Oregon’s Public Companies: Staying Alive

Already 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.

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

LIST RESEARCH AND STORY BY BRANDON SAWYER

Already 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.

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 subsidiary 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.

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*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.

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*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.