides

application Information Lifecycle Management (ILM) technology. In June 2009, Informatica Corporation announced the

acquisition of AddressDoctor.

$24.71 $12.85 N/A $13.91 ($0.28)

90 EGOV NIC Inc

NIC Inc. (NIC), provides eGovernment services that help governments use the Internet to provide a higher level of service to

businesses and citizens. The Company conducts its business through two segments: portal outsourcing and software and

services. The portal outsourcing segment includes subsidiaries that operate outsourced government portals and the

corporate divisions that support portal operations. The software and services segment primarily includes the Company�s

Uniform Commercial Code (UCC) and corporate filings software development and ethics and elections businesses.

$8.69 $4.87 $3.71 $3.21 $0.58

91 RBI Sport Supply Group Inc

Sport Supply Group, Inc. (Sport Supply Group) is a marketer, manufacturer and distributor of sporting goods equipment,

physical education, recreational and leisure products (sporting goods equipment), and a marketer and distributor of soft

good athletic apparel and footwear products (soft goods), primarily to the institutional market in the United States. The

institutional market consists of youth sports programs, Young Men's Catholic Associations (YMCAs), Young Women's

Christian Associations (YWCAs), park and recreational organizations, schools, colleges, churches, government agencies,

athletic teams, athletic clubs and sporting goods dealers. It markets more than 20,000 sports-related equipment products,

soft goods and recreational-related equipment and products to institutional, retail and Internet customers. On July 27,

2009, the Company purchased certain team sports assets of Har-Bell Athletic Goods based in Missouri.

$11.82 $15.30 $19.21 $15.26 $1.87

92 DNEX Dionex Corp

Dionex Corporation (Dionex) designs, manufactures, markets, and services analytical instrumentation, related accessories,

and chemicals. Its products are used to analyze chemical substances in the environment and in a range of industrial and

scientific applications. Dionex designs, manufactures, markets, and services a range of liquid chromatography systems,

sample preparation devices, and related products used by chemists to separate and quantify the individual components of

chemical mixtures relevant to many industrial, research, and laboratory markets. Its liquid chromatography systems are

focused in two product areas: ion chromatography (IC) and high performance liquid chromatography (HPLC). Dionex offers

a mass spectrometer detector coupled with either IC or HPLC systems. For sample preparation, it provides accelerated

solvent extraction (ASE) systems and AutoTrace instruments. In addition, it develops and manufactures consumables,

detectors, automation, and analysis systems.

$75.22 $61.45 $59.91 $46.23 $3.20

93 SPEC Spectrum Control Inc

Spectrum Control, Inc. designs, develops and manufactures electronic components and systems. The Company�s

operations are conducted in four segments: signal and power integrity components, microwave components and systems,

power management systems, and sensors and controls. The Company�s Signal and Power Integrity Components Business

designs and manufactures a range of products, including coaxial filters, filtered connectors, power filters, antennas, and

various ceramic components. The Microwave Components and Systems Business designs and manufactures radio

frequency (RF) and microwave filters, and related products and integrated assemblies. The Power Management Systems

Business designs and manufactures power distribution units and its Smart Start power management systems. The Sensors

and Controls Business designs and manufactures rotary and linear positioning sensors, temperature-sensing probes,

resistance temperature detector sensors, and related assemblies.

$10.23 $14.10 $12.85 $8.69 $3.07

94 ATRO Astronics Corp

Astronics Corporation is a supplier of lighting, electronics and power distribution systems for the global aerospace industry.

The Company sells its products to airframe manufacturers in the commercial transport, business jet, military markets,

original equipment manufacturers (OEM) suppliers, and aircraft operators worldwide. The Company provides its products

through its wholly owned subsidiaries Luminescent Systems, Inc., Luminescent Systems Canada, Inc., and Astronics

Advanced Electronic Systems Corp. (AES). On January 30, 2009 Astronics acquired DME Corporation (DME).

$8.76 $14.93 $12.35 $3.33 ($0.61)

95 USLMUnited States Lime &

Minerals Inc

United States Lime & Minerals, Inc. is a manufacturer of lime and limestone products, supplying primarily the construction,

steel, municipal sanitation and water treatment, aluminum, paper, glass, roof shingle and agriculture industries. The

Company operates in two segments: Lime and Limestone Operations and Natural Gas Interests. The Company operates

lime and limestone plants and distribution facilities in Arkansas, Colorado, Louisiana, Oklahoma and Texas through its

wholly owned subsidiaries, Arkansas Lime Company (Arkansas Lime), Colorado Lime Company (Colorado Lime), Texas Lime

Company (Texas Lime), United States Lime Company, United States Lime Company - Shreveport, United States Lime

Company - St. Clair (St. Clair) and United States Lime Company - Transportation.

