Last year's overall winner, Omni Electrical Constructors, had a three-year growth rate of 1,696 percent. But that pace pales in comparison with this year's top company, Computer & Hi-tech Management, which achieved a three-year growth rate of 4,253 percent. Two other companies, Arrowhead Space and Telecommunications and Unitel Corp., also scored higher than last year's winner with growth rates of 2,193 percent and 2,115 percent respectively.

More than half of this year's companies have made the list two years in a row, and two of the category winners -- FreBon (retail/wholesale) and Trex (manufacturing) -- won again. Last year, there were five companies that made the Fantastic 50 three years in a row, but only one, the law firm of LeClair Ryan, remains on the list.

Companies drop off the list for many reasons: They may have had an unprofitable year, they may have declined to reveal their numbers, or they may simply have grown too big. Our definition of a "small" company is any firm with revenues below $100 million in 1997. Other entry criteria include minimum revenues of $200,000 in 1994 plus positive revenue growth and positive net income in the most recent fiscal year.

This year, we received about 300 nominations, which PricewaterhouseCoopers verified before naming the top 50 companies.

Technology companies continue to pace the Fantastic 50, accounting for half of the list this year. Of those 25 high-tech companies, 19 are in Northern Virginia and four are in the Richmond area.

The service industry also is well-represented in the Fantastic 50. This year service companies accounted for 19 names on the list, up two from last year.

In addition to geographic diversity among our top 50 companies, there's ethnic and gender diversity, too. The overall winner -- Computer & Hi-tech Management in Virginia Beach -- is an 8a company, as is the No. 2 company, Arrowhead Space & Telecommunications. Third-place Unitel was co-founded by Tien Wong, who is of Chinese decent.

The winners were honored in Richmond on March 31 at a banquet sponsored by Crestar Bank, LeClair Ryan, Old Dominion Electric Cooperative, PricewaterhouseCoopers, The Virginia Chamber of Commerce and Virginia Business.

Nicolee Stevens
Associate Editor