The Globe and Mail reports in its Friday edition that Exchange Income is a Winnipeg-based mini-conglomerate that earns much of its revenue by flying passengers and freight in the Arctic. The Globe's regular guest columnist Gordon Pape writes that Exchange Income has generated a total return of 3,960 per cent since it went public in 2004. It has increased its dividend in 17 of the past 20 years, at an average rate of 5 per cent. The average annual total return to the end of 2024 was 20 per cent. Exchange Income is a diversified acquisition-oriented company. It focuses on aerospace, aviation and manufacturing. It uses a disciplined buying strategy to identify already profitable, well-established businesses that have strong management, generate steady cash flow, operate in niche markets and have opportunities for organic growth. The company recently reported the best first quarter results in its history and reiterated its guidance for the year. Revenue was $668-million, an increase of $67-million, or 11 per cent, from the year before. During the quarter, the company announced a deal to acquire Canadian North. The stock pays a monthly dividend of 22 cents a share ($2.64 per year) to yield 4 per cent at the current price.