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New York, June 21, 2004—Oil is out, technology is back, and health care dominates in the intensely competitive world of small business, according to the FSB 100 - FORTUNE Small Business magazine's fourth annual ranking of the 100 fastest growing small companies in America. The list, which is comprised of public companies, appears in the July/August issue of FORTUNE Small Business, available on newsstands July 5 and at www.fsb.com

Topping the FSB 100 for the second year in a row is Nashville-based American Healthways, which helps health insurers manage patients who suffer from chronic illnesses. At No. 2 is eResearch Tech (Philadelphia, PA), which makes software that manages data for about 150 life science, pharmaceutical, and biotech companies around the world. No. 3 Bradley Pharmaceutical (Fairfield, NJ) is a drug recycler, buying and re-marketing prescription medications from bigger companies. At No. 4 is Royal Gold (Denver, CO), which develops and finances silver and gold mines but lets other do the digging in exchange for a percentage of production. No. 5 Total Entertainment (Purchase, NY) owns more than 60 casual dining restaurants in two chains located throughout the Midwest.

Rounding out the top ten are: No. 6 Bio-Reference Labs (Elmwood Park, NJ); No. 7 Hi-Tech Pharmacal (Amityville, NY); No. 8 Advanced Neuromodulation (Plano, TX); No. 9 Microtek Medical (Columbus, MS); and No. 10 Merit Medical Systems (South Jordan, UT.)

The return of technology is the major trend in this year's ranking. The 2004 FSB 100 lists 10 tech firms (up from just 2 in 2003.) Meanwhile, the health care industry continues to dominate the list, making up 7 of the top 10 FSB 100. This year's list includes a total of 25 health care firms (up from 21 in 2003.)

New York tops the list of the states with the most companies on the FSB 100 with 14 companies (up from 9), followed by Texas with 10 (down from 12) and California, also with 10 (up from 8.)

To compile the list, FORTUNE Small Business asked 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, companies were ranked based on earnings growth, revenue growth, and stock performance over the past three years. Real estate firms and banks, which had begun to override the list in recent years because of record-low interest rates and a flood of mortgage refinancings, were not considered for the list this year.

FORTUNE Small Business editors are available for print or broadcast interviews upon request.

Contact:
Bill Pearse or Linda De Vito
The Graubard Group
212-966-9000

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