CatchMark's net loss increased to $2.3 million for the three months ended June 30, 2015 from $0.3 million for the three months ended June 30, 2014 primarily due to a higher depletion expense as a result of the change in depletion methodology.
2Q Adjusted EBITDA was $5.5 million, a $0.5 million increase from the three months ended June 30, 2014, primarily due to a $1.9 million increase in net timber sales, offset by a $0.4 million decrease in net revenue from timberland sales, a $0.7 million increase in cash general and administrative expenses, and a $0.3 million increase in other operating expenses.
Jerry Barag, CatchMark's President and CEO, said: "2Q results represent sound implementation of our operating plan on expanding timberland holdings. At the same time, we have maintained significant liquidity - nearly $300 million in various facilities - to take advantage of acquisition opportunities to enhance our platform, with a continued focus on the Southeast U.S where we see the best relative value.
"CatchMark's current acquisitions pipeline is steadily building with a deeper pool of opportunities for the second half of the year, after falling off earlier this year with fewer opportunities meeting our criteria for size, quality and stocking," Barag said.
Revenues increased to $34.4 million for the six months ended June 30, 2015 up from $20.8 million for the six months ended June 30, 2014 driven by an increase in timber sales revenue of $7.5 million, an increase in timberland sales revenue of $5.7 million, and an increase in other revenues of $0.5 million.
Net loss increased to $3.1 million for the six months ended June 30, 2015 from $0.7 million for the six months ended June 30, 2014 primarily due to a higher depletion expense as a result of the change in depletion methodology.
For the six months ended June 30, 2015, Adjusted EBITDA was $16.5 million, a $9.5 million increase from the six months ended June 30, 2014.
CatchMark Timber Trust, Inc. is a self-administered and self-managed publicly traded REIT that began operations in 2007 and owns interests in approximately 406,700 acres of timberland located in Alabama, Florida, Georgia, Louisiana and Texas.