Keweenaw Land Association, Limited Quarterly Report: First Quarter Ended March 31, 2012

April 16, 2012

Keweenaw Land Association, Limited (OTCPink: KEWL.PK) reported sales from timber operations for its first quarter ended March 31, 2012 increased 12.3% to $2.9 million compared to sales from timber operations of $2.58 million for the first quarter in 2011.  While harvest volumes were below the levels of a year ago, sales benefited from higher overall prices.

Net income for the first quarter increased 386% to $203 thousand or $0.16 per share versus a net loss of $71 thousand or $(0.05) per share for the same period in 2011.  Net income during the first quarter of 2012 primarily benefited from higher gross margins on timber sales due to a more favorable harvest mix of sawtimber and higher prices.  Thanks to an unrealized gain on securities, comprehensive income for the first quarter of 2012 increased 600% to $417 thousand or $0.32 per share compared to a comprehensive loss of $83 thousand or ($0.06) per share.

As of March 31, 2012, the balance sheet reflected current assets of $1.38 million (including cash and cash equivalents of $1.01 million), total assets of $17.55 million, current liabilities of $494 thousand and total liabilities of $2.1 million.  Since March 31, 2011, total capital has increased 7% to $15.45 million.

Keweenaw Land Association, Limited owns and manages 159,831 surface acres and 405,985 acres of both severed and attached mineral rights in the Upper Peninsula of Michigan as well as 1,700 surface acres in northern Wisconsin.  The company produces timber from its approximately 153,074 acres of productive timberland’s and is involved in other real estate development activities including the sale of lots for residential and recreational use.

Source: Keweenaw Land Association, Limited


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