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Oregon's Public Companies: Staying Alive

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Archives - August 2009
Wednesday, July 22, 2009

PublicCompanies

Oregon’s public companies shrink in number and market value, trying to survive the recession.

LIST RESEARCH AND STORY BY BRANDON SAWYER

PubCos1Already dwindling in recent years after countless acquisitions, relocations, conversions to private ownership and a dearth of IPOs, Oregon’s public companies haven’t been immune to the economy at large.


Oregon had only 54 reporting companies this year, 25 fewer than 10 years ago. Given the sad condition of the stock market at the end of 2008, their total market value fell 34% to $49.3 billion, though they fared better than the S&P 500 Stock Index, which plummeted 38% during the same period. But their total net income was down even more: -48% to $1.9 billion and just half (27) were profitable this year. Last year, 37 of the same 54 companies turned a profit.


Nike remained king of the hill and saw its revenue inch up 3% but net income sag 21%. Precision Castparts kept its No. 2 position, growing net income a healthy 6%, while Schnitzer Steel, enjoying red-hot metal prices prior to the global economic fizzle, climbed to No. 3 with a remarkable 89% jump in net income.PubCos2


In contrast Medford-based Lithia Motors, stalling out with the rest of the auto industry, fell to sixth place and U-turned from $22 million net profit in 2007 to $253 million net loss in 2008. StanCorp Financial Group, Portland General Electric, Columbia Sportswear and Greenbrier Companies stayed in the top 10 but all saw dips in earnings. Still winning military contracts for its thermal imaging technology, FLIR Systems (No. 10) bucked the trend with 38% and 49% increases in revenue and net income. Movie Gallery famously married Oregon’s own Hollywood Video in 2005 and took it to sweet home Alabama. It emerged from bankruptcy reorganization in 2008 with a $622 million net loss, and switched locations back to Wilsonville, so despite all the drama it returns to our list at No. 5.


Companies that have disappeared include Coburg-based Monaco Coach, which filed for bankruptcy and liquidated assets in June. InFocus went blurry and became a wholly owned suPubCos3bsidiary of privately held Image Holdings in May. ATM company TRM changed its name to Access To Money and moved to New Jersey early this year. And choking on the bankruptcy of its Fatburger subsidiaries, Andrew Wiederhorn’s Fog Cutter Capital Group failed to file an annual report for 2008.


New to this year’s list is Craft Brewers Alliance (No. 30), a concoction composed of Washington State’s Redhook Ale Brewery and Oregon’s Widmer Brothers Brewing, which trades under the “HOOK” symbol but rules from Portland. Developer of thermal management solutions for high-tech industries, Waytronx (No. 44) moved up from San Diego after acquiring Tualatin’s CUI. And Ashland’s ecoSolutions (No. 49), marketing biodegradable and low-consumption plastics, went public in 2008 and now trades on the OTC bulletin board.
One bright spot was Oregon public companies’ total revenue, which increased 3% to $50.4 billion, but less than half (26) increased their revenue over last year.


