CatchMark Timber Trust, Inc. reported 18% in revenue growth, a 32% increase in GAAP net loss, and a 13% increase in Adjusted EBITDA for the 12-month period ended December 31, 2016 compared to full-year 2015.
For the quarter ended December 31, 2016, revenues increased to $20.4 million from $17.1 million for the quarter ended December 31, 2015 primarily due to an increase in timber sales revenue of $2.9 million and an increase in timberland sales revenue of $0.3 million.
4Q 2016 net loss increased to $4.9 million from $3.3 million for the quarter ended December 31, 2015 resulting primarily from a $1.1 million increase in interest expense due to higher average debt outstanding.
For the year ended December 31, 2016, revenues increased to $81.9 million from $69.1 million for the year ended December 31, 2015 primarily due to an increase in timber sales revenue of $12.2 million and an increase in timberland sales revenue of $0.7 million.
Net loss increased to $11.1 million for the year ended December 31, 2016 from $8.4 million for the year ended December 31, 2015 resulting primarily from a $3.1 million increase in interest expense due to higher average debt outstanding offset by a $0.4 million decrease in operating loss.
For the 4Q ended December 31, 2016, Adjusted EBITDA was $7.2 million, a $0.3 million increase from the quarter ended December 31, 2015, primarily due to a $0.7 million increase in net timber sales and a $0.3 million increase in revenue from net timberland sales.
For the year ended December 31, 2016, Adjusted EBITDA was $36.5 million, a $4.3 million increase from the year ended December 31, 2015, primarily due to a $6.2 million increase in net timber sales and a $0.9 million increase in revenue from net timberland sales.
CatchMark Timber Trust, Inc. is a self-administered and self-managed, publicly-traded REIT that strives to deliver superior risk-adjusted returns for all stakeholders through disciplined acquisitions, sustainable harvests, and well-timed sales.
