2020 Q3 Financial Update
Friday, October 9, 2020
Sealaska is committed to building an organization that plays an active role in addressing one of the biggest challenges facing our species: the effects of climate change on our environment. The effects of climate change are drastically increasing, with sea level rise, heat waves, drought, and extreme precipitation events occurring at a rate that is growing the call to action.
Our businesses seek to help solve these problems by focusing on producing low-impact foods, providing services that ensure clean water and a healthy environment, and ensuring thoughtful stewardship of our forest lands. We’re working hard to help maximize the utility of our resources and restore/safeguard ocean health.
All of our businesses and operations are performing extremely well this year, despite COVID-19 and the West Coast’s devastating wildfires. Our foods businesses have had a record start to the year, benefiting from operational efficiencies and increased retail demand following COVID-19’s impact on the food service industry.
Sealaska’s infrastructure and water/environmental businesses were deemed essential at the outset of the COVID-19 outbreak and have continued to work on critical projects. While the virus and recent wildfires have challenged our services businesses, we expect the year’s performance to be broadly flat with 2019, which was a record year.
Our land management business has, fortunately, not been significantly impacted by COVID-19 and harvesting and carbon credit sales have continued throughout the pandemic.
Our operating businesses are performing extremely well given the magnitude of this year’s unique challenges. Despite these curveballs, our business operations are performing in line with the positive trend illustrated above. Our businesses reported record profits in 2019, and we expect this year to end strong as well. Our passive income streams, however — ANCSA Section 7(i) and investment income — reflect the broader economic challenges resulting from this year’s events.
Investment Income: COVID-19 continues to create short-term volatility in the financial markets that will likely continue into next year. Sealaska’s financial investments are designed to benefit shareholders over the long-term. While we experienced losses at the outset of the virus, we have seen significant recovery in recent months. Our investments are positioned for solid long-term growth.
ANCSA Section 7(i): Sealaska’s share of 7(i) income from the other regional Alaska Native corporations is largely dependent upon commodity prices, and will not be known until all of the ANCs report their 2020 earnings and distribute dividends in 2021.
Investing in Shareholder Priorities: One of our most recent shareholder investments provides support for language revitalization efforts. Sealaska established a $10 million language endowment to support advanced learners. In 2020 to date, the fund has provided $300,000 in financial support for language revitalization efforts and is committed to increasing that level of financial support going forward.
To view the Q3 Sealaska Shareholder newsletter, click here.
Irish company will expand global geosciences capabilities Roto-sonic drilling at Scapa Flow, Orkney – January 2022 June 28, 2022 (Seattle, WA)—Sealaska and Causeway Geotech Limited, one of the leading independent ground-investigation contractors in Ireland and the United Kingdom, today announced Causeway is becoming part of Sealaska’s ocean-health business platform. Run through a Seattle-based company called …
The Causeway team mobilizes out of Stornoway Harbour in November 2018, with jack-up barge OCM 80 to commence drilling operations at Smooth Point. A deep appreciation for the outdoors, for people and for problem-solving united Darren O’Mahony, Paul Dunlop and Ciaran Doherty when they were colleagues at Glover Site Investigations in Northern Ireland. So when …
Sealaska shareholders gave strong support to a resolution that will extend eligibility for Class D (Descendant) stock in Sealaska to lineal descendants of original shareholders without respect to their documented Alaska Native blood quantum. Sealaska joins Calista and Arctic Slope Regional Corporation in rejecting the practice of quantifying degree of Indian blood in order to …
Q: What did the blood quantum resolution do? A: When it was approved by shareholders, the resolution on this year’s proxy eliminated the requirement for applicants for Class D (Descendant) stock to prove they have at least one-quarter Alaska Native blood quantum. Q: Who is eligible for Class D stock? A: Lineal descendants of …
New Language Award Honors Founding Director Clarence Jackson, Sr. The inaugural Clarence Jackson Sr. Language Awards were presented at the 2022 Annual Meeting of Shareholders. The award recognizes individuals for the tremendous impact on Lingít, Xaad Kíl and Sm’álgyax language revitalization. The first awards recognized Elder/birth speakers. The new Sealaska language awards are named after Galtín …