Baltimore, MD (PRWEB) June 11, 2008
Barcoding Inc., a leading provider of automated data capture solutions, was recently recognized as one of the country's top 100 inner city companies as part of the annual Inner City 100 List. The national awards program, presented by Inc. magazine and the Initiative for a Competitive Inner City (ICIC), evaluates and ranks the fastest-growing inner city businesses across a rigorous range of standards and metrics. This is the third time in the past four years that Baltimore-based Barcoding Inc, which was ranked #68 in the 2008 Inner City 100, has been recognized with this award.
Now in its tenth year, the ICIC's Inner City 100 has spotlighted the economic strength and innovation of urban-based companies across the country as part of its effort to build greater awareness, support and investment for inner city businesses. For the 2008 list, over 4,500 companies were nominated and evaluated. Criteria for the award include having at least 51 percent of operations located in economically distressed urban areas; have ten or more full-time employees; and a five year operating sales history that includes sales of at least $200,000 in 2003 and at least $1 million in 2007, and an increase in sales between 2006 and 2007.
The 100 winners on the 2008 Inner City List compare favorably with the nine previous classes of winners. The average five-year standard growth rate for the 2008 Inner City 100 is 472 percent; average compound annual growth rate is 47 percent; average revenue is $27 million; and the average estimated value of the 100 companies is $26 million. In addition, the companies collectively employ 21,488 workers and created more than 15,000 new jobs between 2002 and 2006. "We are delighted to celebrate businesses like Barcoding Inc that are playing a critical role in urban communities throughout the country," said David G. Latimore, president and chief executive officer of the Initiative for a Competitive Inner City. "These high-growth businesses help create jobs, income, and wealth for local residents, and they prove our belief that the most effective way to create economic equality in America's inner cities is to focus on sustainable business growth and investment."
The 2008 Inner City 100 winners are attending the Inner City 100 Summit in Boston for a two-day event featuring seminars for Inner City 100 owners and managers at Harvard Business School, a reception at the Beehive restaurant, and a gala awards dinner at the Boston Convention and Exhibition Center that drew more than 1,000 guests. John Rainey, the Manager of Business Development for Barcoding Inc and a participant in the Inner City 100 Summit, said, "Every one of the 100 companies that were honored share a strong spirit of entrepreneurship, innovation and initiative. This program shines a light on the important contributions companies like these are making in the effort to revitalize inner cities and build strong communities."
Barcoding Inc was founded in Baltimore in 1998. Today, it has become a leading provider of automatic identification and data capture (AIDC) solutions, including state-of-the-art bar code, wireless, mobile and Radio Frequency Identification (RFID) technologies. The company's growth includes over 55 employees at its Baltimore headquarters, 11 regional offices across North America, and an expanding presence in Europe and Australia. Added Jay Steinmetz, Barcoding Inc. CEO, "It is a great honor to receive this award for a third time. Our company is proud to call Baltimore home, and we believe that being here has played a major role in our growth and success. I hope the Inner City 100 program will inspire more companies to recognize that investment in urban neighborhoods can have significant business advantages."
About the Initiative for a Competitive Inner City
The Initiative for a Competitive Inner City (ICIC) is a national not-for-profit organization founded in 1994 by Harvard Business School professor Michael E. Porter. ICIC's mission is to promote economic prosperity in America's inner cities through private sector engagement that leads to jobs, income and wealth creation for local residents. ICIC brings together business and civic leaders to drive innovation and growth, transform thinking and accelerate inner city business growth and investment.
About Inc. magazine
Inc. is the leading magazine written for men and women who own and manage small-to-mid-sized, fast-growing companies. Published 12 times a year, Inc. helps its 1.5 million readers by providing expert advice and practical solutions as they face the opportunities, pitfalls and rewards of growing a company. http://www.inc.com, the web site for growing companies, was named Best Online Magazine by Folio and Best Overall New Publication (all media) by the Computer Press Association.
About Barcoding Inc.
Barcoding Inc., the nationally recognized leader in automated data collection, helps businesses and government agencies streamline their operations to optimize supply chain productivity. Barcoding Inc. specializes in offering complete data collection solutions for route accounting, warehouse management, and inventory control. Committed to providing superior customer service and support, Barcoding's in-house staff performs 100% of the work. Based in Baltimore, Maryland, Barcoding Inc. has sixteen regional offices throughout The United States.
For more information, visit http://www.barcoding.com or contact Jon Stroz at 1.888.860.7226 x121.