ASSOCIATED BUSINESS SYSTEMS RANKS AS ONE OF AMERICA’S FASTEST GROWING PRIVATE COMPANIES

Associated Business Systems (ABS) today announced that it ranks as one of the fastest-growing private companies in the country according to Inc. magazine’s annual Inc. 500 list. ABS boasts a five-year sales growth of 338 percent with revenues of $17 million in 2002.The 22nd annual Inc. 500 issue hits newsstands October 14.

This is the second year Associated Business Systems, which provides office equipment, networking solutions and document management programs, has been included in the prestigious Inc. 500, and it is one of only nine Oregon companies named to the list. While ABS has experienced tremendous growth, the office products industry has been grappled with mass consolidations and economic regression.

“We are privileged to be featured in the Inc. 500 list since it affirms that ABS is a formidable leader not only in our industry, but among many small businesses in the U.S.,” said Craig Knouf, president, ABS. “As in many industries, many customers have been increasingly dissatisfied with deteriorating customer service, and we recognized an opportunity to fill some of those gaps. Our innovative operating style, coupled with a zealous commitment to our customers, has resulted in extraordinary growth and success for ABS, despite our stagnating economy,” added Knouf.

“The entrepreneurs you’ll find on the Inc. 500 have the type of attitude we need to get this economy moving again,” said Inc. Editor-in-Chief John Koten. “For them, a tough market is not an excuse for poor performance, but an opportunity to innovate and rise above the competition.”

The Inc. 500 ranks privately held companies according to sales growth over the past five years. With 75% of all new job creation in the U.S. coming from small businesses, the Inc. 500 is a prescient indicator of the companies and industries that are driving the economy forward. Over the years, the Inc. 500 has identified the next generation of world-class companies, with Microsoft, Stonyfield Farms, Timberland, Oracle, Princeton Review, Morningstar, E* Trade, Intuit and Domino’s Pizza all appearing on the list before they became industry powerhouses.

To be eligible for this year's Inc. 500, companies had to be independent and privately held through their fiscal year 2002, have had at least $200,000 in sales in the base year of 1998, and their 2002 sales had to exceed 2001 sales. Inc. verifies all information using tax forms and financial statements from certified public accountants and by conducting interviews with company officials.

Portland, Ore.-based Associated Business Systems supplies and services document imaging systems including printers, copiers, fax machines, archival and retrieval devices and scanners. ABS has offices in Portland, Salem, Eugene and Bend, Ore.