CatchMark Timber Trust, Inc. reported strong year-over-year gains in revenues of 13%, an increase in net loss of 14%, and an increase in Adjusted EBITDA of 9% for the 2Q ending June 30, 2016.
Jerry Barag, CatchMark President and CEO, said: "The ongoing integration of new acquisitions and our taking advantage of wet weather market dynamics in the U.S. South helped us propel continued earnings growth during the quarter. We generated $0.6 million of timber sales revenue from properties acquired within the last 12 months and longer-held properties contributed another $0.9 million to the increase in the timber sales revenue. We expect to maintain our momentum off the recent timberlands acquisitions in North and South Carolina."
CatchMark's revenues increased to $16 million for the three months ended June 30, 2016 from $14.2 million for the three months ended June 30, 2015 due to an increase in timber sales revenue of $1.5 million and an increase in timberland sales revenue of $0.3 million.
Net loss increased to $2.6 million for the three months ended June 30, 2016 from $2.3 million for the three months ended June 30, 2015.
For the three months ended June 30, 2016, CatchMark's Adjusted EBITDA was $6 million, a $0.5 million increase from the three months ended June 30, 2015, primarily due to a $0.6 million increase in net timber sales.
Revenues increased to $43.1 million for the six months ended June 30, 2016 from $34.4 million for the six months ended June 30, 2015. Net loss increased to $3.2 million for the six months ended June 30, 2016 from $3.1 million for the six months ended June 30, 2015.
For the six months ended June 30, 2016, Adjusted EBITDA was $22.1 million, a $5.6 million increase from the six months ended June 30, 2015, primarily due to a $3.7 million increase in net timber sales, a $2.8 million increase in net cash received from timberland sales, offset by a $0.4 million increase in cash general and administrative expenses and a $0.4 million increase in cash 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 479,900 acres of timberland located in Alabama, Florida, Georgia, Louisiana, North Carolina, South Carolina, Tennessee and Texas.
