Sarasota businesses will remember 2001-or at least the first eight months of it-as the last big year of a long economic boom. As the stock market climbed above 10,000, Sarasota leaders basked in the glow of national accolades that included being named "Best Small City" in America by Money Magazine.
But by summer, signs of a slowdown surfaced. Although the region continued to garner praise for its growing technology sector and progressive economic development, an unemployment rate that meandered barely above ground level forced businesses to recruit outside the area for workers; and cities with more bodies began attracting businesses that could have relocated here.
Then came Sept. 11. The stock market plummeted; and suddenly, Sarasota's businesses faced the same shaky, wait-and-see climate as the rest of the nation. Even in an economy as historically recession-proof as Sarasota's, an air of cautious optimism replaced the former exuberance.
"This period is temporary," maintains Kathy Baylis, vice president of Sarasota's Council for Economic Development. "We will come back." She points out that many companies here are small and flexible. "It's a lot easier to maneuver a small boat than a large one," she says.
Even the most optimistic observers agree that we're sailing into uncharted waters. But what about last year's course? Of the 130 companies on our list, at least six posted increases of 70 percent; About 50 recorded increases averaging 17 percent.
Twenty-six lost ground. Uniroyal and Hi-Stat took the biggest hits, with revenues down 66 percent from last year; three experienced drops of nearly 50 percent, and the rest declined by about 12 percent. The remainder of our companies held their own, posting the same profits in 2001 as in 2000. Altogether, the companies on our list earned more than $13.6 billion.
Looking at the list by industry, construction and homebuilding showed the biggest gains, up an average of 27 percent. When people took their money out of stocks, they put it back into real estate, says Keith Bass, vice president of Florida operations for Taylor Woodrow. "Two or three years ago, people were very reluctant to take money out of the market," he says. "Now they are looking for safe havens to park their money and real estate is benefiting."
He attributes the thriving construction market to job growth east of I-75, but says retirement home sales are still being driven by the comparative value of the Sarasota market. Bass estimates homes in Sarasota are nearly 10 to 20 percent less expensive than in comparable cities like Naples. "The same house here for $1 million will cost you $2 million on the east coast," he says.
But don't forget, says Michael Dooley, vice president of Dooley & Mack, "Construction is kind of like a pipeline." Dooley, whose firm specializes in commercial construction, says it takes time to feel the full effect of an economic downturn. He predicts a slowdown in the private sector but believes the government will try to stimulate the economy by spending money on commercial projects.
Sarasota's manufacturers remained strong in 2001, scoring average increases of 17 percent. (They also showed the most stability, with the greatest number of companies reporting at least the same revenues as last year.) But recent events affected them as well. "Initially, transportation was an issue," says John Fain, corporate vice president of Intertape Polymer, a manufacturer of specialty plastic and paper products. Fain says that after Sept. 11, Intertape had to instate new procedures to make sure shipments weren't held up by new border restrictions; but right now, he's more worried about Sarasota's notoriously low unemployment rate. "I have three people who are commuting from Tampa every day," he says.
How to attract new business to a community where workers are so scant remains a conundrum for Sarasota's economic planners. "It's a tight market, and it will continue to be a tight market," says Nancy Engel, executive director of the Manatee Economic Development Council.
But as the Sarasota council's own talking points attest, "an enviable combination of lifestyle, workforce development assistance and affordability" persuaded major companies like Comdial and Boar's Head to relocate their corporate headquarters here last year. To attract similar companies, Baylis and Engel have begun "regionalizing" the way they sell the area. For nearly a decade, both councils worked separately with the Tampa Bay Partnership, a seven-county economic development organization; but last year, Baylis and Engel decided to start working with the partnership as a single entity. "The [employee] numbers for companies here who are trying to recruit or expand can't compete against a larger city like Savannah," says Engel. "Together we're more impressive."
The groups have also created a new bi-county Web site called www.southtampabay.org. Engel says that industry people may still associate Sarasota and Manatee with recreation, but they understand that Tampa is a business center. By referring to both counties as South Tampa Bay, they plan to capitalize on Tampa's established business clout.
Their efforts have already impressed several national site consultants-professionals who scout locations for companies planning to relocate or expand-who joined Engel and Baylis during last year's Super Bowl festivities in Tampa. The consultants said they had previously thought of both counties as vacation areas, but now see them together as a larger pool for employees.
