CORNERSTONE TELEPHONE RANKS ON THE 2009 INC. 5000 LIST

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08/12/09

NEW YORK, August 12, 2009 -- Inc. magazine today ranked CornerStone Telephone Company NO. 3,125 on its third annual Inc. 5000, an exclusive ranking of the nation's fastest-growing private companies.The list represents the most comprehensive look at the most important segment of the economy—America’s independent-minded entrepreneurs. Consumer electronics maker Vizio, Internet giant GoDaddy, rental car service Zipcar, and beverage maker Honest Tea are among the prominent brands featured on this year's list.

 

“Savvy trend spotters and those who invest in private companies know that the Inc. 5000 is the best place to find out about young companies that are achieving success through a wide variety of unprecedented business models, as well as older private companies that are still expanding at an impressive rate,” said Inc. 5000 project manager Jim Melloan. “That’s why our list is so eagerly anticipated every year.”

 

“We are honored to have been included on the INC. 5000 list for the second time,” said Dan Yamin, CEO of CornerStone Telephone Company. “We attribute our growth to continuing our mission to provide the best in customer support and service while still offering competitive rates and leading-edge technology.”

 

CornerStone was listed as the tenth fastest telecommunications company in NewYork State and the 100th largest in the US.

 

The 2009 Inc. 5000, unveiled today on Inc.com, serves as a unique report card on the U.S. economy. Despite the ongoing recession, aggregate revenue among the companies on the list actually increased to $214 billion, up $29 billion from last year, with a median three-year growth rate of 126 percent. The Inc. 5000 are responsible for creating more than 1 million jobs since their founding, making the list perhaps the best example of the impact private, fast- growing companies can have on the economy. Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found on Inc.com.

 

This year’s list also offers a preview of which industries are poised for growth in coming years. With an average growth rate of 667 percent, Insurance ranked as the top industry overall. Government Services was the top industry gainer with 252 companies on this year’s list, up from 135 last year. Health is the top industry by both total revenue ($22.7 billion) and total employment (156,223 jobs).

 

Methodology

 

The Inc. 5000 is ranked according to percentage revenue growth from 2005 through 2008. To qualify, companies must have been founded and generating revenue by the first week of 2005, and therefore able to show four full calendar years of sales. Additionally, they have to be U.S.- based, privately held, for profit, and independent -- not subsidiaries or divisions of other companies -- as of December 31, 2008. Revenue in 2005 must have been at least $200,000, and revenue in 2008 must have been at least $2 million.The top 10 percent of companies on the list comprise the Inc. 500, now in its 28th year.

 

About CornerStone Telephone Company

 

CornerStone Telephone Company is an integrated communications provider specializing in services for business customers. The company provides it’s customers with the highest level of customer support while offering competitive service rates. CornerStone has over 50,000 access lines, providing local and long distance telephone service, high-speed Internet access, VoIP, security services and business telephone systems. The company services customers in New York, Massachusetts and Pennsylvania.

 

Established in 2001, CornerStone has over 115 employees and 10,000 customers. The company is headquartered in Troy, N.Y. with offices in Syracuse, Oneonta, Buffalo, New York City, Poughkeepsie and Richmond, Massachusetts and was voted fastest growing mid-size company and one of the Best Places to Work in the New York State Capital Region in 2007 and 2008. For more information, visit www.cornerstonetelephone.com..

 

About Inc. Magazine

 

Founded in 1979 and acquired in 2005 by Mansueto Ventures LLC, Inc. (www.inc.com) is the only major business magazine dedicated exclusively to owners and managers of growing private companies that delivers real solutions for today’s innovative company builders.With a total paid circulation of 712,961, Inc. provides hands-on tools and market-tested strategies for managing people, finances, sales, marketing, and technology.Visit us online at Inc.com.