Compensation and Profitability and ESOP and Employee Retention and Profit sharing and Small Business and Workplace Issues

AIT shares profit with employees - again

December 21, 2009

AIT Laboratories said Monday morning it is awarding another $1 million in bonus money to employees, bringing their total take in profit sharing this year to an impressive $3 million.

The Indianapolis-based forensics, clinical and pharmaceutical testing firm began doling out profit-sharing bonuses to its workers in 2007. But this is the first time they received two within the same year.

“We like to reward our employees when the company is profitable,” AIT CEO Michael A. Evans said in a written release. “The employees are the ones responsible for the company being profitable, so it is the right thing to do to have them share in that success.”

Evans gave employees $2 million in June, in a surprise, mid-year bonus. The following month he transferred full ownership of the company to employees as part of an employee stock ownership plan, or ESOP.

AIT this year added more than 170 employees, bringing its nationwide work force to roughly 365, including 265 at its Indianapolis headquarters on the west side.

The company doubled its sales staff in 2009 and entered more than 15 new markets.

The growth has helped AIT zoom up Inc.’s list of the 5,000 fastest-growing private companies.
 
Founded in 1990, the firm now ranks 598, up from 1,466 a year ago. The list is based on percentage growth in revenue.
 
According to Laboratory Economics, AIT posted sales of $34 million in 2008, an improvement from $16 million in 2007. The company this year expects revenue to climb another 75 percent, which would mark its sixth consecutive year of double-digit growth.
   
In February, the Indiana Chamber of Commerce named the firm its 2009 Small Business of the Year.

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