Sealaska posts $35M loss


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Sealaska Corp. reported a $35 million net loss for 2013 in its annual report released May 14.

The Southeast Alaska Native corporation attributed much of the bad year to a $26 million operating loss from one of its construction subsidiaries that offset profits in other businesses in a corporate release.

“Despite posting losses, Sealaska is a stable institution that continues to protect its Native land, support education and shareholder opportunities, while growing our investments and operations,” Sealaska President and CEO Chris McNeil Jr. said in a formal statement. “Sealaska has strong cash flow and access to financing and we are well positioned to make new acquisitions.”

Overall, the financial report indicates operational losses of $52.2 million in 2013. Sealaska made up $21.9 million of that in net natural resources revenue sharing from other Native corporations as part of the Alaska Native Claims Settlement Act.

A spokesman for a collection of Sealaska board candidates known as the Sealaska 4 said in a group statement that the prospect of “huge losses” motivated the four candidates to run for board seats, and that the losses turned out to be greater than first feared.

“The shareholders of Sealaska deserve a full explanation of these losses, and the reported accounting adjustments as well,” Randy Wanamaker said.

The corporate release states the company realized $24.6 million in accounting adjustments for the year.

In April, Sealaska announced spring shareholder distributions totaling $11.8 million that were reportedly paid out April 11.

The company’s annual shareholder meeting will be held June 28 in Seattle.

 

Elwood Brehmer can be reached at elwood.brehmer@alaskajournal.com.

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