Sealaska Posts Huge Financial Loss in 2013

Photo Credit: MATT WOOLBRIGHT | JUNEAU EMPIRESoutheast’s regional Native corporation announced $35 million in losses Thursday from 2013 while directing blame at a pair of Hawaii projects that cost the company about $26 million. A closer look at the annual financial report revealed even bigger losses.

Much bigger.

“When I read the report this morning it made me sick to my stomach,” said Carlton Smith, a City and Borough of Juneau Assemblyman. “The results for 2013 were far worse than I thought they would be initially. It’s pretty amazing.”

Smith and three others are pointing to the losses as they run for election to the Sealaska board of directors. That election is scheduled for late June.

When each of the company’s five revenue-generating categories are added up, the total amount lost is about $56.7 million. If the interest gained on the company’s investments — about $16.6 million — is not considered, the business operations of Sealaska lost nearly $73 million last year.

As of December 31, the company had about $32.9 million in cash, another $47.3 million in short-term investments and access to $41.5 million in credit. The company’s longer-term funds add up to about $127.8 million.

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