CatchMark Timber Trust, Inc. 4Q 2019 revenues increased by 27% to $29.1 million from $22.9 million for the three months ended December 31, 2018 due primarily to a $3.7 million increase in timber sales and a $2.4 million increase in timberland sales.
Net loss decreased to $11.8 million for the three months ended December 31, 2019 from $38.2 million for the three months ended December 31, 2018 primarily due to a $24.1 million decrease in HLBV losses from Triple T, a $6.2 million increase in total revenues and a $1.1 million income tax benefit, offset by a $5.8 million increase in total expenses.
Increased Adjusted EBITDA by 61% to $15.1 million, compared to $9.4 million in 4Q 2018, driven by increases in net timber revenue and timberland sales.
CatchMark's CEO Todd Reitz said: "A very strong 4Q met plan on volumes and pricing, including a favorable sawtimber mix. Our strategic mill market presence, fiber supply agreements, the delivered wood model and opportunistic stumpage sales continued as primary performance drivers, helping maintain pricing levels for all our pine products substantially above TimberMart-South South-wide averages."
FY 2019 revenues increased to $106.7 million for the year ended December 31, 2019 from $97.9 million for the year ended December 31, 2018 due to a $3.1 million increase in timber sales and a $6.3 million increase in asset management fee revenue. Net loss decreased to $93.3 million for the year ended December 31, 2019 from $122.0 million for the year ended December 31, 2018.
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.
