Going public: hunger for growth lures Red Robin to market.
Michael Snyder is asked if he relinquished some control when he took Red Robin Gourmet Burgers public in July of 2002.[ILLUSTRATION OMITTED]
"Oh, God, I never had control," says the CEO of Red Robin with a laugh.
"The people inside our restaurants are the ones who are controlling this company."
Red Robin, a Greenwood Village-based casual dining chain, was founded in 1969 in Seattle. The enterprise consisted of only one restaurant when Snyder and his brother bought a franchise in 1979. Snyder bought out the franchiser in the mid-90s.
Since then the chain has grown to 102 company owned restaurants in 12 states and 97 additional restaurants operating under franchise or licensing agreements in 19 states and Canada. But Snyder saw much more growth potential and needed money to make it happen. The initial public offering raised $48 million to fuel that growth. The company plans to open 18 more restaurants this year.
"We have such a growth opportunity here," Snyder says. "Chili's has over 800 restaurants, Applebee's is over 1,500 restaurants. We have 200. And we have very high average unit-volumes and very high profitability and a great culture of passion and compassion for what we do. There's just so much opportunity to grow, and we needed growth capital. So I opted for the public route to fund our growth."
Red Robin ranks 43rd on this year's ColoradoBiz Public 250 list of Colorado companies, with revenues of $274.4 million in 2002, a 22.2 percent increase over the previous year. The company reported net income of $8.3 million last year. The list is ranked by 2002 revenues as reported to the U.S. Securities and Exchange Commission.
[ILLUSTRATION OMITTED]
Overall, 2002 was a tough year for Colorado-based public companies, as 80 out of the top 150 reported net losses. The top revenue producer among Colorado public companies in 2002 was the beleaguered Qwest Communications, with unaudited sales of $15.5 billion. The company also racked up a net loss of $35.9 billion.
The top growth company in Colorado for 2002 was Golden-based HealtheTech. The supplier of handheld medical devices and software had sales of $13.5 million, a 400 percent increase over the previous year, although it still suffered a net loss of $16.8 million.
Strictly based on revenues, Colorado-based public companies fared better in 2002 than the previous year, with the top 150 companies amassing total revenues of $87.4 billion, a 19 percent improvement over 2001.
Snyder, 52, comes from a family steeped in the tradition of the food-service business. In 1929 his grandfather launched a small wholesale bakery in Yakima, Wash., and later Snyder's father and uncle joined the business. They built it into one of the largest privately owned wholesale bakeries in the Pacific Northwest.
Snyder suggests he struck out on his own because he wasn't in line to take over the family business any time soon.
"My dad was only 20 years older than I," Snyder says. "I had to get out and kind of do my own thing. And that's when I approached that one person who had that one Red Robin in Seattle. My brother and I became the original franchisee in 1979, and my dad funded it."
Even the ebullient Snyder admits that mid-2002 wasn't the most favorable time to go public. During a grueling week-and-a-half-long road show, when he met with eight to 10 institutions and portfolio managers each day, he watched the stock market spiral downward.
[ILLUSTRATION OMITTED]
"Gosh, one of the most difficult public-offering times in this century, I think," Snyder says. "I think we were the only company that went public that week. The market dropped, oh gosh, hundreds and hundreds and hundreds of points from the start of our road show to the completion of our deal. And when it came down to 'Are we going to do it or not?' at the end of our road show, we were 2 1/2 times oversubscribed at the price level that we came out at. So the final decision was, 'Do we have the money we need to execute our growth plan?' And the answer was yes. So we said, 'Let's go.'"
Snyder, who told the Red Robin story dozens of times during his pre-IPO road show, says it is an easy story to tell: a low-tech, no-fancy-moving-parts business taking care of guests with gourmet burgers in a fun atmosphere--a segment he says Red Robin virtually owns, although Chili's, Applebee's and TGI Fridays might have something to say about that.
"And we make money," Snyder says. "That's always kind of a novel approach."
Hard to argue with that. As the Red Robin radio commercial goes, "If loving a burger is wrong, you don't want to be right."
THE COLORADOBIZ PUBLIC 250 TOP 150 COLORADO-BASED COMPANIES COBIZ 2003 RANK* COMPANY NAME TICKER BUSINESS DESCRIPTION 1 Qwest Communications Q Telecommunications International Inc. 2 First Data Corp. FDC Financial services 3 Transmontaigne Inc. TMG Refined petroleum, pipelines 4 Echostar Communications DISH Cable and pay television Corp. 5 Ball Corp. BLL Aerospace, metal cans 6 (Adolph) Coors Co. RKY Brewery, beverages 7 Level 3 Communications LVLT Fiber-optic network Inc. 8 Great West Life & GWL Insurance Annuity Insurance Co. 9 Newmont Mining Corp., NEM Mining 10 Western Gas Resources WGR Natural gas transmission, Inc. distribution 11 MDC Holdings Inc. MDC Home builder 12 Regal Entertainment RGC Motion picture exhibitor Group 13 Liberty Media Corp. (1) L Cable TV programming 14 Storage Technology STK Computer storage devices Corp. 15 Mail-Well Inc. MWL Envelopes 16 UnitedGlobalCom Inc. UCOMA Cable television 17 Apartment Investment & AIV Real estate trust Management Inc. (AIMCO) 18 Archstone-Smith Trust ASN Real estate trust 19 Graphic Packaging GPK Packaging International Corp. 20 Gart Sports Co.