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The FSB 100 America's Fastest-Growing Small Companies
By Joshua Hyatt

(FORTUNE Small Business) – This is our fourth annual ranking of the small and the speedy, and each year we've kept our methodology consistent. To identify fast growers, we ask financial research firm Zacks to screen annual reports for public companies with annual revenue of less than $200 million and a stock price of more than $1 (to eliminate penny stocks). Within that group, we rank the companies based on earnings growth, revenue growth, and stock performance over the past three years. The company that grows fastest across all three parameters is No. 1. We did make one change this year, ruling out real estate firms and banks, which had begun to overrun the list in recent years, thanks to record-low interest rates and a flood of mortgage refinancings.

EARNINGS/SHARE REVENUE TOTAL RETURN GROWTH GROWTH TO INVESTORS Three-year Three-year Three-year annual rate annual rate annual rate 2004 RANK RANK RANK RANK COMPANY NAME NET INCOME REVENUE STOCK TICKER Four quarters Four quarters PRICE NUMBER CITY (2003 to 12/31/03 to 12/31/03 as of OF RANKING) (millions) (millions) 6/1/04 EMPLOYEES [COMMENTS]

1 AMERICAN HEALTHWAYS AMHC 269.1% $18.5 49.7% $179.0 83.9% $20.95 1,566 NASHVILLE (1) 2 6 12 [AMHC helps more than one million patients manage chronic diseases such as diabetes. This is its second year atop the FSB 100.]

2 ERESEARCH TECH. ERES 145.2 14.5 30.0 66.8 163.5 22.90 268 PHILADELPHIA 9 16 1 [eResearch makes software that manages data for about 150 life science, pharmaceutical, and biotech companies around the world.]

3 BRADLEY PHARM. BDY 58.2 16.8 54.0 74.7 115.1 23.45 252 FAIRFIELD, 28 4 4 N.J. (4) [Call it a drug recycler: Bradley buys and remarkets prescription medications from bigger companies. Many of its products treat skin problems.]

4 ROYAL GOLD RGLD 71.3 7.7 37.8 18.6 84.4 13.59 14 DENVER (3) 24 12 11 [[*4] Description below.]

5 TOTAL ENTERTAINMENT TENT 95.6 6.5 31.8 121.7 76.4 12.86 3,700 PURCHASE, 18 15 16 N.Y. (9) [Total Entertainment owns more than 60 casual-dining restaurants in two chains located throughout the Midwest: Fox & Hound and Bailey's.]

6 BIO-REFERENCE LABS BRLI 181.0 5.7 18.1 109.0 107.3 15.35 1,057 ELMWOOD PARK, 5 44 7 N.J. (37) [Working with some 4,000 physicians in the Northeast, BRLI provides lab services and testing. Cancer diagnosis is a big part of its business.]

7 HI-TECH PHARMACAL HITK 43.4 5.7 23.3 51.8 106.1 18.74 196 AMITYVILLE, 38 23 8 N.Y. (21) [Hi-Tech sells generic versions of liquid prescription drugs (such as Xylocain) and over-the-counter products (Visine and Robitussin).]

8 ADV. NEUROMODULATION ANSI 131.0 13.2 54.3 91.1 38.6 35.14 424 PLANO, 12 3 58 TEXAS (96) [ANSI makes implantable products that help people with chronic pain either by dispensing drugs internally or by stimulating nerves.]

9 MICROTEK MEDICAL MTMD 132.6 16.0 19.0 98.7 58.9 4.51 1,813 COLUMBUS, 10 39 25 MISS. [This company helps keep hospitals clean. Its products include sterilized drapes used to cover patients and equipment in the operating room.]

10 MERIT MEDICAL SYS. MMSI 113.1 17.3 12.9 136.0 117.5 14.23 1,210 SOUTH 14 59 3 JORDAN, UTAH (25) [Cardiology and radiology are the biggest businesses for this medical equipment supplier. About 25% of sales are to foreign hospitals.]

