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The FSB One Hundred America's Fastest-Growing Small Companies
By

(FORTUNE Small Business) – With apologies to Warren Zevon, we can sum up this year's FSB 100 in a single phrase: oil, drugs, and money. Those categories--energy, health care, and banking--dominated, constituting a full two-thirds of the companies you'll see on the following pages. We used the same methodology as in past years: hiring Zacks, the investment research firm, to give us earnings, revenue, and stock data for all public companies on the major exchanges with less than $200 million in annual revenue. Next we ranked those companies by their growth rates in each category and averaged the rankings--the lowest average rank was No. 1. Warren would be proud.

EARNINGS/SHARE NET INCOME REVENUE GROWTH Four quarters, GROWTH 2003 RANK Three-year to 12/31/02 Three-year COMPANY NAME/TICKER annual rate (millions) annual rate CITY (2002 RANKING) RANK RANK

1 AMERICAN HEALTHWAYS/AMHC 135.2% $15.3 42.8% NASHVILLE 7 10

2 ANWORTH MORTGAGE/ANH 59.6 31.7 61.8 SANTA MONICA, CALIF. 28 5

3 ROYAL GOLD/RGLD 80.9 11.6 36.6 DENVER 16 17

4 BRADLEY PHARM./BDY 78.5 7.6 30.6 FAIRFIELD, N.J. (46) 17 30

5 EPIQ SYSTEMS/EPIQ 59.5 8.2 36.8 KANSAS CITY, KAN. (29) 29 15

6 QUICKSILVER RESOURCES/KWK 48.7 13.8 36.1 FORT WORTH (4) 35 19

7 MEDAMICUS/MEDM 348.7 2.9 29.6 PLYMOUTH, MINN. 3 34

8 DYNACQ INTL./DYII 43.0 17.4 63.6 HOUSTON (2) 41 4

9 TOTAL ENTERTAINMENT/TENT 115.3 7.2 21.0 WICHITA 13 63

10 ASTA FUNDING/ASFI 38.5 10.4 40.9 ENGLEWOOD CLIFFS, N.J. (8) 46 12

11 BIORELIANCE/BREL 243.7 10.8 20.6 ROCKVILLE, MD. 5 65

12 SOUTHERN FIN. BANCORP/SFFB 75.2% $10.0 30.5% WARRENTOWN, VA. 20 31

13 PRIVATEBANCORP/PVTB 50.5 11.0 29.2 CHICAGO 33 40

14 DEARBORN BANCORP/DEAR 68.1 2.7 23.8 DEARBORN, MICH. 24 54

15 U.S. PHYSICAL THERAPY/USPH 48.9 8.5 24.7 HOUSTON (41) 34 53

16 SYNOVIS LIFE TECH./SYNO 116.4 3.3 29.5 ST. PAUL 12 38

17 SHUFFLE MASTER/SHFL 47.3 14.8 22.8 LAS VEGAS (25) 37 57

18 HUDSON RIVER BANCORP/HRBT 46.2 25.8 33.2 HUDSON, N.Y. (44) 38 23

19 CANTERBURY PARK/ECP 127.8 2.3 29.6 SHAKOPEE, MINN. 8 36

20 EVERGREEN RESOURCES/EVG 76.8 -8.3 80.7 DENVER (9) 19 3

21 HI-TECH PHARMACAL/HITK 37.2 5.6 17.7 AMITYVILLE, N.Y. 49 72

22 PULASKI FINANCIAL/PULB 71.2 4.5 15.3 ST. LOUIS 22 83

23 ST. MARY LAND & EXPLOR./SM 1,261.0% $27.6 33.0% DENVER 1 24

24 INTEGRAMED AMERICA/INMD 571.0 1.1 24.8 PURCHASE, N.Y. 2 52