RANK 2009 RANK 2008 COMPANY (SYMBOL)
LOCATION
INDUSTRY
WEBSITE
FISCAL
YEAR
REVENUE (in 1000s)
2008
2007
INCOME (in 1000s)
2008
2007
2008
EPS
P/E RATIO
D/E RATIO
S/H EQUITY
TOTAL ASSETS
(in 1000s)
2008 ROE
ROI
MARKET VALUE 12/31/08
1 1 Nike* (NKE)
One Bowerman Dr., Beaverton 97005
Sportswear
nikebiz.com
5/31/09 19,176,100
18,627,000
1,486,700
1,883,400
3.03 19
52%
8,693,100
13,249,600
17.1%
11.2%
24,694,761
2 2 Precision Castparts Corp.* (PCP)
4650 S.W. Macadam Ave., Ste. 440, Portland 97239
Diversified mfg.
precast.com
3/29/09 6,827,900
6,852,100
1,044,500
987,300
7.43 8
38%
4,859,800
6,721,400
21.5%
15.5%
8,323,334
3 5 Schnitzer Steel Industries (SCHN)
3200 N.W. Yeon Ave., Portland 97210
Steel
schn.com
8/31/08 3,641,550
2,572,265
248,683
131,334
8.61 8
59%
978,152
1,554,853
25.4%
16.0%
1,057,551
4 4 StanCorp Financial Group (SFG)
1100 S.W. Sixth Ave., Portland 97204
Insurance
stancorp
financial.com
12/31/08 2,667,000
2,709,200
162,900
227,500
3.3 13
954%
1,380,300
14,555,200
11.8%
1.1%
2,046,271
5 NR Movie Gallery** (MVGR)
9275 S.W. Peyton Ln., Wilsonville 97070
Video rental svcs.
moviegallery.com
1/6/08 2,452,445
2,541,933
-622,398
-25,720
-19.39 0
NA
-856,021
663,325
NA
-93.8%
127,360
6 3 Lithia Motors (LAD)
360 E. Jackson St., Medford 97501
Auto sales
lithia.com
12/31/08 2,137,804
2,624,282
-252,586
21,549
-12.62 NA
356%
248,343
1,133,459
-101.7%
-22.3%
66,762
7 6 Portland General Electric Co. (POR)
121 S.W. Salmon St., Portland 97204
Electric utilities
portland
general.com
12/31/08 1,745,000
1,743,000
87,000
145,000
1.39 14
271%
1,354,000
5,023,000
6.4%
1.7%
1,218,335
8 7 Columbia Sportswear Co. (COLM)
14375 N.W. Science Park Dr., Portland 97229
Sportswear
columbia.com
12/31/08 1,317,835
1,356,039
95,047
144,452
2.74 13
22%
944,090
1,148,236
10.1%
8.3%
1,197,805
9 9 Greenbrier Companies (GBX)
One Centerpointe Dr., Ste. 200, Lake Oswego 97035
Heavy mfg.
gbrx.com
8/31/08 1,290,079
1,223,828
19,542
22,010
1.19 17
382%
260,527
1,256,960
7.5%
1.6%
114,482
10 12 FLIR Systems (FLIR)
27700 S.W. Parkway Ave., Wilsonville 97070
Thermal imaging
flir.com
12/31/08 1,076,974
779,397
203,733
136,711
1.28 24
48%
840,062
1,243,907
24.3%
16.4%
4,337,753
11 10 Northwest Natural Gas Co. (NWN)
220 N.W. Second Ave., Portland 97209
Utility
nwnatural.com
12/31/07 1,037,855
1,033,193
69,525
74,497
2.61 17
278%
628,373
2,378,152
11.1%
2.9%
1,172,139
12 11 Mentor Graphics Corp.* (MENT )
8005 S.W. Boeckman Rd., Wilsonville 97070
Software
mentor.com
1/31/09 789,101
879,732
-88,802
28,771
-0.97 NA
107%
573,880
1,186,437
-15.5%
-7.5%
482,066
13 13 FEI Co. (FEIC)
5350 N.E. Dawson Creek Dr., Hillsboro 97124
Instruments
fei.com
12/31/08 599,179
592,510
24,302
58,338
0.61 31
60%
519,089
832,172
4.7%
2.9%
703,214
14 16 Blount International (BLT)
4909 S.E. International Way, Portland 97222
Cutting tools mfg.
blount.com
12/31/08 597,035
515,535
38,599
42,857
0.8 12
NA
-43,520
499,684
NA
7.7%
451,381
15 17 TriQuint Semiconductor (TQNT)
2300 N.E. Brookwood Pkwy., HIllsboro 97124
Semiconductors
triquint.com
12/31/08 573,431
475,776
-14,613
23,394
-0.1 NA
18%
526,076
618,377
-2.8%
-2.4%
506,905
16 15 Umpqua Holdings Corp. (UMPQ)
One S.W. Columbia St., Ste. 1200, Portland 97258
Banking
umpquabank.com
12/31/08 541,351
553,217
51,044
63,268
0.82 18
478%
1,487,008
8,597,550
3.4%
0.6%
870,313
17 14 Cascade Corp.* (CASC)
2201 N.E. 201st Ave., Fairview 97024
Equipment mfg.
cascorp.com
1/31/09 534,172
558,073
1,267
60,147
0.11 208
68%
236,967
397,583
0.5%
0.3%
324,041
18 19 McCormick & Schmick’s Seafood
