Goldbelt board recommends against dividend

Posted: Wednesday, November 01, 2000

JUNEAU (AP) -- The board of Goldbelt Inc. did not recommend a dividend for the Juneau Native corporation's shareholders at its recent meeting, President and CEO Gary Droubay said.

The corporation last paid a semiannual dividend early last year.

The scheduled fall dividend in 1999 was canceled after a cruise ship ran aground, costing the company more than $2 million in various expenses and lost revenue.

Corporation officials have said since then that the dividends would be resumed when operations became profitable. Last year, Goldbelt had a net loss of $4.6 million.

''The board could consider a dividend at any time if there was sufficient cash income,'' Droubay said Tuesday. ''This year wasn't as good as I would have liked. It wasn't nearly as bad as last year.''

Droubay said he didn't want to discuss specifics of Goldbelt's operations during the 2000 tourism season until after meeting with shareholders.

A shareholders meeting is scheduled for Friday, followed by gatherings in Anchorage on Saturday and Seattle on Sunday. The corporation has about 3,300 shareholders.

Among its holdings and operations, Goldbelt has concession rights in Glacier Bay National Park, runs four small cruise ships to Glacier Bay and Tracy Arm and owns a hotel and the Mount Roberts Tramway downtown.

Once dependent upon timber operations, the company has made a transition into tourism in recent years.

Also at Saturday's meeting, board chairman Bob Martin resigned, citing the demands of his job with the Bureau of Indian Affairs, Droubay said. Martin remains on the board. He was replaced as

chairman by Vice Chairman Carl Nelson, who was replaced by Kathy Polk.

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