One of my responsibilities as CEO is to look after our Corporation’s financial security by making sure we are in a position where events and circumstances outside of our control do not have a major impact on our bottom line. Despite the potential negative repercussions of the pandemic, Ahtna Netiye’ emerged from 2020 stronger than ever. Our reputation is solid among our customers, thanks to our ability to deliver phenomenal contract results safely and successfully.
Due to an orchestrated effort that involved your elected Board of Directors, our subsidiary presidents and every team member, our operational results are the best Ahtna has ever seen. The Ahtna family of companies achieved record revenues, profit and shareholder equity in 2020. It was also a record setting year for shareholder benefits, with over $9 million paid out in both shareholder wages and dividend distributions. We will continue this trend in 2021 as we take advantage of new opportunities that will provide additional career options and increased benefits to shareholders.
The government is working to catch up on delays caused by COVID, and our subsidiaries are seeing a large number of bidding opportunities. In particular, with the severe hurricane season we had last year, new dredging opportunities are becoming available that Ahtna Marine & Construction Company, LLC (AMCC) is well positioned to bid on. AMCC had a very good first year as a new Ahtna subsidiary and will grow their operations in 2021 through a new Small Business Administration (SBA) 8(a) certified mentor protégé joint venture with J.F. Brennan Company (Brennan). As the protégé, we are excited to learn from Brennan’s decades of marine construction experience. Since 1919, Brennan has built a strong and loyal customer base, and the joint venture will expand AMCC’s geographic presence to the Midwest. Both companies’ operations are centered around safety, quality, and strong environmental management. Those aligned intrinsic values allowed the partnership to take shape and led to the formalization of a joint venture agreement that you can read more about on page 6.
The severe weather that hit Texas earlier this year had a major impact on our contracts there. As millions of Texans went days without power, water or heat, our staff did a phenomenal job stepping up to meet the challenges. They continued to perform at a high level despite having their own difficulties, such as storm damage, to deal with at home. We commend our Texas staff for helping to minimize the damage from the storm.
Ahtna Solutions LLC (ASL) has been awarded a United States Geological Survey (USGS) contract for the acquisition and processing of lidar data in the Ahtna Region. This is a grant to be used in conjunction with contracts we will have with four other stakeholders: Ahtna Land and Resources Department, Ahtna Intertribal Resource Commission (AITRC), Natural Resources Conservation Service (NRCS), and Alberta to Alaska (A2A) project. We are looking forward to this significant lidar effort in Alaska this coming summer. A flight team will be based out of Glennallen for the better part of a month, and ASL will be hiring 2-3 staff in the region to assist. The part-time staff will perform “ground control support” during flight operations, which entails operating GPS transceivers that communicate with the GPS in the airplane. Shareholders interested in the positions can contact Shareholder Enrichment at (907) 868-8250 (Anchorage) or (907) 822-3476 (Glennallen) or by emailing firstname.lastname@example.org. No experience is necessary as training will be provided. You can learn more about ASL’s lidar work on page 4.
In closing, I would like to encourage you to exercise your shareholder rights by casting your proxies and joining us virtually for the 48th Annual Ahtna Shareholders Meeting. The Annual Meeting and communications such as this newsletter are how we keep you updated on company news and operations, and now we want to hear from you! See the comment card included in your proxy packet to learn how you can submit questions and comments to Ahtna’s leadership team.
Tom Maloney, Chief Executive Officer