CatchMark Timber Trust, Inc.reported strong 1Q 2020 year-over-year results, including a substantial increase in total revenues, a large decrease in net loss, and a significant increase in Adjusted EBITDA. These results exceeded company expectations and were not materially affected by COVID-19 related impacts. The company also declared a cash dividend of $0.135 per share for its common stockholders of record on May 29, 2020, payable on June 15, 2020.
Revenues for the three months ended March 31, 2020 were $27 million, $4.4 million higher than the three months ended March 31, 2019 as a result of a $2.7 million increase in timberland sales revenue and a $1.6 million increase in timber sales revenue. Timber sales revenue increased by 10% primarily as a result of a $1.4 million increase in timber sales revenue from the Pacific Northwest, which was driven by a fourfold harvest volume increase.
Net loss decreased by $26.1 million to $4.2 million for the 1Q 2020 from $30.4 million for the three months ended March 31, 2019.
Brian M. Davis, CatchMark's CEO, said: "We remain focused on owning prime timberlands in high-demand mill markets and managing our operations to generate predictable and stable cash flow throughout the business cycle. To date, our operations in the field have not been materially impacted by the pandemic and we are working to ensure necessary social distancing for the safety of all our employees, customers, vendors and business associates. We also continue to maintain frequent communications and connectivity with our customers to work through their supply chain needs and stay flexible to meet changes in demand."
Headquartered in Atlanta and focused exclusively on timberland ownership and management, CatchMark began operations in 2007 and owns interests in 1.5 million acres of timberlands located in Alabama, Florida, Georgia, North Carolina, Oregon, South Carolina, Tennessee and Texas.
