Tony Cange | April 2017 Chief Executive Officer Report
I am pleased to report Seldovia Native Association Inc.’s (SNAI) 2016 financial results to you. SNAI’s fiscal year 2016 pre-tax net earnings of $1,048,933 reflect an increase over the previous two years – $911,322 in 2015 and $858,311 in 2015. SNAI’s management team has focused on the improvement of its hotel operations and laying the groundwork for the expansion of the government contracting division. The hotel reported its highest earnings since inception, something the entire team is proud of.
Reflecting on the performance of SNAI in 2016, it was a very active year and the company executed a number of initiatives to capitalize on 8(a) opportunities, make improvements in the hotel’s earnings, and deployed capital into an additional real estate asset. These opportunities will better position SNAI for continued growth and success; leading to increasing dividends to shareholders. Our growth is dependent, in part, on our ability to successfully bid on contracts in the Federal market. We compete with other ANC’s and businesses in this competitive sector.
I am grateful to the SNAI board of directors for their role in the Company’s success, providing guidance and direction to management. The path of growth and sustainability could not have been done without the active participation of the Board of Directors. Subsidiary management and staff worked hard to increase revenues and net income while controlling costs in order to increase dividend growth.
Chief Executive Officer