At its regular fourth quarter meeting, the CIRI Board of Directors voted to pay a distribution of $500 per share, or $50,000 per 100 shares, to the corporation's nearly 7,000 shareholders on Dec. 28, 2000. The total distribution is expected to total approximately $314 million and is unprecedented for a Native regional corporation.
"We have successfully built CIRI to a point we have long been working toward, and for the first time in the company's history we can afford to make a significant distribution to our shareholders and also continue to grow the company for the future," said Carl Marrs, CIRI president and CEO. "This is a prudent business decision as well as a major return of capital to our shareholders."
Although an FCC ruling in mid-December allowed CIRI to transfer its interest in four limited partnerships and LLCs to VoiceStream Wireless Corp. of Bellevue, Wash., in exchange for VoiceStream stock and cash, it is the company's long-term diversification of investments that has led to its success and the ability to make the distribution.
"There's no doubt that VoiceStream has been the home run of our investments to date," Marrs said, "but we anticipated having a record year even without VoiceStream."
As exemplified by its investments in telecommunications, CIRI has placed its focus on the bottom-line profits. This year profits for the company are expected to increase substantially for the ninth consecutive year.
With this special distribution, the average CIRI shareholder owning 100 shares of stock will have received more than $98,000 in total distributions since the corporation began issuing dividends in 1980. Because of the corporation's unique tax position, this year's special distribution should be tax free to most shareholders. There is a possibility shareholders who have inherited all or part of their shares may be subject to tax. CIRI shareholders will receive a letter in January with further tax information. More information will also be available at financial planning workshops that CIRI has arranged in January.
"It is fitting that we are able to announce this special distribution in conjunction with the 29th anniversary of the Alaska Native Claims Settlement Act of 1971. Throughout CIRI's history, we have achieved a long record of economic growth and carefully and successfully charted a course of building equity and liquidity for our shareholders," added Marrs.

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