Big was better — and back — in Georgia last year, for stockholders as well as corporations riding a wave of double-digit profit gains extending back to the first quarter of 2003.

Twenty-three of the Georgia 100 companies reported net incomes of better than $100 million for the full fiscal year, with seven above $1 billion — topped by Home Depot's $5.76 billion.

Joey Ivansco/AJC (ENLARGE)

Atlanta-based Home Depot topped the revenue list, exceeding $90 billion.

Thirty-five had annual revenue exceeding $1 billion, again topped by Home Depot at $90.84 billion.

All 138 companies in this year's universe of Georgia public companies posted total revenue of $339.03 billion in 2006, up 9.5 percent from 2005 for the same companies.

These companies also earned $19.35 billion in profits, an increase of 3.9 percent.

These are companies that meet strict standards of listing on exchanges, market value, trading frequency and other measures of viability that are not met by as many as 140 other Georgia companies.

Shareholders of the 138 Georgia companies also did well, recovering from a positive but lackluster stock market in 2005.

More than half — 58 companies — equaled or outperformed the overall stock market's 15.8 percent total return for 2006, with 18 posting total returns of better than 50 percent. Total return is stock price appreciation plus reinvested dividends, where applicable.

Almost half the Georgia companies — 43 — had market values (share price times shares outstanding) of better than $1 billion at the end of 2006, although some have since departed from the list because of mergers.

Georgia's public companies did not have an isolated performance last year, but were part of a national market recovery that remained strong even though trending lower as the year ended.

Measured by Fortune 500 companies, U.S. businesses recorded earnings growth of 29 percent in 2006.

"The market was able to kick aside previous worries and focus on largely favorable earnings reports, continuing low interest rates, a more accommodating Federal Reserve and a growing merger-and-acquisition and private equity buyout boom," analyst Stephanie Haggerty at Register & Akers Investments said of 2006.

Although the Georgia economy is not the primary engine of growth for companies based in the state, economists say it parallels the national economy to such an extent it can serve as a proxy for understanding the larger business environment.

Thus in 2006, housing and energy concerns dampened the economy, just as they have continued to do in 2007. Home building and housing sales had been among the most important drivers of economic growth since the recession of 2001.

This is reflected in where companies rank on the 100 list. For example, Beazer Homes USA, a major national home builder, had ranked in the Top 10 for three straight years through calendar 2005, but is not in this year's Top 10 because of the housing slowdown. It dropped to 58th place.

Four of the state's 20 best performers are in telecommunications, which has recovered. They include No. 6 ranked Arris Group and No. 7 cable maker Superior Essex. NumereX, which develops and markets wireless communications products, is at 14th, and Cbeyond Communications, which provides local and long-distance phone service, is at No. 16.

The pullback in energy affected last year's No. 1 company, RPC, an Atlanta oil field exploration and services company. RPC is 21st on this year's list based on 2006 activity.

Energy remains a major factor in the Southeast's economic performance. The likelihood of still-high oil and gasoline prices has intensified oil exploration in the Gulf of Mexico, which is already providing an additional economic boost to the region in 2007.

Georgia companies were as active as any others in acquisitions and share buybacks. According to Bloomberg News, companies made 53 acquisitions of various sizes. Companies also announced 20 share buyback programs.