2009 Forbes200 Best Small Companies No.1-50

2009 Forbes 200 Best Small Companies

22-Nov-09

*intrinsic value calculated automatically with spreadsheet. Detailed calculation required later on. DCF, Graham Fair Values and EPV were at time of writing

Description

Price**

DCF*

Graham Value

EPV

Lumber Liquidators Inc

Lumber Liquidators, Inc. (Lumber Liquidators) is a specialty retailer of hardwood flooring in the United States. The Company offers a selection of hardwood flooring products under multiple brands. As of December 31, 2008, it sold its products through 150 Lumber Liquidators stores in 44 states, a call center, its Website and a catalog. It offers an assortment of hardwood flooring that includes prefinished domestic and exotic hardwoods, engineered hardwoods, unfinished hardwoods, bamboo, cork and laminates. In total, the Company offers nearly 350 different flooring product stock-keeping units. It also offers an assortment of flooring enhancements and installation accessories, including moldings, noise-reducing underlay and adhesives.

$24.62

$14.31

$11.32

$12.71

Allegiant Travel Co

Allegiant Travel Company (Allegiant Travel) is a leisure travel company focused on transporting travelers in small cities to leisure destinations, such as Las Vegas, Nevada, Phoenix, Arizona, Orlando, Florida, Tampa/St. Petersburg, Florida and Ft. Lauderdale, Florida. It operates a low-cost passenger airline marketed to leisure travelers in small cities, allowing it to sell air travel both on a stand-alone basis and bundled with hotel rooms, rental cars and other travel related services.

$40.64

$14.00

$18.71

N/A

Quality Systems Inc

Quality Systems, Inc. develops and markets healthcare information systems that automate certain aspects of medical and dental practices, networks of practices, such as physician hospital organizations (PHOs) and management service organizations (MSOs), ambulatory care centers, community health centers, and medical and dental schools. The Company also provides revenue cycle management (RCM) services through its Practice Solutions division of NextGen. The Company is consisted of the QSI Division and a wholly owned subsidiary, NextGen Healthcare Information Systems, Inc. (NextGen Division). The QSI Division focuses on developing, marketing and supporting software suites sold to dental and certain niche medical practices.

$60.92

N/A

N/A

N/A

LHC Group Inc

LHC Group, Inc. (LHC Group) provides post-acute health care services to patients through its home nursing agencies, hospices and long-term acute care hospitals (LTACHs). Through its wholly and majority owned subsidiaries, equity joint ventures and controlled affiliates, the Company operates in Louisiana, Mississippi, Arkansas, Alabama, Texas, Kentucky, Florida, Tennessee, Georgia, Virginia, West Virginia, Ohio, Missouri, Oklahoma, Maryland and Washington. The Company operates in two segments: home-based services and facility-based services. In September 2008, LHC Group announced two separate acquisitions, both effective September 1, 2008. LHC Group acquired 100% of the assets of Mountaineer Home Health located in Charleston, West Virginia. The agency will operate under the name of Mountaineer HomeCare. The Company also acquired 100% of the home health assets of the Jackson County Board of Health located in Ripley, West Virginia.

$31.25

$33.00

$28.14

$25.81

Green Mountain Coffee Roasters Inc

Green Mountain Coffee Roasters, Inc. is engaged in the specialty coffee industry. The Company sells over 100 whole bean and ground coffee selections, hot cocoa, teas and coffees in K-Cup portion packs, Keurig single-cup brewers and other accessories. The Company manages its operations through two business segments, Green Mountain Coffee (GMC) and Keurig, Incorporated (Keurig). GMC sells whole bean and ground coffee, hot cocoa, teas and coffees in K-Cups mainly in domestic wholesale and retail markets, and directly to consumers. In addition, GMC sells Keurig single-cup brewers and other accessories primarily directly to consumers and to supermarkets. In November 2009, Green Mountain Coffee Roasters, Inc. acquired Timothy`s Coffees of the World, Inc. from an affiliate of Sun Capital Partners, Inc. The acquisition includes the Timothy`s World Coffee brand and wholesale business (but does not include retail operations), and will be maintained as a wholly owned Canadian subsidiary.

$65.01

$4.00

$10.19

$17.76

$18.48

$12.20

$10.33

$7.26

No SYM Company Name

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LL

2

ALGT

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5

QSII

LHCG

GMCR

6

TRCR

Transcend Services Inc

Transcend Services, Inc. (Transcend) provides medical transcription services to the healthcare industry. The Company provides two primary medical transcription options for customers: the provision of transcription services and technology using the Company�s BeyondTXT workflow platform, and the provision of transcription services using the customer�s or licensed third party transcription system. On January 1, 2009, the purchased certain assets of DeVenture Global Health Partners (DeVenture). Effective April 1, 2009, the Company acquired the domestic medical transcription business of Transcription Relief Services, LLC. On August 31, 2009, the Company completed the acquisition of Medical Dictation Services, Inc.

