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Catchmark Timber Trust, Inc. (CTT) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

Catchmark Timber Trust, Inc.

CIK: 1341141 Ticker: CTT
Exhibit 99.1
catchmarkrgba111.jpg


FOR IMMEDIATE RELEASE   

CatchMark Announces First Quarter 2020 Results, Declares Second Quarter Dividend

ATLANTA — May 4, 2020
— CatchMark Timber Trust, Inc. (NYSE: CTT) today reported strong first quarter 2020 year-over-year results, including a substantial increase in total revenues, a large decrease in net loss, and a significant increase in Adjusted EBITDA. These results exceeded company expectations and were not materially affected by COVID-19 related impacts. The company also declared a cash dividend of $0.135 per share for its common stockholders of record on May 29, 2020, payable on June 15, 2020.

Brian M. Davis, CatchMark’s Chief Executive Officer, said: “We remain focused on owning prime timberlands in high-demand mill markets and managing our operations to generate predictable and stable cash flow throughout the business cycle. To date, our operations in the field have not been materially impacted by the pandemic and we are working to ensure necessary social distancing for the safety of all our employees, customers, vendors and business associates. We also continue to maintain frequent communications and connectivity with our customers to work through their supply chain needs and stay flexible to meet changes in demand.”

First Quarter 2020 Results Highlights

CatchMark's first quarter 2020 operating results included:

Increased revenues by 19% to $27.0 million, compared to $22.6 million in first quarter 2019.
Decreased net loss to $4.2 million, compared to $30.4 million in first quarter 2019, primarily due to a $27.5 million decrease in losses allocated from the Triple T joint venture.
Increased Adjusted EBITDA by 27% to $12.9 million, compared to $10.2 million in first quarter 2019.
Increased timber sales revenue by 10% to $18.2 million, net timber revenues by 18% to $10.9 million and Harvest EBITDA by 19% to $8.6 million compared to first quarter 2019. These gains were driven by higher harvest volumes.
Increased harvest volume in the U.S. South by 18% to 569,940 tons, driven by opportunistic stumpage sales.
Increased Pacific Northwest harvest volume to 25,000 tons from 4,800 tons in first quarter 2019.
Generated $3.0 million in asset management fee revenues from the Triple T and Dawsonville Bluffs joint ventures, including an incentive-based promote for Dawsonville Bluffs for exceeding investment return hurdles.
Sold 3,000 acres of timberlands for $4.8 million, compared to 900 acres for $2.1 million in first quarter 2019. The lower year-over-year, per-acre sales price resulted from lower average


The following information was filed by Catchmark Timber Trust, Inc. (CTT) on Monday, May 4, 2020 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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Definitive Proxy Statement (Form DEF 14A)
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Catchmark Timber Trust, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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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 Loss
Consolidated Statements Of Equity (Unaudited)
Consolidated Statements Of Equity (Unaudited) (Parenthetical)
Consolidated Statements Of Operations
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Operating Lease Future Annual Payments (Details)
Commitments And Contingencies - Operating Lease Future Annual Payments, Ltc Lease (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 Dividends - Narrative (Details)
Notes Payable And Lines Of Credit - Patronage Dividends - Schedule Of Patronage Dividend 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 - Accelerated Vesting Of Former Ceo's Outstanding Equity Awards - Narrative (Details)
Stock-Based Compensation - Fair Value Assumptions (Details)
Stock-Based Compensation - Performance-Based Ltip Units Grants - Narrative (Details)
Stock-Based Compensation - Performance-Based Restricted Stock Grants - Narrative (Details)
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)
Subsequent Events
Subsequent Events - Narrative (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Narrative (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 Sales And Large Dispositions (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 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: 0001341141-20-000032
Submitted to the SEC: Mon May 04 2020 4:15:55 PM EST
Accepted by the SEC: Mon May 04 2020
Period: Tuesday, March 31, 2020
Industry: Real Estate Investment Trusts

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