11 WEBSENSE WBSN 261.5 16.7 67.5 81.7 27.2 32.76 388 SAN DIEGO 3 1 76 [More than 20,000 companies rely on Websense to protect their IT systems and employees from viruses, hackers, and spyware.]

12 SYNOVIS LIFE TECH. SYNO 93.1 4.4 38.0 58.0 41.7 8.74 441 ST. PAUL (16) 19 11 49 [Synovis makes artificial tissue used in surgery to reduce the risk of bleeding. Gastric-bypass procedures make up nearly half its revenue.]

13 INTEGRAMED AMERICA INMD 486.6 1.0 19.7 93.7 40.6 7.50 700 PURCHASE, 1 30 51 N.Y. (24) [[*13] Description below.]

14 OSI SYSTEMS OSIS 66.6 13.2 21.2 191.6 55.9 22.24 1,165 HAWTHORNE, 25 28 28 CALIF. [OSI makes X-ray inspection equipment, medical scanning devices, and optical devices used in surveillance and weapons systems.]

15 QUALITY SYSTEMS QSII 42.9 9.1 19.6 67.2 81.7 47.49 301 IRVINE, 39 31 14 CALIF. [Software developer Quality Systems creates programs that manage scheduling, billing, and patient records for doctors and dentists.]

16 ENPATH MEDICAL NPTH 50.1 0.3 29.7 19.6 50.5 11.71 133 PLYMOUTH, 33 17 37 MINN. (7) [Formerly MedAmicus, Enpath manufactures safety needles to help health-care workers cut down on the risk of accidental HIV infection.]

17 EXX EXXA 23.4 6.2 45.2 110.3 62.4 2.07 1,000 LAS VEGAS 62 7 20 [Just about anything requiring an electric motor is a potential EXX product. Its wares range from toys and watches to AC systems and floor polishers.]

18 STRATASYS SSYS 75.9 6.2 10.6 50.9 122.8 24.98 224 EDEN PRAIRIE, 22 69 2 MINN. [Stratasys builds plastic prototypes for engineers in the aerospace, automotive, and medical industries--a small niche, but SSYS dominates it.]

19 ASV ASVI 78.6 7.6 19.2 96.4 40.9 30.10 151 GRAND 20 36 50 RAPIDS, MINN. [[*19] Description below.]

20 ESCALON MEDICAL ESMC 131.8 2.6 12.2 14.3 52.3 13.33 60 WAYNE, PA. 11 62 32 [Escalon designs ophthalmic instruments used to measure eyeballs, diagnose vision problems, and perform corrective surgeries such as Lasik.]

21 TECHNOLOGY RESEARCH TRCI 159.8 2.4 5.1 23.0 108.1 10.38 81 CLEARWATER, 7 92 5 FLA. [Military sales make up a growing part of TRCI's business: designing safety equipment to prevent accidental electrical shocks and electrical fires.]

22 MEDICAL ACTION INDS. MDCI 30.0 9.4 19.1 125.7 64.5 17.40 356 HAUPPAUGE, 51 37 18 N.Y. (72) [Medical Action cleans up in health care. About half of its sales come from biohazard bags and kits used for standard procedures such as IV sticks.]

23 AMER. MEDICAL SYS. AMMD 231.0 29.1 19.5 168.3 28.8 30.95 587 MINNETONKA, 4 34 72 MINN. [AMMD's products are all below-the-belt: It's a leading maker of devices used to treat erectile dysfunction and male and female incontinence.]

24 COLLEGIATE PACIFIC BOO 109.3 1.3 26.6 23.0 27.0 10.70 65 DALLAS 15 18 78 [Some 80% of this sporting-goods manufacturer's business comes from sales to colleges, parks, sports clubs, and youth sports leagues.]

25 FIRST CASH FINAN. SVCS. FCFS 51.9 15.0 9.5 145.5 107.7 20.49 1,531 ARLINGTON, 31 78 6 TEXAS [[*25] Description below.]

