Long Island�s Top 100 public companies, ranked by revenue,
are profiled on the following pages. Revenue and profit or loss figures are for
the most recent four quarters reported by the companies as of May 15. The
first employment figure is companywide; the local figure is for Nassau and
ARROW ELECTRONICS INC.
25 Hub Dr., Melville, 11747
Revenue: $8.8 billion
Loss: $142.7 million
Stock: ARW (NYSE)
Industry: Electronic parts distribution
CEO: Francis Scricco
Employees: 12,500; local, 1,300
Arrow, the world's largest distributor of electronic components and
computer parts and Long Island's biggest company in terms of sales, had one of
its worst years ever. Sales plunged and profit fell as Arrow fought what has
been described as the deepest slump in the history of the U.S. electronics
Revenue from components distribution fell, European sales were flat and
worldwide computer sales also declined. Arrow said that if the industry does
not recover soon, it will be difficult for the company to regain profitability.
Nonetheless, Arrow opened a 164,000-square-foot building on Long Island this
Longer-term, Arrow said it is convinced a turnaround will come, and that
when it does the company will be well-positioned to take advantage of it.
Arrow supplies about 200,000 original equipment manufacturers through more
than 225 sales facilities and 23 distribution centers in 40 countries.
1 MetroTech Center, Brooklyn, 11201,
175 E. Old Country Rd., Hicksville, 11801
Revenue: $5.9 billion
Profit: $214.1 million
Stock: KSE (NYSE)
Industry: Natural gas, electricity
CEO: Robert Catell
Employees: 13,000; local, 4,926
An unseasonably warm winter combined with problems at recent acquisitions
have slashed the profit of this large distributor of natural gas and generator
of much of the electricity used on Long Island.
KeySpan lowered its forecast for 2002 profit by 10 cents a share to a range
of $2.60 to $2.85. It sells gas to 2.5 million customers in New York State,
Massachusetts and Connecticut, along with generating electricity that's used by
1.1 million customers of the Long Island Power Authority.
In March, KeySpan agreed to extend for three years LIPA's option to buy the
power plants of the former Long Island Lighting Co. In return, LIPA pledged to
buy energy from KeySpan during the period.
Concern about skyrocketing energy use in Nassau and Suffolk counties has
led KeySpan to propose two pipelines to bring more natural gas to the region.
It also wants to build more generating plants in Glenwood Landing, Port
Jefferson, Melville and elsewhere.
Chief executive Robert Catell said, "We continue to aggressively convert
thousands of heating customers in the Northeast from oil to gas. We have set an
aggressive annual growth gas target of $65 million in new gross profit margin
and are off to an excellent start in achieving this goal."
CABLEVISION SYSTEMS CORP.
1111 Stewart Ave., Bethpage, 11714
Revenue: $4.4 billion
Loss: $369.8 million
Stock: CVC, RMG (NYSE)
Industry: Cable TV distribution and programming
CEO: James Dolan
Employees: 24,000; local, 6,200
Cablevision, the biggest cable TV service provider in the metropolitan
area, has run into some big problems that have pummeled its stock price.
Its rollout of a new digital service called Interactive Optimum is way
behind schedule. It faces a funding gap of about $500 million in 2003. It lost
thousands of subscribers over its dispute with the Yankees Entertainment and
Sports Network. The Wiz retail electronics chain continues to post big losses.
And the New York Knicks and Rangers, part of the company's Madison Square
Garden unit, both failed to make the playoffs. The company cut about 600
employees and took a $55 million one-time charge.
On the bright side, the company's Optimum Online service has the greatest
penetration of any high-speed Internet service provided by a cable company. And
its Rainbow Media Group programming unit, which is trading as a separate
tracking stock under the symbol RMG, has seen advertising and subscriber
revenue jump for such networks as American Movie Classics and Bravo.