7

RAX

Rackspace Hosting Inc

Rackspace Hosting, Inc. (Rackspace Hosting), incorporated on March 7, 2000, is engaged in the business of hosting and cloud computing. The Company�s services are sold to businesses in more than 120 countries. The Company sells a suite of hosting and cloud computing offerings, all backed by Fanatical Support.

$18.31

N/A

N/A

N/A

NVEC

NVE Corp

NVE Corporation (NVE) develops and sells devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store and transmit information. The Company manufactures high-performance spintronic products, including sensors and couplers that are used to acquire and transmit data. It has also licensed spintronic magnetoresistive random access memory technology (MRAM). The Company�s designs are generally based on either giant magnetoresistance (GMR) or tunneling magnetoresistance (TMR). These structures produce a change in electrical resistance depending on the electron spin orientation in a free layer. The Company�s sensor products detect the presence of a magnet or metal to determine position or speed. The GMR changes its electrical resistance depending on the magnetic field. In its devices, GMR is combined with conventional foundry integrated circuitry and packaged in the same way as conventional integrated circuits.

$39.53

$37.45

$24.67

$23.66

APEI

American Public Education, Inc. is a provider of online postsecondary education directed at the needs of the military and public service communities. The Company operates through two universities: American Military University (AMU), and American Public University (APU), which together constitute the American Public University System. The Company�s American Public Education universities share a common faculty and curriculum that includes 74 degree programs and 51 certificate programs in Inc disciplines related to national security, military studies, intelligence, homeland security, criminal justice, technology, business administration, education and liberal arts. During the year ended December 31, 2008, the Company served over 45,000 students living in all 50 states and more than 130 foreign countries. Its university system is regionally and nationally accredited.

$32.14

$15.55

$7.00

$17.49

American Science & Engineering Inc

American Science and Engineering, Inc. (AS&E) develops, manufactures, markets, and sells X-ray inspection and other detection solutions for homeland security and other targeted markets. AS&E provides maintenance, warranty, research, engineering, and training services related to these solutions. The Company manufactures X-ray inspection products that can be used to inspect parcels, baggage, vehicles, pallets, cargo containers, and people. It sells its products to a variety of customers, including authorities responsible for port and border security, military organizations, high threat commercial and government facilities, aviation security agencies and legal enforcement agencies. Its products are used by these customers to help combat terrorism, trade fraud, drug trafficking, weapons smuggling, and illegal immigration. Its products are also used for military force protection and general facility security.

$69.86

$62.49

$70.01

$56.00

Dolby Laboratories Inc

Dolby Laboratories, Inc. develops and delivers products and technologies that are used in the entertainment industry. The Company�s technologies are used in digital versatile disc (DVD), players and personal computer DVD playback software, digital televisions, set top boxes, portable media devices and in a range of consumer electronic products, such as gaming systems and audio/video receivers. Its products are also used by movie theatres and broadcasters worldwide. The Company generates revenue by licensing its technologies to manufacturers of consumer electronics products and media software vendors and by selling its professional products and related services to entertainment content creators, producers and distributors. The Company has licensed its technologies to manufacturers in approximately 25 countries. It sells its products and services in over 85 countries.

$43.28

$47.24

$40.19

$34.41

8

9

10

11

ASEI

DLB

Net Asset Value

$9.51

12

13

HMSY

SYNA

HMS Holdings Corp

HMS Holdings Corp. (HMS) provides a variety of cost management services for government-sponsored health and human services programs. HMS�s customers are State Medicaid agencies, Medicaid managed care plans, Pharmacy Benefits Managers (PBM), child support agencies, the Veterans Health Administration, the Centers for Medicare & Medicaid Services (CMS), and other public programs. As of December 31, 2008, the Company served 36 state Medicaid agencies and 92 Medicaid health plans (under 37 contracts). HMS also provides coordination of benefits and third party insurance identification services to 21 Veterans Integrated Service Networks of the Veterans Health Administration, and child support agencies in 11 states. On September 16, 2008, the Company acquired Prudent Rx, Inc. Prudent Rx�s products and services include pharmacy audits, PBM audits and Long-Term Care Audits. In September 2009, the Company acquired the business of IntegriGuard LLC.

$44.34

$25.89

$21.87

$20.98

$4.35

Synaptics Inc

Synaptics Incorporated is a worldwide developer and supplier of custom-designed user interface solutions that enable people to interact and intuitively with a variety of mobile computing, communications, entertainment and other electronic devices. The Company targets the personal computer (PC) market and the market for digital lifestyle products, including mobile smartphones and feature phones, portable digital music and video players, and other select electronic device markets with its customized human interface solutions. Its original equipment manufacturer (OEM) customers include tier one PC OEMs. The Company supplies custom designed human interface solutions to its OEM customers through their contract manufacturers. Through its OneTouch offering, the Company enable its customers to access the technologies to develop their own human interface designs for capacitive button and scrolling applications for products, such as mobile smartphones and feature phones.