25 MERIT MEDICAL SYS./MMSI 63.8 11.3 13.9 SOUTH JORDAN, UTAH 26 93

26 ESCALADE/ESCA 41.4 11.1 22.9 EVANSVILLE, IND. (74) 43 56

27 CIMA LABS/CIMA 166.2 18.6 47.9 EDEN PRAIRIE, MINN. 6 9

28 MERCANTILE BANK/MBWM 24.6 7.8 30.1 WYOMING, MICH. (38) 81 33

29 KRAMONT REALTY TRUST/KRT 27.6 18.0 51.2 PLYMOUTH MEETING, PA. 69 7

30 PROSPERITY BANCSH./PRSP 24.1 21.3 34.5 HOUSTON 84 22

31 UNIT/UNT 76.8 18.2 29.1 TULSA 18 41

32 MONARCH CASINO/MCRI 122.1 8.6 11.8 RENO 9 118

33 CAPITAL CORP. (WEST)/CCOW 26.6 10.4 15.5 MERCED, CALIF. (84) 73 82

34 ARISTOTLE/ARTL 57.8 30.0 162.1 STAMFORD, CONN. 30 1

35 AMERICAN VANGUARD/AVD 28.5 7.1 13.0 NEWPORT BEACH, CALIF. 66 104

36 AMERICAN LAND LEASE/ANL 31.6 5.9 57.3 CLEARWATER, FLA. 60 6

37 BIO-REFERENCE LABS/BRLI 323.1 4.7 21.2 ELMWOOD PARK, N.J. 4 62

38 TEAM/TMI 86.2 4.4 13.1 ALVIN, TEXAS (55) 15 101

39 FIRST SOUTH BANCORP/FSBK 27.4 9.5 18.3 WASHINGTON, N.C. 70 69

40 CAPITAL CROSSING BANK/CAPX 33.3 13.6 15.0 BOSTON (90) 57 85

41 BIOSITE/BSTE 59.9% $13.4 29.6% SAN DIEGO 27 35

42 GREEN MT. COFFEE/GMCR 31.3 6.0 14.4 WATERBURY, VT. (19) 61 89

43 SPINNAKER EXPLORATION/SKE 44.7 31.6 86.3 HOUSTON 40 2

44 BALCHEM/BCP 34.2 7.4 29.5 NEW HAMPTON, N.Y. 53 37

45 FSF FINANCIAL/FFHH 39.9 6.2 13.1 HUTCHINSON, MINN. 45 101

46 KEITH COS./TKCI 16.1 7.8 37.0 IRVINE, CALIF. 119 14

47 CREDO PETROLEUM/CRED 17.2 1.8 19.0 DENVER 114 67

48 EDUCATIONAL DEVEL./EDUC 27.3 2.0 13.8 TULSA 71 95

49 LIFELINE SYSTEMS/LIFE 47.9 8.1 15.3 FRAMINGHAM, MASS. 36 84

50 TALX/TALX 52.0 10.6 33.0 ST. LOUIS (35) 32 25

51 GULFMARK OFFSHORE/GMRK 121.9 24.0 25.5 HOUSTON 11 51

52 SURMODICS/SRDX 23.8 8.6 28.2 EDEN PRAIRIE, MINN. (36) 85 43

53 GREENE CNTY. BANCORP/GCBC 33.9 2.1 12.1 CATSKILL, N.Y. 54 113

54 MAIN STREET BANKS/MSBK 16.1 20.5 41.5 KENNESAW, GA. 120 11

55 FFLC BANCORP/FFLC 18.6 8.8 15.6 LEESBURG, FLA. 104 81

56 QUAKER CITY BANCORP/QCBC 32.1 22.6 11.8 WHITTIER, CALIF. (88) 58 117

57 MANHATTAN ASSOC./MANH 105.3 25.2 28.3 ATLANTA (43) 14 42

58 ALLEGIANT BANCORP/ALLE 15.3 20.8 37.9 ST. LOUIS 124 13

59 GLACIER BANCORP/GBCI 16.4% $32.1 35.6% KALISPELL, MONT. 118 21

60 EFC BANCORP/EFC 25.0 6.2 16.2 ELGIN, ILL. 78 78

61 PEERLESS MFG./PMFG 38.0 1.3 35.8 DALLAS 48 20

62 CORPORATE EXEC. BOARD/EXBD 34.7 29.6 32.8 WASHINGTON, D.C. 52 26

63 SPAN-AMERICA MED. SYS./SPAN 44.8 1.6 12.5 GREENVILLE, S.C. 39 109

64 CAPITAL BANK/CBKN 23.0 4.0 36.4 RALEIGH 89 18

