Barrow, Alaska (May 2, 2019) – The Ukpeaġvik Iñupiat Corporation (UIC) Board of Directors (Board) declared a special dividend of $10.00 per share at its April 18, 2019 board meeting. With this announcement, the average UIC shareholder who owns 100 shares of stock will receive a taxable dividend of $1,000. The dividend will be distributed in the third quarter of 2019 to shareholders of record as of June 1, 2019.
President and CEO, Delbert Rexford, stated, “This 2019 UIC shareholder dividend represents the hard work of all of the UIC family of companies, the Board of Directors, management, and all of our employees. After facing the difficult challenges of 2017, this will be the first dividend to our shareholders since December 2, 2016. Last year UIC had to overcome significant financial challenges and achieved a remarkable turnaround. Our 2018 financial report shows how far we’ve come in just one short year and the Company’s operational performance and financial position continue to strengthen every day. Since March of 2018, we have been profitable every month. With this remarkable improvement in cash flow and positive net income, the Board of Directors and UIC management is pleased to share this success with our shareholders in the form of dividend”.
Jeevan Pokharel, Chief Operations Officer, stated, “Over the last year UIC had to make some tough restructuring decisions both at the Corporate and Operational level. We are thrilled with the results. Now that the Company is again profitable, we plan to maintain this momentum and make every year a record year in terms of revenues, net income, and dividends to our shareholders. With the team UIC now has in place, we believe UIC will continue to grow and be recognized for its achievements, both in Alaska and nationally.