Greetings shareholders,
All Huna Totem shareholders on voting record should have already received their 2018 annual report and proxy materials for the 2019 election of directors. I hope you have reviewed the materials and read about the good news on the substantial progress we have made and the profitability we posted in 2018 – the first positive net income we have reported in four years. In the first quarter of 2019, we continued to build on our progress, guided by our pillars of leadership – to build value, respect and community. Our success is due to the careful planning, disciplined implementation, and dedication of our board, management, and support from shareholders.
Our team is preparing to engage shareholders in 2019 in two areas essential to the success of Huna Totem – the annual meeting and the 10-year review of the Shareholders Settlement Trust (SST) this fall. In the coming months, you will receive more information about the SST review process, including meeting times and locations.
Focus on sustainable growth
For several years, we have informed you of our efforts to shift the company’s strategic focus. I hope you will join us at the information and annual meetings to learn more about our progress. For instance, we have largely achieved what we set out to do – we increased revenues more than $2 million in 2018 and decreased expenses across the corporation, while carefully managing operational and investment portfolios to align with our values and core competencies.
Our strategy guided our decision to invest in the information technology services sector and we now have opportunities to service the federal government through the U.S. Small Business Administration’s 8(a) program. We invested in new infrastructure at Icy Strait Point. The new dock will increase capacity for cruise ship visitors and will enhance revenue, shareholder benefits and local economic impact. Icy Strait Point expects to see a record 138 cruise ships in 2019. Alaska Native Voices restructured operations to serve more visitors at Glacier Bay and on the cruise lines. With an eye toward long-term sustainability, we are setting up a carbon-credit program that not only monetizes and preserves our forestlands for future shareholders but also creates a long-term revenue stream for the corporation.
Alaska Native Voices team members pause for a photo.
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Stronger together
Just as our business development and profitability drives the corporation’s sustainability and growth, Huna Totem is also focusing on the sustainability and growth of the SST, which, in turn, provides tax-free benefits to unit holders.
The SST’s 10-year review process takes place this fall, and we are preparing a schedule for community meetings to share information about the SST, including a financial analysis of its health and insight into what will make the SST sustainable for generations to come. Growth and sustainability are key considerations for the board of trustees.
In conclusion, Huna Totem is doing very well, and I would like to thank the board, management, staff and you – our shareholders. This is your corporation. We are stronger when you are involved, and we can use your input to inform our decisions. I look forward to seeing you at the annual meeting and reporting on our performance and outlook.
Gunalchéesh,
Russell Dick,
President and CEO Huna Totem Corporation