65 FIRSTFED AMER. BANCORP/FAB 24.7 19.6 14.0 SWANSEA, MASS. 80 92

66 PAN-PACIFIC RETAIL PROP./PNP 13.6 77.7 30.4 VISTA, CALIF. 130 32

67 NATL. HOME HEALTH CARE/NHHC 24.7 5.4 26.6 SCARSDALE, N.Y. (22) 79 47

68 CASCADE BANCORP/CACB 21.3 11.7 13.2 BEND, ORE. 94 99

69 VIRBAC/VBAC 64.9 3.4 12.2 FORT WORTH 25 112

70 COLUMBIA BANCORP/CBBO 22.1 9.4 12.9 THE DALLES, ORE. 92 105

71 NORTH COAST ENERGY/NCEB 14.7% $9.8 48.8% TWINSBURG, OHIO 126 8

72 MEDICAL ACTION IND./MDCI 33.4 7.5 10.5 HAUPPAUGE, N.Y. 56 135

73 COWLITZ BANCORP/CWLZ 36.4 1.5 27.0 LONGVIEW, WASH. 50 46

74 YOUNG INNOVATIONS/YDNT 23.0 11.4 20.8 EARTH CITY, MO. 88 64

75 CARBO CERAMICS/CRR 33.9 19.7 26.5 IRVING, TEXAS 55 48

76 ONEIDA FINANCIAL/ONFC 9.2 3.2 18.3 ONEIDA, N.Y. 143 70

77 CAPITAL AUTOMOTIVE/CARS 13.7 43.8 22.6 MCLEAN, VA. (69) 128 58

78 ABATIX/ABIX 22.4 0.9 11.3 DALLAS 90 124

79 FIRST PLACE FINANCIAL/FPFC 23.5 14.0 30.6 WARREN, OHIO 87 29

80 PROVIDENT BANCORP/PBCP 31.1 10.0 13.6 MONTEBELLO, N.Y. 62 97

81 TARRAGON REALTY/TARR 4.9 5.5 23.6 NEW YORK CITY 147 55

82 WELLS FINANCIAL/WEFC 52.8 3.3 10.6 WELLS, MINN. 31 133

83 MAX & ERMA'S RESTRNTS./MAXE 121.9% $3.4 11.3% COLUMBUS 10 126

84 MISSION WEST PROP./MSW 28.2 17.5 26.3 CUPERTINO, CALIF. 67 49

85 AIR METHODS/AIRM 26.4 5.2 29.3 ENGLEWOOD, COLO. (30) 74 39

86 HORIZON ORGANIC/HCOW 24.4 2.0[1] 31.2 LONGMONT, COLO. 81 27

87 NEOGEN/NEOG 20.5 4.6 27.4 LANSING, MICH. 97 45

88 FNB/FNBN 16.8 8.2 14.7 ASHEBORO, N.C. 116 87

89 JEWETT-CAMERON TRDG./JCTCF 22.1 0.9 21.3 NORTH PLAINS, ORE. 91 60

90 INVESTORS TITLE/ITIC 30.0 8.1 19.2 CHAPEL HILL, N.C. 63 66

91 FIRST MARINER BANCORP/FMAR 42.5 3.9 11.9 BALTIMORE 42 116

92 CCF HOLDING/CCFH 35.9 2.0 6.1 JONESBORO, GA. 51 148

93 CAPITOL BANCORP/CBCL 24.2 16.7 21.4 LANSING, MICH. 83 59

94 BIOANALYTIC SYSTEMS/BASI 69.5 1.1 14.2 WEST LAFAYETTE, IND. 23 90

95 MERIDIAN GOLD/MDG 29.4 41.5 17.6 RENO 64 73

96 ADV. NEUROMODULATION/ANSI 8.5 6.7 27.4 PLANO, TEXAS 145 44

97 BEDFORD BANCSHARES/BFSB 20.2 3.0 11.1 BEDFORD, VA. 99 128

98 SANDY SPRING BANCORP/SASR 18.1 30.7 12.9 OLNEY, MD. 110 106

99 WORONOCO BANCORP/WRO 28.2 4.9 10.5 WESTFIELD, MASS. 68 134

100 URSTADT BIDDLE PROP./UBP 19.3 15.2 14.7 GREENWICH, CONN. 101 87

REVENUE TOTAL RETURN STOCK PRICE NUMBER Four quarters, Three-year As of OF [2003 Rank] to 12/31/02 annual rate 5/16/03 EMPLOYEES [COMPANY NAME] (millions) RANK COMMENTS