Cablevision has been gearing up to launch a cellular phone service for the
metropolitan area and a satellite TV service, although analysts have urged that
the licenses for those services be sold to help close the funding gap.
COMPUTER ASSOCIATES INTERNATIONAL INC.
One Computer Associates Plaza, Islandia, 11749
Revenue: $2.9 billion
Loss: $1.1 billion
Stock: CA (NYSE)
Industry: Computer software
CEO: Sanjay Kumar
Employees: 16,000; local, 2,500
After a bitterly fought proxy battle last summer, Computer Associates
seemed ready to get down to business selling its business software to large
corporations. While losses under generally accepted accounting principles, or
GAAP, continued, the company was able to narrow its operating deficit and end
the year on the high note of having exceeded analysts' expectations using its
pro-forma accounting method.
But that was before it confirmed, in February, that the Securities and
Exchange Commission and the U.S. attorney's office in Brooklyn had launched
twin probes of its accounting. The news had raised concern among Wall Street
analysts and debt-rating agencies, and kept CA's stock price near record-low
But that hasn't stopped the company from continuing an aggressive business
plan. During its CA World convention this spring, it sharpened its internal
structure to focus on five brand units and reshuffled some top posts. Customers
say the company is considerably more accommodating than in the past. And it is
even hinting at an operating profit before the end of its fiscal year.
Chief executive Sanjay Kumar has expressed hope that once the federal
probes are concluded, the company can get out from under the cloud of continued
questions about its accounting.
HENRY SCHEIN INC.
135 Duryea Rd., Melville, 11747
Revenue: $2.6 billion
Profit: $93 million
Stock: HSIC (Nasdaq)
Industry: Medical and dental supplies
CEO: Stanley Bergman
Employees: 6,200; local, 900
This medical and dental products provider has managed to maintain good
health in difficult times. The 70-year-old company remains one of Long Island's
Henry Schein has more than 400,000 customers worldwide through its dental,
medical (including veterinary), international and technology divisions. It also
is known for its dental and medical practice management software systems.
The dental division, which accounts for about 40 percent of revenue,
experienced a 10-percent increase in sales last year. Chief executive Stanley
Bergman said the increase was largely due to a more stable sales force and
expanded and strengthened sales consultants and sales management teams, as well
as a new customer incentive program.
"I am particularly pleased with our success in stabilizing and expanding
our dental field sales force," Bergman said.
22 Harbor Park Dr., Port Washington,
Revenue: $1.5 billion
Stock: SYX (NYSE)
Industry: Computer hardware
CEO: Richard Leeds
Employees: 3,778; local, 580
After a difficult year 2000, Systemax appeared to get its ducks back in a
row in 2001. Its ubiquitous TV infomercials now hawk its custom-built PCs 24
hours a day on cable channels. And the company has done some strong marketing
work establishing its brand against powerful rivals Dell and Gateway in the
direct-to-customer PC business.
But the slump in PC sales overall has left few companies unscathed.
Systemax's total revenue declined for 2001 compared with the previous year.
Nevertheless, the company managed to produce a profit of just under $1 million
in 2001 compared with a staggering 2000 loss of $40.8 million. It appears the
cost-cutting measures and a more fiscally prudent approach to its business paid
off for the company and will continue.
"We are focused on the U.S. business model and making it profitable,"
Steven Goldschein, senior vice president and chief financial officer, said
following the company's recently ended first quarter. Taking note of the
continuing slump in tech spending, he added, "We will be adjusting our cost
structure commensurate with sales levels as the year progresses. Reduced
inventory risk and improved cash flows remain crucial in this type of economic
GENTIVA HEALTH SERVICES INC.
3 Huntington Quadrangle 2S, Melville,
Revenue: $1.4 billion
Loss: $194.3 million
Stock: GTIV (Nasdaq)
Industry: Home health services
CEO: Ronald A. Malone
Employees: 4,900; local, 200
After two full years as an independent public company, Gentiva is still
undergoing major changes.
