Colorado’s public companies reflect, defy recession’s ill effects
Publicly traded companies based in Colorado showed the effects of the recession in 2008, with moves out of state, mergers and bankruptcies combining to push 15 companies off this year’s Top 100 Public Companies ranking.
The most visible absence this year is Frontier Airlines, which filed for bankruptcy protection in April 2008. Originally scheduled to submit a reorganization plan on June 4, the airline in May asked the U.S. Bankruptcy Court for a deadline extension to Oct. 9, The Denver Post reported.
Overall, nearly half – 48 – of the companies in the ranking reported negative net incomes in 2008. On a positive note, Qwest Communications International, the state’s largest public company with revenues of $13.475 billion in 2008, reported a profit of $681 million last year.
Despite the economic downturn, 71 of the companies in the ranking reported increased revenues in 2008 compared with the previous year. Click here to see the list.