IRONWOOD, Mich., Oct. 14, 2016 (GLOBE NEWSWIRE) — Keweenaw Land Association, Limited (KEWL:OTC Pink) today announced third quarter earnings for the period ending September 30, 2016. The company reported Net Income of $231,618, or $0.18 per share, versus Net Income of $571,046, or $0.44 per share, in the third quarter of 2015. Keweenaw also reported timber sales of $2,767,240 for the quarter, down $840,386, or 23%, from the $3,607,626 that the company reported in the comparable period in 2015. Keweenaw also reported EBITDA Timber Operations Income of $458,502 for the third quarter, down $570,876 or 55%, compared to $1,029,378 in the same period in 2015.
An updated investor presentation is now available on Keweenaw’s website detailing the recent strategic review and plans to position Keweenaw for future growth in its timberland base. The investor presentation, along with the third quarter newsletter, can be found on the company’s website at www.keweenaw.com.
About Keweenaw Land Association, Limited: Keweenaw is a forest products and land management company located in Ironwood, Michigan. Keweenaw has land holdings of approximately 168,000 surface acres and over 400,000 acres of mineral rights, located predominantly in the western Upper Peninsula of Michigan. Keweenaw shares trade in the OTC Markets under the Pink directory with 1,298,568 shares outstanding.
CONTACT: Contact: James J. Simmons, Jr., Controller/Treasurer, Keweenaw Land Association, Limited, 1-906-932-3410