Net income increased to $2.2 million for the 4Q from a net loss of $6.1 million for the quarter ended December 31, 2013 as a result of a $7.2 million increase in operating income and a $1.2 million decrease in interest expense.
For the year ended December 31, 2014, revenues increased to $54.3 million compared to $32 million for the year-ended December 31, 2013.
Net income increased to $0.7 million for the year ended December 31, 2014 from a net loss of $13.2 million for the year ended December 31, 2013 as a result of an $11.7 million increase in operating income, a $2.1 million decrease in interest expense and a $0.2 million increase in interest income.
For the quarter ended December 31, 2014, Adjusted EBITDA was $11.6 million, a $10.8 million increase from the quarter ended December 31, 2013, primarily due to an $8.7 million increase in revenue from net timberland sales, a $2.6 million increase in net timber sales, and a $0.2 million decrease in general and administrative expenses (net of change in stock-based compensation expenses).
For the year ended December 31, 2014, Adjusted EBITDA was $23.7 million, a $20.2 million increase from the year-ended December 31, 2013.
Jerry Barag, CatchMark's President and CEO, said: "We continue to execute our strategy buying the highest quality timberlands to sustain long-term growth objectives and increasing the productivity of our holdings to generate sustainable harvest revenues. In exceeding our goals, we have made excellent acquisitions in our target South fiber basket regions, brought these new timberlands into production quickly, improved production on existing timberlands, and solidified relationships with our mill customers."
CatchMark Timber Trust, Inc. is a self-administered and self-managed publicly traded REIT that began operations in 2007 and owns interests in approximately 393,300 acres of timberland located in Alabama, Florida, Georgia, Louisiana and Texas.