And speaking of pools, here's how we pool together our annual list of Sarasota's biggest moneymakers. To be selected, companies must report annual revenues of $10 million or more and either have their headquarters here or be self-contained divisions of larger companies. They are ranked by annual sales, which is why we exclude some, such as auto dealerships or financial institutions, which report sales in a way that does not compare meaningfully to most other companies. In the few instances where companies on our list earned revenues through commissions, we report earnings after those commissions. We asked real estate firms for only the commissioned portion of their sales.
We publish sales figures exactly as companies report them to us; last year's sales are noted in parentheses after the current year's sales. If a company declines to report sales, we estimate, using a variety of sources. We also publish estimates given to us by companies that projected earnings because their fiscal year did not end before our press time. All estimated sales are clearly noted as such.
To make the list as comprehensive as possible, we cross-check with a variety of sources-economic development officials, bankers and industry analysts. We are always prospecting for qualified companies to add to the list, and we hope you will bring any omissions to our attention so we can consider them for next year's story.
1) Tropicana Products, Inc. (Manatee)
World's leading producer and marketer of branded fruit juices
Chief executive: Brock Leach
Annual sales: $2.3 billion ($2.1 billion)
Employees: 5,200 worldwide; 3,200 in Manatee/Sarasota
Web site: www.tropicana.com
Tropicana is the No. 3 brand in U.S. grocery stores and is sold in 30 countries worldwide.
2) Vengroff Williams & Associates, Inc.
Credit and collections, subrogation claims, medical accounts payable, management of rental units in Sarasota and New York
Chief executive: Harvey Vengroff
Annual sales: $800 million (represents actual revenues after collections)
Employees: 250 in Sarasota;
Web site: www.vwainc.com
Now owns 300 apartments and currently negotiating the purchase of additional properties; no longer owner of Med-Systems.
3. Taylor Woodrow, Inc. (Manatee)
Community developer, luxury home and high-rise condo builder, commercial property
Chief executive: John R. Peshkin
Annual sales: $769 million ($650 million)
Employees: 1,272 in North America
Founded: 1921 in England,
1936 in North America
Web site: www.taylorwoodrow.com
Renowned for creating extraordinary lifestyle communities with world-class amenities, building a wide range of luxury homes and high-rise condominiums and commercial properties. Local projects include The Oaks Preserve, Sawgrass, The Villages of Palm-Aire and The Meadows.
4. Intertape Polymer Group (Manatee)
Developer and manufacturer of specialized plastic and paper products and complementary packaging systems for industrial and retail use
Chief executive: Melbourne F. Yull
Annual sales: $654 million ($570 million)
Web site: www.intertapepolymer.com
ISO 9002 certified, trading under the symbol ITP on the New York stock exchange and Toronto stock exchange. Operations throughout the U.S., Canada, Mexico and Portugal with 26
facilities, including 20 manufacturing locations.
5. Beall's, Inc. (Manatee)
Retailer of family apparel, footwear and gifts
Chief executive: Robert M. Beall II
Annual sales: $600 million ($500 million)
More than 330 department, outlet and gift stores in Florida, Georgia, Arizona, Louisiana, Texas, Alabama, Mississippi, North Carolina, Nevada, South Carolina
6. Boar's Head Provisions Co., Inc.
Manufacturer of premium delicatessen meats and cheeses
Chief executive: Robert S. Martin
Annual sales: Estimated, $542 million
Web site: www.boarshead.com
7. New Horizons Computer Learning Centers
World's largest computer training company
Chief executive: Joseph Tortoretti
Annual sales: $530.3 million
Employees: 7,000 company-wide;
23 in Sarasota
Web site: www.newhorizons.com
Company has a network of 280 locations in 44 countries; named to Fortune's 100 fastest-growing companies; the Sarasota location is a Microsoft Certified Technical Education Center and licensed by Florida Department of Education for career education.
8. Manatee Memorial Hospital and Health System (Manatee)
Private 502-licensed bed acute care hospital
Chief executive: Brian Flynn
Annual sales: $475 million ($395 million)
Web site: www.manateememorial.com
JCAHO Accreditation with Commendation for 1999; voted "Best Hospital" by Bradenton Herald's readers for seventh year in a row; won U.H.S. Service Excellence Award for 1998.