The company has a new chief executive, Ronald A. Malone, who recently
succeeded Edward Blechschmidt. Blechschmidt had run the company since it was
split off in March 2000 from the former Olsten Corp. of Melville. Malone had
been president of Gentiva's home health division, the company's largest.
Blechschmidt had said the change in top management made sense after Gentiva
decided earlier this year to concentrate on its home health business by
selling its specialty pharmaceutical business to Accredo Health Inc.
The sale of that business marks a major new direction for Gentiva. The
company becomes "a pure play" home health care business, with 350 licensed home
health agencies across the country.
Gentiva also is expanding its product offerings for the treatment of
pulmonary arterial hypertension.
SYMBOL TECHNOLOGIES INC.
One Symbol Plaza, Holtsville, 11742
Revenue: $1.3 billion
Loss: $80.1 million
Stock: SBL (NYSE)
Industry: Computer hardware
CEO: Jerome Swartz
Employees: 5,250; local, 1,800
After more than 30 quarters of revenue and profit gains, Symbol
Technologies experienced a sharp decline in sales in the first half of 2001.
Weakness in information technology spending has plagued Symbol, as it has other
major technology companies, but the company continued to experience difficulty
shaking off the effects of the downturn.
Early this year, chief executive Tomo Razmilovic resigned suddenly, and the
company set aside $8.5 million as a retirement package. Symbol also
acknowledged that the Securities and Exchange Commission had launched an
investigation into its accounting practices for 2000 and 2001.
While Wall Street analysts don't downplay the seriousness of the
investigation and of the weakness of the overall tech-spending environment,
most remain believers in Symbol's strong engineering base and in the
longer-term demand for its products.
COMVERSE TECHNOLOGY INC.
170 Crossways Park Dr., Woodbury, 11797
Revenue: $1.3 billion
Profit: $54.6 million
Stock: CMVT (Nasdaq)
Industry: Telecommunications equipment
CEO: Kobi Alexander
Employees: 5,667; local, 250
Comverse's equipment is the platform used to provide voice mail, one-touch
dialing and other services by wireless and wireline companies.
The company's Verint Systems Inc. subsidiary, which contributes 13 percent
of revenue, provides surveillance and security systems to government agencies
and institutions such as banks. Comverse plans to sell part of the stock of
Verint to the public sometime this year. The company also still owns 72 percent
of Ulticom Inc., a software provider, which had its own initial public
offering in April 2000.
About 85 percent of Comverse's customer base comes from telecommunications
network operators, including AT&T Wireless and Telecom Italia.
Last year and this year, Comverse's financial performance and stock price
suffered from a slowdown in telecommunications. Industry analysts estimate that
spending for telecom equipment worldwide may be down 30 percent or more in
"In general, spending on technology was very soft last year and continues
to be soft this year," said Paul Baker, vice president at Comverse. Those
conditions led Comverse to conduct layoffs and and restructure its operations
in 2001. However, unlike some of the once high-flying telecom companies that
have gone into bankruptcy, Comverse had more than $1.89 billion of cash and
equivalents at the end of its fiscal year.
[CORRECTION: A profile of Comverse Technology Inc. in the Top 100 section on
public companies, published June 10, should have noted that Comverse's Verint
Systems Inc. subsidiary had an initial public offering in mid-May. The
subsidiary, still 80 percent owned by Comverse, trades on Nasdaq under the
symbol VRNT. Verint provides surveillance and security systems to government
agencies and institutions such as banks. pg. A02 NS 6/21/02]
2200 Northern Blvd., East Hills, 11548
Revenue: $1.2 billion
Profit: $100.3 million
Stock: PLL (NYSE)
Industry: Fluid clarification
CEO: Eric Krasnoff
Employees: 9,000; local, 1,000
"Pall's vision is that one day all fluids will pass through a Pall
product," chief executive Eric Krasnoff said.
