CIRI subsidiary North Wind Group is dedicated to profitability and environmental stewardship
CIRI endeavors to steward our land, spearhead responsible development, celebrate culture and heritage, and provide economic benefits to our Shareholders. Supporting the economic, cultural, and social well-being of our Shareholders and their Descendants requires a robust business portfolio that continually earns profits.
Put simply, profit equals a company’s revenues minus expenses. Profitability coupled with strong cash flows determines whether a company can secure financing, attract business partners and fund its operations to grow its business.
CIRI acquired North Wind Group (NWG) on Dec. 31, 2009, expanding our portfolio with a company known for its expertise in environmental management, engineering and construction services. Since the acquisition, NWG has established itself as a leading small business in the federal environmental services sector, with a workforce exceeding 2,000 and office locations across the United States and in Guam.
NWG was pleased to welcome Richard “Rich” Driggs as its new president and CEO on Jan. 1, followed by the appointment of Jeff Weiss as chief financial officer on Nov. 1. Both bring deep industry knowledge and experience to their leadership roles.
This year, NWG is on track to generate $530 million in revenue, reflecting a $40 million increase over the previous year. The company has also improved its cash-flow management, outperforming industry benchmarks on days sales outstanding (DSO), which measures the average number of days it takes a company to receive payment for a sale. NWG continues to win new contracts at a record pace while maintaining its commitment to safety, including a record $470 million in new sales this year.
Alaska Native corporations are unique in the way we manage our lands, resources and investments. Like other for-profit corporations, we pay annual distributions to our Shareholders. But we are also tasked, through the mandates of the Alaska Native Claims Settlement Act, to address the cultural, educational, health and social needs of our Shareholders. As a CIRI subsidiary, NWG helps preserve, strengthen and enhance the welfare of our Shareholders and their Descendants by providing consistent and sustainable outcomes. NWG’s work in the areas of cultural resource services, environmental compliance/remediation, and radiological and hazardous-waste management is perfectly in line with CIRI’s commitment to steward the land for future generations.
My tenure as your CEO began Jan. 1, and I am proud of the progress our company has made in the first three quarters of the year. As we close out the year, our focus areas will include business planning, strategy and execution, and spurring financial growth through optimizing current CIRI investments and new opportunities.
Best regards,
Swami Iyer
CIRI CEO
