Catchmark Timber Trust, Inc. (CTT) 10-Q Quarterly Report August 2019

today reported first quarter 2019 results in line with expectations and declared a cash dividend of $0.135 per share for its common stockholders of record on May 31, 2019, payable on June 14, 2019.

Results Overview

CatchMark’s first quarter 2019 operating results included:


•	Generated revenues of $22.6 million, compared to $24.1 million in first quarter 2018.


•	Incurred a net loss of $30.4 million in accordance with GAAP, compared to $3.4 million in the first quarter 2018, an increase primarily resulting from a $27.5 million allocated loss from the Triple T joint venture.


•	Realized Adjusted EBITDA of $10.2 million, compared to $14.9 million in first quarter 2018, a decrease primarily due to anticipated reduction in contributions from the Dawsonville Bluffs joint venture and timing of timberland sales.


•	Produced timber sales volume in the U.S. South region of 482,058 tons compared to 574,785 tons in first quarter 2018, a decrease primarily due to persistent wet weather conditions which were accounted for in the company’s 2019 harvest plan.


•	Realized sawtimber pricing of $24 per ton, a 6% increase over first quarter 2018, and pulpwood pricing of $15 per ton, a 5% increase year over year.


•	Realized timber sales revenue of $16.6 million, compared to $18.7 million in first quarter 2018, helped by increased per ton pricing year over year.


•	Generated $2.8 million in asset management fees, primarily from Triple T, compared to $36,000 in first quarter 2018.


•	Recognized $0.2 million in income from the unconsolidated Dawsonville Bluffs joint venture, compared to $1.8 million in first quarter 2018.


•	Completed timberland sales of approximately 900 acres for $2.1 million, compared to 2,200 acres for $4.3 million in first quarter 2018.


•	Paid a dividend of $0.135 per share to stockholders of record on March 15, 2019.

The following information was filed by Catchmark Timber Trust, Inc. (CTT) on Thursday, May 2, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Catchmark Timber Trust, Inc.'s 10-Q Quarterly Report:

Financial - Debt Highlight
We used $14.8 million of the net proceeds to pay down our outstanding debt and plan to use the remaining to support working capital needs, including share repurchases.

Other - Other Highlight
Due to these limitations, Adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business.
Financial - Cash Flow Highlight
Long-Term Liquidity and Capital Resources Over the long-term, we expect our primary sources of capital to include net cash flows from operations, including proceeds from timber sales, timberland sales, large dispositions, asset management fees, distributions from unconsolidated joint ventures, proceeds from secured or unsecured financings from banks and other lenders, and public offerings of equity or debt securities.
Financial - Expense Highlight
Other operating expenses increased to $3.3 million for the six months ended June 30, 2019 from $2.8 million for the six months ended June 30, 2018 primarily due to cost basis removed related to an expired timber lease and higher expenditures on logging road and boundary maintenance.
Financial - Shares Highlight
Share Repurchase Program On August 7, 2015, our board of directors approved a share repurchase program for up to $30.0 million of our common stock at management's discretion (the "SRP").
Financial - Shares
As of June 30, 2019,...Read more
Financial - Shares
We strive to deliver superior,...Read more
Financial - Shares
Net cash provided by financing...Read more
Financial - Income
In addition to current income,...Read more
Financial - Expense
General and administrative expenses increased...Read more
Revenue - Product
Our results of operations are...Read more
Financial - Debt
We used the net proceeds...Read more
Financial - Debt
Debt Covenants The Amended Credit...Read more
Financial - Debt
Over the last year, we...Read more
Revenue - Product
Asset management fees have and...Read more
Financial - Expense
Includes certain cash expenses paid,...Read more
Financial - Cash Flow
Therefore, to the extent that...Read more
Financial - Expense
Forestry management expenses increased to...Read more
Financial - Shares
During the six months ended...Read more
Other - Other
Our joint venture platform drives...Read more
Financial - Shares
Shelf Registration Statement and Equity...Read more
Financial - Cash Flow
We believe that we have...Read more
Other - Other
In March 2019, we received...Read more
Financial - Cash Flow
Operationally, we focus on generating...Read more
Financial - Expense
Other operating expenses increased to...Read more
Financial - Income
Our Investment Management segment includes...Read more
Financial - Earnings
Our net loss increased to...Read more
Other - Other
The Revolving Credit Facility bears...Read more
Financial - Expense
For the purpose of the...Read more
Other - Other
Management believes that opportunistic repurchases...Read more
Other - Other
Merchantable timber inventory does not...Read more
Financial - Income
We seek to generate recurring...Read more
Revenue - Product
For the six months ended...Read more
Revenue - Product
Our realized stumpage prices continue...Read more
Other - Other
As of June 30, 2019,...Read more
Financial - Earnings
Adjusted EBITDA is a supplemental...Read more
Revenue - Product
For the six months ended...Read more
Revenue - Product
During the six months ended...Read more
Revenue - Product
Such large dispositions are not...Read more
Revenue - Product
Large dispositions may or may...Read more
Revenue - Product
Large dispositions may or may...Read more
Revenue - Product
Large dispositions may or may...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Catchmark Timber Trust, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Amendment To Lp Agreement

Exhibit 10.2: Amended And Restated Independent Director Compensation Plan

Exhibit 10.3: Director'S Restricted Stock Award Certificate

Exhibit 10.4: Director'S Ltip Units Award Certificate

Exhibit 10.5: Consent And Second Agreement Regarding Amendments

Exhibit 31.1: Section 302 Cert Peo

Exhibit 31.2: Section 302 Cert Pfo

Exhibit 32.1: Section 906 Cert

Ticker: CTT
CIK: 1341141
Form Type: 10-Q Quarterly Report
Accession Number: 0001341141-19-000057
Submitted to the SEC: Thu Aug 01 2019 12:07:25 PM EST
Accepted by the SEC: Thu Aug 01 2019
Period: Sunday, June 30, 2019
Industry: Real Estate Investment Trusts