ATLANTA, Aug. 2, 2018 /PRNewswire/ -- Following last
month's closing of the $1.39 billion
Triple T Timberlands joint venture tripling the number of acres
under its management, CatchMark Timber Trust, Inc. (NYSE:
CTT) reported strong second quarter performance from its
operations, including its investment in the Dawsonville Bluffs
joint venture. As a result of the Triple T transaction, the company
also announced a 10% to 12% increase in its forecast for full-year
2018 Adjusted EBITDA into a range of between $47 million and $53
million.
In addition, CatchMark declared a cash dividend of $0.135 per share for its common stockholders of
record on August 30, 2018, payable on
September 14, 2018.
Results Overview
Second quarter 2018 CatchMark
operating results included:
- Generated revenues of $26.2
million, compared to $26.8
million in second quarter 2017, primarily a result of lower
year-over-year timberland sales.
- Incurred a net loss of $1.5
million on a GAAP basis, compared to $2.5 million in the second quarter 2017, an
improvement of 39%.
- Realized Adjusted EBITDA of $14.0
million, compared to $14.3
million in the second quarter 2017.
- Increased gross timber sales revenue by approximately 2% to
$17.7 million on timber sales volume
of 0.6 million tons, a decrease of 4% from prior year in accordance
with management's harvest plan.
- Sold approximately 3,100 acres of timberlands for $6.8 million, compared to 4,000 acres for
$7.9 million during second quarter
2017.
- Recognized $0.7 million of income
from the Dawsonville Bluffs joint venture, generated primarily
through sales of mitigation bank credits.
- Paid a dividend of $0.135 per
share to stockholders on June 15,
2018.
In early July just after the end of the second quarter,
CatchMark led a consortium of institutional investors in completing
the acquisition of 1.1 million acres of prime East Texas timberlands, known as Triple T
Timberlands, for $1.39 billion.
CatchMark serves as the asset manager for the acquired
timberlands.
CatchMark President and CEO Jerry
Barag, said: "As part of our management plan we delayed some
harvests from our core properties to future periods when we expect
a better pricing environment and generated strong returns from our
joint venture strategy in Dawsonville Bluffs, which buttressed our
overall results. Harvests from strong local markets in which we
operate generated pulpwood stumpage prices 8% above our results a
year ago with the Coastal Georgia acquisition from fourth quarter
2017 making an important contribution. Our tactical harvest
decisions and increased delivered sales as a percentage of overall
sales helped increase timber sales revenue despite the lower
harvest volume. In turn, returns from favorable sales of mitigation
bank credits in Dawsonville Bluffs helped boost bottom-line
results. Lower timberland sales during the quarter were a matter of
timing, and we remain very much on track to meet our full-year
forecast for timberland sales with additional transactions in the
third and fourth quarters."
Barag added: "Going forward, our $200
million investment in Triple T Timberlands has significantly
expanded our fee-based investment management business as well as
provided CatchMark extremely high-quality timberlands, enhancing
our overall portfolio of premium assets, which we believe is the
highest quality in the industry. John
Rasor, heading Triple T operations, and Todd Reitz, now overseeing our core portfolio,
have worked in concert to help execute an extremely smooth
management transition to maintain our performance momentum. As a
result, we expect to register solid gains in company operations and
have adjusted our full year guidance accordingly."
Results for Three Months and Six Months Ending June 30, 2018
CatchMark revenues of
$26.2 million for the three months
ended June 30, 2018 were consistent
with the three months ended June 30,
2017 primarily due to a $1.1
million decrease in timberland sales revenue, offset by a
$0.4 million increase in timber sales
revenue and a $0.2 million increase
in other revenues. Timberland sales decreased due to selling fewer
acres, offset by a 10% increase in per acre sales price. Gross
timber sales revenue increased 2% primarily as a result of a 6%
increase in delivered sales volume and higher pulpwood pricing,
offsetting lower harvest volume. Net loss decreased to $1.5 million for the three months ended
June 30, 2018 from $2.5 million for the three months ended
June 30, 2017 primarily due to a
$0.8 million increase in income from
the Dawsonville Bluffs joint venture.