9. FCCI Insurance Group
Commercial property and casualty
insurance, third-party administration and professional employment services
Chief executive: G.W. Jacobs
Annual sales: $384.3 million ($295.7 million)
Web site: www.fcci-group.com
Recently opened new 300,000-square-foot office complex at Lakewood Ranch.
10. Blake Medical Center (Manatee)
383-bed acute care hospital offering services from open-heart care to birth care
Chief executive: Lindell Orr
Annual sales: Estimated, $307 million
(Estimated $267.7 million)
Web site: www.blakemedicalcenter.com
A "Top 100" hospital for the past five years; received JCAHO Accreditation with Commendation; first hospital in Florida and third in the nation to receive OSHA voluntary protection merit award; among the top ICU departments in the country.
11. Edwards Systems Technology (Manatee)
Design and manufacture of commercial fire detection systems, mid-range and small fire system products, including closed circuit television cameras and security systems
Chief executive: Jay Twombly
Annual sales: $285 million ($265 million)
Web site: www.est.net
Introduced a new product called Synergy that integrates fire alarm, access control, closed circuit television and security systems into a cohesive network; first company to accomplish this while meeting all regulatory listing requirements of Underwriters Laboratory.
12. Gevity HR (Manatee)
One of the largest human resource providers in the United States
Chief executive: James F. Manning
Annual sales: $270 million ($238 million)
Web site: www.gevityhr.com
Formerly Staff Leasing. Gevity HR ranks 508 on Fortune 1000 and No. 485 on Forbes 500; recently won the 2001 ComputerWorld Smithsonian Honors Award for extraordinary utilization of technology.
13. Correctional Services Corporation and Youth Service International
Private correctional and detention facilities
Chief executive: James F. Slattery
Annual sales: Estimated, $233 million
Employees: Estimated, 1,800
Trades publicly under the NASDAQ symbol "CSCQ."
14. Doctors Hospital of Sarasota
Hospital and outpatient services
Hospital and outpatient affiliates
Chief executive: Charles F. Scott
Annual sales: $225 million
Web site: www.doctorsofsarasota.com
Accredited by JCAHO, certified cancer registry program.
15. Bon Secours Venice Healthcare Corporation
342-bed hospital, 120-bed nursing care center, 102-bed assisted living facility, ambulatory care center with outpatient surgery (Health Park), primary care physician
network, Medicare and non-Medicare home healthcare
Chief executive: Michael G. Guley
Annual sales: $197.5 million
(Estimated, $178 million)
Web site: www.bonsecours.org/venice
Named one of the top 100 orthopedic and stroke hospitals by HCIA; Sarasota County Business Recognition Award for outstanding support of education in 2001.
16. Central European Distribution
Distributor of alcoholic beverages
Chief executive: William V. Carey
Annual sales: $178 million ($131 million)
Employees: 700, 2 locally
Web site: www.ced-c.com
Publicly traded as CEDC on NASDAQ; largest importer and distributor of alcoholic beverages in Poland.
17. Pinnacle Towers Inc.
Telecommunication tower rental
Chief executive: Steven R. Day
Annual sales: $175.6 million ($85.4 million)
Web site: www.pinnacletowers.com
18. Dooley and Mack Constructors, Inc.
Construction managers, general contractors, design/builders
Chief executive: William R. Dooley
Annual sales: $175 million ($130 million)
Web site: www.dooleymack.com
Recently completed the $18.3 Brookside Middle School, Tessera condominium and Marriott Springhill Suites in Sarasota; nearing completion of the Sarasota County Jail extension.
19. W.G. Mills, Inc. (Manatee)
Construction manager, general contractor
Chief executives: Walter G. Mills and
Lemuel Sharp III
Annual sales: $175 million ($112 million)
Web site: www.wgmills.com
Five regional offices throughout Florida, including: corporate headquarters in Sarasota, Clearwater, Fort Myers, Palm Beach Gardens and Jacksonville.
20. American Marine Holdings, Inc. (Manatee)
Parent company of two boat manufacturing companies-Donzi Marine and Pro-Line Boats
Chief executive: Lee Kimmell
Annual sales: $150 million-plus
21. Pacific Tomato Growers, Ltd.
Grower, packer and shipper of fresh market fruits and vegetables
Chief executive: Joseph Esformes
Annual sales: $122.3 million ($134.2 million)
Web site: www.ptg.eee.com
Member Manatee Chamber of Commerce and Manatee Economic Development Council; sponsor of Sunripe Golf Classic benefiting the USF College of Education Migrant Teacher Scholarship program;
recipient of the Florida Commissioner of Agriculture's 2000 Ag Environmental Leadership Award.
