Public companies vanish while profits rise

| Print |  Email
Archives - August 2008
Friday, August 01, 2008

PublicCosLogo

Going, going... gone


Oregon public companies keep disappearing but revenues and profits still climb.


Publicly traded companies are becoming an endangered species in Oregon. Some have opted to move headquarters. Others have been acquired by out-of-state companies. A few have gone private or simply out of business. Worse, the IPO tap remains dry. Business Week reports that second quarter 2008 was the first since 1978 with not a single VC-backed initial public offering nationwide. Our list now numbers 57 companies, down five from last year. And among these just 65% were profitable, compared to 73% last year.

In spite of the dwindling number of companies, total revenue for this year’s list jumped 6.5% to $49.0 billion, propelled by manufacturers such as Precision Castparts, Schnitzer Steel and Greenbrier Industries, which grew revenue 29%, 39% and 28%, respectively. Overall net income scored even better, growing 21.6% to $3.7 billion. Total market value at the end of 2007 also increased — 17.2% to $74.3 billion.

The largest company, Nike, earned another personal best, growing revenue 14% and net income a whopping 26% to $1.9 billion. Its year-end market value ballooned 27% to $31.8 billion, followed by Precision Castparts at $10.7 billion (a 79% increase) and FLIR Systems, which more than doubled value to $4.3 billion.

In total, seven companies from last year said goodbye. The 159-year-old timber company Pope & Talbot, in midst of bankruptcy, did not file an annual report for 2007, while medical-device-maker microHelix went completely out of business. Iconic high-tech manufacturer Tektronix, Corillian Corp. and PW Eagle all were acquired by out-of-state companies. Northwest Pipe Co. shifted headquarters across the Columbia River to Vancouver, and Axial Vector Motor Co. propelled much of its ownership and offices all the way to Dubai, trailed by shareholder allegations of fraud and an SEC investigation.

Two small public companies joined the list this year: Znomics (No. 52), a biotech company developing pharmaceuticals that moved headquarters to Portland from British Columbia in late 2007; and Torrent Energy Corp. (No. 56), an exploratory energy company that moved from Lynnwood, Wash., also to Portland, in late 2006.         

BRANDON SAWYER

Continue to List, ranks 1-34

 


Skip to ranks 35-57


 

 

More Articles

Reader Input: Rx for Health Care

July/August 2015
Wednesday, July 15, 2015

We asked readers how Obamacare has impacted their business.


Read more...

Ranking the airlines that fly PDX

The Latest
Friday, August 14, 2015
airlinesthumbBY JACOB PALMER | DIGITAL NEWS EDITOR

17 airlines make stops at Portland International Airport, but not all are created equal when it comes to customer service.


Read more...

Staffing Challenge

July/August 2015
Monday, July 13, 2015
BY KIM MOORE

A conversation with Greg Lambert, president of Mid Oregon Personnel Services.


Read more...

Reader Input: Fair Play

May 2015
Wednesday, July 15, 2015

Former Governor John Kitzhaber's resignation in February prompted some soul searching in this state about ethical behavior in industry and government.


Read more...

The Private 150: From Strength to Strength

July/August 2015
Monday, July 13, 2015
BY KIM MOORE

Revenues in Oregon's private, for profit sector maintained solid growth as the economy continued to rebound.


Read more...

Storyteller in Chief: Power Player

September 2015
Wednesday, August 19, 2015
BY LINDA WESTON

In 1996, after a 17-year career in the destination marketing industry, where I gained national standing as the CEO of the Convention & Visitors Association of Lane County, I was recruited by the founders of a new professional basketball league for women. The American Basketball League (ABL) hoped to leverage the success of the 1996 USA women’s national team at the Atlanta Olympics — much like USA Soccer is now leveraging the U.S. Women’s National Team’s victory in the World Cup. The ABL wanted a team in Portland, and they wanted me to be its general manager.


Read more...

Getting What You Pay For

September 2015
Wednesday, August 19, 2015
BY KIM MOORE

A conversation with Chris Maples, president of the Oregon Institute of Technology.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS