The New Forty-Niners; the largest Alaskan-owned, Alaska-based companies.

• Author: Griffin, Judith Fuerst
• Position: Directory

IN 1849 THE ORIGINAL FORTY-NINERS FLOCKED to California, seeking their fortunes in yellow metal with picks, axes, sluices and pans. When, at the turn of the century, reports of significant gold finds drew prospectors north, such tools were wielded by gold seekers in Alaska as well.

The arrival of miners in the largely unsettled land was followed by pioneers and enterprising individuals in search of fortunes and livelihood. As centers of commerce sprouted, more jobs and opportunities were created, and communities grew.

Today, businesses prospecting in the Alaskan economy, a century and a half after the California gold rush, still rely on tools to communicate and enhance human capabilities. But talent and skill have become the keys to success in their search for rewards. Businesses tap marketing savvy, financial management and innovation to unearth golden assets.

Gold rushes resulted in booms and busts; sometimes whole towns disappeared. So, too, the 49th state's developing economy has thrived during surges and shriveled during setbacks. In the last half-decade, Alaska's soils have been less fertile. Claims staked by businesses have yielded pay dirt less often. Contenders for shares of the state's commerce have been challenged to survive and prosper. But good news came earlier this year: Based on statistics showing employment losses had halted, the recession was pronounced over.

Indeed, prospecting by businesses produced greater rewards in 1988, as the economy stabilized. The largest Alaskan miners of commerce and natural resources in the 49th state produced more gold from their claims in 1988 than in 1987, halting the reversal that had begun in 1984.

In its fifth year of reporting revenues of the 49 largest companies owned by Alaskans and based in Alaska, Alaska Business Monthly finally can announce an increase in total gross revenues from the previous year. Further, only 18 percent of the firms saw revenues decline from 1987 to 1988. By contrast, 27 percent of last year's New Forty-Niners reported revenue decreases; 61 percent of firms listed showed drops in revenues from 1985 to 1986; and 31 percent of Alaska's largest firms posted revenue losses from 1984 to 1985.

The average New Forty-Niner saw gross revenues increase 15 percent in 1988, proving there are golden opportunities in the Alaskan economy. Many players have changed, however, due not only to market fluctuations but also to the evolution of new services and industries.

This year...