Restaurants (MSSR)
720 S.W. Washington St., Ste. 550, Portland 97205
Restaurants
mccormick
andschmicks.com
12/27/08 390,718
358,647
-69,611
8,814
-4.73 NA
106%
105,795
217,519
-65.8%
-32.0%
59,178
19 18 Merix Corp. (MERX)
15725 S.W. Greystone Court, Ste. 200, Beaverton 97006
Electronics
merix.com
5/31/08 378,637
400,496
-25,551
-72,432
-1.22 NA
135%
113,774
267,441
-22.5%
-9.6%
5,946
20 20 RadiSys Corp. (RSYS)
5445 N.E. Dawson Creek Dr., Hillsboro 97124
Electronics
radisys.com
12/31/08 372,584
325,232
-65,950
-17,552
-2.92 NA
96%
157,468
309,026
-41.9%
-21.3%
127,372
21 22 Planar Systems (PLNR)
1195 N.W. Compton Dr., Beaverton 97006
Electronic display mfg.
planar.com
9/26/08 259,310
229,053
-89,758
-23,184
-5.05 NA
83%
70,432
129,124
-127.4%
-69.5%
11,702
22 24 Lattice Semiconductor Corp. (LSCC)
5555 N.E. Moore Court, Hillsboro 97124
Semiconductors etc.
latticesemi.com
1/3/09 222,262
228,709
-38,206
-239,816
-0.33 NA
15%
254,939
291,936
-15.0%
-13.1%
174,358
23 27 Clear Choice Health Plans (CCHN)
2965 N.E. Conners Ave., Bend 97701
Health plans
clearchoice
hp.com
12/31/08 216,756
180,825
3,265
2,154
1.83 5
118%
49,279
107,570
6.6%
3.0%
15,309
24 25 West Coast Bancorp (WCBO)
5335 S.W. Meadows Rd., Ste. 201, Lake Oswego 97035
Banking
wcb.com
12/31/08 165,475
216,688
-6,313
16,842
-0.41 NA
1170%
198,187
2,516,140
-3.2%
-30.0%
103,437
25 26 Cascade Bancorp (CACB)
1100 N.W. Wall St., Bend 97701
Banking
botc.com
12/31/08 157,763
192,453
-134,566
29,979
-4.82 NA
1585%
135,239
2,278,307
-99.5%
-5.9%
189,594
RANK 2009 RANK 2008 COMPANY (SYMBOL)
LOCATION
INDUSTRY
WEBSITE
FISCAL
YEAR
REVENUE (in 1000s)
2008
2007
INCOME (in 1000s)
2008
2007
2008
EPS
P/E RATIO
D/E RATIO
S/H EQUITY
TOTAL ASSETS
(in 1000s)
2008 ROE
ROI
MARKET VALUE 12/31/08
26 23 Electro Scientific Industries* (ESIO)
13900 N.W. Science Park Dr., Portland 97229
Electronics
esi.com
3/28/09 157,313
247,155
-51,050
16,589
-1.89 NA
12%
343,523
384,247
-14.9%
-13.3%
183,921
27 28 LaCrosse Footwear (BOOT)
17634 N.E. Airport Way, Portland 97230
Footwear
lacrosse-
outdoors.com
12/31/08 127,956
118,179
6,167
7,300
0.96 13
38%
61,412
84,565
10.0%
7.3%
83,841
28 32 PremierWest Bancorp (PRWT)
503 Airport Rd., Ste. 101, Medford 97504
Banking
premierwest
bank.com
12/31/08 98,972
91,265
-7,539
15,102
-0.35 NA
734%
176,984
1,475,954
-4.3%
-50.0%
157,710
29 31 Rentrak Corp.* (RENT)
7700 N.E. Ambassador Pl., Portland 97220
Information mgmt.
rentrak.com
3/31/09 94,966
93,188
5,363
4594
0.49 18
27%
46,977
59,878
11.4%
9.0%
123,878
30 NR Craft Brewers Alliance Inc.*** (HOOK)
929 N. Russell St., Portland 97227
Food processing
craftbrewers.com
12/31/08 86,013
46,544
-33,278
-939
-2.63 NA
86%
79,281
147,805
-42.0%
-22.5%
20,338
31 30 Pixelworks (PXLW)
16760 S.W. Upper Boones Ferry Rd., Ste. 101, Portland 97224
Semiconductors
pixelworks.com
12/31/08 85,164
105,980
7,978
-30,920
0.55 1
1847%
4,711
91,732
169.3%
8.7%
9,726
32 34 Columbia Bancorp (CBBO)
401 E. Third St., Ste. 200, The Dalles 97058
Banking
columbia
riverbank.com
12/31/08 77,255
90,364
-26,358
14,607
-2.63 NA
1395%
75,049
1,122,294
-35.1%
-2.3%
20,235
33 35 Cascade Microtech (CSCD)
2430 N.W. 206th Ave., Beaverton 97006
Electronics
cascade
microtech.com
12/31/08 76,561
89,922
-34,577
930
-2.65 NA
15%
76,700
88,456
-45.1%
-39.1%
25,670
34 36 Pacific Continental Corp. (PCBK)
111 W. Seventh Ave., Eugene 97401
Banking
therightbank.com
12/31/08 70,214
73,091
12,939
12,935
1.08 14
839%
116,165
1,090,843
11.1%
1.2%
180,838
35 38 Williams Controls (WMCO)
14100 S.W. 72nd Ave., Portland 97224