(2) GRTS Sporting goods stores 21 Teletech Holdings Inc. TTEC Business services 22 Wild Oats Markets Inc. OATS Grocery stores 23 J.D. Edwards & Co. JDEC Software manufacturer 24 StarTek Inc. SRT Business services 25 Samsonite Corp. SAMC.OB Luggage 26 Ultimate Electronics ULTE Retail electronics (Soundtrack) 27 Time Warner Telecom TWTC Telecommunications Inc. 28 Prologis Trust PLD Real estate trust 29 Vail Resorts Inc. MTN Resort operator 30 CSG Systems Intl. Inc. CSGS Software 31 Ciber Inc. CBR Computer services 32 Forest Oil Corp. FST Oil and natural gas production 33 Katy Industries Inc. KT Electronic Industries Inc. 34 Frontier Airlines Inc. FRNT Airline 35 Coram Healthcare Corp. CRHEQ.OB Home health-care services 36 ICG Communications (3) ICGC.OB Telecommunications 37 Westport Resources WRC Petroleum and natural gas Corp. 38 Navigant International FLYR Business travel Inc. 39 Titanium Metals Corp. TIE Metal products 40 Coorstek (4) CRTK Manufacturing 41 McData Corp. MCDTA Computer storage switches 42 Westmoreland Coal Co. WLB Coal mining 43 Red Robin Gourmet RRGB Restaurant chain Burgers Inc. 44 Chateau Communities CPJ Real estate trust Inc. 45 Advanced Energy AEIS Manufacturing Industries Inc. 46 Tom Brown Inc. TMBR Oil and natural gas 47 Penford Corp. PENX Grain mill products 48 Patina Oil & Gas Corp. POG Oil, natural gas production 49 St. Mary Land & MARY Oil and natural gas Exploration Co. production 50 Horizon Organic HCOW Dairy Holdings Corp. 51 Markwest Hydrocarbon MWP Oil-field services Inc. 52 Crown Media Holdings CRWN Cable and pay television Inc. 53 Champps Entertainment CMPP Restaurants Inc. 54 American Coin AMCN Coin-operated machines Merchandising Inc. 55 Applied Films Corp. AFCO Electronic components 56 Exabyte Corp. EXBT Computer storage devices 57 Air Methods Corp. AIRM Air transport 58 Evergreen Resources EVG Petroleum and natural gas Inc. 59 Gaiam Inc. GAIA Natural products 60 Intrado Inc. (5) TRDO 911 support systems 61 Colorado Medtech Inc. CMED Medical equipment 62 Quovadx (6) QVDX Business integration software 63 Factual Data Corp. FDCC Information retrieval services 64 SpectraLink Corp. SLNK Wireless systems 65 Raindance RNDC Telecommunications Communications (7) 66 Hauser Inc. HAUS.OB Pharmaceuticals 67 ACT Teleconferencing ACTT Telecommunications Inc. 68 New Frontier Media Inc. NOOF Adult entertainment distribution 69 Concepts Direct Inc. CDIR Mail order service 70 Heska Corp. HSKA Pharmaceutical preparations 71 Ramtron International RMTR Semiconductors Corp. 72 Carrier Access Corp. CACS Telecommunications 73 Matrix Bancorp Inc. (8) MTXC Bank holding company 74 Dynamic Materials Corp. BOOM Metal heat-treating 75 Rogue Wave Software RWAV Pre-packaged software Inc. 76 Fischer Imaging Corp. (9) FIMG X-ray and related equipment 77 Allied Motion Technologies AMOT Motion Control Products Inc. (10) 78 CoBiz Inc. (11) COBZ Bank holding company 79 Golden Star Resources Ltd. GSRSF.OB Mining 80 Koala Corp. KARE Manufacturing 81 Array Biopharma Inc. ARRY Biotechnology and drugs 82 NaPro Biotherapeutics NPRO Biotechnology and drugs 83 Century Casinos Inc. CNTY Casino developer, operator 84 SAN Holdings Inc. SANZ.OB Data storage management 85 Prima Energy Corp. PENG Petroleum and natural gas 86 HIA Inc. HIAI.OB Farm equipment 87 Birner Dental Management BDMSD.BE Dental services (Perfect Services Inc. Teeth) 88 Inland Resources Inc. INLN.OB Oil and gas development/ prodution 89 Spectranetics Corp. SPNC Electro medical equipment 90 Metretek Technologies Inc. MTEK Energy measurement 91 Atrix Labs Inc. ATRX Biotechnology and drugs 92 Vail Banks Inc. (12) VAIL Bank holding company 93 Scott's Liquid Gold SLGD.OB Household products, cosmetics 94 Equitex Inc. EQTX Credit card services 95 eCollege.Com ECLG Software, services for universities 96 Evolving Systems Inc. EVOL Computer services 97 Advanced Nutraceuticals ANII Wholesale drugs and Inc. druggists' sundries 98 UQM Technologies Inc. UQM Alternative energy technology 99 Vari-L Co. VARL Electronic components 100 Rocky Mountain Chocolate RMCF Candy franchisor Factory Inc. 101 UCAP Inc. UCAP Mortgage Banking 102 Multi Link MLNK Communications services Telecommunications Inc. 103 Optika Inc. OPTK Pre-packaged software 104 Good Times Restaurants Inc. GTIM Restaurant Franchisor 105 Canyon Resources Corp. CAU Gold ores 106 Sport-Haley Inc. SPOR Golf apparel manufacturer 107 Carbon Energy Corp. CRB Natural gas and oil exploration and development 108 AmeriVest Properties Inc. AMV Real estate 109 Simtek Corp. SRAM.OB Semiconductor memory products 110 Oralabs Holding Corp. OLAB Oral and lip products 111 Active Link Communications ACVE.OB Telephony services 112 HealtheTech Inc. HETC Medical Products 113 Infonow Corp. INOW Computer services 114 NBI Inc. NBII Glass manufacturing 115 Royal Gold Inc. RGLD Mining and metals 116 Entrust Financial Services ENFN.OB Mortgage banking 117 Renaissance Entertainment FAIR.OB Owner, producer of Corp. Renaissance Fairs 118 Mallon Resources Corp. (13) MLRC Petroleum 119 Laser Technology Inc. LSR Laser measuring instruments 120 United States Exploration UXP Petroleum and natural gas Inc. 121 Rentech Inc. RTK Gas-to-liquids processing 122 Mesa Laboratories Inc. MLAB Industrial equipment 123 Tanning Technology Corp. TANN Computer services 124 Isonics Corp. ISON Advanced materials and technology 125 Delta Petroleum DPTR Oil and gas development/ prodution 126 Qualmark Corp. QMRK Product quality 127 Hallador Petroleum Co. HPCO.OB Petroleum and natural gas 128 Eldorado Artesian Springs ELDO.OB Bottling, marketing of Inc. spring water 129 Teton Petroleum Co. TPE Oil company 130 Global Med Technologies GLOB.OB Software for blood banks Inc. 131 High Country Bancorp HCBC Banking 132 Earth Sciences Inc. ESCI.OB Air pollution control, chemicals 133 CREDO Petroleum Corp. CRED Energy trading 134 KFX Inc. KFX Electric power generation 135 Ribozyme Pharmaceuticals RZYM Biotech Inc. (14) 136 Navidec Inc. NVDC E-business services 137 Health Grades Inc. HGRD Healthcare assessor, consultancy 138 Tipperary Corp. TPY Petroleum and natural gas 139 Encision Inc. ECSN.OB Medical instruments 140 Corgenix Medical Corp. CONX Invitro Disease Protection 141 Pak Mail Centers of America PMCX.OB Mail, shipping franchisor Inc. 142 Webb Interactive Services WEBB.OB Online commerce Inc. 143 Global Gasinos Inc. GBCS.OB Casino developer, operator 144 CET Environmental Services ENV Environmental engineering Inc. 145 Kestrel Energy Inc. KEST Acquisition of oil and gas leases 146 Aspen Exploration Corp. ASPN.OB Oil and gas exploration/ development 147 World Wireless XWC Developer of wired and Communications wireless telemetry 148 AspenBio Inc. APNB Standards Products 149 View Systems Inc. VYST Digital security and surveillance 150 PYR Energy Corp. PYR Oil and gas exploration/ production COBIZ 2003 '02 2002 SALES 2001 SALES RANK* COMPANY NAME RANK (000's) (000's) 1 Qwest Communications 1 $15,487,000 $16,741,000 International Inc. 2 First Data Corp. 10 7,636,200 6,651,600 3 Transmontaigne