$25.48

$27.48

$21.55

$17.96

$6.35

$41.74

$50.18

$51.99

$53.20

$18.91

14

JOSB

Jos A Bank Clothiers Inc

Jos. A. Bank Clothiers, Inc. (Jos. A. Bank) is a designer, retailer and direct marketer (through stores, catalog and Internet) of men�s tailored and casual clothing and accessories. It sells all of its products exclusively under the Jos. A. Bank label through its 460 retail stores (as of January 31, 2009, which includes seven outlet stores and 12 franchise stores) located throughout 42 states and the District of Columbia in the United States, as well as through the Company�s nationwide catalog and Internet (www.josbank.com) operations. Its products are targeted at the male career professional and emphasize the Jos. A. Bank brand of tailored and casual clothing and accessories. The Company�s products, which range from the original Jos. A. Bank Executive collection to the more luxurious Jos. A. Bank Signature collection to the exclusive Jos. A. Bank Signature Gold collection. Jos. A. Bank operates through two segments: Stores and Direct Marketing.

15

PETS

PetMed Express Inc

PetMed Express, Inc. (PetMed) and its subsidiaries, doing business as 1-800-PetMeds, is a pet pharmacy. The Company markets prescription and non-prescription pet medications, and other health products for dogs, cats, and horses direct to the consumer. The Company markets its products through national television, online, and direct mail/print advertising campaigns. PetMed offers a selection of products for dogs, cats, and horses. As of March 31, 2009, its product line contains approximately 750 stock keeping units (skus). These products include brands of medication, such as Frontline Plus, K9 Advantix, Advantage, Heartgard Plus, Sentinel, Interceptor, Program, Revolution, Deramaxx and Rimadyl.

$16.25

$15.49

$14.03

$13.67

$3.88

Medifast Inc

Medifast, Inc. (Medifast) is engaged in the production, distribution, and sale of weight management and disease management products and other consumable health and diet products. The Company�s product lines include weight and disease management, meal replacement, and vitamins primarily manufactured in its modern, the United States Food and Drug Administration (FDA) approved facility in Owings Mills, Maryland. The Company�s operations are primarily conducted through five of its wholly owned subsidiaries, Jason Pharmaceuticals, Inc. (Jason), Take Shape for Life, Inc. (TSF), Jason Enterprises, Inc., Jason Properties, LLC and Seven Crondall, LLC. The Company offers a variety of weight and disease management products under the Medifast brand and for select private label customers. It's distribution channels include Medifast Direct, Take Shape for Life, Medifast Weight Control Centers and Medifast Physicians.

$26.69

N/A

N/A

N/A

N/A

Orion Marine Group Inc

Orion Marine Group, Inc. (Orion) is a marine specialty contractor serving the heavy civil marine infrastructure market. The Company provides different marine construction services on, over and under the water along the Gulf Coast, the Atlantic Seaboard and in the Caribbean Basin. Orion's customers are federal, state and municipal governments, as well as private commercial and industrial enterprises. Orion acts as a single-source, turnkey solution for its customers� marine contracting needs. The Company provides dredging, repair and maintenance, and other specialty services. Many of Orion's contracts encompass multiple services within a single project. On February 29, 2008, Orion acquired Subaqueous Service, Inc. (SSI).

$19.08

$12.81

$22.35

$8.47

$4.05

MSCI Inc

MSCI Inc. (MSCI) is a provider of investment decision support tools, including indices and portfolio risk and performance analytics for use by institutions in managing equity, fixed income and multi-asset class portfolios. The Company�s principal products are its international equity indices marketed under the MSCI brand and its equity portfolio analytics marketed under the Barra brand. Its products are used in many areas of the investment process, including portfolio construction and optimization, performance benchmarking and attribution, risk management and analysis, index-linked investment product creation, asset allocation, investment manager selection and investment research. The Company�s primary products consist of equity indices, equity portfolio analytics and multi-asset class portfolio analytics. As of November 30, 2008, the Company had over 3,100 clients across 64 countries.

$30.87

N/A

N/A

N/A

($1.99)

InterDigital Inc

InterDigital, Inc. designs and develops digital wireless technologies for use in digital cellular and wireless Institute of Electrical and Electronic Engineers (IEEE) 802 related products. The Company participates in and contributes its technology solutions to worldwide organizations responsible for the development and approval of Standards, to which digital cellular and IEEE 802 compliant products are built, and its contributions are regularly incorporated into such Standards. The Company offers for license or sale its SlimChip family of mobile broadband modem solutions (which includes modem Internet protocol (IP) know-how, baseband integrated circuits (ICs) and Reference Platforms) to mobile device manufacturers, semiconductor companies and other equipment producers that manufacture, use and sell digital cellular products. InterDigital has built its suite of technology and offerings through independent development, joint development with other companies and selected acquisitions.

$23.56

$18.23

$11.86

$39.41

$1.88

Capella Education Co

Capella Education Company, is an online postsecondary education services company. Through its wholly owned subsidiary, Capella University (the University), the Company offers a variety of bachelor�s, master�s and doctoral degree programs primarily delivered to working adults. At December 31, 2008, Capella Education Company offered over 1,020 online courses and 22 academic programs with 111 specializations to approximately 26,800 learners. The Company also offers certificate programs, which consist of a series of courses focused on a particular area of study. In addition, Capella Education Company offers academic services, such as advising, writing and research services; administrative services, such as online class registration and transcript requests; library services; financial aid counseling and career counseling services.