[1 AMERICAN HEALTHWAYS] $147.5 94.5% $25.92 1,017 1 The company helps people with chronic diseases like diabetes manage their treatment. It works with more than 75 hospitals in 20 states.

[2 ANWORTH MORTGAGE] 66.9 63.2 14.02 2[1] 6 Anworth is a REIT that invests in mortgage-backed securities. Favorable interest rates led to a wave of refinancings.

[3 ROYAL GOLD] 13.1 62.4 16.75 8 7 If the price of gold rises, so do Royal's earnings. The company collects royalties from some of the bigger gold and silver mines in North America.

[4 BRADLEY PHARM.] 39.7 89.4 14.97 181 2 Bradley buys up castoff drugs from big pharmaceutical companies and remarkets them. Skin-care products make up the bulk of sales.

[5 EPIQ SYSTEMS] 38.3 57.8 20.79 170 10 A bad economy means good news for EPIQ--it makes corporate-bankruptcy software and counts both Enron and WorldCom among its clients.

[6 QUICKSILVER RESOURCES] 122.1 58.2 23.97 247 9 This oil and gas producer buys the wells of rivals and tries to draw out every last drop. A growing business lies in tapping coal-bed methane gas.

[7 MEDAMICUS] 17.9 43.4 7.09 131 30 MedAmicus makes disposable tubes to help doctors insert pacemakers and catheters. Next up: the burgeoning market for safety needles.

[8 DYNACQ INTL.] 75.1 43.5 12.72 338 29 Dynacq runs four surgical hospitals in the Houston area. It's appearing on this list for the third straight year.

[9 TOTAL ENTERTAINMENT] 102.7 71.0 7.40 3,200 4 Total operates sports-themed restaurants under the names Fox & Hound and Bailey's. It has about 50 locations and plans to open ten more in 2004.

[10 ASTA FUNDING] 34.4 47.4 18.68 50 21 In business for more than 40 years, Asta buys bad debt from banks and credit card firms and then tries to collect on those defaulted loans.

[11 BIORELIANCE] 82.5 53.2 19.97 638 14 Biotechs hire the firm to perform lab tests and produce FDA-approved drugs. It's also working to create stockpiles of the smallpox vaccine.

[12 SOUTHERN FIN. BANCORP] $55.5 41.7% $33.78 225 35 A husband-and-wife team head up this fast-growing Virginia-based regional bank, which caters primarily to small and midsized businesses.

[13 PRIVATEBANCORP] 77.6 49.5 24.50 190 18 Its eight branches serve high-net-worth clients, entrepreneurs, and real estate investors in the Chicago suburbs and St.Louis.

[14 DEARBORN BANCORP] 19.9 45.0 17.50 112 23 Record residential mortgage loans, both new and refinanced, helped to boost profit at this Michigan bank 72% last year.

[15 U.S. PHYSICAL THERAPY] 94.7 52.7 11.49 1,122 15 This operator of rehab clinics treats everything from minor ankle sprains to reconstructed knees. Many of its therapists are also part owners.

[16 SYNOVIS LIFE TECH.] 44.4 34.0 13.20 350 55 Synovis makes tissue patches that help prevent leaks after surgery. A product used in weight-loss procedures makes up 20% of all sales.

[17 SHUFFLE MASTER] 58.4 56.6 24.00 216 11 Shuffle owns the market for automatic card shufflers, but it also develops new casino games--a source of $20 million in royalties last year alone.

[18 HUDSON RIVER BANCORP] 165.1 34.3 24.50 666 53 This New York bank has more than 50 branches, a mortgage broker, and a commercial branch big enough to accept municipal deposits.

