Sealaska Reports $35 Million Net Loss Last Year
Southeast Alaska’s regional Native corporation says it had a net loss of $35 million last year.
Sealaska’s 2013 annual report says three-quarters of the loss came from its construction subsidiary. It badly underestimated the cost of two building projects in Hawaii.
The report says the subsidiary’s managers are gone and bidding on such projects has stopped.
Sealaska says another $25 million was lost as the corporation adjusted its accounting practices. Earnings from investments, profitable ventures and resource revenues from other regional Native corporations shrunk the overall loss.
Sealaska CEO Chris McNeil says the corporation remains healthy and is positioned to grow.
The corporation is headquartered in Juneau and has close to 22,000 Tlingit, Haida and Tsimshian shareholders. More than half live outside Southeast.
Shareholder and longtime critic Brad Fluetsch says actual, unadjusted losses are twice the $35 million figure.
The Juneau financial adviser says the losses are a sign of poor management.