The 2013 Sealaska annual report was mailed to tribal member shareholders on May 14, 2014. The annual report provides Sealaska tribal member shareholders the independently audited financial statements for the previous year.
For 2013 Sealaska had a net loss of $35 million. A Sealaska construction subsidiary significantly underperformed and its operational loss of $26 million negated the profits from other Sealaska subsidiaries. Sealaska made a responsible decision to fulfill the contract, with the understanding that the projects would conclude at a loss. Sealaska also realized $24.6 million in accounting adjustments. Sealaska partially offset the losses with positive income from ANCSA Section 7(i) monies and investment funds.
“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,” said Sealaska president and CEO Chris E. McNeil Jr. “Sealaska has strong cash flow and access to financing and we are well positioned to make new acquisitions.”
“The board has a long-term strategic plan to achieve sustainable profitability, while keeping our commitment to culture and shareholder opportunity,” said Sealaska board chair Albert Kookesh. “The experience of Sealaska’s board, while working with management, will lead Sealaska towards these long term goals.”
The theme of the 2013 annual report is Pulling Together. Sealaska fulfills its purpose to strengthen people, culture and homelands best when we work with each other to reach common goals, just as paddlers in a canoe move in coordination under the guidance of a good leader.
“Management and the board are aggressively moving forward to achieve our goal of sustainable profitability so that Sealaska continues to benefit future generations of tribal member shareholders,” said McNeil. “Sealaska will continue to meet challenges head on, and do everything in its power to contribute to the success of the Tlingit, Haida and Tsimshian people.”