Fellow Shareholders
The virtual 48th Annual Meeting of Shareholders was well-attended this year with shareholders accessing the meeting via internet and telephonically. The positive feedback we have received regarding the Annual Report, Mask Up and Vote campaign, as well as the virtual Annual Meeting has been overwhelmingly positive. Your comments and feedback are important to me and although I cannot respond to each person individually, know that I take to heart each and every comment received.
The Annual Meeting provides the opportunity to inform shareholders about the progress of the Company in any given year. In FY20, The Aleut Corporation achieved consolidated gross revenues of $277 million which is an increase of 4% as compared to the previous year. Income before taxes and non-controlling interest for FY20 was $9.6 million. The main
reason for the growth was due primarily to improved operational performance. We are currently putting systems and procedures into place to help drive profitable growth. These growth
strategies will allow us to utilize more of our Net Operating Losses (NOLs), and will provide the foundation to support our mission of maximizing dividends and opportunities for our shareholders.
The Aleut Corporation made contributions to charitable and not-for-profit organizations that benefit our shareholders and descendants totaling $1.8 million in FY20. I am pleased to report that we consistently meet the Board internship goal by providing internship opportunities for our shareholders and descendants within the region as well as within our
subsidiaries and throughout Alaska. In addition to our summer internships, we will be providing additional opportunities this winter with the Alaska Department of Fish & Game in Unalaska. Please look for information on page 7 of this newsletter.
Communication with our shareholders and descendants is a priority for our Board, management, and staff. Please take advantage of our website; shareholder portal; Facebook, Instagram, Twitter, and LinkedIn social media pages; TAC Talks videos; and newsletters. These methods of communication are especially important since we’re unable to meet
face-to-face due to COVID-19. These tools will keep you informed about what is happening in your corporation.
We continue to pursue opportunities in Adak as directed by your Board. We work closely with other entities operating on island including the City, the school, the
Navy, and the Fish & Wildlife Service. We currently sell fuel in Adak; lease commercial property; and operate lodging accommodations, car rental, and other logistics through our subsidiaries.
We work closely with our Congressional Delegations and aggressively market Adak as a strategic location to multiple industries.
As we begin to wrap up 2020, I’d like to wish you and your family a very Merry Christmas and a Happy New Year!
Ruuzdistvachxizax ama Slum Tagadagan Inixsinaa imchix anuxtakus! (Atka Dialect)
Thomas Mack
President & CEO