Electronics
wmco.com
9/30/08 65,781
68,924
7,830
7,937
1.01 13
58%
25,648
40,608
30.5%
19.3%
52,671
36 37 Jewett Cameron Trading Co. Ltd. (JCTCF)
32275 N.W. Hillcrest St., North Plains 97133
Lumber and tool dist.
jewett
cameron.com
8/31/08 64,321
69,038
2,610
2,295
1.09 7
73%
7,030
22,180
37.1%
11.8%
12,027
37 41 Yocream International (YOCM)
5858 N.E. 87th Ave., Portland 97220
Frozen desserts
yocream.com
10/31/08 42,971
28,190
4,380
619
1.89 7
106%
14,221
29,294
30.8%
15.0%
30,537
38 42 Citizens Bancorp (CZBC)
275 S.W. Third St., Corvallis 97339
Banking
citizens
Ebank.com
12/31/08 26,347
26,656
4,910
6,054
0.96 10
691%
48,158
381,080
10.2%
1.3%
44,280
39 49 EnergyConnect Group† (ECNG)
5335 S.W. Meadows Rd., Lake Oswego 97035
Electronics
energy
connectinc.com
1/3/09 25,859
12,626
-34,077
-14,036
-0.37 NA
54%
31,258
48,086
-109.0%
-70.9%
11,422
40 51 AVI Biopharma (AVII)
4575 S.W. Research Way, Ste. 200, Corvallis 97333
Biotechnology
avibio.com
12/31/08 21,258
10,985
-23,953
-27168
-0.34 NA
62%
15,732
25,536
-152.3%
-93.8%
46,785
41 44 New World Brands (NWBD)
340 W. Fifth Ave., Eugene 97401
Communications equip.
ipgear.net
12/31/08 20,280
17,101
-1,630
-6,703
0 NA
205%
2,052
6,262
-79.4%
-26.0%
6,277
42 47 Synthetech* (NZYM)
1290 Industrial Way, Albany 97322
Drugs
synthetech.com
3/31/09 19,862
14,561
1,151
-1,174
0.08 7
35%
9,605
13,007
12.0%
8.8%
9,082
43 29 Digimarc Corp. (DMRC)
9405 S.W. Gemini Dr., Beaverton 97008
Digital technology
digimarc.com
12/31/08 19,782
13,025
1,491
55
0.21 48
8%
48,401
52,441
3.1%
2.8%
72,936
44 NR Waytronx†† (WYNX)
20050 S.W. 112th Ave., Tualatin 97062
Thermal mgmt. solutions
waytronx.com
12/31/08 19,556
157
-1,830
-5,747
-0.01 NA
408%
9,467
48,139
-19.3%
-3.8%
16,621
45 45 Willamette Valley Vineyards (WVVI)
8800 Enchanted Way, S.E., Turner 97392
Beverages
willamettevalley
vineyards.com
12/31/08 16,048
16,711
709
1,687
0.14 21
42%
14,316
20,335
5.0%
3.5%
14,456
46 46 Home Valley Bancorp (HVYB)
P.O. Box 817, Grants Pass 97528
Banking
homevalley
bank.com
12/31/08 15,051
14,692
729
1,742
0.33 14
1599%
14,401
244,670
5.1%
0.3%
9,612
47 48 Albina Community Bancorp (ACBC)
430 N.W. 10th Ave., Ste. 101, Portland 97209
Banking
albinabank.com
12/31/08 14,349
13,590
-927
704
-0.87 NA
1628%
12,483
215,683
-7.4%
-40.0%
4,009
48 50 Schmitt Industries (SMIT)
2765 N.W. Nicolai St., Portland 97210
Equipment
schmitt-ind.com
5/31/08 11,421
11,882
1,103
1,285
0.39 16
0.14
13,756
15,727
8.0%
7.0%
11,193
49 52 Bioject Medical Technologies (BJCT)
20245 S.W. 95th Ave., Tualatin 97062
Medical instruments
bioject.com
12/31/08 6,473
8,348
-3,043
-4,038
-0.2 NA
521%
933
5,797
-326.2%
-52.5%
1,151
50 NR ecoSolutions Intl††† (ECOI)
295 E. Main St., Ste. 1, Ashland 97520
Whsle. durable goods
ecosolutions
intl.com
12/31/08 2,126
515
-1,927
-1,508
-0.09 NA
NA
-3,446
227
NA
-848.9%
8,546
51 54 MathStar (MATH)§
19075 Tanasbourne Dr., Ste. 200, Hillsboro 97124
Semiconductors
mathstar.com
12/31/08 536
588
-14,611
-20,365
-1.59 NA
5%
14,903
15,589
-98.0%
-93.7%
7,345
52 53 Znomics (ZNOM)
2611 S.W. Third Ave., Ste. 200, Portland 97201
Pharmaceutical prep.
znomics.com
12/31/08 351
636
-3,532
-1,192
-0.32 NA
104%
530
1,083
-666.4%
-326.1%
227
53 56 Aultra Gold (AGDI)
120 N. Fifth St., Jacksonville 97530
Metal mining
aultragold.com
12/31/08 0
0
-572
-493
-0.01 NA
NA
-775
172
NA
-332.6%
240
54 40 Paulson Capital Corp. (PLCC)
811 S.W. Naito Pkwy., Ste. 200, Portland 97204
Brokerage
paulson
investment.com
12/31/08 -8,015
30,041
-17,094
4,782
-2.86 NA
21%
21,102
25,579
-81.0%
-66.8%
6,165

