Dear MTNT Shareholders:

Welcome to 2023! We hope this newsletter finds you and your family healthy and well.

I would also like to extend a special welcome to MTNT’s newest Shareholders. In 2022, MTNT enrolled 22 new Shareholders through processing inter vivos gift of shares and estate settlements. For some, this is the first MTNT Shareholder newsletter, and this year, may be their first time eligible to vote in the Annual Board of Directors Election.

While it’s too early to report MTNT’s 2022 financial results until the annual audit is complete and the Annual Report is published, I am happy to report that 2023 started off without a hitch. In January, MTNT was awarded the Department of State, Bureau of Overseas Building Office project to provide fire protection and mechanical system upgrades in Gaborne, Botswanna, Southern Africa. MTNT was also notified that it was awarded a second five-year contract from the Centers for Disease Control and Prevention. These are in addition to MTNT’s other active contracts throughout the United States and overseas, from Alaska to Georgia, and Africa to Germany. For example, MTNT continues to work on and receive Basic Ordering Agreement (BOA) Task Order awards issued by the U.S. Army Mission and Installation Contracting Command in Fort Leavenworth, Kansas, to accomplish multidisciplinary work for a broad range of construction projects.

Success does not come without some challenges. At the 2022 Annual Meeting, I reported that MTNT’s construction project in Scammon Bay, Alaska, for the Lower Yukon School District was first delayed when the barge carrying the materials and equipment was left stranded in the Kuskokwim River due to an early ice freeze. Unfortunately, the challenges continued. While MTNT is on track to complete the project, the project has come with significant, unforeseen costs which will ultimately impact the corporation’s overall 2022 net profit.

MTNT has been able to recover from troubled projects before. In 2017, MTNT suffered a $1.3 million dollar loss due to a project at Joint Base Andrews, Maryland. Yet, the MTNT Board of Directors and Management team held steadfast to our commitment to lower operating costs, maximize resources, improve processes, and reinvest profits back into the corporation in order to deliver consistent dividends to MTNT Shareholders. Five years later, MTNT is able to report a record high net profit of $2.8 million for 2021, and a five-year average net income of $1.4 million per year (2017-2021). MTNT has only earned these record high profits three times in the past 46 years (2015, 2019 and 2021 respectively).

Today, we move forward with cautious optimism. It is through the leadership of the Board of Directors and our dynamic team that enables MTNT to operate with a for-profit mindset and nonprofit heart. We are a lean team, but a mighty one. I am honored to work alongside this team of dedicated and multitalented individuals who rise to challenges, embrace new opportunities, and go the extra mile needed to support the mission of MTNT.

I look forward to sharing more about MTNT’s triumphs in the 2022 Annual Report, and seeing you in person at the Annual Meeting this summer.

Sincerely,

Michele Christiansen
Chief Executive Officer