ASRC Board Approves Quarterly Dividend Distribution
(Anchorage, AK) – At its January board meeting, the Arctic Slope Regional Corporation (ASRC) board of directors approved a plan to distribute to its shareholders dividends quarterly rather than twice a year as the Corporation has done for nearly two decades. In the past, ASRC has distributed one dividend to its shareholders in the spring and a second in the fall. Starting in March of 2014, dividends will be paid in 4 distributions, spaced throughout the year. The $50 per share annual target that was previously established remains in place.
The first quarterly dividend payment of $12.50 per share is scheduled for early March. The average ASRC shareholder owns 100 shares of ASRC stock and will receive $1,250. The other 2014 quarterly dividend distributions are scheduled for July, September and December. When the March dividend is paid, ASRC will have distributed a total of more than three quarters of a billion dollars in dividends since its incorporation.
“This is a program that our shareholders have requested for some time, and we’ve listened,” said ASRC president and CEO, Rex A. Rock, Sr. “Thanks to a new digital stock management system we are finally able to make it happen, and I look forward to seeing the difference it can make in the lives of our owners.”
Crawford Patkotak, ASRC board chairman, agrees. “This will be another way for ASRC to provide economic stability for our shareholders, as the quarterly dividend program allows them to schedule their income and expenses throughout the year. The Stock Department and IT staff should be congratulated for their hard work in making this a reality.”
Arctic Slope Regional Corporation is owned by and represents the business interests of the Arctic Slope Iñupiat. Since opening enrollment in 1989 to Alaska Natives born after 1971, the Corporation’s shareholder base has nearly tripled, growing from the 3,700 original enrollees to around 11,000 today. Corporate headquarters are based in Barrow, Alaska, with administrative and subsidiary offices located in Anchorage and throughout the United States. ASRC, along with its family of companies, is the largest Alaskan-owned company, employing approximately 10,000 people worldwide. The company has five major business segments: petroleum refining and marketing, energy support services, construction, government services and resource development.