THE TIMES 100 : THE BOTTOM LINE : California's Top 100 Lead the Way to Better Times : After two years of declining returns, the state's best-performing public companies are on the comeback trail.

By CARLA LAZZARESCHI

April 27, 1993 12 AM PT

TIMES STAFF WRITER

Although the California economy is still languishing far below its peak, some companies in the state are beginning to post healthier returns for their shareholders.

As a whole, The Times 100--a ranking of companies that turned in the best performance for their shareholders--rose in 1992 after two consecutive annual drops. While no one is suggesting that the state’s economy has regained its previous bloom, there are some economists who believe The Times 100 rankings are an early sign of better times ahead.

“It has to be a bellwether of an improving economy,” says Jack Kyser, chief economist with the Economic Development Corp. of Los Angeles County. “I think we can now see that 1990 was the year California hit its peak and then toppled into the pit. We can also see that 1991 was our worst year and that 1992 was the year that business started to respond.”

The Times 100 ranks companies by two-year average return on equity: a ratio produced by dividing average annual common shareholder equity in a company into its annual profit.

This year’s winner, Total Pharmaceutical Care, a Torrance provider of in-home drug treatment to severely ill patients, posted an eye-popping 66.6% return on shareholder equity. Last year’s winner, Syntex Corp., a Palo Alto drug manufacturer, registered a two-year return on equity of 46%. The prior year’s winner, Adobe Systems Inc., had a 56.7% return.

The latest median two-year return on equity for 1992 was 19.4%. The two-year figure in 1991 was 17.7%, and in 1990 it was 20.8%. In 1989, before the state’s recession kicked in, the figure was 21.8%.

A total of 16 companies had a two-year return on equity of 30% or more in the latest rankings, twice the number last year. And the level for 1992 almost equaled the mark of 17 reached in 1990 when the state’s economy hit its peak, according to data compiled by STAR Services, a San Francisco-based business research firm.

The companies topping The Times 100 are a less diverse lot than in previous years and reflect in large part the great emerging business opportunities in the nation. Three of the top 10 companies are software publishers; three are in the medical field. There is one retailer, one engineering firm and two manufacturers.

To appear on The Times 100 list, companies must be based in California and have annual sales greater than $50 million. Their stock must have been traded publicly since December, 1991, on one of the major exchanges. In addition, a company cannot be a real estate investment trust or a limited partnership. Further, a company’s long-term debt-to-equity ratio must be less than 4 to 1, and a firm must not have reported a negative common shareholders equity for either of the last two years.

The Top 10

1) Total Pharmaceutical Care of Torrance makes its first appearance on The Times 100 this year, having completed its initial public stock offering just two years ago. The company delivers in-home medical and nutritional therapy and treatments to severely ill patients, including many suffering from cancer and AIDS.

The company was founded in 1984 and attributes its rapid growth to the increasing reliance on in-home therapy and treatment, both to reduce health care costs and improve patient comfort. Sales last year were $63.4 million and profit rose 109% to nearly $7 million.

2) Cisco Systems of Menlo Park is a computer software developer whose products are on the cutting edge of one of the fastest-growing segments of the business: computer networking. Cisco’s main products link groups of computers, both within offices--through so-called local-area networks--and in larger clusters, the so-called wide-area networks.

Founded in 1984 and public since 1990, Cisco had sales last year of $473 million. Profit rose 108% to $122 million. This is the company’s first year on The Times 100.

3) Informix Corp., a Menlo Park software developer, is also making its debut on The Times 100 this year. The company, which specializes in database software for sophisticated business uses, enjoyed its best year ever in 1992, with sales hitting nearly $284 million. Profit rose 349% to nearly $55 million.

4) BWIP Holdings, a Long Beach oil equipment manufacturer, has been serving the petroleum industry since 1872 as a division of Borg Warner Corp. However, the unit was spun off in 1987 and became a publicly traded company in 1991. BWIP makes equipment for oil exploration and refining, electrical power generation, and the aerospace, chemical and pulp and paper industries.

Sales last year were $433 million and profit rose 36% to nearly $43 million. This is the company’s first year on The Times 100.

5) WD-40 Co. of San Diego has been a fixture atop The Times 100 since 1988 because of its primary product, a popular all-purpose household lubricant. Despite continuing strong competition from outsiders, WD-40 is managing to hold on to its market share, analysts say. Sales in 1992 reached $103 million and profit rose 18% to $19.5 million. Even so, WD-40 fell two notches on The Times 100 list.

6) URS Corp., a San Francisco engineering design company, last year completed its second consecutive profitable year in a decade thanks to a reorganization devoted to returning it to its core business. URS, a public company for most of the last three decades, diversified in the 1980s into a variety of unrelated operations.

