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No Comments [ Add Comment ]Seven Top of Utah companies among 100 fastest-growing in the state
By Jeff DeMossOGDEN --
Every October, a Salt Lake City-based business networking group compiles a list of the fastest-growing companies in the state.
And every time MountainWest Capital Network creates its Utah 100 rankings, the Top of Utah adds a handful to the list.
This time around, seven companies based in Weber, Davis and Cache counties made the list.
Todd Leishman, a Salt Lake attorney and chairman of the 2007 Utah 100 program, said the companies that make the list often find the distinction useful in future marketing efforts.
"It provides a forum for highlighting the achievements of both emerging and mature companies," Leishman said.
"The awards signify to the Utah business community, as well as those outside our state, that Utah continues to be a great place to do business."
Only companies that apply voluntarily for the list are considered, so it doesn't necessarily include all of the state's fastest-growing enterprises. Nonetheless, Leishman said, it is enough to provide an accurate snapshot of growth industries, trends and innovations in the state.
To qualify for the fastest-growing award, a company has to be in business for at least five consecutive prior years and have revenue of at least $50,000 in the previous year. In this case, the rankings were determined by revenue growth from 2002 through 2006.
Following are the Top of Utah enterprises that made this year's list.
11. Candle Warmers Etc. Inc., Layton
Founded in 2001, Candle Warmers Etc. sells a device resembling a small heat lamp that is used to heat scented candles without the potential hazard of open flame. The company is primarily a wholesaler to retail outlets nationwide, ranging from small, independent gift shops to chain stores like Hobby Lobby and Bed, Bath & Beyond.
Bart Kennington, the company's founder and chief executive, saw a market niche forming based on increased public awareness of the risks of open flame inside homes.
"People started melting candles on stoves, in microwaves, or even in mug warmers," Kennington said. "They couldn't control the heat that way, so they were solving one problem but causing others. It made sense to try to market something."
He didn't provide actual revenue figures, but said company sales grew more than 1,000 percent from 2002 to 2006.
Candle Warmers rose nine spots after coming in 20th on the 2006 Utah 100 list. It was the only Top of Utah company on the 2006 list to move up this year.
17. Fusion Holdings LLC, Bountiful
Fusion Holdings made its first appearance on the list this year. The merger and acquisition firm's growth has been due largely to a Web site, eWatches.com, which sells wristwatches online.
The fledgling EWatches.com was named to MountainWest Capital's Emerging Elite, an annual, unranked list featuring companies that are too young to make the Utah 100 list, but show promise for rapid and continued growth in coming years.
20. Creative Times Inc., Ogden
Creative Times is one of the biggest success stories among minority-owned businesses in the Top of Utah.
Many local residents are familiar with Creative Times Day School, the day care center started by Don Salazar and his wife in Ogden. But the real revenue growth for the company has come from its other subsidiary, CTI Construction.
Earlier this year, CTI won a contract with the U.S. Department of Defense worth as much as $200 million over five years -- by far the company's largest contract award in history.
30. Specialized Health Products International Inc., Bountiful
SHPI is a fast-growing developer, manufacturer and marketer of medical needles and other disposable medical supplies. The publicly-held company's shares are traded on the Over-the-Counter Bulletin Board, a small-cap stock exchange.
President and Chief Executive Jeff Soinski said the 20-year-old company transitioned into sustainable profitability last year, and has seen a 91 percent compounded annual growth rate since 2002.
"As a management team, we are focused on continuing to deliver profitable growth for our stockholders," Soinski said.
SHPI reported sales of $12.5 million in 2006, up from $5.6 million in 2005. Profit last year was more than $350,000, compared with a $2.8 million loss in 2005.
The company also received national recognition this year when it was named to the Deloitte Technology Fast 500 growth list, based on growth from 2005 to 2007. It fell from 18th place on the 2006 Utah 100 list.
45. MedicineLodge Inc., Logan
MedicineLodge is another rising star in Utah's medical technology sector. The company partners with physicians, venture capital firms and corporations in the development of various medical devices.
It handles manufacturing and logistical matters for other companies, including product development, identifying market opportunities for new products, bringing new products to market, and protecting intellectual property.
Consistent with its business model of partnering with other firms, MedicineLodge has seen rapid growth in recent years due largely to mergers.
It is now part of iMDs, whose family of companies also includes Frontier Biomedical, a pre-clinical animal research firm, and Leis Medical, which provides orthopedic implants and instruments.
Wade Fallin, president and CEO, said MedicineLodge's primary function is to "maximize the value of new medical devices."
The company fell from 38th place on last year's list.
63. Wolf Peak International Inc., Layton
Wolf Peak International started in 1998 in a Layton basement. The company designs and manufactures sunglasses that are designed for safety and protection while maintaining a stylish look.
In 2001, founder and owner Kurt Daems moved Wolf Peak to a 1,900-square-foot office space and hired the company's first employee. Within four years, the company had outgrown the space.
In 2005, it moved into a custom-designed, 15,000-square-foot office and warehouse building that remains its headquarters.
Wolf Peak claims to be the first company to successfully design polarized safety sunglasses. It also makes sunglass accessories, earplugs and other safety accessories.
The company ranked 31st on the 2006 Utah 100 list.
81. Companion Systems Design and Manufacturing Inc., North Salt Lake
Having been in existence for more than 25 years, Companion Systems is the oldest Top of Utah company on the list. It designs ATM kiosks, enclosures, canopies and other display-related ATM features for a variety of regional and national banks and credit unions.
Its client list includes major institutions like Wells Fargo, Bank of America and Key Bank, as well as Utah institutions such as Zions Bank.
The company has received numerous awards and recognition for manufacturing, and also for being one of the nation's top woman-owned businesses. Companion Systems did not appear on the 2006 list.
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MountainWest Capital also compiles shorter lists of the top revenue growth companies in the state and the Emerging Elite category mentioned above.
For sheer revenue growth, Ogden-based contractor Staker & Parson Cos. ranked 11th this year.
The Emerging Elite included eWatches.com of Bountiful and Ogden-based Herman Street Inc., a retailer of classic movies, music, books, posters and other memorabilia. Herman Street sells products online and in storefront settings.
Complete lists at www.mwcn.org/utah100
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