CatchMark's 3Q 2015 revenues increased to $17.6 million from $12.7 million for the three months ended September 30, 2014 due to an increase in timber sales revenue of $1.2 million, an increase in timberland sales revenue of $3.1 million, and an increase in other revenues of $0.7 million.
Net loss increased to $1.9 million for the three months ended September 30, 2015 from $0.8 million for the three months ended September 30, 2014 as a result of incurring an operating loss and an increase in interest expense.
3Q 2015 Adjusted EBITDA was $8.8 million, a $3.6 million increase from the three months ended September 30, 2014.
Revenues increased to $52 million for the nine months ended September 30, 2015 from $33.4 million for the nine months ended September 30, 2014 due to an increase in timber sales revenue of $8.7 million, an increase in timberland sales revenue of $8.7 million, and an increase in other revenues of $1.1 million.
Net loss increased to $5.1 million for the nine months ended September 30, 2015from $1.5 million for the nine months ended September 30, 2014 as a result of incurring an operating loss and an increase in interest expense.
For the nine months ended September 30, 2015, Adjusted EBITDA was $25.2 million, a $13.1 million increase from the nine months ended September 30, 2014.
Jerry Barag, CatchMark's President and CEO, said: "We continue to deliver on our promise of durable growth and provide recurring dividends from economically sustainable harvests on our prime timberlands, resulting from our active forest management and diligent environmental stewardship. The productivity of our properties will ensure high production levels over time. A robust transaction pipeline and approximately $280 million in available capital from cash and various credit facilities bode well for a busy fourth quarter in adding to our existing assemblages of well-stocked timberland properties."
CatchMark Timber Trust, Inc. is a self-administered and self-managed publicly traded REIT that began operations in 2007 and owns interests in approximately 404,500 acres of timberland.