26 AMERICAN VANGUARD AVD 27.2 10.3 16.7 124.9 93.4 38.84 220 NEWPORT BEACH, 57 51 9 CALIF. (35) [American Vanguard makes pesticides used to protect cotton, potatoes, and corn, among other crops. It now sells to more than 50 countries.]

27 DOCUCORP INTL. DOCC 45.6 4.0 12.1 75.7 60.8 8.77 403 DALLAS 37 63 22 [In the war against junk mail, DocuCorp is an ally. Its software helps insurance and financial companies and utilities manage their mailings.]

28 ILX RESORTS ILX 38.3 2.7 15.9 65.0 58.8 9.92 990 PHOENIX 43 53 26 [ILX Resorts owns nine time-share properties in the Southwest, including Scottsdale Camelback. Coming soon: two more in the Phoenix area.]

29 J. ALEXANDER'S JAX 166.7 3.8 6.8 107.1 51.8 7.24 2,600 NASHVILLE 6 85 33 [[*29] Description below.]

30 SS&C TECHNOLOGIES SSNC 99.4 11.8 3.8 65.5 93.3 23.02 318 WINDSOR, 17 98 10 CONN. [You might not be a customer, but big corporations are. SS&C designs financial-management software used by banks and insurers.]

31 STRAYER EDUCATION STRA 15.1 33.7 23.2 147.0 60.6 117.49 1,523 ARLINGTON, VA. 77 24 24 [Some 20,000 students, mostly working adults, are earning college degrees at Strayer's 25 campuses. It also offers Internet-based classes.]

32 COMTECH TELECOMM. CMTL 31.9 9.7 22.1 199.1 39.2 17.81 689 MELVILLE, 48 26 55 N.Y. [This satellite company has equipment in Iraq helping the Army keep tabs on its vehicles. About 40% of sales are to the Defense Department.]

33 LANVISION SYSTEMS LANV 52.0 0.3 11.1 13.2 50.4 2.65 73 CINCINNATI 30 65 38 [LanVision's software helps hospitals consolidate information from different media (doctor's notes, lab tests, etc.) into a single database.]

34 SHUFFLE MASTER SHFL 29.8 16.4 19.6 67.4 42.1 33.93 221 LAS VEGAS (17) 53 32 48 [Shuffle Master sells or leases card-shuffling devices to casinos and develops trademarked table games such as Let-It-Ride.]

35 LIFELINE SYSTEMS LIFE 51.1 10.3 12.2 116.2 46.1 21.96 857 FRAMINGHAM, 32 61 43 MASS. [Lifeline's technology gives senior citizens 24-hour health-care monitoring in case of emergencies. It has more than 396,000 subscribers.]

36 EPIQ SYSTEMS EPIQ 46.1 8.7 40.4 69.5 21.5 14.35 175 KANSAS CITY, 35 10 93 KAN. (5) [EPIQ is in the business of helping companies go out of business--it makes bankruptcy software. This is its fourth appearance on the FSB 100.]

37 KENSEY NASH KNSY 24.2 10.8 33.4 51.0 35.2 31.64 259 EXTON, PA. 59 14 62 [This health-care company developed a faster method (called Angio-Seal) to seal arterial punctures that occur during vascular procedures.]

38 LIFEWAY FOODS LWAY 52.6 2.2 16.3 14.8 36.9 11.65 55 MORTON GROVE, 29 52 59 ILL. [Lifeway makes kefir, a yogurt-like beverage popular in Russia. Its 29-year-old CEO now sells it in all 50 U.S. states (see profile, page 78).]

39 BENTLEY PHARMACEUTICAL BNT 37.6 6.1 49.9 64.7 22.3 12.47 309 NORTH 45 5 89 HAMPTON, N.H. [Nearly all of Bentley's revenues come from Spanish subsidiaries that sell branded and generic pharmaceuticals in Spain and Europe.]

40 INTER PARFUMS IPAR 22.5 13.8 19.0 185.6 50.3 24.96 117 NEW YORK 64 38 39 CITY [Although it sells a few midrange perfumes, most of Inter Parfum's sales come from high-end brands such as Burberry and Christian Lacroix.]