|
Three Months
Ended
June 30, 2017
|
|
Changes
attributable to:
|
|
Three Months
Ended
June 30, 2018
|
(in
thousands)
|
|
Price/Mix
|
|
Volume
|
|
Timber sales
(1)
|
|
|
|
|
|
|
|
Pulpwood
|
$
|
9,191
|
|
|
$
|
261
|
|
|
$
|
88
|
|
|
$
|
9,540
|
|
Sawtimber
(2)
|
8,196
|
|
|
(114)
|
|
|
123
|
|
|
8,205
|
|
|
$
|
17,387
|
|
|
$
|
147
|
|
|
$
|
211
|
|
|
$
|
17,745
|
|
(1)
Timber sales are presented on a gross basis.
|
(2)
Includes chip-n-saw and sawtimber.
|
Revenues increased to $50.4
million for the six months ended June
30, 2018 from $50.0 million
for the six months ended June 30,
2017 due primarily to an increase in timber sales revenue of
$2.5 million, offset by a
$2.3 million decrease in timberland
sales revenue due to selling fewer acres. Gross timber sales
revenue increased 7% primarily as a result of a 4% increase in
harvest volume and a 5% increase in delivered sales as a percentage
of total volume. Net loss increased to $4.9
million for the six months ended June
30, 2018 from $4.4 million for
the six months ended June 30, 2017
primarily due to the $1.5 million
increase in interest expense and the $1.7
million increase in operating loss as a result of lower
timberland sales, offset by the $2.7
million increase in income from the Dawsonville Bluffs joint
venture.
|
Six Months
Ended
June 30, 2017
|
|
Changes
attributable to:
|
|
Six Months
Ended
June 30, 2018
|
(in
thousands)
|
|
Price/Mix
|
|
Volume
|
|
Timber sales
(1)
|
|
|
|
|
|
|
|
Pulpwood
|
$
|
17,464
|
|
|
$
|
(385)
|
|
|
$
|
2,125
|
|
|
$
|
19,204
|
|
Sawtimber
(2)
|
16,415
|
|
|
798
|
|
|
(19)
|
|
|
17,194
|
|
|
$
|
33,879
|
|
|
$
|
413
|
|
|
$
|
2,106
|
|
|
$
|
36,398
|
|
(1)
Timber sales are presented on a gross basis.
|
(2)
Includes chip-n-saw and sawtimber.
|
Adjusted EBITDA
The discussion below is intended to
enhance the reader's understanding of our operating performance and
ability to satisfy lender requirements. EBITDA is a non-GAAP
financial measure of operating performance. EBITDA is defined by
the SEC as earnings before interest, taxes, depreciation and
amortization; however, we have excluded certain other expenses
which we believe are not indicative of the ongoing operating
results of our timberland portfolio, and we refer to this measure
as Adjusted EBITDA (see the reconciliation table below). As such,
our Adjusted EBITDA may not be comparable to similarly titled
measures reported by other companies. Due to the significant amount
of timber assets subject to depletion and the significant amount of
financing subject to interest and amortization expense, management
considers Adjusted EBITDA to be an important measure of our
financial performance. By providing this non-GAAP financial
measure, together with the reconciliation below, we believe we are
enhancing investors' understanding of our business and our ongoing
results of operations, as well as assisting investors in evaluating
how well we are executing our strategic initiatives. Items excluded
from Adjusted EBITDA are significant components in understanding
and assessing financial performance. Adjusted EBITDA is a
supplemental measure of operating performance that does not
represent and should not be considered in isolation or as an
alternative to, or substitute for net income, cash from operations,
or other financial statement data presented in accordance with GAAP
in our consolidated financial statements as indicators of our
operating performance. Adjusted EBITDA has limitations as an
analytical tool and should not be considered in isolation or as a
substitute for analysis of our results as reported under U.S. GAAP.
