Sealaska Reports $12 Million in Net Income in 2015
Positive business improvements were achieved
Sealaska reported a net income of $12 million for 2015. Positive business improvements were achieved in 2015 as we executed on our strategic plan adopted by the Sealaska board in 2012. The plan is focused on our short-term financial goal of being profitable before investment and ANCSA 7(i) income, which means accumulating more than $22 million in operating income improvements. We are showing steady progress and are on track to reach this goal within two years.
“Sealaska’s purpose is to strengthen people, culture and homelands,” said Sealaska Chair Joe Nelson. “The board and management have been focused on restructuring operations and improved profitability to allow broader investment in our land and culture. In 2015, the board and management were able to maintain discipline in pursuing our immediate goal of having the operating companies cover 100 percent of the overhead and expenses, rather than relying on ANCSA 7(i) income or permanent fund earnings to achieve profitability.”
Sealaska is also working toward a long-term vision to create sustainable growing businesses that will be achieved by following three strategic priorities:
- Operate within relevant industries (water services, natural resources and natural foods)
- Improve existing businesses
- Make value-based investments in these businesses
Success in these three areas will lead to stable financial growth that can consistently provide increased shareholder benefits.
“Building relevant and sustainable businesses aided by a value-based investment process will allow Sealaska to achieve our purpose,” said Sealaska President and CEO Anthony Mallott. “As our business income grows, Sealaska will be better positioned to support increased shareholder opportunities and benefits.”
“Employees from across the company are contributing to these improvements everyday,” said Mallott. “Through a team-based approach and focus on creating value throughout Sealaska, our progress has been stable and is setting us up for greater improvements in 2016 and 2017.”
As a result of an intentional and collaborative approach, Sealaska achieved an additional $3.2 million of net income before ANCSA Section 7(i) and investment income compared to 2014.
The 2015 Sealaska annual report was mailed to shareholders on May 5, 2016. To view Sealaska’s 2015 annual report please click here.