IRONWOOD, Mich., April 18, 2016 (GLOBE NEWSWIRE) -- Keweenaw Land Association, Limited (OTC Pink:KEWL) today announced first quarter earnings for the period ending March 31, 2016. The company reported Net Income of $250,632, or $0.19 per share, compared to $142,833, or $0.11 per share, in the first quarter of 2015. EBITDA for the quarter was $492,358, up $133,854 or 37%, from $358,504 in the same period last year. Company log sales were $3,213,130 for the quarter, up $172,896, or 6%, from the $3,040,234 reported in the comparable period in 2015.
Keweenaw also reported EBITDA Timber Operations Income of $647,755 for the first quarter, up $64,925 or 11%, compared to $582,830 in the same period in 2015. The company began stating income in an EBITDA format (a non-GAAP measure of operating performance) beginning 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 1,298,568 shares outstanding.
Contact: James J. Simmons, Jr. Controller/Treasurer Keweenaw Land Association, Limited 1-906-932-3410
Source:Keweenaw Land Association Ltd.