After a string of losses, the company sold off its peripheral operations in 1989 and 1990 to concentrate on its main engineering business of designing facilities for hazardous waste treatment and mass transit. Sales last year were $140 million and profit increased 62% to $4.3 million. This is the company’s first appearance on The Times 100.

7) Amgen, a Thousand Oaks biotechnology firm, rode to immediate success in the mid-1980s following introduction of two blockbuster drugs, Epogen and Neupogen. However, more recently the company has been hit hard on the stock market because of investor worries that Amgen has failed to develop follow-on drugs for its portfolio. In the last four months, the company’s total market value has dropped by more than half to about $4.7 billion.

Still, Amgen’s sales in 1992 reached nearly $1.1 billion and profit rose 265% to almost $358 million. This is the first year the company has appeared on The Times 100 list.

8) Syntex has been in the top 10 of The Times 100 since 1988, last year at No. 1. The company is best known for its anti-arthritis drugs, Naprosyn and Anaprox, and its oral contraceptives. Sales for 1992 were $2 billion, but profit dropped 26% to $332 million.

Patents for Syntex’s two arthritis drugs expire in 1993, but analysts say the company has developed over-the-counter versions. In addition, the company is moving to lessen its reliance on the anti-arthritis drugs. An oral form of Toradol, a non-narcotic painkiller that would compete with codeine, and Ticlid, used to treat strokes, have been approved by the U.S. Food and Drug Administration and went on sale for the first time last year.

9) Electronic Arts, a San Mateo publisher of computer and video game software, is the third software publisher in the top 10 of The Times 100. The company, which produces and markets entertainment software for personal computers and Nintendo and Sega video game systems, had sales last year of $257 million. Profit was $27 million, up 77% from 1991.

10) Gap Inc., the San Francisco retailer that has defined casual chic clothing for America’s younger generations, is making its third appearance in the Top 10 of The Times 100. However, with Kmart, Macy’s and even Armani introducing their own versions of “Gap look” clothing over the last few years, the company is waging a tough battle to protect its hold on the T-shirt and denim market.

But compared to other retailers and clothing manufacturers, Gap is still a stellar operation. Last year, the company surpassed Liz Claiborne to become the nation’s second-largest clothing label, after Levi Strauss. The company operates more than 1,200 retail shops under the names Gap, Banana Republic, GapKids and, most recently, GapShoes.

The Times 100

Companies ranked by income as a percentage of average common equity over two years.

1992 Rank: 1 1991 Rank: Company: Total Pharmaceutical Care Industry: Pharmaceuticals City: Torrance 2-Year Average Return on Equity: 66.6 1992 Sales ($ Millions): 63.4 1992 Income ($ Millions): 6.9 % Change in Income From 1991: 109

1992 Rank: 2 1991 Rank: Company: Cisco Systems Industry: Computer Systems City: Menlo Park 2-Year Average Return on Equity: 52.2 1992 Sales ($ Millions): 473.5 1992 Income ($ Millions): 122.4 % Change in Income From 1991: 108

1992 Rank: 3 1991 Rank: Company: Informix Corp. Industry: Computer Software City: Menlo Park 2-Year Average Return on Equity: 48.1 1992 Sales ($ Millions): 283.6 1992 Income ($ Millions): 47.8 % Change in Income From 1991: 292

1992 Rank: 4 1991 Rank: Company: BWIP Holdings Inc. Industry: Diversified Machines City: Long Beach 2-Year Average Return on Equity: 44.9 1992 Sales ($ Millions): 433.1 1992 Income ($ Millions): 42.5 % Change in Income From 1991: 36

1992 Rank: 5 1991 Rank: 3 Company: W D-40 Co. Industry: Chemical City: San Diego 2-Year Average Return on Equity: 44.3 1992 Sales ($ Millions): 102.7 1992 Income ($ Millions): 19.5 % Change in Income From 1991: 18

1992 Rank: 6 1991 Rank: Company: URS Corp. Industry: Engineering Consulting City: San Francisco 2-Year Average Return on Equity: 41.3 1992 Sales ($ Millions): 140.1 1992 Income ($ Millions): 4.3 % Change in Income From 1991: 62

1992 Rank: 7 1991 Rank: Company: Amgen Inc. Industry: Biotechnology City: Thousand Oaks 2-Year Average Return on Equity: 39.1 1992 Sales ($ Millions): 1,093.0 1992 Income ($ Millions): 357.6 % Change in Income From 1991: 265

