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BSNC Board Announces Another Record Net Income for FY2009


NOME, Alaska - Bering Straits Native Corporation (BSNC) recently announced to is shareholders that for fiscal year ended March 31, 2009, it showed record revenues of more than $162 million and net income of $8 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 on the FY09 net income, the BSNC Board has declared a dividend of $1.50 per share, the company's largest to date. Dividends will be distributed in December.

"Our shareholders have demonstrated consistent support for the direction BSNC's Board and management have taken in the past five years. It is with much gratitude that we acknowledge their faith in our leadership during this expansion phase," said BSNC President/CEO 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 $162 million. "We can thank, in part, 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 Executive Vice President Gail Schubert said. "We're delighted in that segment's success, particularly with the recent award to our joint venture with Neeser Construction, Inc. to build the new Norton Sound Regional Hospital."

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. The company's annual meeting of shareholders will be held in Nome on Oct. 3, 2009.

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