Hot Growth Special Report 2006 >

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Hot Growth Companies 1 VAALCO Energy 2 Hansen Natural 3 Palomar Medical Technologies 4 W&T Offshore 5 NAVTEQ 6 Under Armour 7 VASCO Data Security International 8 Programmer's Paradise 9 LCA-Vision 10 Blue Nile 11 Volcom 12 American Science & Engineering 13 ASV 14 PeopleSupport 15 Imperial Industries 16 Cognizant Technology Solutions 17 Multi-Fineline Electronix 18 Hittite Microwave 19 OmniVision Technologies 20 NutriSystem 21 Resources Connection 22 EFJ 23 InfoSonics 24 Amedisys 25 LifeCell 26 RPC 27 PetMed Express 28 NeuStar 29 Netflix 30 Ceradyne 31 MEMC Electronic Materials 32 Empire Resources 33 Gevity HR 34 Berry Petroleum 35 Endo Pharmaceuticals Holdings 36 Cimarex Energy 37 Alliance Resource Partners 38 VSE 39 Chico's FAS 40 Build-A-Bear Workshop 41 St. Mary Land & Exploration 42 Hurco 43 Unit 44 Barrett Business Services 45 Encore Wire 46 Ansoft 47 Sonic Solutions 48 Reliv International 49 Quality Systems 50 LoJack 51 Dynamic Materials 52 Diodes 53 Leucadia National 54 Argon ST 55 ValueClick 56 eCollege.com 57 Ventiv Health 58 Packeteer 59 Digital River 60 TTM Technologies 61 Sun Hydraulics 62 Coldwater Creek 63 Parlux Fragrances 64 CNX Gas 65 Altera 66 Ventana Medical Systems 67 Gen-Probe 68 Trimble Navigation 69 Radyne 70 Helix Energy Solutions 71 Providence Service 72 Miller Industries 73 Headwaters 74 Hydril 75 aQuantive 76 Commercial Vehicle Group 77 Brigham Exploration 78 Guess? 79 NETGEAR 80 Labor Ready 81 Pharmaceutical Product Development 82 Korn/Ferry International 83 DSW 84 Rofin-Sinar Technologies 85 ADTRAN 86 MSC Industrial Direct 87 MICROS Systems 88 Concur Technologies 89 Kforce 90 Lamson & Sessions 91 Stratasys 92 AngioDynamics 93 AMCOL International 94 Denbury Resources 95 Lufkin Industries 96 Lifetime Brands 97 II-VI 98 Digitas 99 Old Dominion Freight Line 100 Brady

...Alphabetical 85 ADTRAN 37 Alliance Resource Partners 65 Altera 93 AMCOL International 24 Amedisys 12 American Science & Engineering 92 AngioDynamics 46 Ansoft 75 aQuantive 54 Argon ST 13 ASV 44 Barrett Business Services 34 Berry Petroleum 10 Blue Nile 100 Brady 77 Brigham Exploration 40 Build-A-Bear Workshop 30 Ceradyne 39 Chico's FAS 36 Cimarex Energy 64 CNX Gas 16 Cognizant Technology Solutions 62 Coldwater Creek 76 Commercial Vehicle Group 88 Concur Technologies 94 Denbury Resources 59 Digital River 98 Digitas 52 Diodes 83 DSW 51 Dynamic Materials 56 eCollege.com 22 EFJ 32 Empire Resources 45 Encore Wire 35 Endo Pharmaceuticals Holdings 67 Gen-Probe 33 Gevity HR 78 Guess? 2 Hansen Natural 73 Headwaters 70 Helix Energy Solutions 18 Hittite Microwave 42 Hurco 74 Hydril 97 II-VI 15 Imperial Industries 23 InfoSonics 89 Kforce 82 Korn/Ferry International 80 Labor Ready 90 Lamson & Sessions 9 LCA-Vision 53 Leucadia National 25 LifeCell 96 Lifetime Brands 50 LoJack 95 Lufkin Industries 31 MEMC Electronic Materials 87 MICROS Systems 72 Miller Industries 86 MSC Industrial Direct 17 Multi-Fineline Electronix 5 NAVTEQ 29 Netflix 79 NETGEAR 28 NeuStar 20 NutriSystem 99 Old Dominion Freight Line 19 OmniVision Technologies 58 Packeteer 3 Palomar Medical Technologies 63 Parlux Fragrances 14 PeopleSupport 27 PetMed Express 81 Pharmaceutical Product Development 8 Programmer's Paradise 71 Providence Service 49 Quality Systems 69 Radyne 48 Reliv International 21 Resources Connection 84 Rofin-Sinar Technologies 26 RPC 47 Sonic Solutions 41 St. Mary Land & Exploration 91 Stratasys 61 Sun Hydraulics 68 Trimble Navigation 60 TTM Technologies 6 Under Armour 43 Unit 1 VAALCO Energy 55 ValueClick 7 VASCO Data Security International 66 Ventana Medical Systems 57 Ventiv Health 11 Volcom 38 VSE 4 W&T Offshore

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59

Digital River (DRIV)

Back when Joel Ronning founded Digital River in 1994, the world of electronic commerce barely existed. Little wonder then that the company, which designs and hosts e-tail Web sites, lost money nonstop through 2002. Chief Executive Ronning is no longer ahead of his time, however. With Internet retailing growing overall at a clip of more than 20%, Digital River posted record profits of $54.3 million in 2005 as revenue tripled since 2002 to an all-time high of $220.4 million. Its 2006 numbers were better still, with first-quarter net income up 17%, even as the company got hit with a higher income-tax rate and had to book options expenses for the first time. Ronning is predicting $300 million in sales in 2006, but he warns that his 950-employee company is extraordinarily dependent on a single client: Symantec and its end users accounted for 44.1% of revenue in 2005.

Joel A. Ronning, 49

Chief Executive Officer and Director

Total Compensation*

$ 1,268,150

Total Options Value*

$ 41,694,000

* Fiscal Year 2005

Executive Bio

Joel Ronning has been CEO of Digital River since February, 1994, and served as the member of the office of the president since February, 2001. Ronning served as president of Digital River from February, 1994, to July, 1998. From May, 1995, to December, 1999, Ronning served as chairman of the board of Tech Squared, a direct catalog marketer of software and hardware products. From May, 1995, to July, 1998, Ronning served as CEO, chief financial officer, and secretary of Tech Squared. From May, 1995, to August, 1996, Ronning also served as president of Tech Squared. Ronning founded MacUSA, formerly a wholly owned subsidiary of Tech Squared, and served as CEO of MacUSA, from April, 1990, to July, 1998, and as a director of MacUSA from April, 1990, to December, 1999. Ronning is founder and has been a director of Digital River since February, 1994. Ronning also serves as a director of the Software Publishers Assn. and JASC.

Management Team

Key Executives

Joel A. Ronning; Thomas Donnelly

Board Directors

Perry Winter Steiner; William J. Lansing; Thomas F. Madison; Frederic Seegal; J. Paul Thorin; Joel A. Ronning

Executive Data provided by