CatchMark Timber Trust's revenues increased to $18.3 million for the three months ended September 30, 2016 from $17.6 million for the three months ended September 30, 2015, as the company said in the press release received by Lesprom Network.
Gross timber sales revenue increased by approximately 27% as a result of a 24% increase in harvest volume and increases in pulpwood pricing. Net loss was $2.9 million for the three months ended September 30, 2016, as compared to $1.9 million for the three months ended September 30, 2015.
Revenues increased to $61.5 million for the nine months ended September 30, 2016 from $52 million for the nine months ended September 30, 2015. Gross timber sales revenue increased 24% as a result of a 22% increase in harvest volume and increases in pulpwood pricing. Net loss was $6.1 million for the nine months ended September 30, 2016 as compared to $5.1 million for the nine months ended September 30, 2015.
For the three months ended September 30, 2016, Adjusted EBITDA was $7.2 million, a $1.6 million decrease from the three months ended September 30, 2015, primarily due to a $2.2 million decrease in net timberland sales.
For the nine months ended September 30, 2016, Adjusted EBITDA was $29.3 million, a $4.1 million increase from the nine months ended September 30, 2015, primarily due to a $5.5 million increase in net timber sales.
Jerry Barag, CatchMark's President and CEO, said: "Over the course of the past year we have been carefully and successfully managing our harvest mix to take advantage of weather conditions and deal with market variables, while expeditiously integrating recent acquisitions. We have benefited from recent expansion into new mill markets with some of the highest pulpwood pricing in the South, but intermittent wet weather over the course of the year has presented temporary challenges which we successfully navigated throughout the quarter. We remain extremely well positioned to meet the objectives of our growth strategy, including providing recurring dividends and sustainable productivity over the long term."
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.
