Sealaska Corp. reports $10 million net income

Posted: Thursday, May 11, 2000

JUNEAU (AP) -- Sealaska Corp., Southeast Alaska's regional Native corporation, is reporting net earnings of $10 million on revenues of $176 million for 1999.

Corporation spokesmen said the earnings were $17 million before distribution of resource earnings to other Native corporations as called for by the Alaska Native Claims Settlement Act.

Sealaska President and Chief Executive Officer Bob Loescher said net earnings were down from the $11.9 million earned in 1998.

Loescher said net profits were largely from the corporation's investment portfolio. Investment revenues of $14.1 million were 27 percent lower than in 1998, which he blamed on poor performance in the bond market.

The company paid $5.97 per share in dividends. The corporation paid out $9.4 million in dividend payments to more than 16,000 shareholders, an increase of $500,000 from 1998.

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