24 California-Based Companies Among The Nation's Top Grossing Black-Owned Businesses

BLACK ENTERPRISE Issues 32nd Annual Report on Black-Owned Businesses

NEW YORK, May 26 -- Twenty-four California-based firms are among the nations leading African American-owned businesses, according to the BLACK ENTERPRISE 32nd annual BE100s report. The listing is recognized as the most respected measure of black-owned business performance. Overall, the BE 100s total 280 businesses, which include 100 industrial/service companies, 100 auto dealerships, 65 financial service firms and 15 advertising agencies.

Torrance-based Act-1 Group, a staffing and professional services company, ranked No. 3 on the BE Industrial/Service 100 list and is California's highest grossing black-owned company, reporting sales of $520 million in 2003.

New to the list is The Romar Group, Inc., which recently acquired rights to the RyanKenny(TM) line of upscale men's clothing. The Los Angeles-based apparel design company reported 2003 sales at $90 million.

Family Automotive Group jumps from No. 15 to 6 on the BE Auto Dealer 100. Based in Whittier, Family Automotive is California's largest African American- owned auto dealership with sales of $227 million.

On the BE Advertising Agencies list, Oakland-based Carol H. Williams Advertising ranks No. 2. Williams platinum roster of clients includes General Motors, Procter & Gamble, Coors Light, Allstate, Kmart, Washington Mutual, Visa, and Crown Royal. In the past three years, gross billings have surged by 130.7%. Carol H. Williams Advertising has been designated the Black Enterprise Advertising Agency of the Year in the publication's June issue.

Los Angeles-based Broadway Federal Bank FSB ranked No. 8 on the BE Banks list with $230 million in assets. Golden State Mutual Life Insurance is California's largest African American-owned insurance company, reporting $121 million in assets for 2003. Opportunity Capital Partners of Fremont ranked No. 8 on BE's Private Equity list, reporting $135 million in capital under management.

The complete listing, including eligibility requirements and criteria, is available in the June issue of BLACK ENTERPRISE on newsstands now.

For a complete list of all California-based companies ranked in the BE100s report, please contact Andrew Wadium at (212) 886-9598 or email wadiuma@blackenterprise.com.