1992 Rank: 8 1991 Rank: 1 Company: Syntex Corp. Industry: Pharmaceuticals City: Palo Alto 2-Year Average Return on Equity: 36.6 1992 Sales ($ Millions): 2,043.4 1992 Income ($ Millions): 332.3 % Change in Income From 1991: -26

1992 Rank: 9 1991 Rank: Company: Electronic Arts Inc. Industry: Computer Software City: San Mateo 2-Year Average Return on Equity: 35.8 1992 Sales ($ Millions): 257.2 1992 Income ($ Millions): 27.0 % Change in Income From 1991: 77

1992 Rank: 10 1991 Rank: 4 Company: Gap Inc. Industry: Retail, Specialty City: San Francisco 2-Year Average Return on Equity: 35.7 1992 Sales ($ Millions): 2,960.4 1992 Income ($ Millions): 210.7 % Change in Income From 1991: -8

1992 Rank: 11 1991 Rank: Company: TakeCare Inc. Industry: Hospital Management City: Concord 2-Year Average Return on Equity: 34.9 1992 Sales ($ Millions): 615.9 1992 Income ($ Millions): 25.3 % Change in Income From 1991: 50

1992 Rank: 12 1991 Rank: 12 Company: PacifiCare Health Systems Industry: Hospital Management City: Cypress 2-Year Average Return on Equity: 34.3 1992 Sales ($ Millions): 1,828.9 1992 Income ($ Millions): 47.7 % Change in Income From 1991: 60

1992 Rank: 13 1991 Rank: 17 Company: Charles Schwab Co. Industry: Securities Brokers City: San Francisco 2-Year Average Return on Equity: 33.3 1992 Sales ($ Millions): 909.0 1992 Income ($ Millions): 81.2 % Change in Income From 1991: 64

1992 Rank: 14 1991 Rank: 8 Company: Mattel Inc. Industry: Toys City: El Segundo 2-Year Average Return on Equity: 32.6 1992 Sales ($ Millions): 1,847.9 1992 Income ($ Millions): 143.9 % Change in Income From 1991: 18

1992 Rank: 15 1991 Rank: 6 Company: Franklin Resources Inc. Industry: Mutual Funds City: San Mateo 2-Year Average Return on Equity: 31.0 1992 Sales ($ Millions): 432.3 1992 Income ($ Millions): 130.0 % Change in Income From 1991: 25

1992 Rank: 16 1991 Rank: 2 Company: Adobe Systems Inc. Industry: Computer Software City: Mountain View 2-Year Average Return on Equity: 30.0 1992 Sales ($ Millions): 265.9 1992 Income ($ Millions): 43.6 % Change in Income From 1991: -15

1992 Rank: 17 1991 Rank: 25 Company: SPI Pharmaceuticals Industry: Pharmaceuticals City: Costa Mesa 2-Year Average Return on Equity: 29.7 1992 Sales ($ Millions): 476.1 1992 Income ($ Millions): 34.5 % Change in Income From 1991: 16

1992 Rank: 18 1991 Rank: Company: Comarco Inc. Industry: Engineering Consulting City: Anaheim 2-Year Average Return on Equity: 28.7 1992 Sales ($ Millions): 84.7 1992 Income ($ Millions): 3.3 % Change in Income From 1991: 21

1992 Rank: 19 1991 Rank: 7 Company: National Health Labs Industry: Hospital Management City: La Jolla 2-Year Average Return on Equity: 26.5 1992 Sales ($ Millions): 721.4 1992 Income ($ Millions): 40.6 % Change in Income From 1991: -61

1992 Rank: 20 1991 Rank: 54 Company: Fidelity National Financial Industry: Property & Casualty Insurance City: Irvine 2-Year Average Return on Equity: 26.4 1992 Sales ($ Millions): 382.0 1992 Income ($ Millions): 15.1 % Change in Income From 1991: 142

1992 Rank: 21 1991 Rank: Company: Cirrus Logic Inc. Industry: Semiconductor Manufacturing City: Fremont 2-Year Average Return on Equity: 26.3 1992 Sales ($ Millions): 275.0 1992 Income ($ Millions): 26.7 % Change in Income From 1991: 31

1992 Rank: 22 1991 Rank: 16 Company: SynOptics Communications Industry: Computer Systems City: Santa Clara 2-Year Average Return on Equity: 25.8 1992 Sales ($ Millions): 388.8 1992 Income ($ Millions): 42.4 % Change in Income From 1991: 58

1992 Rank: 23 1991 Rank: Company: Zilog Inc. Industry: Semiconductor Manufacturing City: Campbell 2-Year Average Return on Equity: 25.2 1992 Sales ($ Millions): 145.7 1992 Income ($ Millions): 16.0 % Change in Income From 1991: 52

