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

SEC Filings

Catchmark Timber Trust, Inc.

CIK: 1341141 Ticker: CTT
Exhibit 99.1

catchmarkrgba13.jpg


FOR IMMEDIATE RELEASE         
        
CatchMark Reports Second Quarter 2019 Results, Declares Dividend

ATLANTA - August 1, 2019 - CatchMark Timber Trust, Inc.
(NYSE: CTT) today reported solid quarter-over-quarter and year-over-year increases in total revenues spurred by higher-than-market-average pricing for timber sales from its prime timberlands, asset management fees from the Triple T joint venture and increased timberland sales. In addition, delivered wood sales and fiber supply agreements continued to generate steady revenue despite lower timber sales volumes due to wet weather conditions and mill outages which had been anticipated in the company’s 2019 harvest plan.
CatchMark also declared a quarterly cash dividend of $0.135 per share for its common stockholders of record on August 30, 2019, payable on September 13, 2019.
Results Overview
Second quarter 2019 CatchMark operating results included:
Increased revenues by 9% to $28.7 million, compared to $26.2 million in second quarter 2018, primarily a result of Triple T joint venture asset management fees and higher timberland sales.
Incurred a net loss of $30.6 million on a GAAP basis, compared to $1.5 million in the second quarter 2018, primarily due to a $28.6 million allocated loss from Triple T.
Increased Adjusted EBITDA by 8% to $15.1 million, compared to $14.0 million in the second quarter 2018.
Generated gross timber sales revenue of $16.3 million, compared to $17.7 million in second quarter 2018, an 8% decrease resulting primarily from a 12% reduction in timber sales volumes, which was mitigated by a 4% increase in average per-ton gross timber sales revenue due to realizing higher timber pricing.
Sold approximately 4,000 acres of timberlands for $8.2 million, compared to 3,100 acres for $6.8 million during second quarter 2018.
Completed a $5.5 million timberland disposition to recycle capital, which paid down $5.3 million in debt after quarter end.
Earned $2.8 million in asset management fees, primarily from Triple T.
Paid a dividend of $0.135 per share to stockholders on June 14, 2019.


The following information was filed by Catchmark Timber Trust, Inc. (CTT) on Thursday, August 1, 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 - 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 - Employees - Narrative (Details)
Stock-Based Compensation - Stock-Based Compensation Expense - Narrative (Details)
Stock-Based Compensation - Summary Of Stock-Based Compensation Expense (Details)
Stock-Based Compensation Stock-Based Compensation - Fair Value Assumptions (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)

Material Contracts, Statements, Certifications & more

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

Ticker: CTT
CIK: 1341141
Form Type: 10-Q Quarterly Report
Accession Number: 0001341141-19-000071
Submitted to the SEC: Thu Oct 31 2019 12:04:42 PM EST
Accepted by the SEC: Thu Oct 31 2019
Period: Monday, September 30, 2019
Industry: Real Estate Investment Trusts

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