The new 49ers: sifting for gold.

• Author: Gerhart, Clifford
• Position: Top companies in Alaska

For most of the major Alaskan-owned businesses, it was hard to get excited about 1991: Revenues dipped for many firms, and no outstanding projects or events appeared to liven up a lackluster state economy.

Although last year might not have been outstanding for Alaska business, the gains tended to be larger than the losses, and the New 49ers posted an overall growth of 29 percent. In 1991, total revenues for these companies was a formidable $3.6 billion, a 3 percent increase from 1991 to a total of $3.5 billion. The New 49ers provided employment for 22,769 Alaskans, compared with a work force of 21,108 in 1990.

Still, things could have been better. While there were definitely some bright spots, 24 of the New 49ers posted drops in gross revenues last year. In 1991, 23 showed gains and 2 were unchanged; in contrast, 41 of the 49ers registered gains in 1990.

Gains and losses were not evenly distributed, but seemed to reflect a stagnant economy and a rising population. Grocery suppliers such as Odom Corp., Yukon Express and Port West saw revenues rise (proving again that "people gotta eat"), while many natural resource-based businesses showed only small gains or losses.

Even though several sectors of the state's economy suffered in 1991, exceptions could be found in almost every category. For example, bank revenues were down, reflecting the state's sluggish economy, but First Bancorp of Ketchikan managed a gain. Building and oil service companies also stumbled last year, but Arctic Slope Regional Corp. and Cold Weather Contractors posted increased revenues.

Automobile dealerships struggled in 1991, but Parts Inc., a dealer in NAPA auto parts, posted a gain, perhaps showing that Alaskans were fixing up that old clunker instead of buying a new car. Services such as Plus Fours Inc., which deals in information systems, and General Communications Inc., the telecommunications company, saw rising revenues. Finally, one company, Supreme Alaska Seafoods, founded late in 1990, registered a very respectable $32 million in revenues in its first full business year.

Several companies posed problems for our survey. A dilemma arose when former New 49er Chugach Alaska Corp. changed its accounting system. Previously, the company had posted 1990 revenues of $46.9 million, but the new accounting changed that figure to $5 million and $9.9 million for 1991. We decided we had no choice but to accept the new, lower revenue figures.

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