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Catchmark Timber Trust, Inc. (CTT) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

SEC Filings

Catchmark Timber Trust, Inc.

CIK: 1341141 Ticker: CTT
Exhibit 99.1

catchmarkrgba11.jpg


FOR IMMEDIATE RELEASE         

CatchMark Reports First Quarter 2019 Results and Declares Dividend

ATLANTA — May 2, 2019 — CatchMark Timber Trust, Inc. (NYSE: CTT)
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 Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity (Unaudited)
Consolidated Statements Of Stockholders' Equity (Unaudited) (Parenthetical)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Operating Lease Future Annual Payments (Details)
Interest Rate Swaps
Interest Rate Swaps (Tables)
Interest Rate Swaps - Narrative (Details)
Interest Rate Swaps - Schedule Of Interest Rate Swaps Measured At Fair Value (Details)
Interest Rate Swaps - Schedule Of Interest Rate Swaps Outstanding (Details)
Notes Payable And Lines Of Credit
Notes Payable And Lines Of Credit (Tables)
Notes Payable And Lines Of Credit - Credit Agreement Amendment - Narrative (Details)
Notes Payable And Lines Of Credit - Debt Covenants - Narrative (Details)
Notes Payable And Lines Of Credit - Interest Paid And Fair Value Of Outstanding Debt - Narrative (Details)
Notes Payable And Lines Of Credit - Patronage Refunds - Narrative (Details)
Notes Payable And Lines Of Credit - Patronage Refunds - Schedule Of Patronage Refund Classification (Details)
Notes Payable And Lines Of Credit - Schedule Of Long-Term Debt Outstanding (Details)
Organization
Organization - Narrative (Details)
Segment Information
Segment Information (Tables)
Segment Information - Reconciliation Of Adjusted Ebitda (Details)
Segment Information - Schedule Of Adjusted Ebitda, By Segment (Details)
Segment Information - Schedule Of Operating Revenue, By Segment (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Rollforward Of Service-Based Restricted Stock To Employees (Details)
Stock-Based Compensation - Stock-Based Compensation Expense - Narrative (Details)
Stock-Based Compensation - Stock-Based Compensation-Independent Directors And Employees - Narrative (Details)
Stock-Based Compensation - Summary Of Stock-Based Compensation Expense (Details)
Subsequent Events
Subsequent Events - Narrative (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies - Operating Lease Future Annual Payments (Details)
Timber Assets
Timber Assets (Tables)
Timber Assets - Narrative (Details)
Timber Assets - Schedule Of Timber And Timberlands (Details)
Timber Assets - Schedule Of Timberland Portfolio (Details)
Timber Assets - Timberland Disposition (Details)
Unconsolidated Joint Ventures
Unconsolidated Joint Ventures (Tables)
Unconsolidated Joint Ventures - Narrative (Details)
Unconsolidated Joint Ventures - Schedule Of Cash Flow Information (Details)
Unconsolidated Joint Ventures - Schedule Of Condensed Balance Sheet Information (Details)
Unconsolidated Joint Ventures - Schedule Of Condensed Income Statement Information (Details)
Unconsolidated Joint Ventures - Schedule Of Equity Information (Details)
Unconsolidated Joint Ventures - Schedule Of Equity Method Investments (Details)
Unconsolidated Joint Ventures - Schedule Of Fees Earned (Details)
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

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