Inc. 2 5,967,508 5,223,157 4 Echostar Communications 3 4,820,825 4,000,000 Corp. 5 Ball Corp. 4 3,858,900 3,686,100 6 (Adolph) Coors Co. 6 3,776,322 2,430,000 7 Level 3 Communications 14 3,148,000 1,530,000 Inc. 8 Great West Life & 2,965,000 3,132,000 Annuity Insurance Co. 9 Newmont Mining Corp., 11 2,622,200 1,660,000 10 Western Gas Resources 5 2,489,698 3,354,952 Inc. 11 MDC Holdings Inc. 7 2,318,524 2,125,874 12 Regal Entertainment 2,140,200 570,700 Group 13 Liberty Media Corp. (1) 8 2,084,000 2,059,000 14 Storage Technology 9 2,039,615 2,050,000 Corp. 15 Mail-Well Inc. 12 1,728,705 1,868,768 16 UnitedGlobalCom Inc. 13 1,515,021 1,561,900 17 Apartment Investment & 15 1,405,684 1,297,764 Management Inc. (AIMCO) 18 Archstone-Smith Trust 24 1,082,291 679,545 19 Graphic Packaging 16 1,057,843 1,110,000 International Corp. 20 Gart Sports Co. (2) 18 1,051,244 935,717 21 Teletech Holdings Inc. 19 1,017,436 916,144 22 Wild Oats Markets Inc. 20 919,130 893,200 23 J.D. Edwards & Co. 21 904,457 874,000 24 StarTek Inc. 46 807,864 182,600 25 Samsonite Corp. 23 736,274 783,898 26 Ultimate Electronics 25 707,400 580,200 (Soundtrack) 27 Time Warner Telecom 22 695,574 737,700 Inc. 28 Prologis Trust 29 675,000 523,000 29 Vail Resorts Inc. 27 615,260 543,780 30 CSG Systems Intl. Inc. 31 610,932 476,900 31 Ciber Inc. 28 608,318 558,875 32 Forest Oil Corp. 17 475,694 718,317 33 Katy Industries Inc. 459,990 460,176 34 Frontier Airlines Inc. 32 445,075 472,876 35 Coram Healthcare Corp. 34 433,470 393,629 36 ICG Communications (3) 30 420,104 499,990 37 Westport Resources 36 400,398 348,900 Corp. 38 Navigant International 35 371,283 350,331 Inc. 39 Titanium Metals Corp. 26 366,500 486,900 40 Coorstek (4) 33 334,437 400,000 41 McData Corp. 37 328,279 344,406 42 Westmoreland Coal Co. 39 315,741 246,919 43 Red Robin Gourmet 274,410 224,485 Burgers Inc. 44 Chateau Communities 40 269,727 239,520 Inc. 45 Advanced Energy 44 238,898 193,600 Industries Inc. 46 Tom Brown Inc. 38 235,645 326,324 47 Penford Corp. 231,450 225,672 48 Patina Oil & Gas Corp. 42 222,407 214,100 49 St. Mary Land & 43 196,394 207,500 Exploration Co. 50 Horizon Organic 47 187,537 159,000 Holdings Corp. 51 Markwest Hydrocarbon 45 187,261 189,066 Inc. 52 Crown Media Holdings 54 161,009 107,100 Inc. 53 Champps Entertainment 50 158,537 133,316 Inc. 54 American Coin 49 144,416 141,927 Merchandising Inc. 55 Applied Films Corp. 52 143,718 112,715 56 Exabyte Corp. 48 133,191 158,400 57 Air Methods Corp. 58 130,668 92,100 58 Evergreen Resources 51 112,126 120,770 Inc. 59 Gaiam Inc. 56 111,406 98,737 60 Intrado Inc. (5) 59 107,714 78,187 61 Colorado Medtech Inc. 60 70,653 77,175 62 Quovadx (6) 68 63,658 52,180 63 Factual Data Corp. 69 63,072 51,200 64 SpectraLink Corp. 62 60,900 60,800 65 Raindance 78 60,651 39,410 Communications (7) 66 Hauser Inc. 61 57,662 66,700 67 ACT Teleconferencing 73 53,872 46,643 Inc. 68 New Frontier Media Inc. 65 52,400 58,638 69 Concepts Direct Inc. 67 51,685 55,800 70 Heska Corp. 71 51,326 48,283 71 Ramtron International 94 50,545 22,856 Corp. 72 Carrier Access Corp. 55 50,247 100,700 73 Matrix Bancorp Inc. (8) 77 49,199 40,510 74 Dynamic Materials Corp. 75 45,657 42,515 75 Rogue Wave Software 66 43,299 57,700 Inc. 76 Fischer Imaging Corp. (9) 72 42,195 48,200 77 Allied Motion Technologies 70 $42,059 $48,386 Inc. (10) 78 CoBiz Inc. (11) 79 41,600 35,500 79 Golden Star Resources Ltd. 92 38,802 24,658 80 Koala Corp. 64 36,454 43,407 81 Array Biopharma Inc. 104 35,089 17,006 82 NaPro Biotherapeutics 111 34,193 15,700 83 Century Casinos Inc. 81 33,761 33,519 84 SAN Holdings Inc. 98 33,002 18,782 85 Prima Energy Corp. 63 31,790 60,287 86 HIA Inc. 84 31,205 31,270 87 Birner Dental Management 86 30,255 29,249 Services Inc. 88 Inland Resources Inc. 83 29,878 31,487 89 Spectranetics Corp. 90 28,097 27,800 90 Metretek Technologies Inc. 87 27,042 29,100 91 Atrix Labs Inc. 110 26,384 15,811 92 Vail Banks Inc. (12) 88 25,026 28,835 93 Scott's Liquid Gold 93 24,949 24,669 94 Equitex Inc. 108 23,936 16,528 95 eCollege.Com 100 23,692 19,847 96 Evolving Systems Inc. 80 22,963 33,900 97 Advanced Nutraceuticals 21,625 17,606 Inc. 98 UQM Technologies Inc. 91 21,395 25,294 99 Vari-L Co. 76 21,348 41,400 100 Rocky Mountain Chocolate 96 19,439 22,572 Factory Inc. 101 UCAP Inc. 19,031 24,653 102 Multi Link 121 18,267 130,468 Telecommunications Inc. 103 Optika Inc. 109 17,873 16,300 104 Good Times Restaurants Inc. 107 17,536 16,646 105 Canyon Resources Corp. 89 17,337 28,126 106 Sport-Haley Inc. 97 17,099 21,700 107 Carbon Energy Corp. 16,520 21,955 108 AmeriVest Properties Inc. 122 16,385 10,944 109 Simtek Corp. 106 14,327 16,950 110 Oralabs Holding Corp. 112 14,149 15,297 111 Active Link Communications 105 13,768 19,445 112 HealtheTech Inc. 13,500 2,700 113 Infonow Corp. 114 12,779 13,991 114 NBI Inc. 115 12,662 13,500 115 Royal Gold Inc. 136 12,323 5,963 116 Entrust Financial Services 123 12,124 10,238 117 Renaissance Entertainment 118 12,013 12,448 Corp. 118 Mallon Resources Corp. (13) 101 10,873 19,765 119 Laser Technology Inc. 117 10,577 11,472 120 United States Exploration 103 10,200 17,466 Inc. 121 Rentech Inc. 129 9,560 8,200 122 Mesa Laboratories Inc. 125 9,043 9,099 123 Tanning Technology Corp. 74 8,475 46,200 124 Isonics Corp. 133 8,155 7,789 125 Delta Petroleum 116 8,121 12,877 126 Qualmark Corp. 130 8,067 8,145 127 Hallador Petroleum Co. 131 7,794 7,960 128 Eldorado Artesian Springs 137 7,556 5,961 Inc. 129 Teton Petroleum Co. 6,923 1,625 130 Global Med Technologies 135 6,627 6,224 Inc. 131 High Country Bancorp 140 6,452 5,613 132 Earth Sciences Inc. 141 5,744 5,571 133 CREDO Petroleum Corp. 139 5,358 5,807 134 KFX Inc. 146 5,160 3,003 135 Ribozyme Pharmaceuticals 128 5,148 8,307 Inc. (14) 136 Navidec Inc. 95 5,120 22,587 137 Health Grades Inc. 144 5,091 3,581 138 Tipperary Corp. 145 5,060 3,557 139 Encision Inc. 4,864 3,017 140 Corgenix Medical Corp. 4,858 4,308 141 Pak Mail Centers of America 143 4,610 4,488 Inc. 142 Webb Interactive Services 149 3,392 1,100 Inc. 143 Global Gasinos Inc. 142 2,688 2,666 144 CET Environmental Services 113 2,355 14,200 Inc. 145 Kestrel Energy Inc. 147 1,149 2,195 146 Aspen Exploration Corp. 869 3,940 147 World Wireless 150 735 1,052 Communications 148 AspenBio Inc. 745 1,123 149 View Systems Inc. 446 1,392 150 PYR Energy Corp. 148 278 1,624 COBIZ 2002 NET 2003 % INCOME RANK* COMPANY NAME GKOWTH (000's) ENPLOYEES 1 Qwest Communications -7.5% -$35,913,000 50,788 International Inc. 2 First Data Corp. 14.8% 1,237,900 29,000 3 Transmontaigne Inc. 14.3% 68,747 440 4 Echostar Communications 20.5% -881,000 15,000 Corp. 5 Ball Corp. 4.7% 311,000 12,500 6 (Adolph) Coors Co. 55.4% 161,653 3,000 7 Level 3 Communications 105.8% -858,000 6,275 Inc. 8 Great West Life & -5.3% 284,000 6,800 Annuity Insurance Co. 9 Newmont Mining Corp., 58.0% 154,300 13,200 10 Western Gas Resources -25.8% 50,589 636 Inc. 11 MDC Holdings Inc. 9.1% 167,305 2,250 12 Regal Entertainment 275.0% 117,200 22,797 Group 13 Liberty Media Corp. (1) 1.2% -5,330,000 60 14 Storage Technology -0.5% 110,031 7,100 Corp. 15 Mail-Well Inc. -7.5% -63,363 10,200 16 UnitedGlobalCom Inc. -3.0% -504,379 10,500 17 Apartment Investment & 8.3% 169,046 7,500 Management Inc. (AIMCO) 18 Archstone-Smith Trust 59.3% 322,701 3,450 19 Graphic Packaging -4.7% -178,650 4,200 International Corp. 20 Gart Sports Co. (2) 12.3% 23,167 7,100 21 Teletech Holdings Inc. 11.1% -16,775 28,000 22 Wild Oats Markets Inc. 2.9% 6,909 6,557 23 J.D. Edwards & Co. 3.5% 46,193 4,954 24 StarTek Inc. 342.4% 8,544 4,800 25 Samsonite Corp. -6.1% -33,554 5,900 26 Ultimate Electronics 21.9% 6,700 3,000 (Soundtrack) 27 Time Warner Telecom -5.7% 1,873 1,893 Inc. 28 Prologis Trust 29.1% 277,941 700 29 Vail Resorts Inc. 13.1% 7,565 10,100 30 CSG Systems Intl. Inc. 28.1% 44,618 2,752 31 Ciber Inc. 8.8% 14,178 5,900 32 Forest Oil Corp. -33.8% 21,276 356 33 Katy Industries Inc. 0.0% -56,749 2,261 34 Frontier Airlines Inc. -5.9% 16,550 2,866 35 Coram Healthcare Corp. 10.1% 1,801 2,300 36 ICG Communications (3) -16.0% -1,476 1,146 37 Westport Resources 14.8% -33,328 333 Corp. 38 Navigant International 6.0% 18,892 4,300 Inc. 39 Titanium Metals Corp. -24.7% -111,500 1,956 40 Coorstek (4) -16.4% -401,812 2,361 41 McData Corp. -4.7% -9,987 900 42 Westmoreland Coal Co. 27.9% 10,125 882 43 Red Robin Gourmet 22.2% 8,264 9,200 Burgers Inc. 44 Chateau Communities 12.6% 16,446 1,500 Inc. 45 Advanced Energy 23.4% 41,399 1,164 Industries Inc. 46 Tom Brown Inc. -27.8% -8,177 546 47 Penford Corp. 2.5% 110,031 670 48 Patina Oil & Gas Corp. 3.9% 57,707 232 49 St. Mary Land & -5.4% 27,560 185 Exploration Co. 50 Horizon Organic 17.9% -33 135 Holdings Corp. 51 Markwest Hydrocarbon -1.0% -2,796 120 Inc. 52 Crown Media Holdings 50.3% -313,029 356 Inc. 53 Champps Entertainment 18.9% 5,134 4,600 Inc. 54 American Coin 1.8% -2,772 751 Merchandising Inc. 55 Applied Films Corp. 27.5% 1,022 560 56 Exabyte Corp. -15.9% -29,474 628 57 Air Methods Corp. 41.9% 5,160 1,508 58 Evergreen Resources -7.2% -8,324 273 Inc. 59 Gaiam Inc. 12.8% 6,311 253 60 Intrado Inc. (5) 37.8% 11,062 674 61 Colorado Medtech Inc. -8.5% -3,099 360 62 Quovadx (6) 22.0% -104,112 445 63 Factual Data Corp. 23.2% 1,577 280 64 SpectraLink Corp. 0.2% 5,415 302 65 Raindance 53.9% 3,354 221 Communications (7) 66 Hauser Inc. -13.6% -5,405 228 67 ACT Teleconferencing 15.5% -7,648 416 Inc. 68 New Frontier Media Inc. -10.6% -582 137 69 Concepts Direct Inc. -7.4% -7,078 161 70 Heska Corp. 6.3% -8,669 270 71 Ramtron International 121.1% 1,827 116 Corp. 72 Carrier Access Corp. -50.1% -52,655 188 73 Matrix Bancorp Inc. (8) 21.4% -3,952 902 74 Dynamic Materials Corp. 7.4% 170 234 75 Rogue Wave Software -25.0% -7,295 201 Inc. 76 Fischer Imaging Corp. (9) -12.5% 10,275 158 77 Allied Motion Technologies -13.1% $-266 378 Inc. (10) 78 CoBiz Inc. (11) 17.2% 11,000 289 79 Golden Star Resources Ltd. 57.4% 4,856 594 80 Koala Corp. -16.0% -33,549 250 81 Array Biopharma Inc. 106.3% -4,480 245 82 NaPro Biotherapeutics 117.8% 8,665 151 83 Century Casinos Inc. 0.7% 3,079 200 84 SAN Holdings Inc. 75.7% -3,030 61 85 Prima Energy Corp. -47.3% 5,230 130 86 HIA Inc. -0.2% 696 88 87 Birner Dental Management 3.4% 934 481 Services Inc. 88 Inland Resources Inc. -5.1% -9,628 114 89 Spectranetics Corp. 1.1% -1,561 142 90 Metretek Technologies Inc. -7.1% 4,234 120 91 Atrix Labs Inc. 66.9% -19,114 167 92 Vail Banks Inc. (12) -13.2% 5,613 241 93 Scott's Liquid Gold 1.1% 1,572 100 94 Equitex Inc. 44.8% -4,319 150 95 eCollege.Com 19.4% -4,921 210 96 Evolving Systems Inc. -32.3% -12,407 91 97 Advanced Nutraceuticals 22.8% -3,344 143 Inc. 98 UQM Technologies Inc. -15.4% -8,592 137 99 Vari-L Co. -48.4% -6,255 202 100 Rocky Mountain Chocolate -13.9% 1,995 180 Factory Inc. 101 UCAP Inc. -22.8% -3,532 220 102 Multi Link -86.0% -106,247 71 Telecommunications Inc. 103 Optika Inc. 9.7% 518 123 104 Good Times Restaurants Inc. 5.3% 882 324 105 Canyon Resources Corp. -38.4% -5,373 92 106 Sport-Haley Inc. -21.2% -973 76 107 Carbon Energy Corp. -24.8% -14,555 24 108 AmeriVest Properties Inc. 49.7% -157 30 109 Simtek Corp. -15.5% -963 54 110 Oralabs Holding Corp. -7.5% 432 164 111 Active Link Communications -29.2% -7,992 81 112 HealtheTech Inc. 400.0% -16,811 84 113 Infonow Corp. -8.7% 1 115 114 NBI Inc. -6.2% -1,367 138 115 Royal Gold Inc. 106.7% 10,698 8 116 Entrust Financial Services 18.4% -345 46 117 Renaissance Entertainment -3.5% 8,572 36 Corp. 118 Mallon Resources Corp. (13) -45.0% -14,037 30 119 Laser Technology Inc. -7.8% -285 77 120 United States Exploration -41.6% 5,500 12 Inc. 121 Rentech Inc. 16.6% -5,332 76 122 Mesa Laboratories Inc. -0.6% 2,030 52 123 Tanning Technology Corp. -81.7% -30,879 168 124 Isonics Corp. 4.7% -22 11 125 Delta Petroleum -36.9% -5,041 22 126 Qualmark Corp. -1.0% -343 32 127 Hallador Petroleum Co. -2.1% -1,756 29 128 Eldorado Artesian Springs 26.8% 486 62 Inc. 129 Teton Petroleum Co. 326.0% -10,947 8 130 Global Med Technologies 6.5% -705 48 Inc. 131 High Country Bancorp 14.9% 1,671 67 132 Earth Sciences Inc. 3.1% 243 16 133 CREDO Petroleum Corp. -7.7% 1,282 10 134 KFX Inc. 71.8% -39,987 43 135 Ribozyme Pharmaceuticals -38.0% 34,706 81 Inc. (14) 136 Navidec Inc. -77.3% 3,195 18 137 Health Grades Inc. 42.2% -1,650 48 138 Tipperary Corp. 42.3% -4,811 43 139 Encision Inc. 61.2% -216 23 140 Corgenix Medical Corp. 12.8% -514 43 141 Pak Mail Centers of America 2.7% -543 12 Inc. 142 Webb Interactive Services 208.4% -7,100 45 Inc. 143 Global Gasinos Inc. 0.8% -1,791 16 144 CET Environmental Services -83.4% -2,432 21 Inc. 145 Kestrel Energy Inc. -47.7% -8,111 3 146 Aspen Exploration Corp. -77.9% -237 3 147 World Wireless -30.1% -9,846 21 Communications 148 AspenBio Inc. -33.7% -1,224 8 149 View Systems Inc. -67.0% -3,923 11 150 PYR Energy Corp. -82.9% -13,129 7 * Ranked by 2002 revenues (1) AT & T spun off Liberty Media in Aug. 2001. Although it only employs 60 itself, its sub-sidiaries include 7,400 employees (2) Acquired Oshman's sporting goods in June 2001 (3) ICG emerged from bankruptcy protection in October 2002 (4) Went private on March 18, 2003 (5) Changed name from SCC Communications in June 2001 (6) 93.1 million of the loss came as a result of reducing goodwill in the third quarter. (7) Formerly Evoke Communications (8) Interest income (9) Filed with the SEC a notification of inability to timely file on April 3 and plans to restate earnings for 2001 and 2002; results listed are for the four quarters ending Sept. 29, 2002 (10) Was Hathaway Corp. until November 14, 2002 (11) Interest income (12) Interest income (13) Acquired by Black Hills Corp. of Rapid City, S.D., on March 10, 2003 (14) Ribozyme changed its name in March, 2003 to Sima Therapeutics, with a new ticker. RNAI COLORADOBIZ PUBLIC 250 100 OUT-OF-STATE COMPANIES (*+) COBIZ 2003 2002 SALES 2001 SALES RANK* COMPANY* (000's) (000's) % CHANGE 1 Wal-Mart Stores Inc. $244,552,400 $219,810,000 11% 2 BP PLC 178,720,000 174,220,000 3% 3 ChevronTexaco Corp. 99,050,000 104,409,000 -5% 4 International Business 81,186,000 83,067,000 -2% Machines Corp 5 Citigroup Inc. (1) 58,940,000 83,625,000 -30% 6 ConocoPhillips Holding 57,220,000 25,040,000 129% Co. (2) 7 Hewlett Packard Co. 56,588,000 45,226,000 25% 8 Boeing Co. 54,069,000 58,200,000 -7% 9 Kroger Co. 50,100,000 49,000,000 2% 10 McKesson Corp. 50,060,000 42,019,100 19% 11 Target Corp. 42,722,000 39,114,000 9% 12 Berkshire Hathaway Inc. 42,353,000 38,643,000 10% 13 Sears Roebuck & Co. 41,366,000 40,990,000 1% 14 AT & T Corp. 37,827,000 42,197,000 -10% 15 Tyco International Ltd. 35,643,700 34,036,600 5% 16 Albertson's Inc. 35,630,000 37,930,000 -6% 17 Safeway Inc. 32,399,200 31,797,000 2% 18 Pfizer Inc. 32,373,000 29,024,000 12% 19 J C Penney Co. Inc. 32,347,000 32,000,000 1% 20 K Mart Corp. 30,762,000 36,910,000 -17% 21 Walgreen Co. 28,681,100 24,623,000 16% 22 Merrill Lynch & Co. Inc. 28,253,000 38,757,000 -27% 23 ConAgra Foods Inc. 27,629,600 27,100,500 2% 24 Valero Energy (3) 26,976,200 14,990,000 80% 25 Sprint Corp 26,634,000 25,515,000 4% 26 Lockheed Martin Corp. 26,578,000 23,990,000 11% 27 United Parcel Service Inc. 23,924,000 30,650,000 -22% 28 Sysco Corp. 23,350,504 21,784,497 7% 29 Electronic Data Systems 21,502,000 21,141,000 2% Corp. 30 Supervalu Inc. 20,908,000 23,194,000 -10% 31 FedEx Corp. 20,607,000 19,629,040 5% 32 HCA Inc. 19,729,000 17,950,000 10% 33 Autonation Inc. 19,478,500 19,990,000 -3% 34 Bank One Corp. 16,831,000 15,861,000 6% 35 Raytheon Co. 16,760,000 16,017,000 5% 36 Xerox Corp. 15,849,000 17,008,000 -7% 37 Duke Energy Corp. 15,663,000 18,197,000 -14% 38 Wells Fargo & Co. (4) 14,855,000 12,460,000 19% 39 UAL Corp. 14,286,000 16,138,000 -11% 40 Cendant Corp. 14,088,000 8,950,000 57% 41 Emerson Electric Co. 13,824,000 15,479,600 -11% 42 Anheuser Busch Cos. Inc. 13,566,000 12,910,000 5% 43 May Department Stores Co. 13,491,000 13,883,000 -3% 44 Anthem Inc. 12,990,500 10,120,300 28% 45 Magna International Inc. 12,970,000 11,030,000 18% 46 Eastman Kodak Co. 12,835,000 13,230,000 -3% 47 US Bancorp 12,744,900 11,080,000 15% 48 Union Pacific Corp. 12,500,000 11,970,000 4% 49 Sun Microsystems Inc. 12,496,000 18,250,000 -32% 50 Lucent Technologies Inc. 12,321,000 21,294,000 -42% 51 Waste Management Inc. $11,142,000 $11,320,000 -2% 52 7 Eleven Inc. 10,109,700 9,890,000 2% 53 Oracle Corp. 9,673,000 10,961,000 -12% 54 Pepsi Bottling Group Inc. 9,216,000 8,443,000 9% 55 Burlington Northern Santa 8,979,000 9,210,000 -3% Fe Corp 56 Ingersoll Rand Co. Ltd. 8,951,000 8,604,200 4% 57 Aramark Corp. 8,769,000 7,788,690 13% 58 Great West Lifeco Inc 8,598,000 8,064,000 7% 59 Marriott International Inc. 8,440,000 7,786,000 8% 60 Continental Airlines Inc. 8,402,000 8,970,000 -6% 61 Dillard's Inc. 7,910,996 8,390,000 -6% 62 American Standard Inc. 7,795,000 7,465,000 4% 63 Yum Brands Inc. (5) 7,757,000 6,953,000 12% 64 Centex Corp. 7,748,430 6,710,735 15% 65 Automatic Data Processing 7,045,032 7,018,000 0% Inc. 66 Gannett Co. Inc. 6,422,000 6,340,000 1% 67 Medtronic Inc. 6,410,800 5,551,800 15% 68 Agilent Technologies Inc. 6,010,000 8,396,000 -28% 69 Williams Companies Inc. 5,608,400 7,065,500 -21% 70 Unisys Corp. 5,607,400 6,020,000 -7% 71 Amgen Inc. 5,523,000 4,020,000 37% 72 Tribune Co. 5,384,428 5,253,366 2% 73 Avaya Communications 4,956,000 6,793,000 -27% 74 McGraw-Hill Cos. Inc. 4,787,700 4,650,000 3% 75 Danaher Corp. 4,577,332 3,780,000 21% 76 Jacobs Engineering Group 4,555,661 3,956,993 15% Inc. 77 Charles Schwab Corp. 4,140,000 4,330,000 -4% 78 Emcor Group Inc. 3,970,000 3,420,000 16% 79 Maxtor Corp. 3,779,500 3,797,031 0% 80 Lafarge Corp. 3,251,600 3,320,000 -2% 81 Qualcomm Inc. 3,039,560 2,694,407 13% 82 Whole Foods Market Inc. 2,690,475 2,272,231 18% 83 Fiserv Inc. 2,568,877 2,189,181 17% 84 Outback Steakhouse Inc. 2,342,826 2,130,000 10% 85 Toll Brothers 2,328,792 2,230,000 4% 86 Convergys Corp. 2,286,200 2,320,000 -1% 87 Standard Pacific Corp. 1,885,155 1,380,000 37% 88 Papa John's International 1,857,598 1,851,170 0% Inc. 89 LSI Logic Corp. 1,816,938 1,780,000 2% 90 E W Scripps Co. 1,536,000 1,392,000 10% 91 Champion Enterprises 1,370,000 1,500,000 -9% 92 Isle of Capri Casinos Inc. 1,288,600 1,178,300 9% 93 Deluxe Corp. 1,283,983 1,278,375 0% 94 Comverse Technology Inc. 1,270,218 1,225,058 4% 95 XO Communications Inc. 1,259,853 1,258,567 0% 96 Atmel Corp. 1,193,814 1,470,000 -19% 97 Janus Capital Group Inc. 1,140,000 1,555,700 -27% 98 Quantum Corp 1,087,792 1,405,818 -23% 99 Zions Bancorporation (6) 1,056,434 970,005 9% 100 Kinder Morgan Inc. 1,015,255 1,050,000 -3% * Ranked by revenues + Companies with significant Colorado employment (1) Interest Income (2) Conoco Inc. and Phillips Petroleum Co. merged in August 2002 (3) Merged with Ultramar Diamond Shamrock Corp. on Dec. 31, 2001 (4) Interest Income (5) Formerly Tricon Global Restaurants Inc. (6) Interest Income INSIDE COLORADO ALPHA COBIZ 2003 RANK COMPANY ADDRESS 67 ACT Teleconferencing 1658 Cole Blvd. Ste. 130 Inc. 111 Active Link 7388 S. Revere Pkwy. Ste. 1000 Communications 6 Adolph Coors Co. P.O Box 4030 MAIL #NH375 45 Advanced Energy 1625 Sharp Point Drive Industries Inc. 97 Advanced 106 S. University Blvd., Unit 14 Nutraceuticals Inc. 57 Air Methods Corp. 7301 S. Peoria St. 77 Allied Motion 