$37.50 $35.02 $41.63 $21.51 ($4.07)

Page 10: Forbes 2009 200 Small Companies

96 FRD Friedman Industries Inc

Friedman Industries, Incorporated is engaged in steel processing, pipe manufacturing and processing, and steel and pipe

distribution. The Company has two product groups: coil and tubular products. The Company sells coil products to

approximately 170 customers located primarily in the midwestern, southwestern and southeastern sections of the United

States. Its principal customers for coil products and services are steel distributors and customers fabricating steel products,

such as storage tanks, steel buildings, farm machinery and equipment, construction equipment, transportation equipment,

conveyors and other similar products. During the fiscal year ended March 31, 2009 (fiscal 2009), 17 customers of coil

products, accounted for approximately 25% of the Company�s sales. The Company�s principal customers for tubular

products are steel and pipe distributors, piling contractors and U.S. Steel Tubular Products, Inc. (USS).

$5.85 $12.98 $12.73 $13.62 $5.38

97 BMI Badger Meter Inc

Badger Meter, Inc. (Badger Meter) is a manufacturer and marketer of products incorporating liquid flow measurement and

control technologies serving markets worldwide. Its products are used in a variety of applications to measure and control

the flow of liquids, but primarily water. The Company�s product lines fall into two general categories: utility and industrial.

The utility category comprises residential and commercial water meters that are used by water utilities as the basis for

generating water and wastewater revenues. The market for these product lines is North America, primarily the United

States, because these meters are designed and manufactured to conform to standards promulgated by the American

Water Works Association. Industrial product line sales comprise the remainder of the Company�s sales and include

precision valves, electromagnetic inductive flow meters, impeller flow meters, and turbine and positive displacement

industrial flow meters.

$41.44 $26.47 $25.99 $14.45 $1.82

98 HEI HEICO Corp

HEICO Corporation (HEICO), through its subsidiaries is a manufacturer of Federal Aviation Administration (FAA)-approved

jet engine and aircraft component replacement parts, other than the original equipment manufacturers (OEMs) and their

subcontractors. The Company is also a manufacturer of various types of electronic equipment for the aviation, defense,

space, medical, telecommunication and electronic industries. HEICO operates in two business segments: The Flight Support

Group (FSG) and The Electronic Technologies Group (ETG). The FSG consisting of HEICO Aerospace Holdings Corp. (HEICO

Aerospace) and its subsidiaries, accounted for 73%, of the Company�s net sales during the fiscal year ended October 31,

2009 (fiscal 2009). The ETG consisting of HEICO Electronic Technologies Corp. and its subsidiaries, accounted for 27% of its

net sales in fiscal 2009. In May 2009, the Electronic Technologies Group acquired an 82.5% interest in VPT, Inc.

$44.98 $37.25 $28.64 $22.58 ($1.67)

99 ZUMZ Zumiez Inc

Zumiez Inc. (Zumiez) is a mall-based specialty retailer of action sports related apparel, footwear, equipment and accessories

operating under the Zumiez brand name. As of January 31, 2009, the Company operated 343 stores primarily located in

shopping malls, giving it a presence in 31 states. Zumiez�s stores cater to young men and women between the ages of 12

and 24 who seek brands representing a lifestyle centered on activities that include skateboarding, surfing, snowboarding,

bicycle motocross (BMX) and motocross. Most of the Company�s stores, which average approximately 2,900 square feet,

feature couches and action sports-oriented video game stations.

$14.31 $10.26 $8.80 $10.67 $2.74

100 TECH Techne Corp

TECHNE Corporation, along with its subsidiaries, is engaged in the development, manufacture, and sale of biotechnology

products and hematology calibrators and controls. The Company�s activities are conducted, through its wholly owned

subsidiaries, Research and Diagnostic Systems, Inc. (R&D Systems), and BiosPacific, Inc. (BioPacific). The Company

distributes the biotechnology products in Europe, through its wholly owned United Kingdom-based subsidiary, R&D

Systems Europe Ltd. (R&D Europe). The Company distributes biotechnology products in the People�s Republic of China,

through its wholly owned subsidiary, R&D Systems China, Co. Ltd. (R&D China). The Company operates in three business

segments: biotechnology, R&D Europe and hematology.