22. PGT Industries
Florida's leading manufacturer of custom windows, doors and patio rooms
Chief executive: Randy White
Annual sales: $120 million ($93 million)
Web site: www.pgtindustries.com
23. JCI Jones Chemicals, Inc.
Manufacturer and distributor of industrial chemicals
Chief executive: Jeffrey W. Jones
Annual sales: $115 million ($115 million)
24. Foreign Trade Marketing
Consumer product exporter and importer
Chief executive: Irwin Tobocman
Annual sales: $106 million ($106 million)
Web site: www.foreigntrademarketing.com
25. Dental Care Alliance, Inc.
Provides dental management services to 90 dental practices in seven states
Chief executive: Dr. Steven R. Matzkin
Annual sales: Estimated, $103 million
Employees: 76 locally,
1,124 throughout eastern U.S.
Web site: www.dentalcarealliance.com
Effective June 1, 2001, the company was re-purchased from its former parent company, Interdent.
26. Comdial Corporation
Develops and markets sophisticated
communications solutions for small- to
mid-sized businesses, government and other organizations
Chief executive: Nick Branica
Annual sales: $100 million
Employees: 400; 150 in Sarasota
Web site: www.comdial.com
In 2001, Comdial moved its corporate headquarters and manufacturing facility from Charlottesville, Va., to Sarasota; was ranked No. 160 among the top 250 publicly held companies in Florida by Florida Trend magazine.
27. RMC South Florida, Inc.
(Manatee) (DBA Singletary Concrete Products, RMC South Florida Materials and Florida Rock and Sand)
Produces and distributes ready-mix
concrete, concrete and architectural block, concrete pavers and related materials
Chief executive: Richard A. Buckelew
Annual sales: $100 million ($100 million)
Web site: www.singletaryconcrete.com
28. Sysco Food Services-West Coast Florida Inc. (Manatee)
Full line marketer and distributor of food, non-food and related items to restaurants, hospitals, hotels, cruise ships and all mass feeding institutions
Chief executive: Carl S. Cannova
Annual sales: Estimated, $97.3 million
(Estimated $97 million)
Web site: www.syscowcf.com
29. Wellcraft Marine Corp.
Manufacturing of fiberglass boats
Chief executive: Dean Samuelson
Annual sales: Estimated, $88 million
Web site: www.wellcraft.com
30. Sun Hydraulics
Designer and manufacturer of hydraulic cartridge valves and manifolds
Chief executive: Allen Carlson
Annual sales: $80 million
Web site: www.sunhydraulics.com
Facilities in Sarasota and Manatee; other facilities located in U.K., Germany, South Korea and China.
31. Meridian Professional Employer Services (Manatee)
Professional employer organization
Chief executive: Peggy Cline
Annual sales: $75.5 million
Employees: 40 internal, 5,000 leased
Web site: www.meridianstaffing.com
Supports Boys & Girls Clubs; sponsors ongoing blood drives, school activities, Manatee children's services and many
service club activities.
Provides solutions and services in tax,
technology and business, for internal
and external clients
Chief executive: James H. Shedivy
Annual sales: $75 million
(Estimated, $60 million)
Employees: 800 in Sarasota;
Founded: 1984 in Sarasota;
1913 as Arthur Andersen
Web site: www.andersen.com
Active community involvement and support of numerous local civic and charitable
33. Invensys Sensor Systems
Supplier of magnetic, ultrasonic and
resistive speed, position and motion
sensors and controls
Chief executive: Steve Anderson
Annual sales: $75 million
Web site: www.speed-position.
34. Mike Carter Construction
Design/build firm and commercial construction
Chief executive: Mike Carter
Annual sales: $75 million
(Estimated, $75 million)
Web site: www.carterconst.com
35. Selective HR Solutions
Professional employer organization
Chief executive: Robert J. Clancy
Annual sales: $70 million (10% of gross)
Employees: 151 internal; more than 22,000 company-wide
Web site: www.selectivehr.com
NAPEO member; accredited by the Employer Services Assurance Corporation (ESAC).