$72.61

$43.25

$41.53

$44.51

$10.06

AZZ inc

AZZ incorporated (AZZ) is an electrical equipment and components manufacturer, serving the global markets of power generation, transmission and distribution, and the general industrial markets. The Company is also a provider of hot dip galvanizing services to the steel fabrication market nationwide. AZZ offers products through two business segments: the Electrical and Industrial Products Segment, and the Galvanizing Services Segment. The Electrical and Industrial Products Segment produces engineered specialty electrical products, industrial lighting and tubular products, all of which the Company markets and sells both domestic and international markets. The Galvanizing Services Segment provides hot dip galvanizing to the steel fabrication industry through facilities located throughout the South, Midwest and Southwest United States. The Company acquired AAA Industries, Inc. on April 1, 2008. It acquired Blenkhorn and Sawle, Ltd. on July 1, 2008.

$33.47

$32.11

$7.11

$18.97

$12.01

MIDD Middleby Corp

The Middleby Corporation, through its operating subsidiary Middleby Marshall Inc. (Middleby Marshall) and its subsidiaries, is engaged in the design, manufacture, marketing, distribution, and service of a line of cooking and warming equipment used in all types of commercial restaurants and institutional kitchens and food preparation, cooking and packaging equipment for food processing operations. It conducts its business through three principal business segments: the Commercial Foodservice Equipment Group; the Food Processing Equipment Group, and the International Distribution Division. The Commercial Foodservice Equipment Group has a portfolio of brands and cooking and warming equipment. The Food Processing Equipment Group provides a range of products designed for the food processing industry. Middleby�s International Distribution Division provides integrated export management and distribution services. In January 2009, it completed its acquisition of TurboChef Technologies, Inc.

$46.19

$50.06

$67.09

$20.32

($11.57)

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22

MED

ORN

MXB

IDCC

CPLA

AZZ

23

24

25

26

27

EBS

Emergent BioSolutions Inc. is a biopharmaceutical company focused on the development, manufacture and commercialization of vaccines and immune-related therapeutics that assist the body�s immune system to prevent or treat disease. The Company develop vaccines and therapeutics for use against biological agents that are potential weapons of bioterrorism and biowarfare and infectious diseases that have resulted in significant unmet or underserved public health Emergent BioSolutions Inc needs. It manufactures and markets BioThrax, also referred to as anthrax vaccine adsorbed, the only vaccine approved by the United States Food and Drug Administration (FDA), for the prevention of anthrax infection. BioThrax is approved for preexposure prevention of anthrax infection by all routes of exposure, including inhalation. In addition to the BioThrax product, the Company have product candidates in advanced stages of development and earlier stages of development.

$13.79

$7.58

$15.04

$10.51

$7.52

HITT

Hittite Microwave Corporation designs and develops integrated circuits (ICs), modules and subsystems for radio frequency (RF) microwave and millimeterwave applications. The Company offers a range of standard and custom ICs, modules and subsystems that perform a range of functions across the RF, microwave and millimeterwave frequency bands. As of December 31, 2008, the Company had approximately 730 standard products spanning 20 product lines. The products are used in a range of wired and wireless communications applications, such as cellular telephone base stations, microwave and millimeterwave radio systems, broadband wireless access systems, and direct broadcast satellite systems. They are also used in detection, measurement and imaging applications including military communication, targeting, guidance and electronic countermeasure systems, commercial, scientific and military spacecraft, automotive collision avoidance systems, medical imaging systems and industrial test equipment.

$38.13

$34.85

$31.64

$24.67

$9.36

Almost Family, Inc. (Almost Family), along with its subsidiaries, is a provider of home health services. The Company has service locations in Florida, Kentucky, Connecticut, New Jersey, Ohio, Massachusetts, Alabama, Missouri, Illinois, Pennsylvania and Indiana. The Company operates in two segments: Visiting Nurse (VN) and Personal Care (PC). The Company is compensated for its services by Medicare (Visiting Nurse only), Medicaid, other third party payors (insurance companies and other sources) and private pay (paid by personal funds). Its VN segment provides a range of Medicarecertified home health nursing services to patients in need of recuperative care, following a period of hospitalization or care in another type of inpatient facility. The Company�s PC segment provides services in patients' homes on an as-needed, hourly, or live-in basis. During the year ended December 31, 2008, the Company acquired 11 visiting nurse branch locations.

$36.06

$11.20

$21.03

$17.93

$3.97

Wright Express Corp

Wright Express Corporation (Wright Express) is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry. The Company provides services in the United States, Canada, New Zealand, and Australia.The Company�s operations are organized into two segments: Fleet and MasterCard. The Fleet segment provides customers with payment processing services specifically designed for the needs of vehicle fleet industries. The MasterCard segment provides customers with a payment processing solution for their corporate purchasing and transaction monitoring needs. The Company�s wholly owned banking subsidiary, Wright Express Financial Services Corporation (FSC) approves the customer applications and owns the customer relationships for the fuel and maintenance programs, and offers the MasterCard-branded corporate payment solution.