41 NUTRACEUTICAL INTL. NUTR 39.4 13.2 6.7 128.8 81.9 24.75 738 PARK CITY, 40 86 13 UTAH [Need a little boost? This firm sells about 3,000 vitamins, minerals, and diet and energy supplements throughout the U.S. and Europe.]

42 CERADYNE CRDN 5.8 11.2 26.5 101.5 62.6 35.00 500 COSTA MESA, 103 19 19 CALIF. [Ceradyne makes a wide variety of ceramic products, including armor for military helicopters and orthodontic brackets.]

43 EDUCATIONAL DEVEL. EDUC 27.7 2.2 18.2 29.1 45.6 10.80 73 TULSA (48) 55 43 44 [Kids' books on the Tupperware-party model: EDUC has 10,000 salespeople (mostly moms) selling its books at homes, schools, and libraries.]

44 MULTI-COLOR LABL 10.3 6.9 23.7 122.3 56.1 15.55 490 CINCINNATI 92 22 27 [Procter & Gamble accounts for more than a third of sales for this labelmaker. New offerings include heat-shrink labels.]

45 CHARLES RIVER ASSOC. CRAI 4.8 11.4 26.3 163.5 60.8 34.00 486 BOSTON 105 21 21 [Founded in 1965, CRAI is a business consulting firm with 16 offices worldwide. Clients include law firms, accountants, and universities.]

46 TEAM TMI 31.5 4.6 11.2 97.4 51.4 16.85 958 ALVIN, 49 64 35 TEXAS (38) [Team's industrial leak repairs let refineries and power plants continue to operate while their pipes are being serviced.]

47 CREDO PETROLEUM CRED 14.2 2.4 18.9 8.5 52.3 16.97 10 DENVER (47) 79 40 31 [An integrated oil company on a small scale, CREDO owns stakes in more than 900 oil and natural-gas wells. It operates another 94.]

48 TALX TALX 49.5 12.7 58.5 124.9 1.4 23.51 1,210 ST. LOUIS (50) 34 2 118 [HR automation specialist TALX puts payroll records on electronic databases. It just completed a $39 million acquisition.]

49 NATIONAL RESEARCH NRCI 24.0 4.4 15.4 26.9 47.5 16.80 197 LINCOLN 60 54 42 [This health-care watchdog helps track patients after they leave the hospital. Founder Michael Hays owns about two-thirds of the company.]

50 SYNTEL SYNT 62.8 40.3 1.1 179.5 60.7 18.70 3,861 TROY, MICH. 26 116 23 [Syntel provides e-business and IT consulting for big corporations. A single client, American Express, accounts for more than 10% of revenue.]

51 MAX & ERMA'S RESTRNTS. MAXE 102.5 2.9 9.7 167.1 27.3 17.23 5,251 COLUMBUS (83) 16 76 75 [Yes, there really is an original Max & Erma. Starting with the first location, in Ohio, the chain now has more than 80 restaurants in the Midwest.]

52 CANTERBURY PARK ECP 39.3 2.9 12.4 47.9 34.3 17.19 600 SHAKOPEE, 41 60 63 MINN. (19) [Giddyup! This horseracing venue, which offers betting on live and simulcast events, has a card room that accounts for about half of all revenue.]

53 MONARCH CASINO MCRI 113.1 9.6 7.6 121.0 29.6 13.72 1,792 RENO (32) 13 83 71 [[*53] Description below.]

54 PEC SOLUTIONS PECS 30.3 17.2 43.4 172.0 10.7 11.74 1,223 FAIRFAX, VA. 50 9 109 [PEC helps clients, mostly government agencies, organize their data on centralized networks. The three founders still own 25% of the company.]

55 ANSYS ANSS 13.7 21.3 13.9 113.5 52.9 43.91 589 CANNONBURG, 81 58 30 PA. [Engineers use ANSYS's simulation software to test how product designs will react to real-world factors such as stress, pressure, and velocity.]

