Burt Automotive Tops the Hispanic Business 500 For a Second Year

Burt Automotive Tops the Hispanic Business 500 For a Second Year

Revenues for 500 Largest U.S. Hispanic-Owned Companies Totaled $23.1 Billion


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SANTA BARBARA, CA–(HISPANIC PR WIRE)–June 23, 2003–Hispanic Business magazine, the nation’s leading source of information for and about affluent Hispanic professionals and entrepreneurs, announced today its most anticipated feature of the year – the 19th annual Hispanic Business 500®, highlighting the largest Hispanic-owned companies in the nation. For the second consecutive year, Burt Automotive Network, based in Englewood, Colorado, heads the directory of the highest revenue producers.

The other companies rounding out this year’s top 10 list, ranked by revenues, are Brightstar Corp. (Miami, FL), MasTec Inc. (Miami, FL), Goya Foods Inc. (Secaucus, NJ), The Related Group of Florida (Miami, FL), Elder Automotive Group (Troy, MI), Ancira Enterprises Inc. (San Antonio, TX), Molina Healthcare Inc. (Long Beach, CA), Pharmed Group Corp. (Miami, FL), and Lou Sobh Automotive (Duluth, GA).

Revenues for the 500 largest Hispanic-owned companies in the nation fell 1.7 percent in 2002 to a total of $23.1 billion. Although the loss rate is minimal – last year revenues for the Fortune 500 dipped 6 percent – it represents the first down year in the 19-year history of the Hispanic Business 500.

On-and-off growth created a few big winners this year, particularly in the technology and exporting sectors. Revenues for Brightstar Inc, a cellular equipment exporter, grew 36.6 percent to $848.7 million, placing the company third on the directory. The information technology firm SC&A Inc., ranked number 438, had the highest growth rate, with revenues jumping from $14,000 in 2001 to $7 million in 2002 – a one-year spike of 49,000 percent.

“It is nothing short of remarkable that the companies on this year’s Hispanic Business 500 collectively posted 2002 revenues in excess of $23 billion,” says Hispanic Business Inc. founder and publisher Jesús Chavarría. “The fact that so many Hispanic-owned firms managed to prosper despite what has been by all accounts a challenging economic environment speaks to the vitality and dynamism of the U.S. Hispanic economy.”

Complete results and rankings of the Hispanic Business 500 are available in the June issue of Hispanic Business, slated for release today, and can be seen online at HispanicBusiness.com. Additional regional and industry sector analysis, including specialized analysis from HispanTelligence, the magazine’s research arm, also can be viewed online at www.HispanicBusiness.com.

Hispanic Business 500 methodology: Companies included in the Hispanic Business 500 must show at least 51 percent ownership by U.S. Hispanic citizens and must be headquartered in one of the 50 states or Washington, D.C. Companies must submit revenue figures based on their report to the IRS on line 1c of the corporate/partnership tax return.

About Hispanic Business Inc.

Now in its 24th year, Hispanic Business Inc., based in Santa Barbara, California, is an award-winning publishing and information services company. Hispanic Business magazine, the nation’s leading source of information for and about Hispanic professionals and entrepreneurs, is the company’s flagship publication. Other products and educational services include SúperOnda magazine, HireDiversity.com Career Expos, the annual EOY (Entrepreneur of the Year) Awards Gala, and the Hispanic Business Board of Economists (BOE) U.S. Hispanic Economic Summit. For additional information, visit the company’s Web site at http://www.hispanicbusiness.com/pr.

Hispanic Business, HispanTelligence and Hispanic Business 500 are registered trademarks of Hispanic Business Inc. Other product and company names herein may be trademarks of their respective owners. (C) 2003 Hispanic Business Inc. All rights reserved.

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CONTACT:

Stephan West

Public Relations Associate

805-964-4554 x130

Burt Automotive Tops the Hispanic Business 500 For a Second Year