$29.52

$12.69

$28.32

$17.29

$1.81

Syntel Inc

Syntel, Inc. (Syntel) is a provider of information technology and Knowledge Process Outsourcing (KPO) services to Global 2000 companies in the financial services, healthcare, life sciences, insurance, manufacturing, automotive, retail, telecom and other industries. The Company�s service offerings are grouped into four segments: Applications Outsourcing, KPO, eBusiness and TeamSourcing. Applications Outsourcing consists of outsourcing services for ongoing management, development and maintenance of business applications. KPO consists of high-value, customized outsourcing solutions. Syntel�s primary KPO focus is in the financial services, healthcare and insurance sectors. e-Business consists of practice areas in Web solutions, Data Warehousing/Business Intelligence, Enterprise Resource Planning (ERP) and Enterprise Applications Integration (EAI) services. TeamSourcing consists of professional Information Technology (IT) consulting services.

$39.63

$25.23

$27.57

$18.96

$8.01

$71.86

$55.73

$61.36

$36.00

$5.86

Hittite Microwave Corp

AFAM Almost Family Inc

WXS

SYNT

28

FDS

FactSet Research Systems Inc. (FactSet) is a provider of integrated global financial and economic information, including fundamental financial data on tens of thousands of companies worldwide. FactSet offers access to financial data and analytics to thousands of investment professionals around the world. FactSet provides the tools to download, combine, and manipulate financial data for investment analysis. FactSet applications support and make workflows for buy and sell-side Factset Research Systems professionals. These professionals include portfolio managers, research and performance analysts, risk managers, marketing Inc professionals, sell-side equity research professionals, investment bankers and fixed income professionals. FactSet applications provide users access to company analysis, multicompany comparisons, industry analysis, company screening, portfolio analysis, portfolio optimization and simulation, real-time news, and quotes and tools to value and analyze fixed income securities and portfolios.

29

IEC

IEC Electronics Corp

IEC Electronics Corp. (IEC) is a provider of electronic manufacturing services (EMS) to technology companies. The Company specializes in the custom manufacture of circuit cards, system level assemblies and an array of custom cable/wire harness assemblies. On May 30, 2008, the Company acquired Val-U-Tech Corp. (Val-U-Tech). Val-U-Tech manufactures a portfolio of custom cable/wire harness assemblies, mechanical sub-assemblies, circuit card assemblies and box builds.

$4.37

$2.33

$0.63

$4.26

$2.47

Deckers Outdoor Corp

Deckers Outdoor Corporation is engaged in designing, producing and managing footwear and the category creator in the sport sandal, luxury sheepskin, and footwear segments. The Company sell the products, including accessories, such as handbags, headwear, packs and outerwear, through domestic retailers and international distributors and directly to the consumers, both domestically and internationally, through Websites, call centers, retail concept stores and retail outlet stores. The Company markets its products under four brands: UGG, Teva, Simple and TSUBO. Teva is the Company's brand of the sport sandal market of product line, such as casual open-toe and closed-toe footwear, adventure travel shoes, outdoor cross training shoes, trail running shoes, amphibious footwear, light hikers, and other rugged outdoor footwear styles and accessories. UGG is the brand and the category creator for luxury sheepskin footwear. The Simple brand comprises sustainable footwear and accessories.

$95.72

$85.11

$71.78

$58.85

$31.55

Strayer Education Inc

Strayer Education, Inc. is a post-secondary education services corporation. The Company offers a variety of academic programs through its wholly owned subsidiary, Strayer University, Inc., both in classroom courses and online via the Internet. The Strayer University is an institution of higher learning that offers undergraduate and graduate degree programs in business administration, accounting, information technology, education and public administration at 65 campuses in Alabama, Delaware, Florida, Georgia, Kentucky, Maryland, New Jersey, North Carolina, Pennsylvania, South Carolina, Tennessee, Utah, Virginia, West Virginia and Washington, D.C. As part of its program offering, the University also offers classes online via the Internet. As of December 31, 2008, the Company had more than 44,000 students enrolled in its programs.

$190.00

$125.43

$118.14

$94.95

$5.12

Bio-Reference Laboratories Inc

Bio-Reference Laboratories, Inc. (Bio-Reference) is principally engaged in providing clinical laboratory testing services, primarily to customers in the greater New York metropolitan area, as well as to customers in a number of other states. BioReference offers a list of chemical diagnostic tests, including blood and urine analysis, blood chemistry, hematology services, serology, radioimmuno analysis, toxicology (including drug screening), pap smears, tissue pathology (biopsies) and other tissue analysis. The Company operates two clinical laboratories, one in Elmwood Park, New Jersey and one in Valley Cottage, New York, and an andrology laboratory in New York City, a cytogenetics testing laboratory located in Milford, Massachusetts, a pathology laboratory in Poughkeepsie, New York, a pathology laboratory in Clarksburg, Maryland and a genetics laboratory in Gaithersburg, Maryland.

