CatchMark Timber Trust's 3Q 2017 revenues increased to$18.6 millionfrom$18.3 millionfor the 3Q 2016due to an increase in timber sales revenue of$1.1 millionand an increase in other revenue of$0.1 million, offset by a$0.9 milliondecrease in timberland sales revenue.
3Q adjusted EBITDA was$7.1 million, comparable to the 3Q 2016, as a result of a$0.8 millionincrease in net timberland sales, offset by a$0.7 milliondecrease in net timber sales.
For the nine months endedSeptember 30, 2017, revenues increased to$68.6 millionfrom$61.5 millionfor the nine months endedSeptember 30, 2016due to an increase in timber sales revenue of$3.3 million, an increase in timberland sales revenue of$3 million, and an increase in other revenue of$0.8 million.
For the nine months endedSeptember 30, 2017, Adjusted EBITDA was$32.1 million, a$2.8 millionincrease from the nine months endedSeptember 30, 2016.
Jerry Barag, CatchMark President and CEO, said: "Our supply agreements and delivered wood sales model continued to help generate higher harvest volumes during the quarter, helping overcome storm-related operational slowdowns, lowered quotas and high inventories in our markets. We also continued to realize higher stumpage prices than South-wide market averages because of our locations and quality harvests. Year-over-year timber agreement volumes increased 23% and delivered volumes increased 11% during the quarter. TheDawsonvillejoint venture completed in April and the two acquisitions completed last month should help enhance our revenue growth going forward, and we remain very much on track to meet our full-year 2017 guidance."
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.