56 AMREP AXR 77.6 9.0 2.0 107.8 49.8 17.10 1,515 NEW YORK 21 109 40 CITY [Call it a miniconglomerate: About 70% of Amrep's sales come from a magazine-circulation business, but it also develops real estate.]

57 LAKELAND INDUSTRIES LAKE 28.4 3.4 5.8 88.2 55.6 21.85 1,271 RONKONKOMA, 54 91 29 N.Y. [Lakeland manufactures protective clothing for on-the-job hazards--everything from hospital scrubs to aluminized fireproof suits for rescue workers.]

58 HORIZON HEALTH HORC 19.0 9.8 9.8 166.4 51.6 22.05 1,327 LEWISVILLE, 69 73 34 TEXAS [Horizon Health provides mental health programs for hospitals in some 37 states. A smaller division offers physical therapy.]

59 DAKTRONICS DAKT 20.7 13.6 11.1 192.8 43.4 23.67 1,409 BROOKINGS, 68 66 46 S.D. [[*59] Description below.]

60 VIDEO DISPLAY VIDE 152.0 3.1 4.1 76.1 26.9 18.60 455 TUCKER, GA. 8 96 79 [Video Display makes cathode-ray screens for the military. Its products are in all the U.S. Navy's carriers, destroyers, and Aegis-class cruisers.]

61 FARGO ELECTRONICS FRGO 46.0 7.2 5.1 65.5 39.6 11.08 198 EDEN PRAIRIE, 36 93 54 MINN. [Don't blame this ID-card-machine manufacturer for that driver's license photo. Fargo may control the machines but not the bad hair day.]

62 BALCHEM BCP 20.9 5.6 26.4 61.9 18.1 26.20 190 NEW HAMPTON, 67 20 97 N.Y. (44) [Balchem makes feed supplements for poultry and pigs. A separate division designs packaging to help prepared foods stay fresh longer.]

63 QEP QEPC 23.3 2.9 6.6 138.1 51.0 15.19 441 BOCA RATON 63 88 36 [Finally getting around to retiling that bathroom? QEP makes specialty tools for flooring and other home-improvement projects.]

64 EXACTECH EXAC 17.8 6.5 20.5 71.3 22.9 20.10 154 GAINESVILLE, 72 29 88 FLA. [Exactech's artificial knees and hips are in growing demand by the aging U.S. population. It's now designing replacement shoulders as well.]

65 PEGASYSTEMS PEGA 73.3 17.7 6.8 99.3 24.2 8.65 422 CAMBRIDGE, 23 84 85 MASS. [Pegasystems sells customer-relationship management (CRM) software, mostly to big financial and health-care companies.]

66 ALLIED DEFENSE GROUP ADG 1.8 8.8 21.6 171.4 40.0 17.80 577 VIENNA, VA. 110 27 53 [[*66] Description below.]

67 ECOLOGY & ENVIRONMENT EEI 37.9 -1.2 14.0 121.8 21.7 9.85 890 LANCASTER, 44 57 92 N.Y. [EEI specializes in environmental consulting, but since 9/11 it has also been offering counterterrorism-preparedness exercises.]

68 SPAN-AMERICA MED. SYS. SPAN 12.1 1.5 16.9 45.2 36.2 11.62 290 GREENVILLE, 84 48 60 S.C. (63) [Span-America takes the pain out of being laid up. Its therapeutic mattresses and patient positioners are designed to support injured body parts.]

69 NATL. HOME HEALTH CARE NHHC 15.7 5.8 16.7 98.7 29.9 11.14 3,350 SCARSDALE, 76 50 70 N.Y. (67) [Most of this home-health-care provider's customers are in the Northeast. It took a recent hit from legislation that cut its rates in Connecticut.]

70 NETSMART TECHNOLOGIES NTST 1.2 3.0 10.4 27.2 74.0 7.98 161 GREAT RIVER, 112 71 17 N.Y. [This provider of health-care software recently signed a big contract with New York State's Office of Alcoholism and Substance Abuse Services.]

