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Catchmark Timber Trust, Inc. (CTT) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

SEC Filings

Catchmark Timber Trust, Inc.

CIK: 1341141 Ticker: CTT
Exhibit 99.1
catchmarkrgba111.jpg


FOR IMMEDIATE RELEASE  
CatchMark Reports Second Quarter 2020 Results and Declares Dividend

Continued to benefit from prime timberlands, high-demand mill markets, and superior management to maximize cash flows throughout the business cycle
Achieved higher harvest volumes driven by increased stumpage sales
Renegotiated Triple T’s wood supply agreement with Georgia-Pacific to achieve market-based pricing on timber sales
Increased access to working capital through amended credit agreement
Paid quarterly dividend fully covered by cash from operations

ATLANTA – August 3, 2020 – Managing effectively through pandemic-related disruptions impacting the overall economy,
CatchMark Timber Trust, Inc. (NYSE: CTT) today reported second quarter 2020 results in line with our expectations, which bolstered meeting its full-year operating plan. The company also declared a cash dividend of $0.135 per share for its common stockholders of record on August 31, 2020, payable on September 15, 2020.

Second Quarter and Half Year 2020 Results

For the quarter ended June 30, 2020, CatchMark:

Generated revenues of $21.8 million compared to $28.7 million in second quarter 2019, a decrease primarily related to reduced timberland sales given constraints in completing transactions due to the COVID-19 pandemic.
Decreased net loss on a GAAP basis by $24.4 million to $6.2 million from $30.6 million in second quarter 2019, primarily due to a $26.3 million decrease in losses allocated from the Triple T joint venture.
Generated Adjusted EBITDA of $9.4 million compared to $15.1 million in second quarter 2019, a decrease primarily from reduced timberland sales. For the second quarter, year-over-year Harvest EBITDA increased by 1% to $7.4 million, Real Estate EBITDA decreased by 80% to $1.6 million, and Investment Management EBITDA increased by 1% to $2.8 million.
Produced timber sales revenue of $16.2 million consistent with the $16.3 million generated in second quarter 2019.


The following information was filed by Catchmark Timber Trust, Inc. (CTT) on Monday, August 3, 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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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 (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Loss (Unaudited)
Consolidated Statements Of Equity (Unaudited)
Consolidated Statements Of Equity (Unaudited) (Parenthetical)
Consolidated Statements Of Operations (Unaudited)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Operating Lease Future Annual Payments, Current Year (Details)
Commitments And Contingencies - Operating Lease Future Annual Payments, Ltc Lease (Details)
Commitments And Contingencies - Operating Lease Future Annual Payments, Prior Year (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 - Amended Credit Agreement - 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 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 - Equity Grants To Independent Directors - Narrative (Details)
Stock-Based Compensation - Fair Value Assumptions (Details)
Stock-Based Compensation - Performance-Based Ltip Units Grants To Executive Officers - Narrative (Details)
Stock-Based Compensation - Performance-Based Restricted Stock Grants To Officers - Narrative (Details)
Stock-Based Compensation - Rollforward Of Service-Based Restricted Stock To Employees (Details)
Stock-Based Compensation - Service-Based Restricted Stock Grants To Employees - Narrative (Details)
Stock-Based Compensation - Stock-Based Compensation Expense - Narrative (Details)
Stock-Based Compensation - Summary Of Stock-Based Compensation Expense (Details)
Subsequent Event
Subsequent Event - 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)
Ticker: CTT
CIK: 1341141
Form Type: 10-Q Quarterly Report
Accession Number: 0001341141-20-000075
Submitted to the SEC: Mon Aug 03 2020 4:13:59 PM EST
Accepted by the SEC: Mon Aug 03 2020
Period: Tuesday, June 30, 2020
Industry: Real Estate Investment Trusts

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