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September 16th 2:57 pm | Staff Report Print this article   Email this article   Create a Shortlink for this article

BBNC profit drops — failed grocery stores impact earnings

September 13, 2001

Bristol Bay Times

As a result of debts incline by the failure of the Alaska Marketplace chain and a loss in the corporation's investing portfolio, Bristol Bay Native Corp. has seen a significant loss in earnings for 2001.

A report of the corporation's earnings shows a profit of $796,000 for the 2001 fiscal year, which is in contrast to the $11.2 million reported last year, according to BBNC's annual report.

Investments made in Alaska Marketplace, an Anchorage and Mat-Su Valley supermarket chain, were written off once it was realized that profit was unattainable, and all stores were closed.

A loss of $3,625,000 investment revenues was caused by a year of declining markets, the report said.

These bleeding-money enterprises were fortunately offset by profits earned through investments in operating business and contracting activities.

Bristol Environmental and Engineering Services Corp., SpecPro, PetroCard and CCI Inc. are subsidiaries of the company that have become major contributors to earnings. During 2001 contract service revenues, which make up 19 percent of the $l50,l96,000 in total revenues, grew by 81 percent.

Although the year's earnings were substantially less than prior years, the $150,196,00 total operating revenue is at its highest, having increased over $18 million since 2000.

BBNC has about 6,500 shareholders.

The Associated Press contributed to this story.

 

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