Some of the limitations are:
- Adjusted EBITDA does not reflect our capital expenditures, or
our future requirements for capital expenditures;
- Adjusted EBITDA does not reflect changes in, or our interest
expense or the cash requirements necessary to service interest or
principal payments on, our debt; and
- Although depletion is a non-cash charge, we will incur expenses
to replace the timber being depleted in the future, and Adjusted
EBITDA does not reflect all cash requirements for such
expenses.
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. Our credit agreement contains
a minimum debt service coverage ratio based, in part, on Adjusted
EBITDA since this measure is representative of adjusted income
available for interest payments. We further believe that our
presentation of this non-GAAP financial measurement provides
information that is useful to analysts and investors because they
are important indicators of the strength of our operations and the
performance of our business.
For the three months ended June 30,
2018, Adjusted EBITDA was $14.0
million, consistent with the three months ended June 30, 2017 primarily due to a $1.4 million decrease in net timberland sales,
offset by $1.4 million of Adjusted
EBITDA from the Dawsonville Bluffs joint venture.
For the six months ended June 30,
2018, Adjusted EBITDA was $28.9
million, a $4.0 million
increase from the six months ended June 30,
2017, primarily due to $6.5
million of Adjusted EBITDA from the Dawsonville Bluffs joint
venture and a $1.0 million increase
in net timber sales, offset by a $2.6
million decrease in net timberland sales.
Our reconciliation of net loss to Adjusted EBITDA for the three
months and six months ended June 30,
2018 and 2017 follows:
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
(in
thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net loss
|
$
|
(1,593)
|
|
|
$
|
(2,466)
|
|
|
$
|
(4,978)
|
|
|
$
|
(4,445)
|
|
Add:
|
|
|
|
|
|
|
|
Depletion
|
6,598
|
|
|
7,208
|
|
|
13,660
|
|
|
13,246
|
|
Basis of timberland
sold, lease terminations and other (1)
|
4,932
|
|
|
5,864
|
|
|
7,788
|
|
|
9,400
|
|
Amortization
(2)
|
314
|
|
|
349
|
|
|
2,039
|
|
|
653
|
|
Depletion,
amortization, and basis of timberland and mitigation credits sold
included in income from unconsolidated joint venture
(3)
|
590
|
|
|
3
|
|
|
3,846
|
|
|
3
|
|
Stock-based
compensation expense
|
796
|
|
|
918
|
|
|
1,561
|
|
|
1,338
|
|
Interest expense
(2)
|
2,378
|
|
|
2,419
|
|
|
4,959
|
|
|
4,713
|
|
Other
(4)
|
—
|
|
|
16
|
|
|
35
|
|
|
20
|
|
Adjusted
EBITDA
|
$
|
14,015
|
|
|
$
|
14,311
|
|
|
$
|
28,910
|
|
|
$
|
24,928
|
|
|
|
(1)
|
Includes non-cash
basis of timber and timberland assets written-off related to
timberland sold, terminations of timberland leases and casualty
losses.
|
(2)
|
For the purpose of
the above reconciliation, amortization includes amortization of
deferred financing costs, amortization of intangible lease assets,
and amortization of mainline road costs, which are included in
either interest expense, land rent expense, or other operating
expenses in the accompanying consolidated statements of
operations.
|
(3)
|
Reflects our share of
depletion, amortization, and basis of timberland and mitigation
credits sold of the unconsolidated Dawsonville Bluffs joint
venture.
|
(4)
|
Includes certain cash
expenses that management believes do not directly reflect the core
business operations of our timberland portfolio on an on-going
basis, including costs required to be expensed by GAAP related to
acquisitions transactions, joint ventures or new business
initiatives.
|
Revised 2018 Guidance and Outlook
With the closing of
the Triple T Timberlands transaction, CatchMark anticipates a
full-year GAAP net loss of $208
million to $214 million as a
result of loss allocations from the unconsolidated Triple T joint
venture in accordance with the provisions of the joint venture
agreement, which are different than stated ownership percentage. As
a result of transaction costs and distribution preferences,
non-cash GAAP losses from the unconsolidated Triple T joint venture
are anticipated to equal the initial investment in the joint
venture in the near term. Management expects to adjust for such
non-cash losses in its non-GAAP financial measures, including
Adjusted EBITDA, as they are based on a hypothetical liquidation
scenario and are based on book value rather than fair value.