1992 Rank: 24 1991 Rank: Company: Advanced Micro Devices Industry: Semiconductor Manufacturing City: Sunnyvale 2-Year Average Return on Equity: 24.9 1992 Sales ($ Millions): 1,514.5 1992 Income ($ Millions): 245.0 % Change in Income From 1991: 69

1992 Rank: 25 1991 Rank: 31 Company: Linear Technology Corp. Industry: Semiconductor Manufacturing City: Milpitas 2-Year Average Return on Equity: 24.6 1992 Sales ($ Millions): 132.4 1992 Income ($ Millions): 29.9 % Change in Income From 1991: 45

1992 Rank: 26 1991 Rank: 23 Company: Bridgford Foods Corp. Industry: Food City: Anaheim 2-Year Average Return on Equity: 24.6 1992 Sales ($ Millions): 102.1 1992 Income ($ Millions): 5.4 % Change in Income From 1991: 17

1992 Rank: 27 1991 Rank: 80 Company: Countrywide Credit Indus. Industry: Business Services City: Pasadena 2-Year Average Return on Equity: 24.3 1992 Sales ($ Millions): 573.3 1992 Income ($ Millions): 123.0 % Change in Income From 1991: 173

1992 Rank: 28 1991 Rank: Company: Quantum Corp. Industry: Data Storage City: Milpitas 2-Year Average Return on Equity: 23.8 1992 Sales ($ Millions): 1,536.2 1992 Income ($ Millions): 84.8 % Change in Income From 1991: 71

1992 Rank: 29 1991 Rank: Company: Xilinx Inc. Industry: Semiconductor Manufacturing City: San Jose 2-Year Average Return on Equity: 23.5 1992 Sales ($ Millions): 163.2 1992 Income ($ Millions): 22.8 % Change in Income From 1991: 0

1992 Rank: 30 1991 Rank: 27 Company: Maxim Integrated Products Industry: Semiconductor Manufacturing City: Sunnyvale 2-Year Average Return on Equity: 23.4 1992 Sales ($ Millions): 97.1 1992 Income ($ Millions): 15.4 % Change in Income From 1991: 30

1992 Rank: 31 1991 Rank: 22 Company: 20th Century Industries Industry: Property & Casualty Insurance City: Woodland Hills 2-Year Average Return on Equity: 23.4 1992 Sales ($ Millions): 990.6 1992 Income ($ Millions): 117.5 % Change in Income From 1991: 13

1992 Rank: 32 1991 Rank: 21 Company: Apple Computer Inc. Industry: Computer Systems City: Cupertino 2-Year Average Return on Equity: 22.6 1992 Sales ($ Millions): 7,224.2 1992 Income ($ Millions): 525.7 % Change in Income From 1991: 62

1992 Rank: 33 1991 Rank: 59 Company: Superior Industries Int’l. Industry: Auto Parts City: Van Nuys 2-Year Average Return on Equity: 22.4 1992 Sales ($ Millions): 325.3 1992 Income ($ Millions): 28.6 % Change in Income From 1991: 57

1992 Rank: 34 1991 Rank: Company: IHOP Corp. Industry: Restaurants City: Glendale 2-Year Average Return on Equity: 22.3 1992 Sales ($ Millions): 114.0 1992 Income ($ Millions): 8.8 % Change in Income From 1991: 65

1992 Rank: 35 1991 Rank: 33 Company: Jacobs Engineering Group Industry: Engineering Consulting City: Pasadena 2-Year Average Return on Equity: 22.1 1992 Sales ($ Millions): 1,137.7 1992 Income ($ Millions): 27.6 % Change in Income From 1991: 29

1992 Rank: 36 1991 Rank: 9 Company: AST Research Inc. Industry: Computer Systems City: Irvine 2-Year Average Return on Equity: 22.1 1992 Sales ($ Millions): 1,140.5 1992 Income ($ Millions): 57.6 % Change in Income From 1991: -18

1992 Rank: 37 1991 Rank: Company: Whittaker Corp. Industry: Aerospace City: Los Angeles 2-Year Average Return on Equity: 21.9 1992 Sales ($ Millions): 160.1 1992 Income ($ Millions): 13.5 % Change in Income From 1991: 13

1992 Rank: 38 1991 Rank: 20 Company: Centex Telemanagement Industry: Telecommunications City: San Francisco 2-Year Average Return on Equity: 21.7 1992 Sales ($ Millions): 187.0 1992 Income ($ Millions): 8.8 % Change in Income From 1991: -23