[19 CANTERBURY PARK] 41.7 28.9 17.35 630 78 Canterbury Park hosts live thoroughbred racing and simulcasts races from other tracks. It also runs on-site card games, a big driver of its growth.

[20 EVERGREEN RESOURCES] 112.1 23.3 48.73 273 99 With more than 800 producing wells, Evergreen scours coal-bed deposits in Colorado for methane gas, which it then ships east.

[21 HI-TECH PHARMACAL] 46.1 80.5 33.84 164 3 This generic-drug maker produces inexpensive versions of popular pharmaceuticals, including Prozac and the cold remedy Dimetapp.

[22 PULASKI FINANCIAL] 26.4 42.4 21.23 175 32 A strong retail business, including record mortgage closings, shows little sign of letting up for this firm, which runs five branches in St. Louis.

[23 ST. MARY LAND & EXPLOR.] $196.4 19.3% $26.73 185 112 This firm focuses on oil and gas exploration and production in the Midwest and the Rockies. It completed three acquisitions last year alone.

[24 INTEGRAMED AMERICA] 88.2 26.1 5.35 660 91 IntegraMed offers software, staff, and marketing to 22 fertility clinics. It also helps would-be parents arrange financing for their fertility treatments.

[25 MERIT MEDICAL SYS.] 116.2 44.5 19.99 1,098 26 Merit's disposable medical devices include syringes, tubing, and inflation kits for angioplasties. One-fourth of revenue comes from foreign sales.

[26 ESCALADE] 155.5 35.8 14.18 765 49 Escalade stocks rec rooms with Ping-Pong tables, dartboards, and those free weights you've been meaning to use. It also sells office supplies.

[27 CIMA LABS] 46.6 8.1 25.00 219 133 Partnering with Big Pharma, including Novartis and Wyeth, Cima makes pills that can dissolve in your mouth without water or chewing.

[28 MERCANTILE BANK] 50.7 37.1 26.68 134 42 Steady demand from small businesses and a hot residential-mortgage arm mean bigtime growth for Mercantile. It added a third location last year.

[29 KRAMONT REALTY TRUST] 110.4 28.4 15.50 136 81 Kramont is a REIT that runs about 90 shopping centers in 16 states, mostly on the East Coast. A recent move into Philadelphia has gone well.

[30 PROSPERITY BANCSH.] 92.3 33.1 18.71 501 56 With 42 branches in the greater Houston and Dallas areas, Prosperity has been gobbling up competitors in recent years.

[31 UNIT] 187.6 22.6 19.90 1,291 104 An oil and natural-gas producer, Unit also does contract drilling for other firms. That business has lagged, and 2003 revenue was down 28%.

[32 MONARCH CASINO] 111.0 37.6 8.95 1,848 40 Monarch owns the Atlantis Casino Resort in Reno, which has benefited from a newly expanded convention center across the street.

[33 CAPITAL CORP. (WEST)] 66.4 51.0 25.71 286 17 Capital operates about 20 branches in California's San Joaquin Valley and offers its customers a range of the retail banking basics.

[34 ARISTOTLE] 134.0 -5.5 3.25 750 144 A maker of CPR manikins, Aristotle completed a megamerger to get into the education-supply business and increase its size 20-fold.

[35 AMERICAN VANGUARD] 102.9 68.2 19.43 205 5 This Southern California company sells pesticides and herbicides to agricultural and pharmaceutical companies. ConAgra is a client.

[36 AMERICAN LAND LEASE] 59.6 20.5 16.05 191 109 American Land Lease runs "manufactured-home communities" (one giant step up from trailer parks--a few even have golf courses).

[37 BIO-REFERENCE LABS] 98.1 19.8 4.99 828 111 Doctors, nursing homes, and prisons count on Bio for cancer, gynecological, and genetic testing, and it also does corporate drug screening.

[38 TEAM] 91.6 32.5 6.95 850 61 Think heavy-duty industrial repairs. Team specializes in stopping leaks, repairing concrete, and controlling factory emissions.

[39 FIRST SOUTH BANCORP] 45.3 40.7 32.03 218 38 A jump in commercial loans and the growth of low-cost checking accounts helped First South's stellar 2002. Another branch opens this summer.