*Results are for 2009 fiscal year.
**Relocated to Wilsonville from Dothan, Ala. In November 2008 following Chapter 11 bankruptcy proceedings.
***Company created when publicly traded Redhook Ale Brewery acquired Widmer Brothers Brewing Co. in July 2008.
†Formerly known as Microfield Group.
††Relocated to Tualatin from San Diego area in May 2008 after acquiring Tualatin-based CUI Inc.
†††Company went public in April 2008, initially listed on the Pink Sheets but currently on Over The Counter Bulletin Board.
§Ceased operations in 2008, company has rejected buyout offers in hopes of restarting operations or merging with another semiconductor company.

PubCos4

TOP TENS
MARKET VALUE 12/31/08
1 Nike $24.7b
2 Precision Castparts $8.3b
3 FLIR Systems $4.3b
4 StanCorp Financial Group $2.0b
5 Portland General Electric $1.2b
6 Columbia Sportswear $1.2b
7 Northwest Natural Gas $1.2b
8 Schnitzer Steel Industries $1.1b
9 Umpqua Holdings $870.3m
10 FEI $703.2m
NET INCOME
1 Nike $1.5b
2 Precision Castparts $1.0b
3 Schnitzer Steel Industries $248.7m
4 FLIR Systems $203.7m
5 StanCorp Financial Group $162.9m
6 Columbia Sportswear $95.0m
7 Portland General Electric $87.0m
8 Northwest Natural Gas $69.5m
9 Umpqua Holdings $51.0m
10 Blount International $38.6m
HIGHEST P/E RATIO
1 Cascade 208
2 Digimarc 48
3 FEI 31
4 FLIR Systems 24
5 Willamette Valley Vineyards 21
6 Nike 19
7 Rentrak 18
7 Umpqua Holdings 18
9 Greenbrier Companies 17
9 Northwest Natural Gas 17
Click here to see wider view of list
RANK 2009 RANK 2008 COMPANY (SYMBOL)
LOCATION
INDUSTRY
WEBSITE
FISCAL
YEAR
REVENUE (in 1000s)
2008
2007
INCOME (in 1000s)
2008
2007
2008
EPS
P/E RATIO
D/E RATIO
S/H EQUITY
TOTAL ASSETS
(in 1000s)
2008 ROE
ROI
MARKET VALUE 12/31/08
1 1 Nike* (NKE)
One Bowerman Dr., Beaverton 97005
Sportswear
nikebiz.com
5/31/09 19,176,100
18,627,000
1,486,700
1,883,400
3.03 19
52%
8,693,100
13,249,600
17.1%
11.2%
24,694,761
2 2 Precision Castparts Corp.* (PCP)
4650 S.W. Macadam Ave., Ste. 440, Portland 97239
Diversified mfg.
precast.com
3/29/09 6,827,900
6,852,100
1,044,500
987,300
7.43 8
38%
4,859,800
6,721,400
21.5%
15.5%
8,323,334
3 5 Schnitzer Steel Industries (SCHN)
3200 N.W. Yeon Ave., Portland 97210
Steel
schn.com
8/31/08 3,641,550
2,572,265
248,683
131,334
8.61 8
59%
978,152
1,554,853
25.4%
16.0%
1,057,551
4 4 StanCorp Financial Group (SFG)
1100 S.W. Sixth Ave., Portland 97204
Insurance
stancorp
financial.com
12/31/08 2,667,000
2,709,200
162,900
227,500
3.3 13
954%
1,380,300
14,555,200
11.8%
1.1%
2,046,271
5 NR Movie Gallery** (MVGR)
9275 S.W. Peyton Ln., Wilsonville 97070
Video rental svcs.
moviegallery.com
1/6/08 2,452,445
2,541,933
-622,398
-25,720
-19.39 0
NA
-856,021
663,325
NA
-93.8%
127,360
6 3 Lithia Motors (LAD)
360 E. Jackson St., Medford 97501
Auto sales
lithia.com
12/31/08 2,137,804
2,624,282
-252,586
21,549
-12.62 NA
356%
248,343
1,133,459
-101.7%
-22.3%
66,762
7 6 Portland General Electric Co. (POR)
121 S.W. Salmon St., Portland 97204
Electric utilities
portland
general.com
12/31/08 1,745,000
1,743,000
87,000
145,000
1.39 14
271%
1,354,000
5,023,000
6.4%
1.7%
1,218,335
8 7 Columbia Sportswear Co. (COLM)
14375 N.W. Science Park Dr., Portland 97229
Sportswear
columbia.com
12/31/08 1,317,835
1,356,039
95,047
144,452
2.74 13
22%
944,090
1,148,236
10.1%
8.3%
1,197,805
9 9 Greenbrier Companies (GBX)
One Centerpointe Dr., Ste. 200, Lake Oswego 97035
Heavy mfg.
gbrx.com
8/31/08 1,290,079
1,223,828
19,542
22,010
1.19 17
382%
260,527
1,256,960
7.5%
1.6%
114,482
10 12 FLIR Systems (FLIR)
27700 S.W. Parkway Ave., Wilsonville 97070
Thermal imaging
flir.com
12/31/08 1,076,974
779,397
203,733
136,711
1.28 24
48%
840,062
1,243,907
24.3%
16.4%
4,337,753
11 10 Northwest Natural Gas Co. (NWN)
220 N.W. Second Ave., Portland 97209
Utility
nwnatural.com
12/31/07 1,037,855
1,033,193
69,525
74,497
2.61 17
278%
628,373
2,378,152
11.1%
2.9%
1,172,139
12 11 Mentor Graphics Corp.* (MENT )
8005 S.W. Boeckman Rd., Wilsonville 97070
Software
mentor.com
1/31/09 789,101
879,732
-88,802
28,771
-0.97 NA
107%
573,880
