Koniag, Inc. Rebounds with Improved Financial Performance

FOR IMMEDIATE RELEASE:
October 9, 2013

Contact:
Tom Panamaroff
Interim President
907-561-2668
 
Koniag, Inc. Rebounds with Improved Financial Performance

Anchorage, Alaska – Koniag, Inc., Kodiak Island’s Alaska Native regional corporation, held its Annual Meeting of Shareholders on October 5, 2013 in Seattle, Washington.  The Board of Directors announced a $3 per share dividend which equals the prior year distribution.

Board Chairman Ron Unger and Chief Financial Officer Chris Morgan presented the financial report which highlighted the company’s improved financial performance.  Last fiscal year Koniag suffered its first operating loss in nine years.  Unger outlined progress on the company’s three-point action plan to return Koniag to profitability.  The plan includes realignment of executive management, corporate cost reduction and a focus on operating company performance.

“We promised our Shareholders that we would get Koniag back on track,” said Unger.  “I’m pleased to report that we’ve made significant headway.”

Koniag’s rebound is based in part on the strong performance of a recently acquired subsidiary, Michigan-based Open Systems Technologies D.E., LLC.  Other sectors showing improved performance include real estate, government services and natural resource development.  The company has made considerable investments in its Kodiak-based granite quarry.

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