IRONWOOD, Mich., Jan. 24, 2017 (GLOBE NEWSWIRE) -- Keweenaw Land Association, Limited (OTC Pink:KEWL) today announced fourth quarter earnings for the period ending December 31, 2016. The company reported net income of $229,485, or $0.18 per share, compared to $320,523, or $0.25 per share, in the fourth quarter of 2015. For 2016, Keweenaw recognized year-to-date net income of $698,682, or $0.54 per share, versus $1,155,839 year-to-date in 2015, or $0.89 a share, a decrease of 40%. Keweenaw also reported timber sales of $3,153,097 for the quarter, up $64,233, or 2%, from the $3,088,864 that the company reported in the comparable period in 2015. Timber sales for the year were $10,911,462, versus $11,283,793 in 2015, down 3%.
EBITDA Timber Operations Income for the fourth quarter was $482,616, compared to $841,386 in the same period in 2015. For all of 2016, EBITDA Timber Operations Income was $1,729,239, down 36% over the $2,686,387 reported in 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 168,500 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.