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Posted 12-9-98
CLEVELAND -- For the second consecutive year, Crystal Mortgage Company has topped the Weatherhead 100, the list of fastest-growing companies headquartered in Northeast Ohio.
Amherst-based Crystal, a provider of mortgage brokerage services, increased its sales by 2,929% from 1993 to 1997. The company was recognized for its accomplishments at the 11th annual Weatherhead 100 dinner, held December 8 at the Renaissance Cleveland Hotel in downtown Cleveland.
The Weatherhead 100 is compiled annually by Enterprise Development Inc. (EDI), part of the Weatherhead School of Management at Case Western Reserve University.
Richard S. Gray, president of EDI, said the range of companies on the Weatherhead 100 demonstrates the growing diversification of the region's economy. "With everything from telecommunications firms to computer networking providers to metal fabricators on the list, it is clear that northeast Ohio supports a wide range of enterprises," said Gray. "As these companies continue to grow and prosper, they provide a solid base for economic growth throughout the region."
David Moore, Crystal Mortgage's founder and president, attributes the company's growth to the strong relationships it develops with its customers. "The number one reason for our success is the relationships we've built. People come to us and then refer us to others," he explains.
Crystal's sales grew from $257,547 in 1993 to $7,800,804 in 1997.
Running just behind Crystal is SummaCare Health Plan. Akron-based SummaCare saw its revenues jump by 2,901%.
Rounding out the top 10 are Thermagon, Inc. of Cleveland; MAC Trailer Manufacturing, Inc. of Alliance; Pagers Plus of Akron, Adcom Communications of Cleveland; Vantage One Communications Group of Cleveland; Prime Systems, Inc. of Broadview Heights; OneNet International Communications, Inc. of Beachwood; and Katherine's Collection at Silver Lake, Inc. of Twinsburg.
Weatherhead 100 companies are selected on the basis of sales growth over the previous five years, meaning this year's winners were selected based on their results from 1993-1997. Companies with sales of more than $100,000 in 1993 and more than $1 million in 1997, and which employed at least 16 people at the end of 1997, were eligible for nomination.
In addition to the main Weatherhead 100 list, EDI recognizes two other categories of firms: Weatherhead Upstart companies, which have met the percentage sales growth criteria of the Weatherhead 100, but had sales of less than $1 million in 1997 or had fewer than 16 employees; and Weatherhead Centurions, with sales growth of 100 percent or more from 1993-1997 and net sales of $100 million or more in 1997.
Leading the list of this year's 20 upstarts is Custom Edge, Inc., with sales growth of 1,695%. Custom Edge, headquartered in Brooklyn Heights, manufactures and sells licensed National Football League, National Hockey League, and Major League Baseball novelty items.
There are 20 companies in the Centurion category this year. The list is headed by Mentor-based STERIS Corporation, with sales growth of 1,471%. STERIS, which provides infection prevention, contamination control, and surgical support systems, also topped last year's Centurion category.
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