1992 Rank: 39 1991 Rank: 36 Company: Intel Corp. Industry: Semiconductor Manufacturing City: Santa Clara 2-Year Average Return on Equity: 21.5 1992 Sales ($ Millions): 5,844.0 1992 Income ($ Millions): 1,066.5 % Change in Income From 1991: 30

1992 Rank: 40 1991 Rank: Company: K-Swiss Inc. Industry: Apparel City: Chatsworth 2-Year Average Return on Equity: 21.4 1992 Sales ($ Millions): 127.8 1992 Income ($ Millions): 9.8 % Change in Income From 1991: 12

1992 Rank: 41 1991 Rank: Company: Caesars World Industry: Hotels & Motels City: Los Angeles 2-Year Average Return on Equity: 21.3 1992 Sales ($ Millions): 938.9 1992 Income ($ Millions): 67.2 % Change in Income From 1991: -13

1992 Rank: 42 1991 Rank: 44 Company: Neutrogena Corp. Industry: Soaps & Cosmetics City: Los Angeles 2-Year Average Return on Equity: 21.0 1992 Sales ($ Millions): 273.8 1992 Income ($ Millions): 22.4 % Change in Income From 1991: 1

1992 Rank: 43 1991 Rank: 38 Company: Solectron Corp. Industry: Data Storage City: Milpitas 2-Year Average Return on Equity: 20.7 1992 Sales ($ Millions): 437.9 1992 Income ($ Millions): 14.8 % Change in Income From 1991: 32

1992 Rank: 44 1991 Rank: Company: GTI Corp. Industry: Semiconductor Manufacturing City: San Diego 2-Year Average Return on Equity: 20.6 1992 Sales ($ Millions): 104.8 1992 Income ($ Millions): 9.0 % Change in Income From 1991: 111

1992 Rank: 45 1991 Rank: Company: Quantum Health Resources Industry: Hospital Management City: Orange 2-Year Average Return on Equity: 20.6 1992 Sales ($ Millions): 118.3 1992 Income ($ Millions): 9.3 % Change in Income From 1991: 67

1992 Rank: 46 1991 Rank: 13 Company: Autodesk Inc. Industry: Computer Software City: Sausalito 2-Year Average Return on Equity: 20.5 1992 Sales ($ Millions): 362.9 1992 Income ($ Millions): 43.9 % Change in Income From 1991: -24

1992 Rank: 47 1991 Rank: Company: ADAC Laboratories Industry: Medical Supplies City: Milpitas 2-Year Average Return on Equity: 20.1 1992 Sales ($ Millions): 129.7 1992 Income ($ Millions): 14.8 % Change in Income From 1991: 718

1992 Rank: 48 1991 Rank: 18 Company: Acuson Corp. Industry: Medical Supplies City: Mountain View 2-Year Average Return on Equity: 20.1 1992 Sales ($ Millions): 342.8 1992 Income ($ Millions): 36.8 % Change in Income From 1991: -37

1992 Rank: 49 1991 Rank: 37 Company: Ross Stores Industry: Retail, Discount Stores City: Newark 2-Year Average Return on Equity: 19.9 1992 Sales ($ Millions): 1,043.1 1992 Income ($ Millions): 34.0 % Change in Income From 1991: 23

1992 Rank: 50 1991 Rank: 72 Company: Adaptec Inc. Industry: Semiconductor Manufacturing City: Milpitas 2-Year Average Return on Equity: 19.8 1992 Sales ($ Millions): 274.3 1992 Income ($ Millions): 42.0 % Change in Income From 1991: 307

1992 Rank: 51 1991 Rank: 24 Company: Altera Corp. Industry: Semiconductor Manufacturing City: San Jose 2-Year Average Return on Equity: 19.8 1992 Sales ($ Millions): 101.5 1992 Income ($ Millions): 11.5 % Change in Income From 1991: -35

1992 Rank: 52 1991 Rank: 32 Company: Fredericks of Hollywood Industry: Retail, Specialty City: Los Angeles 2-Year Average Return on Equity: 19.4 1992 Sales ($ Millions): 121.1 1992 Income ($ Millions): 5.1 % Change in Income From 1991: 0

1992 Rank: 53 1991 Rank: 26 Company: MagneTek Inc. Industry: Electrical Equipment City: Los Angeles 2-Year Average Return on Equity: 19.2 1992 Sales ($ Millions): 1,360.1 1992 Income ($ Millions): 30.9 % Change in Income From 1991: -10

