Black Enterprise magazine's top Black firms earn $13.2 billion

Jet, May 25, 1998

The 100 largest Black-owned industrial/service companies and the 100 largest automobile dealers had a combined sales of more than $13.19 billion and employed more than 57,000 people in 1997, according to Black Enterprise Magazine's annual report published in its June issue.

Last year, however, marked the first time in which Black-owned firms surveyed by Black Enterprise saw a drop of 6.5 percent in overall sales. The drop was due largely to TLC Beatrice's decision to sell one of its largest units, a French food distribution, business industry observers say.

Black Enterprise has chronicled the nation's Black-owned businesses since 1973, three years after the inception of the magazine. The magazine's listing of the nation's 100 Black-owned businesses is recognized as the authoritative ranking of the nation's largest Black owned companies.

Earl G. Graves, chairman, editor and publisher of Black Enterprise Magazine, noted, "The B.E. Annual Report on Black Business represents the growth and the trends of African-American businesses throughout the nation."

Graves added, "It is a guide to the economic welfare of our businesses and remains an indicator of our financial future. When one looks at how far Black-owned businesses have come during this century, it is reasonable to believe that our best days are ahead of us. African-Americans have gone from being all but excluded from American industry to owning nearly a million companies, doing business not just nationally, but globally. In this annual issue, we salute the best and brightest in American industry."

Topping the magazine's list of the nation's top Black firms is TLC Beat rice International Inc., a New York-based food company that reported $1.4 billion in revenue.

Johnson Publishing Company in Chicago, which publishes EBONY and Jet magazines, ranked second with $361.1 million.

Philadelphia Coca-Cola Bottling Co. Inc. ranked third with $357 million in revenue.

Below is a list of the Top 10 Black firms:

RELATED ARTICLE: TOP BLACK FIRMS AND THEIR 1997 SALES:

[1.] TLC Beatrice International Holdings Inc. of New York-international food processor and distributor: $1.4 billion.

[2.] Johnson Publishing Company, Inc. of Chicago--publishing, broadcasting, TV production, cosmetics and hair care: $361.1 million.

[3.] Philadelphia Coca-Cola Bottling Co. Inc. of Philadelphia--soft drink bottler: $357 million.

[4.] Active Transportation of Louisville, KY--transportation services, hauling vehicles to dealers: $250 million.

[5.] The Bing Group of Detroit--steel processing: $183 million.

[6.] Granite Broadcasting Corp. of New York--network television affiliates, sells ad time: $181.1 million.

[7.] BET Holdings, Inc. of Washington, D.C.--cable programming, magazine publishing: $170 million.

[8.] H.J. Russell & Co. of Atlanta--construction, property management, airport concessions: $155.3 million.

[9.] Pulsar Data Systems of Lanham, MD--computer system sales: $151 million.

[10.] The Anderson-Dubose Co. of Solon, OH--food, paper products distribution: $138.7 million.