Kootznoowoo Inc. shareholders will get a little holiday cheer. The village corporation for Angoon announced a $1.64 per share dividend, or $164 for the typical shareholder with 100 shares.
Dividend checks were mailed out Tuesday and most shareholders should get their checks by Christmas, according to the corporation. The corporation has nearly 1,000 shareholders with 200-plus living in Juneau, said Carlton Smith, president and chief executive.
This distribution is a pass-through of money from Sealaska, the regional corporation for Southeast Natives.
The regional Native corporations, created after the Alaska Native Claims Settlement Act was signed in 1971, have to give 70 percent of profits from subsurface resources or timber harvests to the pool. The money is then redistributed, on a per capita basis, to each regional corporation.
"Sealaska turned this one around beautifully to get it out in time for the holidays," Smith said.
Kootznoowoo hasn't had a dividend in three years except for the money from Sealaska, Smith said. But it has distributed more than $20 million to shareholders who live in Juneau over the last two decades, Smith said.
Those distributions came mostly from profits from logging operations, Smith said. In 1998, Kootznoowoo lost $4.5 million, then rebounded with a net income of $560,000 last year, he said.
This comes amid a shifting from a timber-based company to a conservatively invested company, Smith said.
The corporation announced Thursday that Hood Bay, a wholly owned subsidiary, bought a 40,000-square-foot office building near the Nashville, Tenn., airport. The building serves as headquarters for Tractor Supply Co., a national retail chain that serves the agricultural industry.
Kootznoowoo also owns commercial buildings in Juneau and Albuquerque, N.M., and roughly 30,000 acres in Southeast in addition to stocks and bonds, according to the company.
Mike Hinman can be reached at email@example.com.
© 2017. All Rights Reserved. | Contact Us