Louis Nagy, Jr.
Chairman of the Board

Dear Fellow Owners:

Looking back 2008 turned out to be a tough year for tourism in Alaska and it looks as though 2009 is going to be even tougher as the consequences of the world-wide recession plays out. Yet in this tough environment the Seldovia Native Association Inc. (SNA) had a very good year. In preparation for 2009 the Board and management are closely examining how to lower costs, keep a close eye on revenues, ensure we have a good cash position and continue to provide quality service to our customers. It is in that light the Board has chosen to assess our operations and our projections and then determine our dividend from 2008 at our strategic planning meeting in June.  Essentially our actions follow one of the elements of the core of our culture; being prepared for the upcoming season.

Our culture has a very strong foundation for us to use in our business activities. We also understand the importance of our people. You can take comfort in knowing we have an excellent management team at the helm and a seasoned crew that we all can count on. Also the members of the Board you have elected are a very diversified group and provide a good representation of all shareholders. This helps us to adapt quickly to our current situation. Most companies will simply try to ride out an economic storm by slashing costs and services and wait for the situation to improve. Through our cultural experience we know the ebb and flow of cycles and the importance of patience, which enables us to act at the correct time.

From our strong cultural foundation we take a different approach to economic storms. We have seen where a storm can be used as an opportunity to build something great or a chance to get ahead of competitors. It gives us a chance to implement bold, creative ideas, outflank (or out-fish) rivals and boost our business positions. We are familiar with fishing in rough times. We did it before when we took the bold step of building the Dimond Center Hotel during the last recession.

The government has put trillions of dollars into helping our economy during this global meltdown. The economy will recover. It is just hard to see clearly in this bad weather we are in right now. But we can still do what we do best. First evaluate the risk, then batten down the hatches, secure the gear, reaffirm our resolve and see if we can “haul-in” another big catch. We know they’re out there, we just have to go find them.

I would like to extend my thanks to everyone in SNA for their hard work and dedication during the past year. Also, thanks to my fellow Directors for their support and guidance, and to you, my fellow shareholders for putting your trust in all of us. In closing I would like to once again thank Don Kashevaroff for his service to SNA and to our shareholders. Don was an SNA Director for 14 years and served as the Chairman of the Board for 12 years. Don continues his service to the Alaska Native community as the CEO of the Alaska Native Tribal Health Consortium.

 

 

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