Across Bristol Bay, summer means quality time outside and the enjoyment of all that this vibrant time of year has to offer. For many, it also means reminiscing about summers past, remembering fishing and camping trips, learning new subsistence activities, or playing outside with friends until it was time for dinner. Now, as the days grow longer, we reflect on how we are keeping those traditions alive and well within our own families and communities.
As we move into a new season, we look back on the most recent one. Our fiscal year came to a close March 31, ending on an upswing despite impacts in the construction sectors, with the market rebounding for BBNC and its subsidiaries. While our final net income did not exceed that of FY18, it was substantial and outpaced our budget for the year. This allows BBNC to continue to pay predictable and increasing shareholder distributions quarter after quarter. The big takeaway from the fiscal year is that BBNC remains a healthy corporation, well-positioned to perform well now and into the future. Thank you to our BBNC and subsidiary teams who put in the hard work to make that happen.
FY20 is underway and off to a good start, with another solid season expected for our tourism operations in particular. We continue to execute our five-year strategic plan adopted by the Board of Directors in 2016, actively seeking opportunities to diversify our operations through investments in new sectors as well as existing ones. With new acquisitions already on the horizon, it’s an exciting time for BBNC.
Thank you to everyone who participated in our recent shareholder survey. The response rate far exceeded our expectations, which tells us that our shareholders care about important issues facing our region, as well as BBNC’s own trajectory forward. It’s results like this, and the drive of the aspiring entrepreneurs featured in this newsletter who attended the recent Native American Entrepreneurial Workshop, that inspire us. More on survey results soon, but for now, thank you for making your voices heard.
There are many things to look forward to in the months ahead, here at BBNC and throughout the region: longer, lighter days, connecting with our communities, and an expected strong salmon run are high on the list. I hope everyone has an enjoyable and safe season wherever you spend it, making memories that only summer can bring.
Thanks as always for your support.
Jason Metrokin President & CEO