$67.40 $71.14 $60.77 $35.29 $6.86

101 TIBX TIBCO Software Inc

TIBCO Software Inc. (TIBCO) is a provider of infrastructure software. The Company provides a range of infrastructure

software solutions that help organizations achieve the benefits of real-time business. The infrastructure software gives

customers the ability to connect incompatible information technology assets in a service-oriented architecture and

streamline activities through business process management. The Company also gives customers the information and

intelligence tools they need to make decisions, known as The Power of Now. TIBCO offers a range of software products that

can be sold individually to solve technical challenges. The services offered by the Company include professional services,

maintenance and support, and training. In August 2009, TIBCO acquired DataSynapse, Inc. In January 2010, the Company

announced that it has acquired Foresight Corporation.

$9.51 $10.87 $5.88 $9.32 $0.31

102 DRIV Digital River Inc

Digital River, Inc. provides e-commerce solutions to a variety of companies in software, consumer electronics, computer

games, video games, and other markets. Its services include design, development, and hosting of online stores and

shopping carts, store merchandising and optimization, order management, denied parties screening, export controls and

management, tax compliance and management, fraud management, digital product delivery via download, physical

product fulfillment, subscription management, multi-lingual customer service, online marketing including e-mail marketing,

management of paid search programs, payment processing services, Website optimization, Web analytics and reporting,

and compact disc (CD) production and delivery. Its services include paid search advertising, search engine optimization,

affiliate marketing, store optimization, multi-variant testing, Web analytic services, and e-mail optimization.

$26.55 $29.13 $28.01 $34.89 $4.45

103 RTIRTI International Metals

Inc (Holding Co)

RTI International Metals, Inc. (RTI) is a producer of titanium mill products, and a supplier of fabricated titanium and

specialty metal components for the national and international aerospace, defense, energy, and other markets. The

Company conducts business in three segments: the Titanium Group, the Fabrication Group, and the Distribution Group.

The Titanium Group melts, processes, and produces a complete range of titanium mill products, which are further

processed by its customers for use in a variety of commercial aerospace, defense, and industrial applications. The

Fabrication Group consists of companies that extrude, fabricate, machine, and assemble titanium and other specialty metal

parts and components. The Distribution Group stocks, distributes, finishes, cuts-to-size, and facilitates just-in-time delivery

services of titanium, steel, and other specialty metal products, primarily nickel-based specialty alloys.

$26.67 $36.12 $39.07 $11.82 $10.03

104 DIOD Diodes Inc

Diodes Incorporated is a global designer, manufacturer, and supplier of application specific standard products within the

broad discrete and analog semiconductor markets. These products include diodes, rectifiers, transistors, MOSFETs,

protection devices, functional specific arrays, amplifiers and comparators, Hall effect sensors and temperature sensors,

power management devices (including light emitting diode (LED) drivers), DC-DC switching and linear voltage regulators,

voltage references, special function devices (including universal serial bus (USB) power switch, load switch, voltage

supervisor, and motor controllers), and silicon wafers used to manufacture these products. The Company designs,

manufactures, and markets these semiconductors focused on diverse end-use applications in the consumer electronics,

computing, industrial, communications, and automotive sectors. In June 2008, the Company acquired Zetex plc.

$19.34 $17.42 $26.67 $12.64 $2.95

105 BJRI BJs Restaurants Inc

BJ's Restaurants, Inc. (BJ's), owned and operated 82 restaurants located in California, Texas, Arizona, Colorado, Oregon,

Nevada, Florida, Ohio, Oklahoma, Kentucky, Indiana, Louisiana and Washington during the fiscal year ended December 30,

2008 (fiscal 2008). A licensee also operates one restaurant in Lahaina, Maui. Each of the Company's restaurants is operated

either as a BJ's Restaurant & Brewery that includes a brewery within the restaurant, a BJ's Restaurant & Brewhouse that

receives the beer BJ's sells from one of its breweries or an approved third-party craft brewer of its recipe beers (contract

brewer), or a BJ's Pizza & Grill, which is a smaller format, full-service restaurant. The Company's menu features the BJ's

deep-dish pizza, its own handcrafted beers, as well as a selection of appetizers, entrees, pastas, sandwiches, specialty salads

and desserts, including the Pizookie dessert.

$20.95 N/A $7.36 N/A

106 OMPIObagi Medical

Products?Inc

Obagi Medical Products, Inc. is a specialty pharmaceutical company focused on the aesthetic and therapeutic skin health

markets. The Company develops and commercializes prescription-based products, topical skin health systems that enable

physicians to treat a range of skin conditions, including pre-mature aging, photo-damage, hyperpigmentation (irregular or

patchy discoloration of the skin), acne, rosacea and soft tissue deficits, such as fine lines and wrinkles. The Company

markets and sells a range of systems and related products for the enhancement of skin health. Its principal product line is

its Obagi Nu-Derm System. Its Obagi Nu-Derm System is a prescription-based topical skin health system that enhances the

skin's overall health by correcting photo damage using drugs that, by definition, work at the cellular level, resulting in a

reduction of the visible signs of aging. In January 2009, the Company launched the Obagi Rosaclear System.

