Gross timber sales revenue increased by approximately 62%, primarily due to harvests from properties acquired since April 2014, and timberland sales revenue increased due to the sale of more acres during the three months ended March 31, 2015 than during the three months ended March 31, 2014.
Net loss increased to $0.8 million for the three months ended March 31, 2015 compared to $0.4 million for the three months ended March 31, 2014 as a result of a $0.4 million increase in interest expense.
Adjusted EBITDA for the three months ending March 31, 2015 was $11 million, a $9 million increase over the three months ended March 31, 2014, primarily due to a $3.6 million increase in net timber sales, a $5.7 million increase in net revenue from timberland sales, and a $0.3 million increase in other revenues, offset by a $0.4 million increase in forestry management expenses and a $0.3 million increase in other operating expenses.
Jerry Barag, CatchMark's President and CEO, said: "Performance is off to a robust start in 2015 on our augmented operating platform with all financial metrics advancing and excellent results realized, in particular, from our 2014 timberland acquisitions. We are focused on making additional accretive acquisitions this year using our low-leveraged balance sheet, and are exercising discipline and restraint in seeking transactions which meet our expectations for high quality and productivity."
CatchMark Timber Trust, Inc. is a self-administered and self-managed publicly traded REIT that began operations in 2007 and owns interests in approximately 397,500 acres of timberland located in Alabama, Florida, Georgia, Louisiana and Texas.