Three Virginia companies named to Fortune fast-growth list
- September 10, 2013
Three Virginia companies have been named to Fortune’s list of 100 fastest-growing companies.
The companies are Iridium Communications, No. 70; Measurement Specialties, No. 89; and Portfolio Recovery Associates, No. 98.
McLean-based Iridium is a technology company with three-year average growth rates of 38 percent in revenue, 69 percent in profit and -8 percent in total return. It had revenue of $379 million and net income of $65.5 million in its most recent four quarters.
Hampton-based Measurement Specialties, also a technology company, had a three-year average growth rates of 20 percent in revenue, 42 percent in profit and 50 percent in total return. Revenues totaled $347 million with net income of $34.2 million in the most recent four quarters.
Portfolio Recovery Associates, based in Norfolk, is a financial services company making its second consecutive appearance on the list. Its average growth rates over three years were: 28 percent in revenue, 36 percent in profit and 32 percent in total return. Its total revenue was $622 million and net income was $139.7 million in the most recent four quarters.
To qualify for the list, a company’s stock must be traded on a major U.S. stock exchange; report data in U.S. dollars; file quarterly reports with the Securities and Exchange Commission; have a minimum market capitalization of $250 million and a stock price of at least $5 on June 28, 2013; and have been trading continuously since June 30, 2010.
Companies also must have revenue and net income of at least $50 million and $10 million, respectively, for the four quarters ended on or before April 30, 2013, and have posted an annualized growth in revenue and earnings per share of at least 20 percent annually over the three years ended on or before April 30, 2013.
Companies are ranked by revenue growth rate, earnings per share growth rate and three-year annualized total return for the period ended June 28, 2013. The overall rank is based on the sum of the three ranks. Once the 100 companies are identified, they are then reranked within the 100 using the three equally weighted variables.