CatchMark Timber Trust's revenues decreased to $23.1 million for the three months ended March 31, 2017 from $27.2 million for the three months ended March 31, 2016 due to a decrease in timber sales revenue of $1 million and a decrease in timberland sales revenue of $3.2 million.
Net loss increased to $2 million for the three months ended March 31, 2017from $0.6 million for the three months ended March 31, 2016 primarily due to a $1.3 million increase in interest expense.
For the three months ended March 31, 2017, Adjusted EBITDA was $10.6 million, a $5.5 million decrease from the three months ended March 31, 2016, primarily due to a $2 million decrease in net timber sales and a $3.2 milliondecrease in net timberland sales.
Jerry Barag, CatchMark's President and CEO said, "For 2017, CatchMark remains very much on track to meet our operating plan in all respects, in addition to executing a new joint venture with an institutional partner, which we announced last week. Last year's wet winter weather conditions had presented a unique opportunity to push forward planned harvests for the year, which boosted 1Q 2016 results accordingly and made this quarter's performance appear somewhat weaker in comparison."
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.