Barag said: "Based on our solid first half results, the strong
performance of the Dawsonville Bluffs joint venture, asset
management fees from the Triple T joint venture and our
expectations for the balance of the year, we now anticipate 2018
full-year Adjusted EBITDA of $47
million to $53 million. We
continue to expect harvest volumes, harvest mix and land sales
in-line with our prior guidance."
See the table below containing CatchMark's original and revised
2018 projections.
Company
Guidance
|
Revised Projected
2018
|
|
Original Projected
2018
|
|
Change
$
|
|
Change
%
|
|
2017
Actual
|
|
|
|
|
|
|
|
|
|
|
Harvest Volume
(Tons)
|
2.0M -
2.3M
|
|
2.0M -
2.3M
|
|
—
|
|
—
|
|
2.4M
|
Mix -
Pulpwood
|
50% -
60%
|
|
50% - 60%
|
|
—
|
|
—
|
|
61%
|
Mix -
Sawtimber
|
40% -
50%
|
|
40% - 50%
|
|
—
|
|
—
|
|
39%
|
Land Sales
|
$16M -
$18M
|
|
$16M -
$18M
|
|
—
|
|
—
|
|
$14.8M
|
GAAP Net
Loss
|
$208M -
$214M
|
|
$12M -
$15M
|
|
$196M -
$199M
|
|
1,307% -
1,658%
|
|
$13.5M
|
Adjusted
EBITDA
|
$47M -
$53M
|
|
$42M -
$48M
|
|
$5M
|
|
10% - 12%
|
|
$42M
|
Income from
Unconsolidated
Dawsonville Bluffs joint venture
(1)
|
$2M -
$4M
|
|
$1M - $3M
|
|
$1M
|
|
33% - 100%
|
|
$1.1M
|
Adjusted EBITDA
from
unconsolidated Dawsonville
Bluffs joint venture (2)
|
$7M -
$9M
|
|
$5M - $7M
|
|
$2M
|
|
29% - 40%
|
|
$2M
|
|
|
(1)
|
Income from
unconsolidated Dawsonville Bluffs joint venture represents
CatchMark's 50% share and is included in CatchMark's GAAP net loss
presented above.
|
(2)
|
Adjusted EBITDA from
unconsolidated Dawsonville Bluffs joint venture represents
CatchMark's 50% share and is included in CatchMark's Adjusted
EBITDA presented above.
|
Conference Call/Webcast
The company will host a
conference call and live webcast at 10 a.m. ET on Friday, August 3, 2018 to discuss these results.
Investors may listen to the conference call by dialing
1-888-347-1165 for U.S/Canada and
1-412-902-4276 for international callers. Participants should
ask to be joined into the CatchMark call. Access to the live
webcast will be available at www.catchmark.com. A replay of
this webcast will be archived on the company's website shortly
after the call.
About CatchMark
CatchMark Timber Trust, Inc. (NYSE:
CTT) is a self-administered and self-managed, publicly-traded
timberland REIT that strives to deliver superior risk-adjusted
returns for all stakeholders through disciplined acquisitions,
sustainable harvests, well-timed real estate sales and investment
management. Headquartered in Atlanta and focused exclusively on timberland
ownership and management, CatchMark began operations in 2007 and
owns interests in approximately 1.6 million acres* of timberlands
located in Alabama, Florida, Georgia, Louisiana, North
Carolina, South Carolina,
Tennessee and Texas. For more information, visit
www.catchmark.com.
