Time Inc.

New York, NY [June 16, 2008]—Technology takes over industrial manufacturing as the largest segment of FORTUNE Small Business magazine’s eighth annual ranking of the 100 fastest growing small public companies in America, boasting the No. 1 company on the charts, Astronics.  Industrial manufacturing and healthcare take the second and third largest sectors, respectively. The FSB 100 list appears in the July/August issue of FORTUNE Small Business, available online today at http://money.cnn.com/magazines/fsb/fsb100/2008/index.html and in homes on July 7th.

The theme of this year's list is "Reinvention"—companies that faced a crisis and managed to survive and thrive by changing the way they do business. Consider the No. 1 company, Astronics, a diversified aviation-parts manufacturer that realized it couldn’t be all things to all customers. Astronics, based in East Aurora, NY, achieved stellar results by shedding less profitable divisions and targeting its most promising product: aircraft lighting. With just under 1000 employees, Astronics climbed up from 17th place on last year’s list.

Arena Resources, an oil and natural gas exploration and drilling company and last year’s list-topper, drops to the No. 2 spot on this year’s FSB 100. Bolt Technology, based in Norwalk, Connecticut, takes the No. 3 spot, up from No. 5 last year.  North American Galvanizing, a steel processor, and Vasco Data Security International, a tech company based in Oakbrook Terrace, Illinois, hold the No. 4 and No. 5 spots, respectively.

Rounding out the top ten are: Dynamic Materials (No. 6), Life Partners Holdings (No. 7), AeroCentury (No. 8), Gulfport Energy (No. 9), and Interactive Intelligence (No. 10).

Methodology: For our eighth annual list, FSB once again asked financial research firm Zacks to rank public companies with revenues of less than $200 million and a stock price of more than $1, based on their percentage growth in earnings, revenue, and stock performance over the past three years.

About FORTUNE Small Business

FSB: FORTUNE Small Business is the premier magazine for – and about – small business owners, with the largest audience and rate base in the small business category.  Through a partnership with American Express, FSB is distributed 10 times a year and reaches 1 million owners and partners of leading small businesses.  With unmatched resources and access to the industry’s most innovative thinkers, FSB delivers best practices, connects small business owners to a community of their peers and arms them with the inspiration and actionable advice they need to succeed. FSB, along with FORTUNE, Money, and the Website CNNMoney.com, is part of The Fortune|Money Group.  Time Inc. is a division of Time Warner, a leading media and entertainment company.