Catchmark Timber Trust, Inc. (CTT) 10-Q Quarterly Report May 2021

• Higher timber prices — both in the U.S. South and Pacific Northwest — drove an 11% increase in timber sales revenue and a 4% increase in Harvest EBITDA.

• CatchMark’s realized U.S. South pulpwood and sawtimber stumpage prices were 8% and 9% higher, respectively, compared to prior year quarter, outpacing 3% and 4% increases in U.S. South-wide average prices for the same period.

• The company’s Pacific Northwest delivered sawtimber price increased 15% year-over-year due to continued strong demand fundamentals.

• Net loss improved by 87% to $0.6 million driven by increased total revenues and lower expenses.

• Adjusted EBITDA of $12.9 million was comparable to prior year quarter despite a 12% planned reduction in harvest volumes and 40% fewer acres sold.

• Results again validate the company’s business model which focuses on owning prime timberlands in leading mill markets and optimizing harvest operations through delivered wood sales, supplemented by opportunistic stumpage sales.

ATLANTA – May 6, 2021 –

CatchMark Timber Trust, Inc. (NYSE: CTT) today reported first quarter 2021 results. The company also declared a cash dividend of $0.135 per share for its common stockholders of record as of May 28, 2021, payable on June 15, 2021.

Brian M. Davis, CatchMark's Chief Executive Officer, said: “Low interest rates, strong housing market demand and increased home remodeling together with the significant ramp up in mill production after 2020 pandemic-related slowdowns, resulted in higher timber prices during the quarter. CatchMark’s prime timberlands in superior mill markets continued to outperform, capturing pricing for pulpwood and sawtimber in the U.S. South significantly above TimberMart-South averages as well as a significant sawtimber price increase in the Pacific Northwest. Investment management results improved due to contributions from Dawsonville Bluffs and last year’s renegotiated Triple T asset management agreement. Per-acre timberland sales pricing increased significantly, and we are on track to complete a substantial number of sales in the second quarter. As planned, harvest volumes during the quarter were lower year-over-year. Harvest volumes remain on track to meet full-year guidance, as we maintain consistent annual productivity on a per-acre basis with the potential to sustain current strong timber prices.”

FIRST QUARTER 2021 RESULTS

The following table summarizes the current quarter and comparable prior year period results:

The following information was filed by Catchmark Timber Trust, Inc. (CTT) on Thursday, May 6, 2021 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 - 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, asset management fees, and distributions from unconsolidated joint ventures, and from other capital raising activities, including large dispositions, proceeds from secured or unsecured financings from banks and other lenders; and public offerings of equity or debt securities.

Revenue - Product Highlight
Timber sales revenue increased primarily due to improved pricing across the board and higher harvest volume in the Pacific Northwest.
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.
Revenue - Product Highlight
We generated these improvements in total revenues, net loss and Adjusted EBITDA on the strength of improved timber 31 Table of Contents and timberland pricing and despite reducing our harvest volume by 12% and selling 40% fewer acres, each as compared to the prior year quarter.
Financial - Expense Highlight
Adjusted EBITDA does not reflect the cash requirements necessary to fund post-employment benefits or transaction costs related to acquisitions, investments, joint ventures or new business initiatives, which may be substantial.
Financial - Shares
Share Repurchase Program On August...Read more
Other - Other
Our delivered sawtimber price increased...Read more
Revenue - Product
During the first quarter of...Read more
Financial - Shares
As of March 31, 2021,...Read more
Revenue - Product
Our results of operations are...Read more
Revenue - Product
We generated $4.9 million in...Read more
Revenue - Product
During the quarter, we took...Read more
Revenue - Product
We recognized asset management fee...Read more
Financial - Expense
(6)Includes certain cash expenses paid,...Read more
Other - Other
Short-Term Liquidity and Capital Resources...Read more
Financial - Expense
General and administrative expenses decreased...Read more
Financial - Debt
We also continue to evaluate...Read more
Revenue - Product
On May 7, 2020, we...Read more
Financial - Cash Flow
Therefore, to the extent that...Read more
Other - Other
Investment Management EBITDA increased by...Read more
Other - Other
Projections under these circumstances are...Read more
Revenue - Product
This increase was achieved despite...Read more
Financial - Expense
35 Table of Contents Our...Read more
Financial - Debt
Our active debt and interest...Read more
Financial - Shares
Shelf Registration Statement and Equity...Read more
Financial - Debt
In the first quarter of...Read more
Financial - Cash Flow
With respect to liquidity, we...Read more
Financial - Cash Flow
We believe that we have...Read more
Financial - Debt
Debt Covenants As of March...Read more
Other - Other
Gain on large dispositions....Read more
Financial - Dividend
(5)Reflects one-time, non-recurring post-employment benefits...Read more
Revenue - Product
In the first quarter of...Read more
Financial - Income
Our Investment Management segment includes...Read more
Revenue - Product
We continue to leverage our...Read more
Other - Other
Management believes that opportunistic repurchases...Read more
Financial - Expense
Interest expense decreased $1.0 million...Read more
Other - Other
Merchantable timber inventory does not...Read more
Financial - Dividend
On May 6, 2021, we...Read more
Financial - Expense
Contract logging and hauling costs...Read more
Revenue - Product
Our realized pulpwood and sawtimber...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 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: 0001341141-21-000034
Submitted to the SEC: Thu May 06 2021 4:06:50 PM EST
Accepted by the SEC: Thu May 06 2021
Period: Wednesday, March 31, 2021
Industry: Real Estate Investment Trusts