$11.71 $7.05 $8.19 $9.75 $1.89

107 LDSH Ladish Co Inc

Ladish Co., Inc. (Ladish) engineers, produces and markets high-strength, high-technology forged, and cast metal

components for a variety of load-bearing and fatigue-resisting applications in the jet engine, aerospace, and industrial

markets. The Company markets its products primarily to manufacturers of jet engines, commercial business and defense

aircraft, helicopters, satellites, heavy-duty off-road vehicles, and industrial and marine turbines. The principal markets

served by the Company are jet engine, commercial aerospace (defined by Ladish as satellite, rocket and aircraft

components other than jet engines), and general industrial products. On July 9, 2008, the Company acquired Aerex

Manufacturing, Inc. (Aerex). On September 4, 2008, the Company acquired Chen-Tech Industries, Inc. (Chen-Tech).

$15.18 $14.10 $28.73 $4.19 N/A

Page 11: Forbes 2009 200 Small Companies

108 QSFT Quest Software Inc

Quest Software, Inc. (Quest) designs, develops, markets, distributes and supports enterprise systems management

software products. The Company�s primary portfolio of software products includes software solutions grouped into four

categories: Application Management, Database Management, Windows Management and Virtualization Management.

Quest markets and sells its products and services worldwide primarily through its direct sales organization, its telesales

organization and via indirect sales channels with a group of value added resellers (VAR�s) and distributors. In September

2008, the Company acquired NetPro Computing, Inc. In January 2008, it acquired PassGo Technologies Limited (PassGo), a

United Kingdom-based company engaged in access and identity management solutions.

$18.28 $20.71 $11.35 $19.73 N/A

109 RAVN Raven Industries Inc

Raven Industries, Inc. is an industrial manufacturer providing a range of products to customers throughout North America.

The Company has four business segments consisting of three Raven divisions and one subsidiary: Applied Technology

Division (formerly known as the Flow Controls Division), Engineered Films Division, Electronic Systems Division and Aerostar

International, Inc. (Aerostar).

$31.60 $40.34 $29.38 $17.88 $4.44

110 AIRT Air T Inc

Air T, Inc. operates wholly owned subsidiaries in three industry segments: the overnight air cargo segment, the ground

equipment sales segment and the ground support services segment. The overnight air cargo segment comprises Mountain

Air Cargo, Inc. (MAC) and CSA Air, Inc. (CSA) subsidiaries, operates in the air express delivery services industry. The ground

equipment sales segment comprises its Global Ground Support, LLC (GGS) subsidiary, manufactures and provides mobile

deicers and other specialized equipment products to passenger and cargo airlines, airports, the military and industrial

customers. The ground support services segment, comprises its Global Aviation Services, LLC (GAS) subsidiary, provides

ground support equipment maintenance and facilities maintenance services to domestic airlines and aviation service

providers. MAC and CSA's revenues are derived principally pursuant to dry-lease service contracts with FedEx Corporation.

$9.80 $22.48 $23.53 $20.47 $5.93

111 JKHYJack Henry & Associates

Inc

Jack Henry & Associates, Inc. (JHA) is a provider of integrated computer systems and services. The Company�s range of

products and services includes processing transactions, automating business processes, and managing information for

more than 9,800 financial institutions and diverse corporate entities. JHA provides its products and services through three

marketed brands: Jack Henry Banking, Symitar and ProfitStars. It has two business segments: bank systems and services

and credit union systems and services. It has three primary revenue sources: Software license fees paid by customers

implementing its software solutions in-house; ongoing outsourcing fees paid by customers that outsource their information

processing to the Company, recurring transaction processing fees, annual maintenance and support fees, and service fees

that include software implementation, and hardware sales that include all non-software products that it re-markets in

order to support its software systems.

$22.92 $14.31 $24.59 $36.95 N/A

112 RICKRicks Cabaret

International Inc

Rick�s Cabaret International, Inc. (Rick�s) through its subsidiaries, owns and operates nightclubs that offer live adult

entertainment, restaurant and bar operations. The Company has 19 adult nightclubs, out of which six of its clubs operate

under the name Rick's Cabaret; four operate under the name Club Onyx; five operate under the name tic Cabaret; one club

operates as Tootsie�s Cabaret and one operates as Cabaret North. The Company also owns and operates several adult

entertainment Internet Websites and a media division. On September 5, 2008, the Company�s wholly owned subsidiary

rich Entertainment (Las Vegas), Inc. completed the acquisition of certain assets of DI Food & Beverage of Las Vegas, LLC. On

September 30, 2009, the Company�s subsidiary, rich Entertainment (North few), Inc. purchased 100% of the outstanding

common shares of Cabaret North, Inc. (chi).

