Net loss improved to approximately $0.3 million for the three months ended June 30, 2014 compared to a net loss of approximately $2.6 million for the three months ended June 30, 2013.
For the three months ended June 30, 2014, Adjusted EBITDA was $5 million, an increase of approximately $3.4 million compared to the three months ended June 30, 2013, primarily due to a $2.5 million increase in net timber sales and a $1.4 million decrease in general and administrative expenses, partially offset by a $0.2 million decrease in net revenue from timberland sales and a $0.2 million increase in forestry management expenses.
Jerry Barag, CatchMark's President and CEO, said: "Our recent acquisitions—particularly Waycross-Panola—are delivering levels of revenue and cash flow well above our initial expectations.We have deliberately focused our acquisitions on well-stocked properties within targeted fiber baskets that can provide superior supply-demand dynamics while employing sustainable harvesting practices across all of our timberlands. The merits of this strategy appear evidenced by the strong operating results we have achieved.Overall, these targeted properties will enhance our long-term harvest volumes, improve our product mix, provide durable earnings, and help grow our dividend.We will continue to pursue accretive acquisitions, focusing on the U.S. South, using proceeds from our recent follow-on offering and our available credit capacity."
For the six months ended June 30, 2014, revenues increased to $20.8 million from $16.6 million for the six months ended June30, 2013 primarily due to an increase in timber sales revenue of $4.9 million, offset by a decrease in timberland sales revenue of $0.8 million.
Net loss decreased to approximately $0.7 million for the six months ended June30, 2014 from approximately $4.6 million for the six months ended June30, 2013.
For the six months ended June30, 2014, Adjusted EBITDA was approximately $6.9 million, an approximately $4.1 million increase from the six months ended June30, 2013, primarily due to a $3.9 million increase in net timber sales and a $1 million decrease in general and administrative expenses, offset by a $0.7 million decrease in net revenue from timberland sales and a $0.3 million increase in forestry management expenses.
CatchMark Timber Trust, Inc. is a self-administered and self-managed publicly traded REIT that began operations in 2007 and owns interests in approximately 320,400 acres of timberland located in Georgia, Alabama and Texas.
