Ten Maryland-based companies, including six from the Baltimore region, are among the top firms owned by African-Americans in the region, according to Black Enterprise magazine.
The New York-based publication released its annual listing of the nation's largest black-owned companies based on 2003 revenues. It is the magazine's 32nd annual ranking.
Radio One Inc., the Lanham-based owner of broadcast stations targeting African-Americans, ranked the highest -- No. 8 -- on BE's list of industrial and service companies, the magazine's primary ranking. With $345 million in sales last year, the company also placed 8th last year.
Other companies rounding out the industrial-service list were Heath Resources Inc., the Baltimore-based health-care firm with $79.5 million in revenues, held steady at No. 45, while RLJ Development LLC, the Bethesda hotel-development company owned by Black Entertainment Television founder Robert Johnson, moved up to 46th place, from 71st last year.
RLJ has an exclusive negotiating agreement with Baltimore city officials to build a 750-room Hilton Hotels Corp. building adjacent to the Baltimore Convention Center.
The proposed Hilton is expected to create 461 jobs and contribute $4.4 million a year to the city in taxes and other revenue by the fourth year of operation, city officials said.
Two local companies made the BE lists for the first time: Annapolis-based Telecommunications Systems Inc., with $92.1 million in revenues, premiered as No. 37 on the industrial-service list, while Chandler Lee Buick-Pontiac-GMC Inc. of Ellicott City, with revenues of $42 million, placed 73rd on the BE list of the nation's largest automotive dealers.
Meanwhile, Brown Capital Management Inc., the investment-management firm headed by local philanthropist Eddie C. Brown, moved up one spot on BE's asset managers list, with more than $5 million under management.
Harbor Bank of Maryland, the city-based company with $219 million in 2003 assets, dropped one place to 10th this year on the BE banks list.
Other Maryland firm making BE's lists this year are Rockville-based Paradigm Solutions Corp., which moved up 12 slots to No. 69 in the industrial-service list with $50.8 million revenues; Equals Three Communications Inc. of Bethesda, which dropped one slot to No. 7 on the BE list of advertising agencies with $70 million in revenues; and Syncom, a Silver Spring private equity firm with $200 million under management, which dropped two slots to No. 5 on the magazine's list of private equity firms.
May 28, 2004, 11:58 AM EDT