IRONWOOD, Mich., Jan. 26, 2016 (GLOBE NEWSWIRE) -- Keweenaw Land Association, Limited (OTC Pink:KEWL) today announced fourth quarter earnings for the period ending December 31, 2015. The company reported net income of $320,523, or $0.25 per share, compared to $438,669, or $0.34 per share, in the fourth quarter of 2014. For 2015, Keweenaw recognized year-to-date net income of $1,155,839, or $0.89 per share, versus $855,860 year-to-date in 2014, or $0.66 a share, an increase of 35%. Keweenaw also reported timber sales of $3,088,864 for the quarter, up $81,669, or 3%, from the $3,007,195 that the company reported in the comparable period in 2014. Timber sales for the year were $11,283,793, versus $9,881,889 in 2014, up 14%.
EBITDA Timber Operations Income for the fourth quarter was $841,386, compared to $857,668 in the same period in 2014. For all of 2015, EBITDA Timber Operations Income was $2,686,387, up 37% over the $1,957,035 reported in 2014. Keweenaw began stating income in an EBITDA format (a non-GAAP measure of operating performance), in the second quarter of 2015. 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 1,298,768 shares outstanding.
Contact: James J. Simmons, Jr., Controller/Treasurer, Keweenaw Land Association, Limited, 1-906-932-3410
Source:Keweenaw Land Association Ltd.