1,186,437
-15.5%
-7.5%
482,066
13 13 FEI Co. (FEIC)
5350 N.E. Dawson Creek Dr., Hillsboro 97124
Instruments
fei.com
12/31/08 599,179
592,510
24,302
58,338
0.61 31
60%
519,089
832,172
4.7%
2.9%
703,214
14 16 Blount International (BLT)
4909 S.E. International Way, Portland 97222
Cutting tools mfg.
blount.com
12/31/08 597,035
515,535
38,599
42,857
0.8 12
NA
-43,520
499,684
NA
7.7%
451,381
15 17 TriQuint Semiconductor (TQNT)
2300 N.E. Brookwood Pkwy., HIllsboro 97124
Semiconductors
triquint.com
12/31/08 573,431
475,776
-14,613
23,394
-0.1 NA
18%
526,076
618,377
-2.8%
-2.4%
506,905
16 15 Umpqua Holdings Corp. (UMPQ)
One S.W. Columbia St., Ste. 1200, Portland 97258
Banking
umpquabank.com
12/31/08 541,351
553,217
51,044
63,268
0.82 18
478%
1,487,008
8,597,550
3.4%
0.6%
870,313
17 14 Cascade Corp.* (CASC)
2201 N.E. 201st Ave., Fairview 97024
Equipment mfg.
cascorp.com
1/31/09 534,172
558,073
1,267
60,147
0.11 208
68%
236,967
397,583
0.5%
0.3%
324,041
18 19 McCormick & Schmick’s Seafood
Restaurants (MSSR)
720 S.W. Washington St., Ste. 550, Portland 97205
Restaurants
mccormick
andschmicks.com
12/27/08 390,718
358,647
-69,611
8,814
-4.73 NA
106%
105,795
217,519
-65.8%
-32.0%
59,178
19 18 Merix Corp. (MERX)
15725 S.W. Greystone Court, Ste. 200, Beaverton 97006
Electronics
merix.com
5/31/08 378,637
400,496
-25,551
-72,432
-1.22 NA
135%
113,774
267,441
-22.5%
-9.6%
5,946
20 20 RadiSys Corp. (RSYS)
5445 N.E. Dawson Creek Dr., Hillsboro 97124
Electronics
radisys.com
12/31/08 372,584
325,232
-65,950
-17,552
-2.92 NA
96%
157,468
309,026
-41.9%
-21.3%
127,372
21 22 Planar Systems (PLNR)
1195 N.W. Compton Dr., Beaverton 97006
Electronic display mfg.
planar.com
9/26/08 259,310
229,053
-89,758
-23,184
-5.05 NA
83%
70,432
129,124
-127.4%
-69.5%
11,702
22 24 Lattice Semiconductor Corp. (LSCC)
5555 N.E. Moore Court, Hillsboro 97124
Semiconductors etc.
latticesemi.com
1/3/09 222,262
228,709
-38,206
-239,816
-0.33 NA
15%
254,939
291,936
-15.0%
-13.1%
174,358
23 27 Clear Choice Health Plans (CCHN)
2965 N.E. Conners Ave., Bend 97701
Health plans
clearchoice
hp.com
12/31/08 216,756
180,825
3,265
2,154
1.83 5
118%
49,279
107,570
6.6%
3.0%
15,309
24 25 West Coast Bancorp (WCBO)
5335 S.W. Meadows Rd., Ste. 201, Lake Oswego 97035
Banking
wcb.com
12/31/08 165,475
216,688
-6,313
16,842
-0.41 NA
1170%
198,187
2,516,140
-3.2%
-30.0%
103,437
25 26 Cascade Bancorp (CACB)
1100 N.W. Wall St., Bend 97701
Banking
botc.com
12/31/08 157,763
192,453
-134,566
29,979
-4.82 NA
1585%
135,239
2,278,307
-99.5%
-5.9%
189,594
RANK 2009 RANK 2008 COMPANY (SYMBOL)
LOCATION
INDUSTRY
WEBSITE
FISCAL
YEAR
REVENUE (in 1000s)
2008
2007
INCOME (in 1000s)
2008
2007
2008
EPS
P/E RATIO
D/E RATIO
S/H EQUITY
TOTAL ASSETS
(in 1000s)
2008 ROE
ROI
MARKET VALUE 12/31/08
26 23 Electro Scientific Industries* (ESIO)
13900 N.W. Science Park Dr., Portland 97229
Electronics
esi.com
3/28/09 157,313
247,155
-51,050
16,589
-1.89 NA
12%
343,523
384,247
-14.9%
-13.3%
183,921
27 28 LaCrosse Footwear (BOOT)
17634 N.E. Airport Way, Portland 97230
Footwear
lacrosse-
outdoors.com
12/31/08 127,956
118,179
6,167
7,300
0.96 13
38%
61,412
84,565
10.0%
7.3%
83,841
28 32 PremierWest Bancorp (PRWT)
503 Airport Rd., Ste. 101, Medford 97504
Banking
premierwest
bank.com
12/31/08 98,972
91,265
-7,539
15,102
-0.35 NA
734%
176,984
1,475,954
-4.3%
-50.0%
157,710
29 31 Rentrak Corp.* (RENT)
7700 N.E. Ambassador Pl., Portland 97220
Information mgmt.
rentrak.com
3/31/09 94,966
93,188
5,363
4594
0.49 18
27%
46,977
59,878
11.4%
9.0%
123,878
30 NR Craft Brewers Alliance Inc.*** (HOOK)
929 N. Russell St., Portland 97227
Food processing
craftbrewers.com
12/31/08 86,013
46,544
-33,278
-939
-2.63 NA
86%
79,281
147,805
-42.0%
-22.5%
20,338
31 30 Pixelworks (PXLW)
16760 S.W. Upper Boones Ferry Rd., Ste. 101, Portland 97224
Semiconductors
pixelworks.com
12/31/08 85,164
105,980
7,978
-30,920
0.55 1
1847%
4,711
91,732
169.3%
8.7%
9,726
32 34 Columbia Bancorp (CBBO)
401 E. Third St., Ste. 200, The Dalles 97058
Banking
columbia
riverbank.com
12/31/08 77,255
90,364
-26,358
14,607
