IRONWOOD, Mich., April 21, 2017 (GLOBE NEWSWIRE) — Keweenaw Land Association, Limited (OTC Pink:KEWL) today announced first quarter earnings for the period ending March 31, 2017. The company reported a Net Loss of $164,537, or $0.13 per share, compared to Net Income of $250,632, or $0.19 per share, in the first quarter of 2016. EBITDA for the quarter was $53,285, down $439,073 or 89%, from $492,358 in the same period last year. Company log sales were $2,945,609 for the quarter, down $267,521, or 8%, from the $3,213,130 reported in the comparable period in 2016.
Keweenaw also reported EBITDA Timber Operations Income of $315,731 for the first quarter, down $332,024 or 51%, compared to $647,755 in the same period in 2016. 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 182,500 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 1,300,174 shares outstanding.
CONTACT: Contact: James J. Simmons, Jr., Controller/Treasurer, Keweenaw Land Association, Limited, 1-906-932-3410