Net loss improved to $0.8 million for the three months ended September 30, 2014 from $2.5 million for the three months ended September 30, 2013 as a result of a $1.3 million decrease in operating loss, a $0.2 million increase in interest income, and a $0.3 million decrease in interest expense.
Revenues increased to $33.4 million for the nine months ended September 30, 2014 from $24.5 million for the nine months ended September 30, 2013 primarily due to an increase in timber sales revenue of $9.8 million, offset by a decrease in timberland sales revenue of $0.9 million.
Net loss improved to $1.5 million for the first nine months of 2014 down from $7.1 million for the nine months ended September 30, 2013 as a result of a $4.5 million increase in operating income, a $0.2 million increase in interest income, and a $0.9 million decrease in interest expense.
For the three months ended September 30, 2014, Adjusted EBITDA was $5.2 million, an approximately $4.4 million increase over the three months ended September 30, 2013, primarily due to a $3.6 million increase in net timber sales, a $1.1 million decrease in general and administrative expenses, and a $0.2 million increase in interest income resulting from the cancellation of the interest rate swap, offset by a $0.2 million decrease in net revenue from timberland sales and a $0.3 million increase in forestry management expenses.
For the nine months ended September 30, 2014, Adjusted EBITDA was approximately $12.1 million, an approximately $8.5 million, or 238%, increase from the nine months ended September 30, 2013, primarily due to a $7.6 million increase in net timber sales, a $2.1 million decrease in general and administrative expenses, and a $0.2 million increase in interest income resulting from the cancellation of the interest rate swap, offset by a $0.9 million decrease in net revenue from a decrease in timberland sales and a $0.6 million increase in forestry management expenses.
Jerry Barag, CatchMark's President and CEO, said: "The third quarter produced outsized performance from our opportunistically exploiting favorable markets and integrating new acquisitions of high quality timberlands efficiently. These results help reaffirm our guidance for the year and reflect the high production levels we can sustain on our assemblages of well-stocked properties in healthy, well-diversified markets."
CatchMark Timber Trust, Inc. is a self-administered and self-managed publicly traded REIT that began operations in 2007 and owns interests in approximately 397,100 acres of timberland located in Alabama, Florida, Georgia, Louisiana and Texas.
