IRONWOOD, Mich., Oct. 20, 2015 (GLOBE NEWSWIRE) — Keweenaw Land Association, Limited (KEWL:OTC Pink) today announced third quarter earnings for the period ending September 30, 2015. The company reported Net Income of $571,046, or $0.44 per share, compared to $427,402, or $0.33 per share, in the third quarter of 2014. Keweenaw also reported timber sales of $3,607,626 for the quarter, up $481,961, or 15%, from the $3,125,665 that the company reported in the comparable period in 2014.
EBITDA Timber Operations Income for the third quarter was $1,029,378, compared to $816,591 in the same period in 2014. Keweenaw began stating income in an EBITDA format (a non-GAAP measure of operating performance) beginning in second quarter of this year. A comprehensive newsletter detailing operating results is available 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 1,297,206 shares outstanding.
CONTACT: Contact: James J. Simmons, Jr., Controller/Treasurer, Keweenaw Land Association, Limited, 1-906-932-3410