Continuing on track to meet its operating plan for the year, CatchMark Timber Trust, Inc. reported a 68% increase in revenues, a 7% improvement in GAAP net loss, and a 137% increase in Adjusted EBITDA for the quarter ended June 30, 2017, compared to the three-month period ended June 30, 2016.
Increases in year-over-year harvest volumes and timber sales revenue resulted primarily from last year’s acquisition and integration of properties in South Carolina.
CatchMark’s revenues increased to $26.8 million for the three months ended June 30, 2017 compared to $16 million for the three months ended June 30, 2016 primarily due to an increase in timber sales revenue of $3.2 million and an increase in timberland sales revenue of $7.1 million. For the three months ended June 30, 2017, Adjusted EBITDA was $14.3 million, an $8.3 million increase over the three months ended June 30, 2016.
For the six months ending June 30, 2017, revenues increased to $50 million from $43.1 million for the six months ended June 30, 2016. For the six months ended June 30, 2017, Adjusted EBITDA was $24.9 million, a $2.8 million increase over the six months ended June 30, 2016.
Jerry Barag, CatchMark President and CEO said, “CatchMark produced another solid quarter as our fiber supply agreements and delivered wood sales model served us well. Our realized stumpage prices are higher than South-wide market averages as a result of the strength of the micro-markets in which we operate.”
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.