The National Cooperative Bank (NCB) released its annual list of the nation's 100 highest revenue-earning cooperatives, announcing that the top hardware and lumber cooperatives earned $9.9 billion in revenues during 2004, a billion more than the previous year.

The NCB Co-op 100, the only annual report of its kind to track revenues generated by cooperatives, further indicates the strength and yearly growth of these businesses nationwide, according to an NCB news release.

"Overall, the nation's top 100 cooperatives increased revenues by almost $15 billion dollars in 2004, a 14-percent increase from the same period last year and the highest-ever yearly revenue," noted Charles E. Snyder, president and chief executive officer. "This double-digit growth, rarely experienced in other business sectors, further demonstrates the vital role of cooperatives in the marketplace and the financial stability they bring to communities nationwide."

In 2004, hardware and lumber cooperatives maintained a consistent presence on the NCB Co-op 100 with six businesses ranking in the top 100, and an 11-percent increase in revenues from the previous year. Ranked number seven, ACE Hardware Corp., located in Oakbrook, Ill., led this industry in 2004. Additional cooperatives in this sector, in descending rank order, include Do-it-Best Corp., True Value Corporation, ENAP Inc., Progressive Affiliated Lumbermen Co-op Inc. and Allied Building Stores Inc.

Although similar to other business models, a cooperative has several unique features, according to the release. It is owned and controlled by its members who have joined together to use the cooperative's goods, services and facilities. A board of directors, elected by the membership, sets both policies and procedures. By pooling resources, members can leverage their power to buy, sell, market or bargain as one group, achieving economics of scale and sharing in any profits generated. In addition, communities benefit both socially and fiscally by the cooperatives' ability to reach and deliver goods and services from across the nation.