Spring is bringing lighter days and fresh air as we begin planning for the upcoming summer that’s sure to be full of excitement and adventure! At BBNC, this is a time for reflection over the past year as we finalize strategic planning for the next.
This last fiscal year has been one full of hard work and innovative thinking. Our groundbreaking partnership with village corporation, Choggiung Limited, stands out in my mind, as does the passage of the Bristol Bay Settlement Trust approved by shareholders at the annual meeting last October. With the December distribution paid from the Settlement Trust, shareholders are already seeing the benefits of the tax-free distribution this tax season.
During the March board meetings, our Board of Directors reviewed the current five-year strategic plan that was adopted in 2016. Small but important adjustments were made to the plan to more accurately reflect our current goals.
The current fiscal year will come to a close on March 31. Though FY19 revenue and net income from business line operations is on track to exceed both budget and prior year, the corporate wide net income could potentially be impacted, either positively or negatively, by an ongoing volatility in the marketable security liquid portfolio over the last few weeks of the fiscal year.
The diversification in our operations ensures that if one of our business areas is challenged, the others are performing strong. Shareholder distributions increased from $37.40 per share annually in FY18, to $40.40 per share annually in FY19. This marks the 21st consecutive annual increase in shareholder distributions.
I want to remind you all of a couple important items. The Army Corps of Engineers released its Draft Environmental Impact Statement (EIS) for Pebble Mine and has a 90-day public comment period open. Please make your voice heard and provide comments. There are several ways to do so, please click here for more information. I cannot emphasize enough the importance of your voice being heard during this process.
It is also time for the Nominating Committee to accept and review applications for BBNC’s Board of Directors. The application deadline is April 5 and I encourage all qualified shareholders from across Bristol Bay and beyond to consider applying to serve on the Board. Board members play a key role in BBNC’s growth and make meaningful impacts in the lives of shareholders. Learn more about the application process and requirements by clicking here.
With thanks as always for your support,
President & CEO