* As of July 6, 2018
Forward-Looking Statements
This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, as amended. Such forward-looking statements
can generally be identified by our use of forward-looking
terminology such as "may," "will," "expect," "intend,"
"anticipate," "estimate," "believe," "continue," or other similar
words. However, the absence of these or similar words or
expressions does not mean that a statement is not forward-looking.
Forward-looking statements are not guarantees of performance and
are based on certain assumptions, discuss future expectations,
describe plans and strategies, contain projections of results of
operations or of financial condition or state other forward-looking
information. Forward-looking statements in this report relate to
anticipated delivery of income, value and long-term returns through
sustainable harvests, well-timed sales, selective acquisitions,
joint ventures and related fee-based asset management business; and
financial outlook and guidance for full-year 2018 and beyond.
Forward-looking statements related to the Triple T Timberlands
transaction include, but are not limited to, statements about the
expected benefits of the transaction, including anticipated
financial and operating results and future returns to stockholders
of the company. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those contemplated by our forward-looking statements.
Forward-looking statements related to the Triple T Timberlands
transaction include, but are not limited to, the risks that the
acquired assets and operations may not be integrated successfully
or integration costs may be higher than anticipated; the expected
benefits of and of and growth from the transaction may not be fully
realized or may take longer to realize than expected; the diversion
of management time on integration-related matters; the potential
impact of the consummation of the transaction on relationships with
customers, suppliers, competitors, and management and other
employees; and litigation risks related to the transaction. With
respect to the ongoing business of the company, these risks and
uncertainties include, but are not limited to, (i) we may not
generate the harvest volumes from our timberlands that we currently
anticipate; (ii) the demand for our timber may not increase at the
rate we currently anticipate or at all due to changes in general
economic and business conditions in the geographic regions where
our timberlands are located; (iii) the cyclical nature of the real
estate market generally, including fluctuations in demand and
valuations, may adversely impact our ability to generate income and
cash flow from sales of higher-and-better use properties; (iv)
timber prices may not increase at the rate we currently anticipate
or could decline, which would negatively impact our revenues; (v)
the supply of timberlands available for acquisition that meet our
investment criteria may be less than we currently anticipate; (vi)
we may be unsuccessful in winning bids for timberland that are sold
through an auction process; (vii) we may not be able to access
external sources of capital at attractive rates or at all; (viii)
potential increases in interest rates could have a negative impact
on our business; (ix) our share repurchase program may not be
successful in improving stockholder value over the long-term; (x)
our joint venture strategy may not enable us to access non-dilutive
capital and enhance our ability to make acquisitions; and (xi) the
factors described in Item 1A. Risk Factors of our Annual Report on
Form 10-K for the fiscal year ended December
31, 2017, and our other filings with the Securities and
Exchange Commission. Accordingly, readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. We undertake no
obligation to update our forward-looking statements, except as
required by law.