$10.97 N/A N/A N/A N/A

113 ANEN Anaren Inc

Anaren, Inc. (Anaren) is a provider of microelectronics, and microwave components and assemblies for the wireless and

space and defense electronic markets. The Company produces microwave products for use in wireless communication and

space and defense systems covering a broad range of frequencies (from 100 megahertz to more than 30 gigahertz) and

power levels (small signal to more than 500 watts). Anaren designs components and subsystems for wireless

communication systems, including wireless infrastructure, wireless consumer and medical applications, as well as advanced

radar, beamforming, jamming, and receiver applications for the space and defense markets. The Company operates in two

segments: wireless, and space and defense.

$14.32 $14.88 $15.05 $9.80 $3.54

114 PRFT Perficient Inc

Perficient, Inc. (Perficient) is an information technology consulting firm. The Company designs, builds, and delivers business-

driven technology solutions using third party software products. Its solutions include custom applications, portals and

collaboration, e-commerce, online customer management, enterprise content management, business intelligence, business

integration, mobile technology, technology platform implementations, and service oriented architectures. Perficient's

business-driven technology solutions enable in developing, integrating, automating, and extending business processes,

technology infrastructure, and software applications end-to-end within an organization and with partners, suppliers, and

customers.

$8.50 $7.08 $8.89 $6.35 $1.75

115 MNRO Monro Muffler Brake Inc

Monro Muffler Brake, Inc. (Monro) is a chain of 710 company operated stores and 14 dealer-operated stores providing

automotive undercar repair and tire services in the United States. As of March 28, 2009, Monro operated company stores

in New York, Pennsylvania, Ohio, Connecticut, Massachusetts, West Virginia, Virginia, Maryland, Vermont, New Hampshire,

New Jersey, North Carolina, South Carolina, Indiana, Rhode Island, Delaware and Maine under the names Monro Muffler

Brake & Service, Tread Quarters Discount Tire and Mr. Tire (together, the Company Stores). The Company Stores serviced

approximately 3.5 million vehicles during the fiscal year ended March 28, 2009 (fiscal 2009). On January 26, 2008, the

Company acquired seven retail tire and automotive repair stores located in Buffalo, New York, from the Broad Elm Group.

October 2009, the Company completed the acquisition of Tire Warehouse Central.

$32.97 $22.87 $14.86 $17.11 N/A

116 UEIC Universal Electronics Inc

Universal Electronics Inc. is engaged in developing universal wireless control products and audio-video accessories that are

marketed for the home entertainment systems. It also develop software and firmware solutions that can enable devices,

such as televisions, set-top boxes, stereos, automotive audio systems, cell phones and other consumer electronic products

to wirelessly connect and interact with home networks and interactive services to deliver digital entertainment and

information. The markets served by the Company include retail, private label, original equipment manufacturers (OEMs),

custom installers, automobile, cellular phone, subscription broadcasting, cable and satellite service providers and

companies in the computing industry. On February 18, 2009, the Company acquired universal remote control business

from Zilog Inc. (Zilog). The purchase included Zilog�s full library and database of infrared codes, and software tools.

$25.78 $25.56 $27.42 $23.90 $7.76

117 MTSC MTS Systems Corp

MTS Systems Corporation (MTS) is a global supplier of test systems and industrial position sensors. The Company operates

in two segments: the Test segment and the Sensors segment. Test segment products are used by customers in their

development of new products and in quality control applications to characterize the product�s mechanical properties.

Sensors segment products are used by industrial machinery and mobile equipment manufacturers to automate the

operation of their products for end user productivity and safety.

$29.11 $22.46 $31.90 $38.57 $5.05

118 JJSF J&J Snack Foods Corp

J & J Snack Foods Corp. (J & J) manufactures nutritional snack foods and distributes frozen beverages, which it markets

nationally to the food service and retail supermarket industries. The Company�s principal snack food products are soft

pretzels marketed primarily under the brand name SUPERPRETZEL and frozen juice treats, and desserts marketed primarily

under the LUIGI�S, FRUIT-A-FREEZE, WHOLE FRUIT, ICEE, BARQ�S and MINUTE MAID brand names. Other snack food

products include churros (an Hispanic pastry), funnel cake and bakery products. The Company�s principal frozen beverage

products are the ICEE brand frozen carbonated beverage and the SLUSH PUPPIE brand frozen uncarbonated beverage. The

Company operates in four business segments: Food Service, Retail Supermarkets, The Restaurant Group and Frozen

Beverages.

