Kimberly Kashevarof | April 2016 Chair of the Board Report
There was much to be celebrate in 2015. SNAI delivered another year of profitability. New 8(a) firms were created and SNAI completed a real estate investment in the lower 48. While startups tend to take time to gain traction we believe the Board of Directors made the correct decision to grow its government contracting division. When I reflect back on ANCSA, the Company received around $1.3M from the Alaska Native Fund and surface rights to approximately 187,000 acres of land. Since 1971 the Company has grown significantly and this year paid out approximately $170,000 in dividends to shareholders.
It is also worth noting that the Dimond Center Hotel posted record net income in 2015 and we expect this continued success in 2016. The hotel posted over a $1M net income before tax. The Board approved needed capital expenditure items in 2015 and 2016 to refresh the hotel lobby and carpets. This work will help the hotel remain competitive as several new hotels have come into the Anchorage market in 2015. We are very proud of the work the hotel did in 2015 and look for many more successful years of profitability from our largest investment.
SNAI started two additional firms that will apply for SBA 8(a) certification in 2015-2016. The federal contracting arena is large, SNAI will focus in specific geographic locations and will look for federal programs that meet our qualifications.
Looking ahead to 2016 and into the foreseeable future, we expect a favorable climate for continued profitability in all of our operations which will be enhanced by our focus on driving growth and increasing dividends.