1992 Rank: 54 1991 Rank: 34 Company: Walt Disney Co. Industry: Leisure/Entertainment City: Burbank 2-Year Average Return on Equity: 19.0 1992 Sales ($ Millions): 7,979.1 1992 Income ($ Millions): 868.9 % Change in Income From 1991: 29

1992 Rank: 55 1991 Rank: Company: Brooktree Corp. Industry: Semiconductor Manufacturing City: San Diego 2-Year Average Return on Equity: 18.7 1992 Sales ($ Millions): 96.0 1992 Income ($ Millions): 12.2 % Change in Income From 1991: 15

1992 Rank: 56 1991 Rank: 29 Company: McGrath RentCorp Industry: Office Equipment City: San Lorenzo 2-Year Average Return on Equity: 18.6 1992 Sales ($ Millions): 54.6 1992 Income ($ Millions): 10.1 % Change in Income From 1991: -8

1992 Rank: 57 1991 Rank: 61 Company: Golden West Financial Industry: Savings & Loans City: Oakland 2-Year Average Return on Equity: 18.3 1992 Sales ($ Millions): 2,025.6 1992 Income ($ Millions): 283.5 % Change in Income From 1991: 19

1992 Rank: 58 1991 Rank: 41 Company: Anthem Electronics Inc. Industry: Semiconductor Manufacturing City: San Jose 2-Year Average Return on Equity: 18.2 1992 Sales ($ Millions): 538.4 1992 Income ($ Millions): 30.4 % Change in Income From 1991: 31

1992 Rank: 59 1991 Rank: 84 Company: Logicon Inc. Industry: Aerospace City: Torrance 2-Year Average Return on Equity: 17.9 1992 Sales ($ Millions): 320.5 1992 Income ($ Millions): 14.9 % Change in Income From 1991: 21

1992 Rank: 60 1991 Rank: Company: Safeguard Health Enterpr. Industry: Hospital Management City: Anaheim 2-Year Average Return on Equity: 17.8 1992 Sales ($ Millions): 60.6 1992 Income ($ Millions): 3.9 % Change in Income From 1991: 50

1992 Rank: 61 1991 Rank: 51 Company: Sunrise Medical Industry: Medical Supplies City: Torrance 2-Year Average Return on Equity: 17.5 1992 Sales ($ Millions): 285.0 1992 Income ($ Millions): 15.0 % Change in Income From 1991: 62

1992 Rank: 62 1991 Rank: 70 Company: So. California Water Co. Industry: Water Companies City: San Dimas 2-Year Average Return on Equity: 17.4 1992 Sales ($ Millions): 100.7 1992 Income ($ Millions): 12.1 % Change in Income From 1991: -21

1992 Rank: 63 1991 Rank: 43 Company: Price Co. Industry: Retail, Discount Stores City: San Diego 2-Year Average Return on Equity: 17.4 1992 Sales ($ Millions): 7,642.4 1992 Income ($ Millions): 125.4 % Change in Income From 1991: -9

1992 Rank: 64 1991 Rank: 63 Company: Dionex Corp. Industry: Electrical Instruments City: Sunnyvale 2-Year Average Return on Equity: 17.4 1992 Sales ($ Millions): 102.7 1992 Income ($ Millions): 15.6 % Change in Income From 1991: 8

1992 Rank: 65 1991 Rank: 40 Company: Northrop Corp. Industry: Aerospace City: Los Angeles 2-Year Average Return on Equity: 17.3 1992 Sales ($ Millions): 5,550.0 1992 Income ($ Millions): 121.0 % Change in Income From 1991: -55

1992 Rank: 66 1991 Rank: 42 Company: Vons Cos. . Industry: Retail, Grocery City: Arcadia 2-Year Average Return on Equity: 17.3 1992 Sales ($ Millions): 5,595.5 1992 Income ($ Millions): 82.1 % Change in Income From 1991: 26

1992 Rank: 67 1991 Rank: 49 Company: Kasler Corp. Industry: Engineering Consulting City: Highland 2-Year Average Return on Equity: 17.2 1992 Sales ($ Millions): 150.5 1992 Income ($ Millions): 5.8 % Change in Income From 1991: -7

1992 Rank: 68 1991 Rank: 69 Company: BankAmerica Corp. Industry: Banking City: San Francisco 2-Year Average Return on Equity: 17.0 1992 Sales ($ Millions): 15,262.0 1992 Income ($ Millions): 1,492.0 % Change in Income From 1991: 33

1992 Rank: 69 1991 Rank: Company: American President Cos. Industry: Marine Transportation City: Oakland 2-Year Average Return on Equity: 16.9 1992 Sales ($ Millions): 2,574.4 1992 Income ($ Millions): 78.0 % Change in Income From 1991: 18

