Co-op annual revenue tops $3 million

NNSL (Nov 17/97) - Sales by Cambridge Bay Ikaluktutiak Co-operative were around $3.5 million for the 1996/97 year.

Co-op yearly revenue has topped $3 million since 1992, president Bill Lyall said Thursday.

Although generally pleased with the results, he added last year's results were slightly higher. "As a business, we look for the membership (and) we have about 400 members -- about 90 per cent."

Owned and operated by Cambridge Bay residents, who built the original store in 1981, the co-op has $3.2 million in assets.

Over the year, employee wages and benefits were over one-half million dollars.

Two years ago, the co-op built a new $1.8 million building. Since then the co-op has not paid members' dividends.

Members have invested just over $1.2 million in the co-op's equity.

The results were released at the co-op's annual general meeting Wednesday attended by about 200 people.

Ikaluktutiak Co-op, with its counterparts across the NWT, play a major role in locally controlled economic business development.

NWT co-ops own or are major shareholders in Arctic Insurance Brokers, Internet provider ARDICOM, Arctic Cable Company and Arctic Camp Services.