23 Inverness Way E., Ste. 150 Technologies 54 American Coin 397 S. Taylor Ave. Merchandising Inc. 108 AmeriVest Properties 1780 S. Bellaire St. Inc. 17 Apartment Investment 2000 S. Colorado Blvd. Tower 2 & Management 55 Applied Films Corp. 9586 E. 1-25 Frontage Road 18 Archstone-Smith 9200 E. Panorama Circle 81 Array Biopharma Inc. 1885 E. 33rd St. 146 Aspen Exploration Corp. 2050 S. Oneida St., Ste. 208 148 AspenBio Inc. 1585 S. Perry St. 91 Atrix Labs Inc. 2579 Midpoint Drive 5 Ball Corp. 10 Longs Peak Drive 87 Birner Dental Management 3801 E. Florida Ave Ste. 508 Services Inc. 105 Canyon Resources Corp. 14142 Denver West Pkwy, Ste. 250 107 Carbon Energy Corp. 1700 Broadway, Ste. 1150 72 Carrier Access Corp. 5395 Pearl Pkwy. 83 Century Casinos Inc. 200-220 E. Bennett Ave. 144 CET Environmental 7032 So. Revere Pkwy. Services Inc. 53 Champps Entertainment 5619 DTC Pkwy., Ste. 1000 Inc. 44 Chateau Communities Inc. 6160 S. Syracuse Way 31 Ciber Inc. 5251 DTC Pkwy., Ste. 1400 78 CoBiz Inc. 821 17th St. 63 Colorado Medtech Inc. 6175 Longbow Drive 69 Concepts Direct Inc. 2950 Colorful Ave. 40 Coorstek Inc. 16000 Table Mountain Pkwy. 35 Coram Healthcare Corp. 1675 Broadway Ste. 900 140 Corgenix Medical Corp. 12061 Tejon St 133 CREDO Petroleum Corp. 1801 Broadway, Suite 900 52 Crown Media Holdings 6430 S. Fiddlers Green Circle Inc. 30 CSG Systems 7887 E. Belleview Ave., Ste. 1000 International Inc. 125 Delta Petroleum 555 17th St., Ste. 3310 74 Dynamic Materials Corp. 551 Aspen Ridge Rd. 132 Earth Sciences 8100 Southpark Way 4 Echostar Communications 5701 S. Santa Fe Drive Corp. 95 eCollege.com 4900 S. Monaco St. 128 Eldorado Artesian P.O. Box 445 Springs Inc. 139 Encision Inc. 4828 Sterling Drive 116 Entrust Financial 6795 E. Tennessee Ave., Suite 105 Services 94 Equitex Inc. 7315 E. Peakview Ave. 58 Evergreen Resources Inc. 1401 17th St. Ste. 1200 96 Evolving Systems Inc. 9777 Mt. Pyramid Court 56 Exabyte Corp. 1685 38th St. 63 Factual Data Corp. 5200 Hahns Peak Drive 2 First Data Corp. 6200 S. Quebec St. 76 Fischer Imaging Corp. 12300 N. Grant St. 32 Forest Oil Corp. 1600 Broadway, Ste. 2200 34 Frontier Airlines Inc. 7001 Tower Road 59 Gaiam Inc. 360 Interlocken Blvd. 20 Gart Sports Co. 1050 W. Hampden Ave. 143 Global Casinos Inc. 5455 Spine Road. Mezzanine E 130 Global Med Technologies 12600 W. Colfax. C-420 79 Golden Star Resources 10579 Bradford Road. Ste. 103 Ltd. 104 Good Times Restaurants 601 Corporate Circle Inc. 19 Graphic Packaging 4455 Table Mountain Drive International Corp. 8 Great West Life & 8515 E. Orchard Road Annuity Insurance Co. 127 Hallador Petroleum Co. 1660 Lincoln St., Ste. 2700 66 Hauser Inc. 5555 Airport Blvd. 137 Health Grades Inc. 44 Union Blvd., Ste. 600 112 HealtheTech Inc. 523 Park Point Drive 70 Heska Corp. 1613 Prospect Parkway 86 HIA Inc. 4275 Forest St. 131 High Country Bancorp 130 West 2nd St. 50 Horizon Organic Holdings 6311 Horizon Lane Corp. 36 ICG Communications 161 Inverness Drive West 113 Infonow Corp. 1875 Lawrence St., Ste. 1100 88 Inland Resources Inc. 410 17th St., Ste. 700 60 Intrado Inc. 1601 Dry Creek Drive 124 Isonics Corp. 5906 McIntyre St. 23 J.D. Edwards & Co. 1 Technology Way 33 Katy Industries Inc. 6300 S. Syracuse Way, Ste. 300 145 Kestrel Energy 999 18th St., Ste. 2490 134 KFX Inc. 3300 E. First Ave., Ste. 290 80 Koala Corp. 7881 S. Wheeling Court 119 Laser Technology Inc. 7070 S. Tucson Way 7 Level 3 Communications 1025 Eldorado Blvd. Inc. 13 Liberty Media 8101 E. Pretence Ave., Suite 500 15 Mail-Well Inc. 8310 S. Valley Highway No. 400 118 Mallon Resources Corp. 999 18th St., Ste. 1700 51 Markwest Hydrocarbon 155 Inverness Drive West Inc. 73 Matrix Bancorp Inc. 1380 Lawrence St., Ste. 1410 41 McData Corp. 380 Interlocken Crescent 11 MDC Holdings Inc. 3600 S. Yosemite St., Ste. 900 122 Mesa Laboratories Inc. 12100 W. 6th Ave. 90 Metretek Technologies 1675 E. 17th Ave. Inc. 102 Multi Link 4704 Harlan St., Ste. 420 Telecommunications Inc. 82 NaPro Biotherapeutics 6304 Spine Road Unit A 136 Navidec Inc. 6399 S., Fiddlers Green Circle 38 Navigant International 84 Inverness Circle East Inc. 114 NBI Inc. 850 23rd Ave. 68 New Frontier Media Inc. 5434 Airport Blvd., Ste. 100 9 Newmont Mining Corp. 1700 Lincoln St. 103 Optika Inc. 7450 Campus Drive, Ste. 200 110 Oralabs Holding Corp. 2901 S. Tejon St. 141 Pak Mail Centers of 7173 S. Havana St., Ste. 600 America Inc. 48 Patina Oil & Gas Corp. 1625 Broadway, Ste. 2000 47 Penford Corp. 7094 S. Revere Parkway 85 Prima Energy Corp. 1099 18th St. 28 Prologis Trust 14100 E. 35th Place 149 PYR Energy Corp. 1675 Broadway. Ste. 2450 126 Qualmark Corp. 1329 W. 121st Ave. 62 Quovadx 6400 S. Fiddler's Green Circle 1 Qwest Communications 1801 California St. International Inc. 65 Raindance Communications 1157 Century Drive 71 Ramtron International 1850 Ramtron Drive Corp. 43 Red Robin Gourmet 5575 DTC Parkway, Ste. 110 Burgers Inc. 12 Regal Entertainment 9110 E. Nichols Ave., Ste. 200 Group 117 Renaissance 4440 Arapahoe Rd., Ste. 200 Entertainment Corp. 121 Rentech Inc. 1331 17th St., Ste. 720 135 Ribozyme Pharmaceuticals 2950 Wilderness Place Inc. 100 Rocky Mountain Chocolate 265 Turner Drive Factory Inc. 75 Rogue Wave Software Inc. 5500 Flatiron Parkway 115 Royal Gold Inc. 1660 Wynkoop St., Ste. 1000 25 Samsonite Corp. 11200 E. 45th Ave. 84 SAN Holdings Inc. 900 W. Castleton Road 93 Scott's Liquid Gold 4880 Havana St. 109 Simtek Corp. 4250 Buckingham Drive 64 SpectraLink Corp. 5755 Central Ave. 89 Spectranetics Corp. 96 Talamine Court 106 Sport-Haley Inc. 4600 E. 48th Ave. 49 St. Mary Land & 1776 Lincoln St., Ste. 1100 Exploration Co. 24 StarTek Inc. 100 Garfield St. 14 Storage Technology Corp. 1 StorageTek Drive 123 Tanning Technology Corp. 4600 S. Ulster St., Ste. 380 21 Teletech Holdings Inc. 9197 S. Peoria St. 129 Teton Petrolium Co. 1600 Broadway, Ste. 2400 27 Time Warner Telecom Inc. 10475 Park Meadows Drive 138 Tipperary Corp. 633 17th St., Ste. 1550 40 Titanium Metals Corp. 1999 Broadway Ste. 4300 46 Tom Brown Inc. 555 17th St. Ste. 1850 3 Transmontaigne Inc. 370 17th St. Ste. 2750 101 UCAP Inc. 14001 E. Iliff Ste. 701 26 Ultimate Electronics 321 W. 84th Ave. Unit A Inc 120 United States 1560 Broadway, Ste. 1900 Exploration Inc. 16 UnitedGlobalCom Inc. 4643 S. Ulster St., Ste. 1300 98 UQM Technologies Inc. 7501 Miller Drive 92 Vail Banks Inc. 108 S. Frontage Road West, Ste. 110 29 Vail Resorts Inc. 