Farfetched? Perhaps. But as one of the world's largest suppliers of fluid
clarification and filtration systems, with operations in more than 30
countries, the company may be entitled to its dreams. It also is one of Long
Island's most profitable companies.
Pall's industrial division, which accounts for just over half of sales,
makes fluid purification systems for industries including aerospace, automotive
and pulp and paper. Its life sciences division, which opened a filter
manufacturing facility in Hauppauge in April, produces filters used for
biotechnology, pharmaceuticals and blood banks.
In April the company completed the biggest acquisition in its 56-year
history, of the Filtration and Separations Group, which it acquired from
Paris-based Vivendi Environnement for $360 million. Filtration and Separations
Group makes products for the separation and purification of liquids and gases.
Pall said the deal enabled it to provide a more complete line of products and
services to customers.
100 Jericho Quadrangle, Jericho, 11753
Revenue: $1.2 billion
Profit: $11.4 million
Stock: GFF (NYSE)
Industry: Diversified manufacturing
CEO: Harvey Blau
Employees: 6,000; local, 1,200
Griffon isn't a household name on Long Island, but its defense electronics
subsidiary, Telephonics Corp. in Farmingdale, is getting better-known all the
time. Telephonics, a fast-growing part of Griffon, has added millions of
dollars in military and commercial contracts to produce communications
equipment and radar devices for airplanes, Long Island Rail Road cars and
"We've had a very strong fiscal 2002," said Robert Balemian, Griffon's
president. "It's what we consider our most successful year. Each one of the
businesses is contributing" to the bottom line.
Aside from Telephonics, Griffon's subsidiaries include a building products
unit that makes garage doors under the Clopay name and another that makes films
used in products such as disposable diapers. Balemian said the building
products unit is now a $700-million-a-year business, plastic films does about
$300 million in sales and Telephonics about $200 million and growing.
"We are out of space at Telephonics and we're in the midst of deciding on a
course of action," Balemian said, referring to plans on how best to expand.
Telephonics, he said, will look to hire more engineers this year. It accounts
for virtually all of Griffon's Long Island employment.
150 Marcus Blvd., Hauppauge, 11788
Revenue: $1.1 billion
Loss: $14.7 million
Stock: VOXX (Nasdaq)
Industry: Electronics equipment
CEO: John J. Shalam
Employees: 1053; local, 520
Audiovox Corp. got its start in 1965 distributing car radios but has since
moved into different markets. About 80 percent of its sales now come from
selling wireless phones and accessories. Its primary customers are domestic and
international wireless carriers such as Verizon Wireless, which in turn sell
the phones to consumers and businesses.
The company's electronics group sells security systems, MP3 players, mobile
video systems and other products to retailers, car dealers and in some cases,
directly to vehicle makers.
The electronics group had its best year in history in 2001, thanks in part
to mobile video sales, which provides products such as TV and VCRs and game
systems for cars and minivans. For 2002, the company plans to launch several
new products, including a DVD rear-seat entertainment system, satellite radio,
a vehicle tracking system and a home-theater system using flat-screen
But overall sales for the company were down and the company took a net loss
in its 2001 fiscal year, in part due to writedowns of inventory. Company
officials blamed a slower economy, intense pricing competition and diminishing
consumer confidence for a drop in sales and net income in 2001. Sales also were
down in the first quarter of 2002, which was due to software modifications it
is required to make before wireless carriers approve shipments of the next
generation of cellular phones, executives said.
"Our new products, which center on [the new cellular] technology, will help
us restore margins and profits during the latter six months of the year," said
Philip Christopher, president and chief executive of the Audiovox
Communications Corp. subsidiary.
Long Island's Top 100 public companies, ranked by revenue, are profiled on
the following pages. Revenue and profit or loss figures are for the most recent
four quarters reported by the companies as of May 15. The first employment
figure is companywide; the local figure is for Nassau and Suffolk counties.