$38.33 $36.70 $25.74 $28.03 $0.11

119 NATH Nathans Famous Inc

Nathan�s Famous, Inc. (Nathan�s) is engaged primarily in the marketing of the Nathan�s Famous brand and the sale of

products bearing the Nathan�s Famous trademarks through several different channels of distribution. It is engaged in the

operation and franchising of quick service restaurant units featuring Nathan�s Famous Beef Hot Dogs, crinkle-cut, French-

fried potatoes, and a variety of other menu offerings. In addition to its Company owned and franchised traditional

restaurant operations, Nathan�s introduced its Branded Menu Program. The Company and certain authorized third parties

also sell Nathan�s Famous Beef Hot Dogs to foodservice operators outside of the realm of a traditional franchise

relationship. As of March 29, 2009, its Nathan�s Famous restaurant system consisted of 249 franchised or licensed units

and five Company-owned units (including one seasonal unit) located in 25 states and four countries.

$14.75 $28.63 $18.48 $11.56 N/A

Page 12: Forbes 2009 200 Small Companies

120 CBZ CBIZ Inc

CBIZ, Inc. (CBIZ) provides professional business services primarily to small and medium-sized businesses, as well as

individuals, governmental entities, and not-for-profit enterprises throughout the United States and parts of Canada. The

Company delivers its integrated services through four practice groups: Financial Services, Employee Services, Medical

Management Professionals (MMP) and National Practices. Financial Services group includes accounting; tax; financial

advisory; litigation support, and real estate advisory. Employee Services group provides group health; property & casualty;

COBRA/flex; retirement planning; wealth management, and recruiting. MMP group includes coding and billing; accounts

receivable management and full practice management services. National Practices group includes, managed networking

and hardware services, and mergers & acquisitions. In July 2009, the Company announced the acquisition of EAO

Consultants, LLC (doing business as Egan, Amato & O'Connor).

$7.50 $5.67 $5.78 $1.97 N/A

121 VLCM Volcom Inc

Volcom, Inc. (Volcom), is a designer, marketer and distributor of young mens and young womens clothing, footwear,

accessories and related products under the Volcom brand name. Its products include t-shirts, fleece, bottoms, tops, jackets,

boardshorts, denim, outerwear, sandals, girls swimwear and a complete collection of kids clothing, combine fashion,

functionality and athletic performance. As of December 31, 2008, the Company operated 13 full-price Volcom branded

retail stores and licensed an additional eight full-price stores. In addition the Company own two multibrand Laguna Surf &

Sport stores. On January 17, 2008, the Company acquired Electric Visual Evolution LLC (Electric). Effective August 1, 2008,

the Company acquired certain assets and liabilities of Laguna Surf & Sport.

$17.10 $18.63 $24.34 $15.48 $2.67

122 BVX Bovie Medical Corp

Bovie Medical Corporation (Bovie) is engaged in the business of manufacturing and marketing medical products and

developing related technologies. Aaron Medical Industries, Inc. (Aaron), a 100% owned subsidiary based in St. Petersburg,

Florida is engaged in marketing the Company�s medical products. Bovie Canada ULC, a 100% owned subsidiary located in

Windsor, Ontario, functions mainly as a product development and manufacturing company focused on endoscopic devices.

It manufactures and markets products both under private label, the Bovie label, and the Bovie/Aaron label to distributors

worldwide. In addition, Bovie/Aaron has original equipment manufacturing (OEM) agreements with other medical device

manufacturers.

$7.51 $1.99 $3.68 $0.71 $0.07

123 LDR Landauer Inc

Landauer, Inc. (Landauer) is a provider of technical and analytical services to determine occupational and environmental

radiation exposure and is the provider of outsourced medical physics services. It provides radiation dosimetry services to

hospitals, medical and dental offices, universities, national laboratories, nuclear facilities and other industries. Its services

include the manufacture of various types of radiation detection monitors, the distribution and collection of the monitors to

and from customers, and the analysis and reporting of exposure findings. These services are provided in the United States,

Australia, Brazil, Canada, China, France, Japan, Mexico and the United Kingdom. In addition to providing analytical services,

the Company leases or sells dosimetry detectors and reading equipment to customers. In November 2009, Landauer

acquired Global Physics Solutions, Inc. (GPS) and Gammadata Metteknik AB.