137 Benchmark Rd. 99 Vari-L Co. 4895 Peoria St. 149 View Systems Inc. 825 W Kenyon Ave., Ste. 15 142 Webb Interactive 1899 Wynkoop St., Ste. 600 Services Inc. 10 Western Gas Resources 12200 Pecos St. Inc. 42 Westmoreland Coal Co. 2 No. Cascade Ave., 14th FI 37 Westport Resources Corp. 410 17th St., Ste. 2300 22 Wild Oats Markets Inc. 3375 Mitchell Lane 147 World Wireless 5670 Greenwood Plaza Blvd. Communications COBIZ 2003 RANK COMPANY CITY ZIP PHONE 67 ACT Teleconferencing Golden 80401 (303) 235-9000 Inc. 111 Active Link Englewood 80112 (303) 721-8200 Communications 6 Adolph Coors Co. Golden 80401 (303) 279-6565 45 Advanced Energy Fort Collins 80525 (970) 221-4670 Industries Inc. 97 Advanced Denver 80209 (303) 722-4008 Nutraceuticals Inc. 57 Air Methods Corp. Englewood 80112 (303) 792-7400 77 Allied Motion Littleton 80112 (303) 799-8520 Technologies 54 American Coin Louisville 80027 (303) 444-2559 Merchandising Inc. 108 AmeriVest Properties Denver 80222 (303) 297-1800 Inc. 17 Apartment Investment Denver 80222 (303) 757-8101 & Management 55 Applied Films Corp. Longmont 80504 (303) 774-3200 18 Archstone-Smith Englewood 80112 (303) 708-5959 81 Array Biopharma Inc. Boulder 80301 (303) 381-6600 146 Aspen Exploration Corp. Denver 80224 (303) 639-9860 148 AspenBio Inc. Castle Rock 80104 (303) 794-2000 91 Atrix Labs Inc. Fort Collins 80525 (970) 482-5868 5 Ball Corp. Broomfield 80021 (303) 469-3131 87 Birner Dental Management Denver 80218 (303) 691-0680 Services Inc. 105 Canyon Resources Corp. Golden 80401 (303) 278-8464 107 Carbon Energy Corp. Denver 80290 (303) 863-1555 72 Carrier Access Corp. Boulder 80301 (303) 442-5455 83 Century Casinos Inc. Cripple 80813 (719) 689-9100 Creek 144 CET Environmental Englewood 80112 (720) 875-9115 Services Inc. 53 Champps Entertainment Englewood 80111 (303) 804-1333 Inc. 44 Chateau Communities Inc. Greenwood 80111 (303) 741-3707 Village 31 Ciber Inc. Greenwood 80111 (303) 220-0100 Village 78 CoBiz Inc. Denver 80202 (303) 293-2265 63 Colorado Medtech Inc. Boulder 80301 (303) 530-2660 69 Concepts Direct Inc. Longmont 80504 (303) 772-9171 40 Coorstek Inc. Golden 80403 (303) 277-4000 35 Coram Healthcare Corp. Denver 80202 (303) 292-4973 140 Corgenix Medical Corp. Westminster 80234 (303) 457-4345 133 CREDO Petroleum Corp. Denver 80202 (303) 297-2200 52 Crown Media Holdings Englewood 80111 (303) 220-7990 Inc. 30 CSG Systems Englewood 80111 (303) 796-2850 International Inc. 125 Delta Petroleum Denver 80202 (303) 293-9133 74 Dynamic Materials Corp. Lafayette 80301 (303) 665-5700 132 Earth Sciences Littleton 80120 (303) 734-1727 4 Echostar Communications Littleton 80120 (303) 723-1000 Corp. 95 eCollege.com Denver 80237 (303) 873-7400 128 Eldorado Artesian Eldorado 80025 (303) 499-1316 Springs Inc. Springs 139 Encision Inc. Boulder 80301 (303) 444-2600 116 Entrust Financial Denver 80224 (303) 322-6999 Services 94 Equitex Inc. Englewood 80111 (303) 796-8940 58 Evergreen Resources Inc. Denver 80202 (303) 298-8100 96 Evolving Systems Inc. Englewood 80112 (303) 802-1000 56 Exabyte Corp. Boulder 80301 (303) 442-4333 63 Factual Data Corp. Loveland 80538 (970) 663-5700 2 First Data Corp. Greenwood Village 80111 (303) 967-8000 76 Fischer Imaging Corp. Denver 80241 (303) 452-6800 32 Forest Oil Corp. Denver 80202 (303) 812-1400 34 Frontier Airlines Inc. Denver 80249 (720) 374-4200 59 Gaiam Inc. Broomfield 80021 (303) 464-3600 20 Gart Sports Co. Englewood 80110 (303) 200-5050 143 Global Casinos Inc. Boulder 80301 (303) 527-2903 130 Global Med Technologies Lakewood 80215 (303) 238-2000 79 Golden Star Resources Littleton 80127 (303) 830-9000 Ltd. 104 Good Times Restaurants Golden 80401 (303) 384-1400 Inc. 19 Graphic Packaging Golden 80403 (303) 215-4600 International Corp. 8 Great West Life & Greenwood 80111 (303) 689-3831 Annuity Insurance Co. Village 127 Hallador Petroleum Co. Denver 80264 (303) 839-5504 66 Hauser Inc. Boulder 80301 (303) 443-4662 137 Health Grades Inc. Lakewood 80228 (303) 716-0041 112 HealtheTech Inc. Golden 80401 (303) 526-5085 70 Heska Corp. Fort Collins 80525 (970) 493-7272 86 HIA Inc. Denver 80216 (303) 394-6040 131 High Country Bancorp Salida 81201 (719) 539-2516 50 Horizon Organic Holdings Longmont 80503 (303) 530-2711 Corp. 36 ICG Communications Englewood 80112 (303) 414-5000 113 Infonow Corp. Denver 80202 (303) 293-0212 88 Inland Resources Inc. Denver 80202 (303) 893-0102 60 Intrado Inc. Boulder 80305 (303) 581-5600 124 Isonics Corp. Golden 80403 (303) 279-7900 23 J.D. Edwards & Co. Denver 80237 (303) 334-4000 33 Katy Industries Inc. Englewood 80111 (303) 290-9300 145 Kestrel Energy Denver 80202 (303) 295-0344 134 KFX Inc. Denver 80206 (303) 293-2992 80 Koala Corp. Englewood 80112 (303) 539-8300 119 Laser Technology Inc. Englewood 80112 (303) 649-1000 7 Level 3 Communications Broomfield 80021 (720) 888-1000 Inc. 13 Liberty Media Englewood 80111 (720) 721-5400 15 Mail-Well Inc. Englewood 80112 (303) 790-8023 118 Mallon Resources Corp. Denver 80202 (303) 293-2333 51 Markwest Hydrocarbon Englewood 80112 (303) 290-8700 Inc. 73 Matrix Bancorp Inc. Denver 80204 (303) 595-9898 41 McData Corp. Broomfield 80021 (303) 460-9200 11 MDC Holdings Inc. Denver 80237 (303) 773-1100 122 Mesa Laboratories Inc. Lakewood 80228 (303) 987-8000 90 Metretek Technologies Denver 80203 (303) 785-8080 Inc. 102 Multi Link Denver 80212 (720) 831-1977 Telecommunications Inc. 82 NaPro Biotherapeutics Boulder 80301 (303) 516-8500 136 Navidec Inc. Greenwood 80111 (303) 222-1000 Village 38 Navigant International Englewood 80112 (303) 706-0800 Inc. 114 NBI Inc. Longmont 80501 (303) 684-2700 68 New Frontier Media Inc. Boulder 80301 (303) 444-0900 9 Newmont Mining Corp. Denver 80203 (303) 863-7414 103 Optika Inc. Colorado 80920 (719) 548-9800 Springs 110 Oralabs Holding Corp. Englewood 80110 (303) 783-9499 141 Pak Mail Centers of Englewood 80112 (303) 957-1000 America Inc. 48 Patina Oil & Gas Corp. Denver 80202 (303) 389-3600 47 Penford Corp. Englewood 80112 (303) 649-1900 85 Prima Energy Corp. Denver 80202 (303) 297-2100 28 Prologis Trust Aurora 80011 (303) 375-9292 149 PYR Energy Corp. Denver 80202 (303) 825-3748 126 Qualmark Corp. Denver 80234 (303) 254-8800 62 Quovadx Englewood 80111 (303) 488-2019 1 Qwest Communications Denver 80202 (303) 672-2700 International Inc. 65 Raindance Communications Louisville 80027 (800) 878-7326 71 Ramtron International Colorado 80921 (719) 481-7000 Corp. Springs 