[40 CAPITAL CROSSING BANK] 88.3 41.1 28.97 177 37 This spring marked a big change in strategy as the bank left the retail business to focus solely on buying loans from other institutions.

[41 BIOSITE] $105.2 16.4% $49.70 513 120 Biosite makes drug-screening products and diagnostic tests that can spot blood-borne pathogens and help diagnose strokes and heart ailments.

[42 GREEN MT. COFFEE] 104.2 42.3 17.35 529 33 Green Mountain's wholesale business continues to thrive, and it just signed a deal to sell its coffee under the Newman's Own organic line.

[43 SPINNAKER EXPLORATION] 188.3 -5.1 21.80 65 142 Spinnaker seeks out natural-gas and oil deposits in the deepest crevices of the Gulf of Mexico. Last year's output set a production record.

[44 BALCHEM] 60.2 24.3 22.71 217 95 Balchem's nutritional additives help prolong the shelf life of foods. It also has an agricultural division that sells animal feed to farmers.

[45 FSF FINANCIAL] 44.2 37.4 25.85 196 41 Aided by a housing boom in the Minneapolis area, this 13-branch bank has boosted the number of construction loans it makes to homeowners.

[46 KEITH COS.] 101.0 34.3 10.60 850 54 This engineering and consulting firm helps build golf courses and housing developments as well as big municipal projects like freeways.

[47 CREDO PETROLEUM] 6.0 59.1 11.23 10 8 Oil and gas production was up 43% in 2003. Much of that went to Duke Energy, which at 40% of sales is CREDO's top customer.

[48 EDUCATIONAL DEVEL.] 24.9 46.2 9.80 77 22 Tupperware parties for books. This U.S. distributor for a British children's book publisher sells 1,300 titles through a home-based salesforce.

[49 LIFELINE SYSTEMS] 105.0 30.8 24.00 880 69 If you have fallen and can't get up, Lifeline's 24-hour response center will know about it. The company sells home-alert systems for the elderly.

[50 TALX] 104.0 8.1 12.68 926 132 TALX sells payroll and HR services. The company had to restate earnings for 2001 and 2002 because of a change in accounting policy.

[51 GULFMARK OFFSHORE] 133.9 9.2 13.98 1,126 131 Oil companies rely on GulfMark's ships to deliver everything from drilling equipment to workers. The company has contracts worldwide.

[52 SURMODICS] 31.5 31.0 38.11 153 67 SurModics makes coatings for medical devices. A new drug-coated stent, used to help open clogged arteries, could lead to a big revenue jump.

[53 GREENE CNTY. BANCORP] 15.2 43.7 20.80 86 28 Even upstate New York hasn't missed the housing boom. Greene has six branches and a growing portfolio of residential mortgages.

[54 MAIN STREET BANKS] 98.3 31.7 21.60 459 65 Increasing deposits and lots of loans helped make this Atlanta bank's numbers pop. An acquisition completed in December will probably help.

[55 FFLC BANCORP] 60.3 53.9 28.00 248 13 Dating back to 1934, FFLC has a dozen branches in central Florida. Residential mortgages make up about 60% of its portfolio.

[56 QUAKER CITY BANCORP] 109.4 44.7 37.25 260 24 Quaker sensibilities might be hard to find in L.A., but Quaker City banks aren't. About half of its 24 branches are in Wal-Mart stores.

[57 MANHATTAN ASSOC.] 175.7 -20.0 23.99 955 146 Manhattan's project is supply-chain management software. It works with customers in the food, apparel, and health-care industries, among others.

[58 ALLEGIANT BANCORP] 146.5 31.8 17.66 560 64 Allegiant has some 40 locations throughout St. Louis, and a penchant for acquisitions--it has grown primarily by buying competitors.

[59 GLACIER BANCORP] $160.1 32.4% $27.65 809 62 This Montana lender focuses chiefly on commercial lending, yet it still does a bang-up business in home-equity loans, especially lately.

[60 EFC BANCORP] 49.3 36.3 19.80 176 46 Last year was a good one for Illinois-based EFC, which opened its eighth branch and saw assets increase by about $100 million.

