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Koniag announces smaller dividend

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Posted: Monday, October 8, 2012 3:11 pm

KODIAK, Alaska - The regional Native corporation for Kodiak Island will pay $3 per share in its annual dividend, a drop of more than $7 from last year.

The Kodiak Daily Mirror reports ( Koniag Inc. CEO Will Anderson announced the dividend and new business strategy during the annual meeting Saturday.

The corporation has been hit hard both by smaller federal budgets and a reluctance for federal contracting with Alaska Native corporation under the 8(a) program. That program gives preference to the corporations when competing for federal contracts.

The corporation announced it will focus business on four main areas: marine construction, aerospace manufacturing, naval marine services and information technology.

Koniag's revenue of $127 million was about the same as 2011, but its after-tax earnings fell $2.5 million from last year to $6.1 million.

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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