1992 Rank: 70 1991 Rank: 15 Company: Novellus Systems Inc. Industry: Semiconductor Manufacturing City: San Jose 2-Year Average Return on Equity: 16.7 1992 Sales ($ Millions): 69.8 1992 Income ($ Millions): 6.2 % Change in Income From 1991: -63

1992 Rank: 71 1991 Rank: Company: Jefferies Group Inc. Industry: Securities Brokers City: Los Angeles 2-Year Average Return on Equity: 16.7 1992 Sales ($ Millions): 235.4 1992 Income ($ Millions): 18.7 % Change in Income From 1991: 90

1992 Rank: 72 1991 Rank: Company: Viking Office Products Industry: Office Equipment City: Los Angeles 2-Year Average Return on Equity: 16.6 1992 Sales ($ Millions): 393.9 1992 Income ($ Millions): 11.9 % Change in Income From 1991: 8

1992 Rank: 73 1991 Rank: 77 Company: Amplicon Inc. Industry: Computer Systems City: Santa Ana 2-Year Average Return on Equity: 16.4 1992 Sales ($ Millions): 153.0 1992 Income ($ Millions): 9.7 % Change in Income From 1991: 17

1992 Rank: 74 1991 Rank: 35 Company: Diagnostic Products Corp. Industry: Medical Supplies City: Los Angeles 2-Year Average Return on Equity: 16.2 1992 Sales ($ Millions): 103.5 1992 Income ($ Millions): 17.3 % Change in Income From 1991: 6

1992 Rank: 75 1991 Rank: 78 Company: Nellcor Inc. Industry: Medical Supplies City: Hayward 2-Year Average Return on Equity: 16.2 1992 Sales ($ Millions): 209.7 1992 Income ($ Millions): 23.6 % Change in Income From 1991: 25

1992 Rank: 76 1991 Rank: Company: Vivra Inc. Industry: Hospital Management City: Burlingame 2-Year Average Return on Equity: 16.2 1992 Sales ($ Millions): 180.9 1992 Income ($ Millions): 19.1 % Change in Income From 1991: 27

1992 Rank: 77 1991 Rank: 89 Company: First Republic Bancorp Industry: Banking City: San Francisco 2-Year Average Return on Equity: 16.1 1992 Sales ($ Millions): 101.9 1992 Income ($ Millions): 11.8 % Change in Income From 1991: 57

1992 Rank: 78 1991 Rank: 45 Company: Network General Corp. Industry: Computer Systems City: Menlo Park 2-Year Average Return on Equity: 16.0 1992 Sales ($ Millions): 78.7 1992 Income ($ Millions): 10.7 % Change in Income From 1991: 48

1992 Rank: 79 1991 Rank: Company: Sunamerica Industry: Life Insurance City: Los Angeles 2-Year Average Return on Equity: 15.9 1992 Sales ($ Millions): 839.8 1992 Income ($ Millions): 84.9 % Change in Income From 1991: 81

1992 Rank: 80 1991 Rank: Company: Oracle Systems Corp. Industry: Computer Software City: Redwood Shores 2-Year Average Return on Equity: 15.9 1992 Sales ($ Millions): 1,309.9 1992 Income ($ Millions): 89.0 % Change in Income From 1991: 165

1992 Rank: 81 1991 Rank: 62 Company: Magma Power Industry: Electric Utility City: San Diego 2-Year Average Return on Equity: 15.8 1992 Sales ($ Millions): 109.0 1992 Income ($ Millions): 36.4 % Change in Income From 1991: 7

1992 Rank: 82 1991 Rank: Company: DH Technology Industry: Computer Peripherals City: San Diego 2-Year Average Return on Equity: 15.8 1992 Sales ($ Millions): 54.2 1992 Income ($ Millions): 5.8 % Change in Income From 1991: 25

1992 Rank: 83 1991 Rank: Company: Syncor International Industry: Hospital Management City: Chatsworth 2-Year Average Return on Equity: 15.8 1992 Sales ($ Millions): 221.4 1992 Income ($ Millions): 8.8 % Change in Income From 1991: 45

1992 Rank: 84 1991 Rank: Company: PSICOR Inc. Industry: Medical Supplies City: San Diego 2-Year Average Return on Equity: 15.6 1992 Sales ($ Millions): 74.4 1992 Income ($ Millions): 4.3 % Change in Income From 1991: 32

1992 Rank: 85 1991 Rank: 81 Company: San Diego Gas & Electric Industry: Electric Utility City: San Diego 2-Year Average Return on Equity: 15.5 1992 Sales ($ Millions): 1,870.9 1992 Income ($ Millions): 210.7 % Change in Income From 1991: 1