$31.94

$26.09

$18.79

$18.61

$3.83

Hawkins, Inc. (Hawkins) is engaged in distributing, blending and manufacturing bulk and specialty chemicals for the customers in a range of industries. The Company operates in two business segments: Industrial and Water Treatment. The Industrial Group operates the Industrial segment, which specializes in providing industrial chemicals, products and services primarily to the agriculture, energy, electronics, food, chemical processing, pulp and paper, pharmaceutical, medical device and plating industries. The group�s principal products are acids, alkalis and industrial and food-grade salts. The Water Treatment Group operates the Water Treatment segment, which specializes in providing equipment, chemicals and solutions for potable water, municipal and industrial wastewater, industrial process water and non-residential swimming pool water.

$21.31

$23.56

$17.81

$18.39

$4.36

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DECK

STRA

BRLI

HWKN Hawkins Inc

Natural Gas Services Group Inc

Natural Gas Services Group, Inc. (Natural Gas Services Group) is a provider of small-to-medium horsepower compression equipment to the natural gas industry. The Company focuses primarily on the non-conventional natural gas production business in the United States (such as coalbed methane, gas shales and tight gas). Natural Gas Services Group manufactures, fabricates and rents natural gas compressors that enhance the production of natural gas wells and provide maintenance services for those compressors. In addition, it sells custom fabricated natural gas compressors to meet customer specifications dictated by well pressures, production characteristics and particular applications. It also manufactures and sells flare systems for oil and gas plant and production facilities. The Company identifies its segments based upon major revenue sources, which include Gas Compressor Rental, Engineered Equipment Sales, Service and Maintenance and Corporate.

$16.70

N/A

$33.54

N/A

($0.23)

GulfMark Offshore Inc

GulfMark Offshore, Inc. provides offshore marine services primarily to companies involved in offshore exploration and production of oil and natural gas. The Company's vessels transport materials, supplies and personnel to offshore facilities, as well as move and position drilling structures. The Company and its subsidiaries operate through three segments: the North Sea, Southeast Asia and the Americas. Offshore support vessels generally fall into seven functional classifications derived from their primary or predominant operating characteristics or capabilities: anchor handling, towing and supply vessels (AHTs), platform supply vessels (PSVs), Fast Supply or Crew Vessels (FSVs/Crewboat), specialty vessels (SpVs), standby rescue vessels (Stby), construction support vessels and utility vehicles. On July 1, 2008, the Company acquired Rigdon Marine Holdings, L.L.C. (Rigdon Holdings).

$28.01

$41.94

$48.30

$37.33

($14.84)

F5 Networks Inc

F5 Networks, Inc. is a provider of application delivery networking products that ensure the security, optimization and availability of applications for any user, anywhere. The Company�s core technology is hardware and software for application delivery networking, including application security, secure remote access, wide area network (WAN) optimization and file virtualization. All of its products are systems that integrate its software with purpose-built hardware that combines commodity components. The Company�s BIG-Internet protocol (IP) product family supports a number of features and functions as software modules, including Global Traffic Manager (GTM), Link Controller, Application Security Manager (ASM) and WebAccelerator. It also sells FirePass, WANJet and WebAccelerator as separate, standalone appliances.

$46.91

$34.60

$24.54

$20.67

$2.15

Ensign Group Inc

The Ensign Group, Inc. (Ensign) is a provider of nursing and rehabilitative care services through the operation of facilities located in California, Arizona, Texas, Washington, Utah and Idaho. During the year ended December 31, 2008, the Company owned or leased 63 facilities. Its facilities provide a spectrum of skilled nursing, physical, occupational and speech therapies, and other rehabilitative and healthcare services and, in certain facilities, assisted living services, for both long-term residents and short-stay rehabilitation patients. The facilities have a collective capacity of over 7,600 skilled nursing, assisted living and independent living beds. As of December 31, 2008, Ensign owned 32 of its facilities and operated an additional 31 facilities under long-term lease arrangements. Effective October 1, 2009, The Ensign Group, Inc. acquired Golden Acres, an operating skilled nursing and independent living campus, as well as a separate hospice business, both in Dallas, Texas.

$14.53

$13.52

$19.84

$10.97

($2.71)

ICF International Inc

ICF International, Inc. provides management, technology, and policy consulting and implementation services to government, commercial and international clients. The Company helps its clients conceive, develop, implement and improve solutions that address economic, social and national security issues. Its services primarily address four markets: energy and climate change; environment and infrastructure; health, human services and social programs, and homeland security and defense. The Company�s advisory and management consulting services include needs and markets assessment, policy analysis, strategy and concept development, change management strategy, enterprise architecture, and program design. Its implementation services include information technology solutions, project and program management, project delivery, strategic communications and training. On February 13, 2008, it acquired Jones & Stokes Associates, Inc. In April 2009, the Company acquired Macro International Inc.

