Sealaska announces dividend

Posted: Sunday, December 15, 2002

JUNEAU (AP) -- The Native regional corporation for Southeast Natives will pay a dividend of $1.82 per share to about 11,500 of its 16,000 shareholders today.

Sealaska Corp.'s dividend comes from a revenue-sharing plan among the 13 Native corporations established under the Alaska Native Claims Settlement Act.

Shareholders typically own 100 shares.

Sealaska shareholders who are also members of village corporations will not receive the dividend. Village corporations will distribute those corporations' earnings as they see fit.

Part of the dividend comes from the contribution Sealaska with earnings on its timber operations in fiscal year 2001, a company letter to shareholders said.

The corporation owed more than $8 million to other ANSCA corporations at the beginning of November. It repaid about half the debt early in November and plans to repay the rest by the end of December, the company said.

Sealaska has suffered from a series of bad investments in recent years. In 2000, the corporation reported a loss of $122 million. In 2001, it lost $21 million on revenues of $146 million, cut 12 staffers at its Juneau headquarters and discontinued several business ventures.


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