43 Red Robin Gourmet Greenwood 80111 (303) 846-6000 Burgers Inc. Village 12 Regal Entertainment Centennial 80112 (303) 792-3600 Group 117 Renaissance Boulder 80303 (303) 444-8273 Entertainment Corp. 121 Rentech Inc. Denver 80202 (303) 298-8008 135 Ribozyme Pharmaceuticals Boulder 80301 (303) 449-6500 Inc. 100 Rocky Mountain Chocolate Durango 81301 (970) 259-0554 Factory Inc. 75 Rogue Wave Software Inc. Boulder 80301 (303) 473-9118 115 Royal Gold Inc. Denver 80202 (303) 573-1660 25 Samsonite Corp. Denver 80239 (303) 373-2000 84 SAN Holdings Inc. Castle Rock 80104 (303) 660-3933 93 Scott's Liquid Gold Denver 80239 (303) 373-4860 109 Simtek Corp. Colorado 80907 (719) 531-9444 Springs 64 SpectraLink Corp. Boulder 80301 (303) 440-5330 89 Spectranetics Corp. Colorado 80907 (719) 633-8333 Springs 106 Sport-Haley Inc. Denver 80216 (303) 320-8800 49 St. Mary Land & Denver 80203 (303) 861-8140 Exploration Co. 24 StarTek Inc. Denver 80206 (303) 361-6000 14 Storage Technology Corp. Louisville 80028 (303) 673-5151 123 Tanning Technology Corp. Denver 80237 (303) 220-9944 21 Teletech Holdings Inc. Englewood 80112 (303) 397-8100 129 Teton Petrolium Co. Denver 80202 (303) 542-1878 27 Time Warner Telecom Inc. Littleton 80124 (303) 566-1000 138 Tipperary Corp. Denver 80202 (303) 293-9379 40 Titanium Metals Corp. Denver 80202 (303) 296-5600 46 Tom Brown Inc. Denver 80202 (303) 260-5000 3 Transmontaigne Inc. Denver 80202 (303) 626-8200 101 UCAP Inc. Aurora 80014 (303) 696-1700 26 Ultimate Electronics Denver 80260 (303) 412-2500 Inc. 120 United States Denver 80202 (303) 863-3550 Exploration Inc. 16 UnitedGlobalCom Inc. Denver 80237 (303) 770-4001 98 UQM Technologies Inc. Frederick 80530 (303) 278-2002 92 Vail Banks Inc. Vail 81657 (970) 476-2002 29 Vail Resorts Inc. Avon 81620 (970) 845-2950 99 Vari-L Co. Denver 80239 (303) 371-1560 149 View Systems Inc. Englewood 80111 (303) 295-7200 142 Webb Interactive Denver 80202 (303) 296-9200 Services Inc. 10 Western Gas Resources Denver 80234 (303) 452-5603 Inc. 42 Westmoreland Coal Co. Colorado 80903 (719) 442-2600 Springs 37 Westport Resources Corp. Denver 80202 (303) 573-5404 22 Wild Oats Markets Inc. Boulder 80301 (303) 440-5220 147 World Wireless Greenwood 80111 (303) 221-1944 Communications Village OUTSIDE COLORADO ALPHA COBIZ 2003 RANK CONPANY CITY STATE 52 7 Eleven Inc. Dallas TX 68 Agilent Technologies Inc. Palo Alto CA 16 Albertson's Inc. Boise ID 62 American Standard Inc. Piscataway NJ 71 Amgen Inc. Thousand Oaks CA 42 Anheuser Busch Cos. Inc. St. Louis MO 44 Anthem Inc. Indianapolis IN 57 Aramark Corp. Philadelphia PA 14 AT & T Corp. Bedminster NJ 96 Atmel Corp. San Jose CA 65 Automatic Data Processing Inc. Roseland NJ 33 Autonation Inc. Fort Lauderdale FL 73 Avaya Communications Basking Ridge NJ 34 Bank One Corp. Chicago IL 12 Berkshire Hathaway Inc. Omaha NE 8 Boeing Co. Seattle WA 2 BP PLC London UK 55 Burlington Northern Santa FeCorp. Fort Worth TX 40 Cendant Corp. New York NY 64 Centex Corp. Dallas TX 91 Champion Enterprises Auburn Hills MI 77 Charles Schwab Corp. San Francisco CA 3 ChevronTexaco Corp. San Ramon CA 5 Citigroup Inc. New York NY 94 Comverse Technology Inc. Woodbury NY 23 ConAgra Foods Inc. Omaha NE 6 ConocoPhillips Holding Co. Houston TX 60 Continental Airlines Inc. Houston TX 86 Convergys Corp. Cincinnati OH 75 Danaher Corp. Washington DC 93 Deluxe Corp. Shoreview MN 61 Dillard's Inc. Little Rock AR 37 Duke Energy Corp. Charlotte NC 90 E W Scripps Co. Cincinnati OH 46 Eastman Kodak Co Rochester NY 29 Electronic Data Systems Plano TX Corp. 78 Emcor Group Inc. Norwalk CT 41 Emerson Electric Co. St. Louis MO 31 FedEx Corp. Memphis TN 83 Fiserv Inc. Brookfield WI 66 Gannett Co. Inc. Arlington VA 58 Great West Lifeco Inc. Winnipeg, Canada 32 HCA Inc. Nashville TN 7 Hewlett Packard Co Palo Alto CA 56 Ingersoll Rand Co Ltd Woodcliff Lake NJ 4 International Business Armonk NY MachinesCorp. 92 Isle of Capri Casinos Inc. Biloxi MS 19 J C Penney Co Inc. Plano TX 76 Jacobs Engineering Group Pasadena CA Inc. 97 Janus Capital Group Inc. Denver CO 20 K Mart Corp. Troy MI 00 Kinder Morgan Inc. Houston TX 9 Kroger Co. Cincinnati OH 80 Lafarge Corp. Herndon VA 26 Lockheed Martin Corp. Bethesda MD 89 LSI Logic Corp. Milpitas CA 50 Lucent Technologies Inc. Murray Hill NJ 45 Magna International Inc. Aurora, Canada 59 Marriott International Bethesda MD Inc. 79 Maxtor Corp. Milpitas CA 43 May Department Stores Co. St. Louis MO 74 McGraw-Hill Cos. Inc. New York NY 10 McKesson Corp. San Francisco CA 67 Medtronic Inc. Minneapolis MN 22 Merrill Lynch & Co Inc. New York NY 53 Oracle Corp. Redwood City CA 84 Outback Steakhouse Inc. Tampa FL 88 Papa John's International Louisville KY Inc. 54 Pepsi Bottling Group Inc. Beverages NY 18 Pfizer Inc. New York NY 81 Qualcomm Inc. San Diego CA 98 QuantumCorp. Milpitas CA 35 Raytheon Co. Lexington MA 17 Safeway Inc. Pleastanton CA 13 Sears Roebuck & Co. Hoffman Estates IL 25 SprintCorp. Kansas City MO 87 Standard Pacific Corp. Irvine CA 49 Sun Microsystems Inc. Santa Clara CA 30 Supervalu Inc. Eden Prairie MN 28 Sysco Corp. Houston TX 11 Target Corp. Minneapolis MN 85 Toll Brothers Huntingdon Valley NY 72 Tribune Co. Chicago IL 15 Tyco International LTD Pembroke, Bermuda N/A 39 UAL Corp. Elk Grove Township IL 48 Union Pacific Corp. Omaha NE 70 Unisys Corp. Blue Bell PA 27 United Parcel Service Inc. Atlanta GA 47 US Bancorp Minneapolis MN 24 Valero Energy San Antonio TX 21 Walgreen Co. Deerfield IL 1 Wal-Mart Stores Inc. Bentonville AR 51 Waste Management Inc. Houston TX 38 Wells Fargo & Co. San Francisco CA 82 Whole Foods Market Inc. Austin TX 69 Williams Companies Inc. Tulsa OK 36 Xerox Corp. Stamford CT 95 XO Communications Inc. Reston VA 63 Yum Brands Inc. Louisville. KY 99 Zions Bancorporation Salt Lake City UT
BY MIKE TAYLOR
MANAGING EDITOR, COLORADOBIZ
PHOTOGRAPHY PROVIDED BY RED ROBIN
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| Title Annotation: | THE PUBLIC 250; Red Robin Gourmet Burgers Inc. |
|---|---|
| Author: | Taylor, Mike |
| Publication: | ColoradoBiz |
| Geographic Code: | 1U8CO |
| Date: | Jun 1, 2003 |
| Words: | 9146 |
| Previous Article: | June. |
| Next Article: | Tech startup of the month. |
| Topics: | |
| Time to step up, business. |
| Red Robin names BCD as its agent of choice. |
| Red Robin to build Rogers restaurant. |
| Playmakers. |
| Name dropping. |
| Red Robin burger cookbook. |