Why some dropped or dropped off Mississippi 100
Published: October 21,2012
“We have a lot of suspects and we have to find out the prospects,” Mississippi 100 researcher Wally Northway said.
Almost every year there are new companies added and old companies removed based on their earnings or corporate changes.
“One of the criteria for the list is that the companies’ corporate headquarters must be domiciled here in Mississippi. It is in keeping with the true spirit and aim of the Mississippi 100 — a ranking of local companies that are privately held,” Northway said.
Trustmark, for instance, is a publicly traded financial institution and one of the state’s leading employers but because it isn’t privately-owned it wouldn’t qualify for the Mississippi 100. Neither would Nissan or Toyota since their corporate operations are headquartered overseas.
Companies that are founded in Mississippi but acquired by out-of-state interests are also not included on the Mississippi 100.
The Stuart C. Irby Co. in Jackson spent many years on the Mississippi 100 and was ranked fifth on the list in 2011. While the electric distributor reported $688 million in sales last year, it wasn’t included on this year’s list because it has been a subsidiary of Sonepar USA since 2005.
One of Roy Anderson’s smaller competitors Century Construction didn’t make the Mississippi 100 this year simply because of a decline in sales revenue, the most common reason companies are not included.
The Tupelo-based firm was ranked 64th on the list in 2009, during one of the worst financial years in construction history in the United States. Century’s gradual slide continued from 69th place in 2010 to 75th in 2011. With $10 million in sales this year, the company didn’t make the list.
Other construction companies have not fared much better as a cycle of little to no bids continues to cripple the industry nationwide.
While still leading in its sector, construction giant Yates Companies Inc. of Philadelphia (#2) reported a $100 million loss this year. Federal stimulus money has helped some primary road builders stay on their feet with limited work while other companies have fallen as much as 10 spots on the list based on lower earnings. Retail developments all over the state lie dormant while homeowners choose renovation over resettling.
Buddy Edens, CEO of the Mississippi Associated Builders and Contractors, says investors are unwilling to put up private money on projects because they don’t know where the economy is going.
“Margins are slim and it’s difficult to get a job,” he said. “You have to be competitive.”
Edens added that struggling construction companies have resorted to reducing their overhead by cutting staff, reducing extra expenses, and renegotiating contracts for insurance and phone services.
“I don’t think anything is going to happen until this election is over in November,” Edens said.
Others that didn’t make it
David Smith Construction
Reported Sales: $10 million
The Mattiace Company
Reported Sales: $9.5 million
Reported Sales: $8.8 million
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- DAVID DALLAS: You say “Obama”, I say “Ebola”
- Pickering lists concerns over Mississippi Adequate Education Program formula
- Peavey's wellness program honored after workers drop 1,000 pounds
- Group, lesbian couples look to overturn state's ban on same-sex marriages
- Judge gets more time to fight efforts to remove him from office
- State renews battle over water use with city of Memphis
- Voters to decide whether hunting, fishing is constitutional right
- Watkins says JRA out to block him from Farish by repaying HUD $1.5M
- Coast cleanup nets 1,600 bags of trash — and a watermelon patch