1992 Rank: 86 1991 Rank: 28 Company: Conner Peripherals Industry: Data Storage City: San Jose 2-Year Average Return on Equity: 15.4 1992 Sales ($ Millions): 2,238.4 1992 Income ($ Millions): 121.1 % Change in Income From 1991: 31

1992 Rank: 87 1991 Rank: 76 Company: McKesson Corp. Industry: Retail, Drugstores City: San Francisco 2-Year Average Return on Equity: 15.4 1992 Sales ($ Millions): 11,493.3 1992 Income ($ Millions): 55.7 % Change in Income From 1991: -39

1992 Rank: 88 1991 Rank: 87 Company: Rockwell International Industry: Aerospace City: Seal Beach 2-Year Average Return on Equity: 15.2 1992 Sales ($ Millions): 10,837.9 1992 Income ($ Millions): 487.5 % Change in Income From 1991: -16

1992 Rank: 89 1991 Rank: 52 Company: Argonaut Group Inc. Industry: Property & Casualty Insurance City: Los Angeles 2-Year Average Return on Equity: 15.2 1992 Sales ($ Millions): 469.6 1992 Income ($ Millions): 86.3 % Change in Income From 1991: 2

1992 Rank: 90 1991 Rank: Company: VeriFone Inc. Industry: Computer Services City: Redwood City 2-Year Average Return on Equity: 15.1 1992 Sales ($ Millions): 226.1 1992 Income ($ Millions): 24.0 % Change in Income From 1991: 28

1992 Rank: 91 1991 Rank: 65 Company: Fluor Corp. Industry: Engineering Consulting City: Irvine 2-Year Average Return on Equity: 15.1 1992 Sales ($ Millions): 6,846.8 1992 Income ($ Millions): 138.7 % Change in Income From 1991: -11

1992 Rank: 92 1991 Rank: Company: Coast Savings Financial Industry: Savings & Loans City: Los Angeles 2-Year Average Return on Equity: 14.9 1992 Sales ($ Millions): 685.3 1992 Income ($ Millions): 37.1 % Change in Income From 1991: -11

1992 Rank: 93 1991 Rank: 46 Company: FHP International Corp. Industry: Hospital Management City: Fountain Valley 2-Year Average Return on Equity: 14.8 1992 Sales ($ Millions): 1,755.5 1992 Income ($ Millions): 35.5 % Change in Income From 1991: 6

1992 Rank: 94 1991 Rank: Company: Beeba’s Creations Industry: Apparel City: San Diego 2-Year Average Return on Equity: 14.8 1992 Sales ($ Millions): 119.8 1992 Income ($ Millions): 3.8 % Change in Income From 1991: -22

1992 Rank: 95 1991 Rank: 86 Company: Mentor Corp. Industry: Medical Supplies City: Santa Barbara 2-Year Average Return on Equity: 14.5 1992 Sales ($ Millions): 109.4 1992 Income ($ Millions): 8.6 % Change in Income From 1991: 63

1992 Rank: 96 1991 Rank: Company: ClothesTime Inc. Industry: Retail, Discount Stores City: Anaheim 2-Year Average Return on Equity: 14.5 1992 Sales ($ Millions): 315.2 1992 Income ($ Millions): 8.7 % Change in Income From 1991: 58

1992 Rank: 97 1991 Rank: Company: Summit Health Ltd. Industry: Hospital Management City: Burbank 2-Year Average Return on Equity: 14.5 1992 Sales ($ Millions): 483.3 1992 Income ($ Millions): 15.8 % Change in Income From 1991: 64

1992 Rank: 98 1991 Rank: 66 Company: Dreyer’s Grand Ice Cream Industry: Food City: Oakland 2-Year Average Return on Equity: 14.3 1992 Sales ($ Millions): 407.0 1992 Income ($ Millions): 14.0 % Change in Income From 1991: -12

1992 Rank: 99 1991 Rank: Company: Pacific Gas & Electric Industry: Electric Utility City: San Francisco 2-Year Average Return on Equity: 14.3 1992 Sales ($ Millions): 10,296.1 1992 Income ($ Millions): 1,170.6 % Change in Income From 1991: 14

1992 Rank: 100 1991 Rank: Company: Exar Corp. Industry: Semiconductor Manufacturing City: San Jose 2-Year Average Return on Equity: 14.1 1992 Sales ($ Millions): 141.6 1992 Income ($ Millions): 13.2 % Change in Income From 1991: 36

Source: STAR Services. Certain historical data is from Standard & Poor’s Compustat Inc.