-2.63 NA
1395%
75,049
1,122,294
-35.1%
-2.3%
20,235
33 35 Cascade Microtech (CSCD)
2430 N.W. 206th Ave., Beaverton 97006
Electronics
cascade
microtech.com
12/31/08 76,561
89,922
-34,577
930
-2.65 NA
15%
76,700
88,456
-45.1%
-39.1%
25,670
34 36 Pacific Continental Corp. (PCBK)
111 W. Seventh Ave., Eugene 97401
Banking
therightbank.com
12/31/08 70,214
73,091
12,939
12,935
1.08 14
839%
116,165
1,090,843
11.1%
1.2%
180,838
35 38 Williams Controls (WMCO)
14100 S.W. 72nd Ave., Portland 97224
Electronics
wmco.com
9/30/08 65,781
68,924
7,830
7,937
1.01 13
58%
25,648
40,608
30.5%
19.3%
52,671
36 37 Jewett Cameron Trading Co. Ltd. (JCTCF)
32275 N.W. Hillcrest St., North Plains 97133
Lumber and tool dist.
jewett
cameron.com
8/31/08 64,321
69,038
2,610
2,295
1.09 7
73%
7,030
22,180
37.1%
11.8%
12,027
37 41 Yocream International (YOCM)
5858 N.E. 87th Ave., Portland 97220
Frozen desserts
yocream.com
10/31/08 42,971
28,190
4,380
619
1.89 7
106%
14,221
29,294
30.8%
15.0%
30,537
38 42 Citizens Bancorp (CZBC)
275 S.W. Third St., Corvallis 97339
Banking
citizens
Ebank.com
12/31/08 26,347
26,656
4,910
6,054
0.96 10
691%
48,158
381,080
10.2%
1.3%
44,280
39 49 EnergyConnect Group† (ECNG)
5335 S.W. Meadows Rd., Lake Oswego 97035
Electronics
energy
connectinc.com
1/3/09 25,859
12,626
-34,077
-14,036
-0.37 NA
54%
31,258
48,086
-109.0%
-70.9%
11,422
40 51 AVI Biopharma (AVII)
4575 S.W. Research Way, Ste. 200, Corvallis 97333
Biotechnology
avibio.com
12/31/08 21,258
10,985
-23,953
-27168
-0.34 NA
62%
15,732
25,536
-152.3%
-93.8%
46,785
41 44 New World Brands (NWBD)
340 W. Fifth Ave., Eugene 97401
Communications equip.
ipgear.net
12/31/08 20,280
17,101
-1,630
-6,703
0 NA
205%
2,052
6,262
-79.4%
-26.0%
6,277
42 47 Synthetech* (NZYM)
1290 Industrial Way, Albany 97322
Drugs
synthetech.com
3/31/09 19,862
14,561
1,151
-1,174
0.08 7
35%
9,605
13,007
12.0%
8.8%
9,082
43 29 Digimarc Corp. (DMRC)
9405 S.W. Gemini Dr., Beaverton 97008
Digital technology
digimarc.com
12/31/08 19,782
13,025
1,491
55
0.21 48
8%
48,401
52,441
3.1%
2.8%
72,936
44 NR Waytronx†† (WYNX)
20050 S.W. 112th Ave., Tualatin 97062
Thermal mgmt. solutions
waytronx.com
12/31/08 19,556
157
-1,830
-5,747
-0.01 NA
408%
9,467
48,139
-19.3%
-3.8%
16,621
45 45 Willamette Valley Vineyards (WVVI)
8800 Enchanted Way, S.E., Turner 97392
Beverages
willamettevalley
vineyards.com
12/31/08 16,048
16,711
709
1,687
0.14 21
42%
14,316
20,335
5.0%
3.5%
14,456
46 46 Home Valley Bancorp (HVYB)
P.O. Box 817, Grants Pass 97528
Banking
homevalley
bank.com
12/31/08 15,051
14,692
729
1,742
0.33 14
1599%
14,401
244,670
5.1%
0.3%
9,612
47 48 Albina Community Bancorp (ACBC)
430 N.W. 10th Ave., Ste. 101, Portland 97209
Banking
albinabank.com
12/31/08 14,349
13,590
-927
704
-0.87 NA
1628%
12,483
215,683
-7.4%
-40.0%
4,009
48 50 Schmitt Industries (SMIT)
2765 N.W. Nicolai St., Portland 97210
Equipment
schmitt-ind.com
5/31/08 11,421
11,882
1,103
1,285
0.39 16
0.14
13,756
15,727
8.0%
7.0%
11,193
49 52 Bioject Medical Technologies (BJCT)
20245 S.W. 95th Ave., Tualatin 97062
Medical instruments
bioject.com
12/31/08 6,473
8,348
-3,043
-4,038
-0.2 NA
521%
933
5,797
-326.2%
-52.5%
1,151
50 NR ecoSolutions Intl††† (ECOI)
295 E. Main St., Ste. 1, Ashland 97520
Whsle. durable goods
ecosolutions
intl.com
12/31/08 2,126
515
-1,927
-1,508
-0.09 NA
NA
-3,446
227
NA
-848.9%
8,546
51 54 MathStar (MATH)§
19075 Tanasbourne Dr., Ste. 200, Hillsboro 97124
Semiconductors
mathstar.com
12/31/08 536
588
-14,611
-20,365
-1.59 NA
5%
14,903
15,589
-98.0%
-93.7%
7,345
52 53 Znomics (ZNOM)
2611 S.W. Third Ave., Ste. 200, Portland 97201
Pharmaceutical prep.
znomics.com
12/31/08 351
636
-3,532
-1,192
-0.32 NA
104%
530
1,083
-666.4%
-326.1%
227
53 56 Aultra Gold (AGDI)
120 N. Fifth St., Jacksonville 97530
Metal mining
aultragold.com
12/31/08 0
0
-572
-493
-0.01 NA
NA
-775
172
NA
-332.6%
240
54 40 Paulson Capital Corp. (PLCC)
811 S.W. Naito Pkwy., Ste. 200, Portland 97204
Brokerage
paulson
investment.com
12/31/08 -8,015
30,041
-17,094
4,782
-2.86 NA
21%
21,102
25,579
-81.0%
-66.8%
6,165

