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BSNC Board Announces Record Revenues for FY2010


(Anchorage, AK) –– Bering Straits Native Corporation (BSNC) recently announced to its shareholders that for fiscal year ended March 31, 2010, it showed record revenues of more than $190.3 million and net income of $6.6 million. “During the past several years, we have seen significant growth in operations,” BSNC Board Chairman Henry Ivanoff Sr. said. “This growth provides benefits for our shareholders through increased training and employment opportunities, scholarships and dividends.” Based in part on the FY10 net income, the BSNC Board has declared a dividend of $2.35 per share, the company’s largest to date. Dividends will be distributed in December 2010.

“Our shareholders have demonstrated consistent support for the direction BSNC’s Board and management have taken in the past six years. It is with much gratitude that we acknowledge their faith in our leadership during this expansion phase,” said BSNC President Tim Towarak. Towarak has lead the company since August 2000, during which time BSNC’s gross revenues have grown from $9 million to today’s $190.3 million. “Government contract work comprises a significant portion of BSNC revenues, and we can thank the efforts of the Anchorage office staff who have worked to implement the Board’s decision to expand BSNC’s involvement in federal contracts through the Small Business Administration’s 8(a) program,” BSNC Chief Executive Officer Gail Schubert said.

BSNC has also experienced success in local operations within the region and owns hotel and apartment rental, office and heavy equipment assets, including the 56-room Aurora Inn located in Nome. BSNC also engages in tourism, construction and mining services, as well as sales of rock and aggregate. BSNC has been in the forefront of Alaska companies embracing “green” operating practices by employing both thermal and solar energy systems in its Nome properties. The company’s Annual Meeting of shareholders will be held in Anchorage on October 9, 2010.
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