CATCHMARK TIMBER
TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands,
except for per-share amounts)
|
|
|
(Unaudited)
Three Months
Ended
June 30,
|
|
(Unaudited)
Six Months
Ended
June 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Revenues:
|
|
|
|
|
|
|
|
Timber
sales
|
$
|
17,745
|
|
|
$
|
17,387
|
|
|
$
|
36,398
|
|
|
$
|
33,879
|
|
Timberland
sales
|
6,834
|
|
|
7,953
|
|
|
11,086
|
|
|
13,403
|
|
Other
revenues
|
1,670
|
|
|
1,496
|
|
|
2,869
|
|
|
2,679
|
|
|
26,249
|
|
|
26,836
|
|
|
50,353
|
|
|
49,961
|
|
Expenses:
|
|
|
|
|
|
|
|
Contract logging and
hauling costs
|
7,959
|
|
|
7,560
|
|
|
16,541
|
|
|
14,981
|
|
Depletion
|
6,598
|
|
|
7,208
|
|
|
13,660
|
|
|
13,246
|
|
Cost of timberland
sales
|
5,233
|
|
|
5,632
|
|
|
8,380
|
|
|
9,495
|
|
Forestry management
expenses
|
1,422
|
|
|
1,724
|
|
|
3,252
|
|
|
3,137
|
|
General and
administrative expenses
|
3,173
|
|
|
2,742
|
|
|
6,118
|
|
|
5,220
|
|
Land rent
expense
|
176
|
|
|
156
|
|
|
337
|
|
|
306
|
|
Other operating
expenses
|
1,445
|
|
|
1,453
|
|
|
2,841
|
|
|
2,648
|
|
|
26,006
|
|
|
26,475
|
|
|
51,129
|
|
|
49,033
|
|
Operating
loss
|
243
|
|
|
361
|
|
|
(776)
|
|
|
928
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest
income
|
96
|
|
|
26
|
|
|
160
|
|
|
37
|
|
Interest
expense
|
(2,553)
|
|
|
(2,726)
|
|
|
(6,804)
|
|
|
(5,283)
|
|
|
(2,457)
|
|
|
(2,700)
|
|
|
(6,644)
|
|
|
(5,246)
|
|
|
|
|
|
|
|
|
|
Net loss before
unconsolidated joint venture
|
(2,214)
|
|
|
(2,339)
|
|
|
(7,420)
|
|
|
(4,318)
|
|
Income (loss) from
unconsolidated joint venture
|
709
|
|
|
(127)
|
|
|
2,530
|
|
|
(127)
|
|
Net
loss
|
$
|
(1,505)
|
|
|
$
|
(2,466)
|
|
|
$
|
(4,890)
|
|
|
$
|
(4,445)
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding - basic and diluted
|
49,104
|
|
|
38,804
|
|
|
46,755
|
|
|
38,787
|
|
|
|
|
|
|
|
|
|
Net loss per-share
- basic and diluted
|
$
|
(0.03)
|
|
|
$
|
(0.06)
|
|
|
$
|
(0.10)
|
|
|
$
|
(0.11)
|
|
CATCHMARK TIMBER
TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS (UNAUDITED)
(in thousands,
except for per-share amounts)
|
|
|
(Unaudited)
June 30,
2018
|
|
December 31,
2017
|
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
12,096
|
|
|
$
|
7,805
|
|
Accounts
receivable
|
3,494
|
|
|
4,575
|
|
Prepaid expenses and
other assets
|
48,394
|
|
|
5,436
|
|
Deferred financing
costs
|
368
|
|
|
403
|
|
Timber
assets:
|
|
|
|
Timber and
timberlands, net
|
690,807
|
|
|
710,246
|
|
Intangible lease
assets, less accumulated amortization of $943 and $941 as of June
30, 2018 and December 2017, respectively
|
14
|
|
|
16
|
|
Investment in
unconsolidated joint venture
|
6,977
|
|
|
11,677
|
|
Total
assets
|
$
|
762,150
|
|
|
$
|
740,158
|
|
|
|
|
|
Liabilities:
|
|
|
|
Accounts payable and
accrued expenses
|
$
|
7,178
|
|
|
$
|
4,721
|
|
Other
liabilities
|
4,302
|
|
|
2,969
|
|
Notes payable and
lines of credit, less net deferred financing costs
|
292,945
|
|
|
330,088
|
|
Total
liabilities
|
304,425
|
|
|
337,778
|
|
|
|
|
|
Commitments and
Contingencies