*Results are for 2009 fiscal year.
**Relocated to Wilsonville from Dothan, Ala. In November 2008 following Chapter 11 bankruptcy proceedings.
***Company created when publicly traded Redhook Ale Brewery acquired Widmer Brothers Brewing Co. in July 2008.
†Formerly known as Microfield Group.
††Relocated to Tualatin from San Diego area in May 2008 after acquiring Tualatin-based CUI Inc.
†††Company went public in April 2008, initially listed on the Pink Sheets but currently on Over The Counter Bulletin Board.
§Ceased operations in 2008, company has rejected buyout offers in hopes of restarting operations or merging with another semiconductor company.

PubCos4

TOP TENS
MARKET VALUE 12/31/08
1 Nike $24.7b
2 Precision Castparts $8.3b
3 FLIR Systems $4.3b
4 StanCorp Financial Group $2.0b
5 Portland General Electric $1.2b
6 Columbia Sportswear $1.2b
7 Northwest Natural Gas $1.2b
8 Schnitzer Steel Industries $1.1b
9 Umpqua Holdings $870.3m
10 FEI $703.2m
NET INCOME
1 Nike $1.5b
2 Precision Castparts $1.0b
3 Schnitzer Steel Industries $248.7m
4 FLIR Systems $203.7m
5 StanCorp Financial Group $162.9m
6 Columbia Sportswear $95.0m
7 Portland General Electric $87.0m
8 Northwest Natural Gas $69.5m
9 Umpqua Holdings $51.0m
10 Blount International $38.6m
HIGHEST P/E RATIO
1 Cascade 208
2 Digimarc 48
3 FEI 31
4 FLIR Systems 24
5 Willamette Valley Vineyards 21
6 Nike 19
7 Rentrak 18
7 Umpqua Holdings 18
9 Greenbrier Companies 17
9 Northwest Natural Gas 17
 

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