$27.94

$27.87

$29.69

$12.18

($10.69)

BWLD Buffalo Wild Wings Inc

Buffalo Wild Wings, Inc. (Buffalo Wild Wings) is an owner, operator and franchisor of restaurants featuring a variety of boldly-flavored, cravable menu items, including its Buffalo, New York-style chicken wings spun in any of the Company�s 14 signature sauces. The Company's concept offers elements of the quick casual and casual dining restaurant concepts featuring a service model that allows its guests to choose among dining options, such as casual counter service, casual dining table service or take out. Buffalo Wild Wings' menu, priced between the quick casual and casual dining segments, features fresh chicken wings and other items, including boneless wings, chicken tenders, popcorn shrimp, specialty hamburgers and sandwiches, wraps, Buffalito soft tacos, appetizers and salads. As of December 30, 2007, the Company owned or franchised 493 Buffalo Wild Wings restaurants in 37 states, of which 161 were Company-owned and 332 were franchised.

$40.90

N/A

$36.18

$6.31

($1.81)

40

CHTT

Chattem Inc

Chattem, Inc. (Chattem) is a marketer and manufacturer of a portfolio of branded over-the-counter (OTC) healthcare products, toiletries and dietary supplements, in such categories as medicated skin care products, topical pain care, oral care, internal OTC, medicated dandruff shampoos, dietary supplements, and other OTC and toiletry products. The Company�s portfolio of products includes brands, such as Gold Bond, Cortizone-10 and Balmex (medicated skin care); Icy Hot, Aspercreme and Capzasin (topical pain care); ACT and Herpecin-L (oral care); Unisom, Pamprin and Kaopectate (internal OTC); Selsun Blue (medicated dandruff shampoos); Dexatrim, Garlique and New Phase (dietary supplements), and Bullfrog, UltraSwim and Sun-In (other OTC and toiletry products). Its products are sold primarily through mass merchandisers, independent and chain drug stores, drug wholesalers and food stores in the United States, and in various markets in approximately 80 countries worldwide.

$66.44

$71.70

$66.39

$26.95

($17.82)

41

LXU

LSB Industries Inc

LSB Industries, Inc. (LSB) is a diversified holding company, which operates through its wholly owned subsidiary, ThermaClime, Inc. (ThermaClime) and its subsidiaries. The Company operates in two segments: Climate Control and Chemical. Climate Control business is engaged in the manufacturing and selling of a range of heating, ventilation and air conditioning (HVAC) products for use in commercial and residential new building construction, renovation of existing buildings and replacement of existing systems. Chemical business is engaged in the manufacturing and selling of chemical products produced from plants in Texas, Arkansas and Alabama for the industrial, mining and agricultural markets.

$11.85

$14.64

$16.79

$16.64

$0.14

PROS Holdings?Inc

PROS Holdings Inc. is a provider of pricing and margin optimization software, an emerging category of enterprise applications designed to allow companies to improve financial performance. The Company�s software products help customers gain insight into their pricing strategies, identify detrimental pricing practices, optimize their pricing decisionmaking and improve their business processes and financial performance. Its software products incorporate pricing science, which includes operations research, forecasting and statistics. Its science-based software products analyze, execute and optimize pricing strategies using data elements determined using pricing science, including the pocket price, pocket margin, customer willingness-to-pay, customer cost-to-serve, win-loss ratios, market price, stretch price and other relevant information, as well as data from traditional enterprise applications.

$7.99

$6.47

$8.36

$8.00

$1.58

Somanetics Corp

Somanetics Corporation develops, manufactures and markets the In Vivo Optical Spectroscopy (INVOS) System, a noninvasive patient monitoring system that continuously measures changes in the blood oxygen levels in the brain and elsewhere in the body in tissues beneath the sensor in patients with or at risk for restricted blood flow. The INVOS System consists of a portable monitoring system, including technology, which is used with multiple single-use disposable sensors, called SomaSensors or OxyAlert sensors. During the fiscal year ended November 30, 2008 (fiscal 2008), net revenues from disposable sensors comprised approximately 72% of its net revenues. As of November 30, 2008, the Company had an installed base of 2,523 INVOS System monitors in the United States in 714 hospitals, and during fiscal 2008, it sold 424,647 sensors worldwide. In November 2008, it acquired ICU Data Systems, Inc., a technology development company,

$14.38

$14.08

$6.59

$17.38

$4.89

Arena Resources Inc

Arena Resources, Inc. (Arena) is engaged in the acquisition, exploration and development of oil and gas properties, and the production and sale of oil and gas. The Company owns interests in oil and gas properties located in Oklahoma, Texas, Kansas and New Mexico. The Company has a portfolio of oil and natural gas reserves, with approximately 85% of its proved reserves consisting of oil and approximately 15% consisting of natural gas. Approximately 31% of Arena's proved reserves are classified as proved developed producing (PDP); approximately 7% of its proved reserves are classified as proved developed non-producing (PDNP), and approximately 62% are classified as proved undeveloped (PUD). The Company sells its oil and natural gas production to end users, marketers and other purchasers who have access to nearby pipeline facilities. During the year ended December 31, 2008, the Company completed the drilling of 233 wells.