36. Tropitone Furniture Co., Inc.
Designer and manufacturer of fine
Chief executive: Michael Echolds
Annual sales: $70 million
(Estimated, $60 million)
Web site: www.tropitone.com
Industry honors include the Apollo IBO contract, Roscoe, French Sisel Vert, design excellence and ADEX design awards.
37. Uniroyal Technology Corporation
Manufacturer of compound semi-conductor and opto-electronic products
Chief executive: Howard R. Curd
Annual sales: $68.3 million
Web site: www.uniroyaltech.com
Completed Tampa R&D facility for opto-electronics and an epitaxial and R&D facility for silicon carbide device development and
production; worked with University of South Florida, University of Central Florida and University of Florida to advance the development of ultraviolet light emitting diodes.
38. Signs Now Corporation
Franchise sales of professional graphic solutions sign companies
Chief executive: Mike Etchieson
Annual sales: $65 million
Employees: 33 locally; 1,000 nationwide
Web site: www.signsnow.com
Ranked ninth in Success Magazine's top 200 franchise picks; named to Entrepreneur Magazine's 200 top domestic and international franchises.
39. L-3 Communications, Aviation Recorders
World's leading manufacturer of solid state cockpit voice recorders and flight data recorders for commercial, civil and military applications
Chief executive: Bruce Coffey, president
Annual sales: Estimated, $60 million
(Estimated, $45 million)
Web site: www.L-3com.com
A self-sustained division of L-3 Communications Corporation, Aviation Recorders has sold more than 50,000 recorders.
40. Hi-Stat Mfg. Co., a division of Stoneridge Inc.
Manufacturer of original equipment sensors for the automotive industry
Chief executive: Ray Laurent, general manager
Annual sales: $59 million
Web site: www.hi-stat.com
QS9000 certified; Ford Q1 supplier.
41. Gold Coast Eagle Distributing
Anheuser-Busch and Modelo portfolio brands of beer distributor for Manatee and Sarasota counties
Chief executive: John W. Saputo
Annual sales: $58 million
Web site: www.abwslr.com/goldcoast eagle
Enjoys a nearly 66 percent market share with 1,350 retail accounts; supported more than 300 charitable events; in June 2001, purchased the Mexican import portfolio, Modelo (brands include: Corono Extra, Corona Lt, Negra Modelo, Modelo Especiale and Pacifico Clara).
42. Neal Communities, Neal Custom Homes (Manatee)
Land developer and home builder
Chief executive: Patrick K. Neal
Annual sales: $55.9 million
Web site: www.nealcustomhomes.com
Major projects include University Park Country Club (named best master planned community in America), Perico Bay Club, Wild Oak Bay, new communities at Lakewood Ranch and University Place.
Winner of 26 Aurora Awards from the Southeast Builder Conference.
43. Eaton Aerospace
Electrical power and load management
systems for aerospace applications
Chief executive: Matt Taylor
Annual sales: $55 million
Founded: 1893; 1978 in Manatee
Web site: www.aerospace.com
44. Sarasota Kennel Club
Greyhound track and simulcasting facility
Chief executive: Jack Collins Sr., president; Jack Collins Jr.,
Annual sales: $54 million
Holds charity events that benefit local
45. Schroeder-Manatee Ranch, Inc.
Developer of Lakewood Ranch, with other businesses in agriculture and aggregate
Chief executive: C. John A. Clarke
Annual sales: Estimated, $52 million
(Estimated, $48 million)
Web site: www.lakewoodranch.com
Best in American Living Award for best
master-planned community in America, Grand Aurora for Best Community with
over 150 units, Reader's Choice and Reader's Preference Awards for Best Community from readers of Sarasota Herald-Tribune and Bradenton Herald.
46. Ajax Paving Industries
Asphalt manufacturing and paving
Chief executive: Michael A. Horan
Annual sales: $50 million
47. APAC-Florida, Inc. Sarasota Division (Manatee)
Highway/road contractor and asphalt
Chief executive: David Donofrio
Annual sales: $50 million
F.T.B.A. Quality Project Award; A.C.A. Quality Asphalt Paving Award.