$57.99 $55.01 $33.73 $7.71 N/A

124 CASSCass Information Systems

Inc

Cass Information Systems, Inc. (Cass) is a provider of payment and information processing services to manufacturing,

distribution and retail enterprises across the United States. The Company provides freight invoice rating, payment, audit,

accounting and transportation information services. Cass is also a processor and payer of utility invoices, including

electricity, gas, and other facility related expenses. It also offers bill processing, audit and payment services for telephone,

data line, cellular and communication equipment expense. The Company, through its wholly owned bank subsidiary, Cass

Commercial Bank (the Bank), provides commercial banking services. The Bank's primary focus is to support the Company's

payment operations and provide banking services to its target markets, which include privately owned businesses and

churches and church-related ministries. The Bank operates five branches, four in the St. Louis metropolitan area and one in

southern California.

$30.28 N/A N/A N/A N/A

125 KNX Knight Transportation Inc

Knight Transportation, Inc. (Knight) is a short to medium-haul truckload carrier of general commodities. The transportation

services provided by the Company are primarily asset-based dry van truckload and temperature-controlled truckload

carrier services, along with non-asset-based brokerage services. The Company operates through two business segments:

truckload transportation (asset-based) segment and brokerage segment (non-asset-based). Through its asset-based and

non-asset-based capabilities, Knight transports, or can arrange for the transportation of, general commodities for

customers throughout the United States. The Company generally focuses its dry van and temperature-controlled

operations on regional short-to-medium lengths of haul. As of December 31, 2008, Knight operated 35 asset-based service

centers (consisting of 29 dry van and four temperature-controlled service centers) and 12 non-asset-based brokerage

branches.

$20.38 $7.09 $10.15 N/A N/A

126 RMCFRocky Mountain

Chocolate Factory Inc

Rocky Mountain Chocolate Factory, Inc. is an international franchisor and confectionery manufacturer. The Company is

manufactures a line of chocolate candies and other confectionery products. As of March 31, 2009, there were seven

Company-owned, 12 franchisee/licensee owned and 315 franchised Rocky Mountain Chocolate Factory stores operating in

35 states, Canada, and the United Arab Emirates. The Company sells its products in a select number of specialty markets,

including wholesaling, fundraising, corporate sales, mail order and Internet sales. The Company typically produces

approximately 300 chocolate candies and other confectionery products, using recipes developed primarily by the

Company�s master candy makers. These products include many varieties of clusters, caramels, creams, mints and truffles.

$8.92 $10.53 $2.89 $1.70 $0.14

127 INSU Insituform Technology Inc

Insituform Technologies, Inc. is a provider of technologies and pipeline rehabilitation services to the sewer, water and

energy and mining infrastructure markets. Revenues are generated by the Company and its subsidiaries operating

principally in the United States, Canada, The Netherlands, the United Kingdom, France, Switzerland, Chile, Spain, Mexico,

Poland, Romania, Belgium and India, and include product sales and royalties from its joint ventures in Europe and Asia and

its unaffiliated licensees and sub-licensees worldwide. The Company is organized into five segments: North American Sewer

Rehabilitation, European Sewer Rehabilitation, Asia-Pacific Sewer Rehabilitation, Water Rehabilitation, and Energy and

Mining. On February 20, 2009, the Company acquired the business of The Bayou Companies, L.L.C. Bayou provides

solutions to energy and infrastructure companies primarily in the Gulf of Mexico and North America. In March 2009, the

Company acquired Corrpro Companies, Inc.

$22.28 $10.26 $9.21 $14.59 N/A

128 SHENShenandoah

Telecommunications Co

Shenandoah Telecommunications Company (Shenandoah) is a diversified telecommunications holding company that,

through its operating subsidiaries, provides both regulated and unregulated telecommunications services to end user

customers and other communications providers in the southeastern United States. The Company offers a range of voice,

video and data communications services based on the products and services provided by the Company�s operating

subsidiaries. This market area includes parts of Virginia ranging from Harrisonburg in the south to Winchester in the north.

Shenandoah offers many of its services over its own fiber optic network of approximately 756 miles as of December 31,

2008. The Company provides integrated voice, video and data communications services to end user customers and other

communications providers. Shenandoah operates in five reportable segments: PCS, Telephone, Mobile, Cable TV and Other.

$16.93 $9.88 $20.43 $0.35 N/A

129 EXPO Exponent Inc

Exponent, Inc. (Exponent) is a science and engineering consulting firm that provides solutions to complex problems. As of

January 2, 2009, the Company operated 21 practices and centers, including Biomechanics, Buildings & Structures, Civil

Engineering, Construction Consulting, Ecological & Biological Sciences, Electrical & Semiconductors, Engineering

Management Consulting, Environmental & Earth Sciences, Health Sciences, Human Factors, Industrial Structures,

Mechanical Engineering & Materials Science, Statistical & Data Sciences, Technology Development, Thermal Sciences,

Vehicle Analysis and Visual Communications. Exponent�s service offerings are provided on a project-by-project basis. Many

projects require support from multiple practices. The Company serves clients in the automotive, aviation, chemical,

construction, consumer products, energy, government, health, insurance, manufacturing, technology and other sectors.

