All-star stocks: a top-10 list of Indiana winners.

• Author: Kaelble, Steve
• Position: Investments

THOUGH 2004 HASN'T been Wall Street's finest, with the overall markets up only slightly through November, Indiana has had its share of winners this year.

Top gainers among Indiana companies represent many of the state's strongest and up-and-coming sectors. Manufacturing is well represented, and the list also includes entries from the logistics and life-sciences sectors. The list also includes two examples of Indiana companies solidifying their hold as industry leaders.

Topping the list with a stock gain of 200.9 percent through November is Hurco Companies of Indianapolis, which makes interactive computer controls, software and computerized machine systems for the metal-cutting and metal-forming industries. "They have some new products that have been accepted extremely well," notes analyst Mark Patton, president of Patton Fund Management in Indianapolis.

That acceptance was on full display this fall at the International Manufacturing Technology Show in Chicago, an annual trade show Hurco has been attending for 30 years. This year proved to be Hurco's most successful show ever. "It's great to see the enthusiastic response from our customers regarding not only our new products, but also our current machines," says Jim Fabris, Hurco president and COO. "These products were also in high demand. We broke a record for the number of transactions at the show."

It's been 20 years since Hurco first introduced its patented microprocessor-based control with graphical software, a pioneering development in its field. Hurco introduced several new application software options a couple of years ago, and this year made improvements to its lathe line.

Second in line with a stock gain of 94.9 percent through November is Cohesant Technologies, an Indianapolis-based maker of specialty coating products and dispensing equipment through two subsidiaries: Raven Lining Systems and Glas-Craft. Earlier this fall the company announced its 14th consecutive quarter of record earnings.

"Equipment sales at Glas-Craft were up 27 percent over the same period last year in its domestic market, and Glas-Craft's international equipment sales continued to be strong, beating the same period last year by 14 percent," according to president and CEO Morris H. Wheeler. "Coatings sales remained on a record pace for the year, with an over 24 percent increase over the first nine months."

Last month the company appeared on the Forbes list of the 200 best small companies. Cohesant, despite...