48. Westra Construction Corp.
Underground water and sewer utility contractor, wastewater treatment plants
Chief executive: Kenneth Beukema
Annual sales: $49 million
Marvin M. Black Excellence in Partnering Award for the De Soto Correctional Institute Annex project, member Suncoast Utility Contractors Association, American Public Works Association Contractor of the Year Florida West Coast for 1996-97.
49. Administrative Concepts Corp.
Chief executive: George E. Bushong
Annual sales: $48.8 million
50. Carter Grandle
Manufacturer of casual furniture, umbrellas and cushions
Chief executive: Webb Carter
Annual sales: Estimated, $47 million
Web site: www.cartergrandle.com
51. Teltronics, Inc.
Manufactures telephone switching systems and software for small- to large-size businesses, government and 911 public safety communications centers
Chief executive: Ewen R. Cameron
Annual sales: $43.2 million
Web site: www.teltronics.com
Winner of numerous technology-related awards; opened office in Mexico and acquired offices in New York, Georgia, Utah, Minnesota and California; supports numerous charitable organizations.
52. C & D Fruit and Vegetable Co.
Growers, shippers and packers of fresh
fruit and vegetables
Chief executive: Thomas O'Brien
Annual sales: $42 million
Web site: www.cdveg.com
Again received the Red Book and Blue
53. Healthsouth Rehabilitation Hospital of Sarasota
Rehabilitation hospital providing comprehensive inpatient, outpatient, sports medicine and medical rehabilitation services
Chief executive: Margaret A. Holloway
Annual sales: $41 million
Web site: www.healthsouth.com
The only free-standing rehabilitation hospital on Florida's west coast with five out-patient and sports medicine centers.
54. Forest Products Supply
Manufactures architectural mill work,
trusses, pre-hung door products supplier, lumber-related building materials, windows and hollow metal doors
Chief executive: Larry Smart, COO
Annual sales: Estimated, $40 million
Web site: www.forest-products.com
55. Swanson Inmate Commissary Services Inc.
Commissary services for correctional
Chief executive: Charles L. Swanson Jr.
Annual sales: Estimated, $40 million
(Estimated, $33.2 million)
56. John Cannon Homes Inc.
Design and construction of custom homes
Chief executive: John Cannon
Annual sales: $39 million
(Estimated, $34 million)
Web site: www.johncannonhomes.com
Currently building in Amberwynd, Lakewood Ranch, Turtle Rock, Silver Oak, Siesta Estates, Panther Ridge, Venice Golf and Country Club, North Creek, Sarasota Ranch Club, Country Club of Sarasota, Siesta Key, Longboat Key, Casey Key and Anna
57. M. Pete McNabb, Inc.
Arthur Rutenberg Homes homebuilder
Chief executive: Pete McNabb
Annual sales: $38 million
Web site: www.arhomes.com
Arthur Rutenberg Homes "Builder of the Year" for 1991, 1994, 1995, 1998; Habitat for Humanity 1997; multi-Arthur Rutenberg Homes franchise owner.
58. Pierce Mfg. Inc.
Manufacturer of commercial fire apparatus and defense transportation products
Chief executive: Tom Paulus
Annual sales: $38 million
A wholly-owned subsidiary of Oshkosh Truck Corp., recently completed 500th unit at the Bradenton facility, growth plans at 40% for fiscal year.
59. Southern Agricultural Insecticides
Formulator and distributor of lawn and garden and agricultural chemicals
Chief executive: Dr. John R. Diem
Annual sales: $38 million
Web site: www.southernag.com
60. Michael Saunders & Company
Full-service, licensed real estate brokerage
Chief executive: Michael Saunders
Annual sales: $37.1 million
Employees: 113 employees;
Web site: www.michaelsaunders.com
Ranked first in the Sarasota real estate market and 83rd nationally by Real Trends 500; company ranks 156th nationwide for number of transactions and 67th nationwide for sales volume; an affiliate of Sotheby's International Realty, Leading Estates of the World, RELO Relocation Network and Who's Who in Luxury Real Estate.
61. McIntyre Elwell & Strammer
General Contractors, Inc.
Commercial building specialists
Chief executive: John A. McIntyre
Annual sales: $36.9 million
Builds churches, elderly housing, offices, manufacturing and retail throughout Florida.
62. Charter One Hotels and Resorts, Inc. Hotel management
Chief executive: John W. Balliett
Annual sales: $36 million