[61 PEERLESS MFG.] 92.4 7.2 11.25 349 134 This industrial manufacturer makes filters for diesel engines. A restructuring in 2002 cut the workforce by 23% and closed one plant.

[62 CORPORATE EXEC. BOARD] 162.4 12.0 39.90 997 125 This firm provides strategic research for some 1,900 clients, from S&P 500 companies to nonprofits. About 90% renew their contracts.

[63 SPAN-AMERICA MED. SYS.] 34.5 32.9 8.98 234 59 Span-America makes products for the sick and tired, selling mattresses, pillows, pads, and cushions to hospitals and nursing homes.

[64 CAPITAL BANK] 44.2 23.2 14.25 242 101 An acquisition last year added two more offices to Capital's network of branches in Raleigh and helped push net income up 65%.

[65 FIRSTFED AMER. BANCORP] 158.1 41.3 30.00 237 36 Record mortgage lending, along with a key acquisition, helped FirstFed's expansion into the retail and commercial banking business.

[66 PAN-PACIFIC RETAIL PROP.] 196.9 35.8 39.70 105 48 This REIT runs about 100 shopping centers on the West Coast. Recent occupancy rates have hit 98%--a five-year high.

[67 NATL. HOME HEALTH CARE] 89.0 27.6 7.01 3,500 83 A provider of home nursing, National expanded into Massachusetts last year. But Medicaid cuts mean it may now face a potential drop in revenue.

[68 CASCADE BANCORP] 47.8 49.0 16.00 238 19 With a dozen locations throughout Oregon, Cascade focuses on retail banking for individuals and small to mid-sized businesses.

[69 VIRBAC] 63.8 28.9 5.83 278 79 The name is short for Virology-Bacteriology, and Virbac makes pet-care products sold primarily through veterinarians and pet shops.

[70 COLUMBIA BANCORP] 44.9 48.1 16.48 273 20 A river really does run through it. Columbia has 14 branches in Oregon and Washington and works with individuals, businesses, and farmers.

[71 NORTH COAST ENERGY] $46.3 27.6% $7.35 150 84 North Coast specializes in oil and gas drilling in the Appalachian Basin. It has about 4,000 wells and plans to drill 100 more this year.

[72 MEDICAL ACTION IND.] 96.6 43.9 11.42 236 27 About half of this Long Island firm's sales come from surgical sponges and towels used for medical, dental, and veterinary procedures.

[73 COWLITZ BANCORP] 34.4 12.9 7.26 199 123 Cowlitz lost money in 2001 but turned itself around last year. It serves small businesses in southern Washington and Portland, Ore.

[74 YOUNG INNOVATIONS] 72.2 30.8 22.49 276 68 Nothing but smiles for this maker of dental equipment. Young makes X-ray machines, cups, and flavored gloves that don't taste like latex.

[75 CARBO CERAMICS] 126.3 17.5 37.93 319 117 Oil and gas drillers use CARBO's tiny ceramic beads to increase production. Revenues fell last year as overall gas production dropped.

[76 ONEIDA FINANCIAL] 30.2 54.1 26.00 135 12 Oneida saw a big jump in assets last year thanks to the acquisition of a commercial bank. It also owns an insurance agency.

[77 CAPITAL AUTOMOTIVE] 142.8 39.0 26.85 22 39 This REIT owns auto dealerships across the U.S., and so far they've proven to be model tenants--not one has ever defaulted on a rent payment.

[78 ABATIX] 59.8 51.5 5.30 127 16 Abatix sells 30,000 products to construction companies. Sales jumped last year due to a line of supplies that help remove toxic mold.

[79 FIRST PLACE FINANCIAL] 101.1 18.5 16.30 445 115 The bulk of this Ohio bank's lending is residential mortgages, which boomed last year. It also offers an insurance office and a real estate brokerage.

[80 PROVIDENT BANCORP] 80.9 29.3 33.05 292 76 Finally, a bank that doesn't keep banker's hours. Many of Provident's 18 branches in upstate New York are open seven days a week.

[81 TARRAGON REALTY] 132.4 41.8 15.75 351 34 A former REIT, Tarragon runs retail, office, and apartment properties in the southern U.S., with a heavy concentration in Florida.