71 NEOGEN NEOG 12.8 5.0 18.8 48.8 24.7 16.06 317 LANSING, 83 41 83 MICH. (87) [Neogen's food-safety products include kits used to detect salmonella and E. coli; its animal health division designs veterinary instruments.]

72 ATRION ATRI 15.8 5.1 6.5 62.8 44.4 43.24 427 ALLEN, TEXAS 75 89 45 [Atrion makes cardiovascular equipment. Its myocardial-protection system manages fluid delivery to the heart during open-heart surgery.]

73 U.S. PHYSICAL THERAPY USPH 23.7 7.3 19.5 105.6 3.5 12.47 1,276 HOUSTON (15) 61 33 115 [With 243 clinics in 35 states, U.S. Physical Therapy focuses on workers' comp cases, sports injuries, and post-surgical patients.]

74 SANDS REGENT SNDS 8.8 6.2 16.9 55.9 31.8 6.92 750 RENO 98 49 67 [Casino owner Sands Regent is betting big on expansion through its $38 million purchase of Rail City Casino in Sparks, Nev.]

75 PARLUX FRAGRANCE PARL 25.9 5.0 1.6 75.6 43.3 9.24 111 FORT 58 113 47 LAUDERDALE [Parlux, a fragrance and beauty-products maker, just signed a letter of intent with Paris Hilton to launch a fragrance under her name.]

76 MARITRANS TUG 33.1 18.7 2.7 132.6 34.1 14.45 394 TAMPA 47 106 64 [[*76] Description below.]

77 FLORIDA PUBLIC UTILITIES FPU 59.8 12.4 4.8 102.7 15.2 19.24 337 WEST PALM 27 94 100 BEACH, FLA. [This company provides natural gas, electricity, and propane for about 90,000 customers in Florida. It recently sold its water utility operations.]

78 WATERS INSTRUMENTS WTRS 1.2 1.4 18.5 25.5 32.1 7.90 105 MINNEAPOLIS 113 42 66 [One subsidiary of Waters manufactures electrical fence controllers for animals. The other makes organ-transplant equipment for people.]

79 PEERLESS MFG. PMFG 39.1 2.3 2.8 67.2 27.1 10.75 196 DALLAS (61) 42 105 77 [Peerless makes industrial filters to purify gases and liquids moving through the intake pipes of gas turbines and diesel engines.]

80 HERLEY INDUSTRIES HRLY 3.8 13.9 17.0 111.2 28.3 20.73 707 LANCASTER, 107 47 73 PA. [Herley produces microwave and RF products for the military. The Defense Department is its biggest client; 33% of sales come from overseas.]

81 NOBILITY HOMES NOBH 18.6 3.0 10.8 39.2 22.2 20.60 218 OCALA, FLA. 71 68 90 [Nobility's prefab homes come in 100 models, from 670 to 2,300 square feet, and range in price from $20,000 to $80,000.]

82 JEWETT-CAMERON TRDG. JCTCF -13.4 0.3 43.5 57.4 13.5 4.88 70 NORTH PLAINS, 118 8 104 ORE. (89) [Different subsidiaries supply building materials to home-improvement chains, import industrial clamps, and distribute grain.]

83 PAUL MUELLER MUEL 27.3 2.0 8.7 116.8 21.4 31.62 966 SPRINGFIELD, 56 80 94 MO. [It sounds like a fashion label, but Paul Mueller makes stainless-steel processing systems and is the world leader in dairy-farm equipment.]

84 EXPONENT EXPO 6.4 10.2 10.5 139.7 35.6 24.93 738 MENLO PARK, 101 70 61 CALIF. [This engineering consulting firm has been hired to analyze disasters such as the Exxon Valdez, the Oklahoma City bombing, and the 9/11 attacks.]

85 SALEM COMMUN. SALM 13.9 -0.7 15.3 178.4 17.1 30.02 1,416 CAMARILLO, 80 55 98 CALIF. [A leader in religious and family-themed radio broadcasting, Salem recently launched a morning talk show hosted by William Bennett.]

