Keweenaw Land Association, Limited announces 2Q 2016 net loss of $0.01 per share compared to net income of $0.09 for the same period in 2015.
Gross margin (EBITDA) was $42 per cd-eq for the quarter, down $19 per unit, compared to $61 per cord equivalent in the same period last year. Cost of goods sold for the period was $87 per unit compared to $83 last year.
A reduced product mix of less sawtimber than last year, coupled with lower prices, contributed to a $15 per cord equivalent drop in price realization. As summer logging moves ahead, a higher product mix with more sawtimber is expected.
Keweenaw also reported timber sales of $1.8 million for quarter, up $230,926, or 15%, from the $1.5 million that the company reported in the comparable period in 2015.
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.