$39.86

N/A

$17.12

$7.90

($1.04)

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GLF

FFIV

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ICFI

PRO

SMTS

ARD

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NutriSystem, Inc. is a provider of a weight management system based on a portion-controlled, prepared meal program. The Company provides a weight management program, consisting primarily of a pre-packaged food program and counseling. The Company�s customers purchase monthly food packages containing a 28-day supply of breakfasts, lunches, dinners and desserts, which they supplement with fresh dairy, fruit, salad, vegetables and low-glycemic carbohydrate items. Most of the Company�s customers order on an auto-delivery basis (Auto-Delivery), in which it sends a month�s food supply on an ongoing basis until notified by the customer to stop the shipments. The Company�s NutriSystem Advanced program consists of over 150 portion-controlled food items that provide dieters with an intake of carbohydrates, proteins and fats. On July 1, 2008, it acquired certain assets of Power Chow, LLC (doing business as NuKitchen).

$22.79

$21.12

$27.90

$31.39

$2.74

HSR

Hi-Shear Technology Corporation (Hi-Shear) designs and manufactures pyrotechnic, mechanical and electronic products for the aerospace industry, national defense and other applications where pyrotechnic power is desirable. Its products are primarily used in space satellites and satellite launch vehicles, exploration missions, strategic missiles, tactical weapons, advanced fighter aircraft and military systems. Customers, such as the military, satellite manufacturers, launch vehicle Hi Shear Technology Corp assemblers, United States Government departments and agencies, including National Aeronautics and Space Administration (NASA), foreign space agencies, and others in the aerospace and defense business use Hi-Shear�s products. Hi-Shear�s products consist primarily of pyrotechnic power cartridges and various types of separation devices, with the strength to fasten two structures under rigorous conditions and then provide quick release upon command.

$19.20

$12.95

$17.47

$6.99

$1.52

ATNI

Atlantic Tele-Network, Inc. provides wireless and wireline telecommunications services in North America and the Caribbean. Through its operating subsidiaries, the Company offers the services, which include Wireless, Local Telephone and Data and International Long Distance Voice and Data Services. It conducts its operations in the mainland United States, Guyana, Bermuda, and United States Virgin Islands through its subsidiaries, which include Guyana Telephone & Telegraph (GT&T), Atlantic Tele-Network Inc Commnet Wireless, LLC, Sovernet, Inc., Bermuda Digital Communications, Ltd (BDC) and Choice Communications, LLC (Choice). Through its operating subsidiaries, it provides wireless, local telephone and data, international long distance services and wholesale transport services. It provides Internet access services as an Internet service provider (ISP). The Company acquired ION Holdco, LLC (ION) in August 2008.

$49.69

$32.09

$45.92

$20.63

($3.52)

ERII

Energy Recovery Inc

Energy Recovery, Inc. is engaged in developing, manufacturing and selling energy recovery devices for selling in the seawater desalination. The subsidiaries of the Company include Osmotic Power, Inc., Energy Recovery, Inc. International, and Energy Recovery Iberia, S.L. There are two methods of producing drinking water from seawater: thermal distillation and membrane or reverse osmosis desalination. Thermal distillation involves heating seawater, capturing the vapor and condensing it as potable water. Reverse osmosis desalination entails pressurizing seawater and driving it into filtering membranes to produce pure water and concentrated brine, which is carried away in a high pressure reject stream. The energy recovery products are used in reverse osmosis desalination. The products of the Company are sold under the trademarks ERI, PX, Pressure Exchanger and PX Pressure Exchanger.

$5.51

N/A

N/A

N/A

$1.89

RHT

Red Hat Inc

Red Hat Inc.(Red Hat) is engaged in providing open source software solutions to the enterprise, including its core enterprise operating system platform, Red Hat Enterprise Linux, its enterprise middleware platform, JBoss Enterprise Middleware, its virtualization solutions and other Red Hat enterprise technologies. The Company employs an open source software development and licensing model that uses the collaborative input of an international community of contributors to develop and enhance software. The collectively developed software is distributed under open source licenses, such as the GNU General Public License and GNU Lesser General Public License, permitting access to the human-readable software source code. In March 2008, the Company acquired Amentra, Inc., and in September 2008, it acquired Qumranet, Inc. Its wholly owned subsidiary is Red Hat Professional Consulting, Inc.

$27.09

$10.55

N/A

$10.79

$0.74

NPK

National Presto Industries, Inc. operates in three business segments: Housewares/Small Appliance, Defense Products and Absorbent Products. The Housewares/Small Appliance segment designs, markets and distributes housewares and small National Presto Industries electrical appliances, including pressure cookers and canners, kitchen electrics, and comfort appliances. The Defense Inc Products segment manufactures 40mm ammunition, precision mechanical and electro-mechanical assemblies, medium caliber cartridge cases, and performs Load, Assemble and Pack (LAP) operations on ordnance related products primarily for the U.S. government and prime contractors.

$93.90

$96.49

$70.00

$79.25

$35.99

NTRI

NutriSystem Inc