ROLAND, Iowa - Innovative Lighting Inc., a manufacturer of LED lighting products for the marine industry, has been ranked 208 on Inc. magazine's 500 Fastest Growing Companies list for 2004, achieving that mark because of its average annual sales growth, the company said in a recent release.
“By increasing its 2003 sales over 2002 figures, Innovative Lighting Inc. has remained one of the country's fastest growing, privately held companies,” ILI said.
In the past five years, Innovative Lighting has shown a total growth rate of 854 percent. The Inc. 500 is determined solely by growth of net sales, which needed to be at least $200,000 in 1999 for consideration on the 2004 list.
With its 2004 appearance on the Inc. 500, Innovative Lighting has been recognized three years running. In 2003, the company cracked the top 200 at 195, up from 424 in 2002.
Though its current ranking is lower than the previous year's, Innovative's total growth climbed from 842 percent to 854 percent. The company's revenues also increased approximately 50 percent in 2003 over 2002, Innovative Lighting said.
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