WILLOUGHBY, Ohio — Western Reserve Group Inc. — a manufacturer of ATM devices, software application products and a provider of transaction processing and financing services for the ATM industry — has been ranked the No. 1 "emerging company" on this year's Lake-Geauga Fast Track 50, according to a news release. This is the fourth such ranking on the list, which is based on a company's sales and employee growth over the past five years.
The release noted that this is the second consecutive year WRG has attained the No. 1 spot.
The Lake-Geauga Fast Track 50 identifies and acknowledges the 50 fastest-growing companies in Lake and Geauga counties, Ohio.
"I couldn't be more pleased to be ranked No. 1 again this year," said Mike Stevenson, chief executive officer of WRG.
WRG's growth (435 percent from 1999 to 2003) landed it on Inc magazine's 2003 Inc 500 ranking for the third time, as well as the 2003 Case Weatherhead 100 (its fifth time on that list).
WRG earns Inc 500 ranking
WRG also was named one of America's entrepreneurial growth leaders by Inc magazine, which released its 2004 Inc 500 ranking of the nation's fastest-growing private companies, the release added. WRG achieved the No. 400 position this year, up from 411 in 2003 and 467 in 2002.
The ranking will appear in the magazine's special Inc 500 issue.
The Inc 500 ranks the nation's leading entrepreneurial firms according to sales growth over the previous five years. In 1999, WRG’s sales were $2.8 million. In 2003, sales were $15.8 million, a 565 percent growth.
To be eligible for the Inc 500, companies had to be independent and privately held through their fiscal year 2003. Additionally, they must have at least $200,000 in sales in the base year of 1999 and their 2003 sales had to have exceeded 2002 sales.