$27.45 $28.88 $35.55 $8.68 $0.67

130 TWIN Twin Disc Inc

Twin Disc, Incorporated (Twin Disc) designs, manufactures, and sells marine and heavy duty off-highway power

transmission equipment. The Company offers products, which includes marine transmissions, surface drives, propellers and

boat management systems, as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial

clutches, and controls systems. Twin Disc sells its products to customers primarily in the pleasure craft, commercial and

military marine markets, as well as in the energy and natural resources, government, and industrial markets. Most of the

Company's products are machined from cast iron, forgings, cast aluminum and bar steel, which are available from multiple

sources. The Company operates in two segments: manufacturing and distribution. The Company owns two manufacturing,

assembly and office facilities in Racine, Wisconsin, the United States, one in Nivelles, Belgium, two in Decima, Italy, and one

in Novazzano, Switzerland.

$10.48 $18.62 $24.69 $16.70 N/A

131 CTGX Computer Task Group Inc

Computer Task Group, Incorporated (CTG) is an international information technology (IT) solutions and staffing company.

The services provided typically encompass the IT business solution life cycle, including phases for planning, developing,

implementing, managing, and ultimately maintaining the IT solution. A typical customer is an organization with large,

complex information and data processing requirements. During the year ended December 31, 2008, the Company had six

operating subsidiaries, namely Computer Task Group of Canada, Inc., providing services in Canada; and Computer Task

Group Belgium N.V., Computer Task Group IT Solutions, S.A., Computer Task Group Luxembourg PSF, Computer Task Group

(United Kingdom) Ltd., and CTG Deutschland GmbH, each primarily providing services in Europe.

$7.10 $4.10 $6.17 $8.27 N/A

Page 13: Forbes 2009 200 Small Companies

132 CVGW Calavo Growers Inc

Calavo Growers, Inc. (Calavo) and markets avocados and other perishable commodities and prepares and distributes

processed avocado products. It markets and distributes avocados, processed avocados and other perishable foods allow

the Company to deliver fresh and processed food products to food distributors, produce wholesalers, supermarkets, and

restaurants. The Company also distributes perishable foods, such as Hawaiian grown papayas, and prepares processed

avocado products. The Company has two business segments: fresh products and processed products. In May 2008, the

Company purchased all of the outstanding shares of Hawaiian Sweet, Inc. (HS) and all ownership interests of Hawaiian

Pride, LLC (HP).

$17.38 $12.36 $25.46 $7.98 N/A

133 CMN Cantel Medical Corp

Cantel Medical Corp. (Cantel), is a provider of infection prevention and control products in the healthcare market,

specializing in operating segments: Water Purification and Filtration, Healthcare Disposables, Dialysis, Endoscope

Reprocessing, Therapeutic Filtration and Specialty Packaging. On July 31, 2009, the Company purchased G.E.M. Water

Systems Int�l, LLC (G.E.M.).

$21.01 $24.78 N/A $10.09 N/A

134 HIBB Hibbett Sports Inc

Hibbett Sports, Inc. is an operator of sporting goods retail stores in small to mid-sized markets predominately in the

southeast, southwest, mid-atlantic and lower midwest regions of the United States. As of January 31, 2009, the Company

operated 723 Hibbett Sports stores, as well as 18 smaller-format Sports Additions athletic shoe stores and four larger-

format Sports & Co. superstores in 24 states.

$22.68 $22.26 $15.86 $15.47 $2.74

135 VSAT ViaSat Inc

ViaSat, Inc. is a producer of satellite and other wireless communications and networking systems to government and

commercial customers. The Company is organized principally in three segments: government systems, commercial

networks and satellite services. The Company�s government systems business is focused on network-centric government

communications, where it develops and produces systems and specialized equipment for government customers for

tactical data links, unmanned aerial vehicles, secure networking, signal processing and generation, and satellite

communications applications. In its commercial networks segment, the Company develops and produces systems and

products for consumer, enterprise and mobile (aviation and maritime) broadband customers. Its satellite services segment

provides managed network satellite services to enterprise and mobile broadband customers. In December 2009, the

Company completed the previously announced acquisition of WildBlue Communications Inc.

$31.68 $22.13 $24.46 $1.39 $1.08