|
—
|
|
|
—
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
Class A common stock,
$0.01 par value; 900,000 shares authorized; 49,129 and 43,425
shares issued and outstanding as of June 30, 2018 and December 31,
2017, respectively
|
491
|
|
|
434
|
|
Additional paid-in
capital
|
730,361
|
|
|
661,222
|
|
Accumulated deficit
and distributions
|
(278,954)
|
|
|
(261,652)
|
|
Accumulated other
comprehensive income
|
5,827
|
|
|
2,376
|
|
Total stockholders'
equity
|
457,725
|
|
|
402,380
|
|
Total liabilities and
stockholders' equity
|
$
|
762,150
|
|
|
$
|
740,158
|
|
CATCHMARK TIMBER
TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
(in
thousands)
|
|
|
(Unaudited)
Three Months
Ended
June 30,
|
|
(Unaudited)
Six Months
Ended
June 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
|
Net loss
|
$
|
(1,505)
|
|
|
$
|
(2,466)
|
|
|
$
|
(4,890)
|
|
|
$
|
(4,445)
|
|
Adjustments to
reconcile net loss to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
Depletion
|
6,598
|
|
|
7,208
|
|
|
13,660
|
|
|
13,246
|
|
Basis of timberland
sold, lease terminations and other
|
4,932
|
|
|
5,864
|
|
|
7,788
|
|
|
9,400
|
|
Stock-based
compensation expense
|
796
|
|
|
918
|
|
|
1,561
|
|
|
1,338
|
|
Noncash interest
expense
|
262
|
|
|
307
|
|
|
1,933
|
|
|
569
|
|
Other
amortization
|
52
|
|
|
42
|
|
|
106
|
|
|
84
|
|
(Income) loss from
unconsolidated joint venture
|
(709)
|
|
|
127
|
|
|
(2,530)
|
|
|
127
|
|
Operating
distributions from unconsolidated joint
venture
|
1,480
|
|
|
—
|
|
|
3,668
|
|
|
—
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
—
|
|
Accounts
receivable
|
(918)
|
|
|
(2,151)
|
|
|
412
|
|
|
(668)
|
|
Prepaid expenses and
other assets
|
(3,529)
|
|
|
329
|
|
|
(3,453)
|
|
|
(69)
|
|
Accounts payable and
accrued expenses
|
(888)
|
|
|
1,302
|
|
|
396
|
|
|
1,109
|
|
Other
liabilities
|
2,805
|
|
|
2,486
|
|
|
1,672
|
|
|
1,580
|
|
Net cash provided by
operating activities
|
9,376
|
|
|
13,966
|
|
|
20,323
|
|
|
22,271
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
Timberland
acquisitions, earnest money deposits and other
|
(31,278)
|
|
|
967
|
|
|
(33,597)
|
|
|
(11)
|
|
Capital expenditures
(excluding timberland acquisitions)
|
(572)
|
|
|
(667)
|
|
|
(2,117)
|
|
|
(2,862)
|
|
Distributions from
unconsolidated joint venture
|
3,562
|
|
|
—
|
|
|
3,562
|
|
|
—
|
|
Investment in
unconsolidated joint venture
|
—
|
|
|
(10,539)
|
|
|
—
|
|
|
(10,539)
|
|
Net cash used in
investing activities
|
(28,288)
|
|
|
(10,239)
|
|
|
(32,152)
|
|
|
(13,412)
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
Proceeds from note
payable
|
30,000
|
|
|
11,000
|
|
|
30,000
|
|
|
11,000
|
|
Repayments of note
payable
|
—
|
|
|
—
|
|
|
(69,000)
|
|
|
—
|
|
Financing costs
paid
|
(8)
|
|
|
(53)
|
|
|
(103)
|
|
|
(83)
|
|
Issuance of common
stock
|
—
|
|
|
—
|
|
|
72,450
|
|
|
—
|
|
Other offering costs
paid
|
(100)
|
|
|
—
|
|
|
(3,590)
|
|
|
—
|
|
Dividends paid to
common stockholders
|
(6,597)
|
|
|
(5,181)
|
|
|
(12,412)
|
|
|
(10,364)
|
|