[82 WELLS FINANCIAL] 19.8 29.6 22.96 82 73 The eight branches of Wells Financial serve the banking needs of rural counties in Minnesota, particularly for people who need a mortgage.

[83 MAX & ERMA'S RESTRNTS.] $156.7 23.2% $14.88 4,892 102 This casual-dining chain opened six restaurants last year and plans to open another 12 in 2003. About half of all locations are franchises.

[84 MISSION WEST PROP.] 160.9 11.1 9.97 5 127 Call it an R&D landlord. Mission West is a REIT that owns laboratory space in Silicon Valley, and its list of tenants includes Apple and Microsoft.

[85 AIR METHODS] 130.7 9.3 6.47 1,343 130 Air Methods provides emergency medical flights via a fleet of helicopters and planes, and helps equip military and civilian aircraft as well.

[86 HORIZON ORGANIC] 187.5 6.4 12.90 338 135 Horizon brings organic products to the masses, selling milk, cheese, butter, and eggs to supermarkets across the country. Next up: Costco.

[87 NEOGEN] 45.3 22.0 16.60 265 105 The food industry uses Neogen's safety kits to test for bacteria like E. coli. The kits can also spot potential food allergens such as peanut residue.

[88 FNB] 47.7 36.4 28.51 223 45 A merger with Rowan Bank last year added three more branches to this North Carolina bank's lineup and led to increases in assets and income.

[89 JEWETT-CAMERON TRDG.] 61.6 23.5 5.48 70 98 Its lumber finds its way to big do-it-yourself stores like Home Depot and Lowe's. Jewett also makes industrial tools and processed seed for farmers.

[90 INVESTORS TITLE] 73.3 17.1 23.55 218 119 The firm issues and underwrites title insurance for homebuyers in 28 states. As real estate and refinancings have boomed, so has its business.

[91 FIRST MARINER BANCORP] 67.3 25.5 13.52 575 93 Earnings were way up last year, reflecting a swell in deposits, strong demand for commercial loans, and an increase in home-equity lending.

[92 CCF HOLDING] 17.8 34.6 19.13 87 52 This commercial bank offers services to businesses throughout Atlanta. It can process SBA loans as well as handle equipment leases.

[93 CAPITOL BANCORP] 171.4 20.3 21.77 801 110 This holding company runs 29 banks, mostly in the Southwest and Midwest. It both acquires existing banks and starts them from the ground up.

[94 BIOANALYTIC SYSTEMS] 27.5 -4.1 3.05 267 141 It serves the Big Pharma and biotech industries by developing equipment that can do things like take blood samples from lab rats.

[95 MERIDIAN GOLD] 133.6 18.0 10.90 250 116 With successful gold mines in Chile and Nevada, Meridian is now exploring in Argentina, Mexico, and Peru. A jump in gold prices helped earnings.

[96 ADV. NEUROMODULATION] 57.6 31.2 43.50 291 66 The company makes implant devices that treat chronic pain by stimulating nerves in the spinal cord and brain. Sales last year were up 51%.

[97 BEDFORD BANCSHARES] 17.5 42.5 23.50 53 31 This bank did so well that it attracted the attention of FNB (No. 88 on the list), which plans to buy Bedford for $50 million later this year.

[98 SANDY SPRING BANCORP] 152.5 36.7 31.91 575 43 Dating back to 1868, Sandy Spring operates about 30 branch banks in Maryland. Its loans are split between residential and commercial.

[99 WORONOCO BANCORP] 45.0 32.6 24.00 140 60 Woronoco offers the retail banking basics to customers in Massachusetts--it's named after a town in that state--and Connecticut.

[100 URSTADT BIDDLE PROP.] 48.0 29.3 12.75 22 75 This REIT runs shopping centers with big supermarket tenants in New York and Connecticut. A large revenue rise came mostly from acquisitions.

[1]Ten employees total, eight of whom are part-time.

[1]Income from continuous operations. Horizon is selling a dairy herd and farm in Idaho, and includes that transaction in its net income calculation, but as of Dec. 31, 2002, the deal had not closed.

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