86 M&F WORLDWIDE MFW 11.2 23.2 3.4 95.7 49.2 12.99 249 NEW YORK 87 102 41 CITY [M&F is one of the biggest makers of licorice extract in the world. Its flavorings are used in candies and tobaccos.]

87 LIFETIME HOAN LCUT 21.0 8.4 3.8 160.4 31.7 20.60 695 WESTBURY, 66 97 68 N.Y. [[*87] Description below.]

88 CHOLESTECH CTEC 14.4 4.3 15.1 53.9 13.5 9.50 203 HAYWARD, 78 56 102 CALIF. [Cholestech's blood diagnostic system lets doctors test cholesterol levels and check for liver disease in just five minutes using one drop of blood.]

89 DYNAMIC MATERIALS BOOM -8.0 -0.7 19.3 41.4 24.4 3.05 190 BOULDER 117 35 84 [Combine welding with TNT, and you get Dynamic Materials. It uses explosives to bond metal plates together and make high-pressure industrial tanks.]

90 LANDAUER LDR 4.4 15.2 11.0 66.2 32.9 40.45 425 GLENWOOD, 106 67 65 ILL. [Landauer's radiation-detection badges (technically they're called Luxel dosimeters) are used at hospitals, nuclear plants, and labs.]

91 TREX TWP 6.4 21.0 23.0 191.0 8.9 36.13 508 WINCHESTER, 102 25 111 VA. [[*91] Description below.]

92 DECKERS OUTDOOR DECK 3.1 9.2 1.2 121.1 79.0 24.49 163 GOLETA, 109 114 15 CALIF. [You might not know the name Deckers, but you probably know its two biggest brands: sports sandal Teva and the ubiquitous Ugg boot.]

93 TROVER SOLUTIONS TROV 30.0 5.8 2.4 65.8 26.1 6.80 591 LOUISVILLE 52 108 80 [An insurance watchdog, Trover works with HMOs and insurers to recover accident-related costs from third parties (such as auto insurers).]

94 ARTESIAN RESOURCES ARTNA 11.6 3.9 10.3 36.3 23.6 27.47 174 NEWARK, DEL. 85 72 86 [This water utility company services nearly 30% of Delaware's population and has recently expanded into the wastewater-treatment market.]

95 INTEGRAL SYSTEMS ISYS 0.4 5.3 35.2 83.1 7.0 16.61 360 LANHAM, MD. 115 13 112 [Integral's software helps test and launch satellite systems. U.S. government agencies make up about 70% of sales.]

96 UTAH MEDICAL PRODS. UTMD 18.8 7.3 0.1 27.1 38.9 26.25 220 MIDVALE, UTAH 70 118 57 [Utah Medical designs devices used in obstetrics and gynecology (more than 50% of sales), neonatal intensive care, and urology.]

97 CHEROKEE CHKE 9.8 13.6 7.7 35.8 29.9 23.60 17 VAN NUYS, 94 82 69 CALIF. [Although this apparel and home-furnishings brand used to make its own goods, it now just licenses its trademark. Target is its biggest customer.]

98 COHESANT TECH. COHT 13.2 1.4 1.7 16.3 40.1 7.24 78 INDIANAPOLIS 82 112 52 [Cohesant makes products to apply insulation, protective coatings, and sealants in the construction, auto, and air-transportation industries.]

99 VSE VSEC 11.6 2.0 3.0 134.5 39.2 17.41 500 ALEXANDRIA, 86 104 55 VA. [VSE's biggest client is the Navy, for which it does engineering, testing, and logistics. One division refurbishes retired Navy ships for other countries.]

100 BIO-LOGIC SYSTEMS BLSC 34.7 1.6 4.3 27.5 13.4 6.59 128 MUNDELEIN, 46 95 105 ILL. [Bio-Logic develops sophisticated test equipment for hospitals. It specializes in hearing, neurology, and sleep disorders.]