Repurchase of common
shares under the share
repurchase program
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,036)
|
|
Repurchase of common
shares for minimum tax
withholdings
|
(374)
|
|
|
(59)
|
|
|
(1,225)
|
|
|
(311)
|
|
Net cash provided by
(used in) financing
activities
|
22,921
|
|
|
5,707
|
|
|
16,120
|
|
|
(794)
|
|
Net increase in
cash and cash equivalents
|
4,009
|
|
|
9,434
|
|
|
4,291
|
|
|
8,065
|
|
Cash and cash
equivalents, beginning of period
|
8,087
|
|
|
9,108
|
|
|
7,805
|
|
|
9,108
|
|
Cash and cash
equivalents, end of period
|
$
|
12,096
|
|
|
$
|
18,542
|
|
|
$
|
12,096
|
|
|
$
|
17,173
|
|
CATCHMARK TIMBER
TRUST, INC. AND SUBSIDIARIES
SELECTED DATA
(UNAUDITED)
|
|
|
2018
|
|
2017
|
|
Q1
|
|
Q2
|
|
YTD
|
|
Q1
|
|
Q2
|
|
YTD
|
Timber Sales
Volume ('000 tons)
|
|
|
|
|
|
|
|
|
|
|
|
Pulpwood
|
354
|
|
|
342
|
|
|
696
|
|
|
291
|
|
|
352
|
|
|
643
|
|
Sawtimber
|
221
|
|
|
219
|
|
|
440
|
|
|
220
|
|
|
230
|
|
|
450
|
|
Total
|
575
|
|
|
561
|
|
|
1,136
|
|
|
511
|
|
|
582
|
|
|
1,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delivered % as of
total volume
|
83
|
%
|
|
80
|
%
|
|
82
|
%
|
|
81
|
%
|
|
72
|
%
|
|
76
|
%
|
Stumpage % as of
total volume
|
17
|
%
|
|
20
|
%
|
|
18
|
%
|
|
19
|
%
|
|
28
|
%
|
|
24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net timber
sales price ($ per ton)
|
|
|
|
|
|
|
|
|
|
|
|
Pulpwood
|
$
|
14
|
|
|
$
|
13
|
|
|
$
|
14
|
|
|
$
|
13
|
|
|
$
|
12
|
|
|
$
|
13
|
|
Sawtimber
|
$
|
23
|
|
|
$
|
24
|
|
|
$
|
23
|
|
|
$
|
24
|
|
|
$
|
24
|
|
|
$
|
24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timberland
Sales
|
|
|
|
|
|
|
|
|
|
|
|
Gross Sales
('000)
|
$
|
4,252
|
|
|
$
|
6,834
|
|
|
$
|
11,086
|
|
|
$
|
5,450
|
|
|
$
|
7,953
|
|
|
$
|
13,403
|
|
Acres Sold
|
2,200
|
|
|
3,100
|
|
|
5,300
|
|
|
2,800
|
|
|
4,000
|
|
|
6,800
|
|
Price per
acre
|
$
|
1,955
|
|
|
$
|
2,199
|
|
|
$
2,099
|
|
|
$
|
1,930
|
|
|
$
|
1,993
|
|
|
$
|
1,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timberland
Acquisitions, Exclusive of
Transaction Costs
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Acquisitions ('000)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
20,000
|
|
|
$
|
20,000
|
|
Acres
Acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,031
|
|
|
11,031
|
|
Price per acre
($/acre)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,813
|
|
|
$
|
1,813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period End
Acres ('000)
|
|
|
|
|
|
|
|
|
|
|
|
Fee
|
477
|
|
|
474
|
|
|
474
|
|
|
465
|
|
|
461
|
|
|
461
|
|
Lease
|
31
|
|
|
30
|
|
|
30
|
|
|
32
|
|
|
31
|
|
|
31
|
|
Wholly-owned
total
|
508
|
|
|
504
|
|
|
504
|
|
|
497
|
|
|
492
|
|
|
492
|
|
Joint-venture
interest (1)
|
6
|
|
|
6
|
|
|
6
|
|
|
—
|
|
|
11
|
|
|
11
|
|
Total
|
514
|
|
|
510
|
|
|
510
|
|
|
497
|
|
|
503
|
|
|
503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes property owned by Dawsonville Bluffs, LLC, a joint venture
in which CatchMark Timber Trust owns a 50% member interest and
serves as the sole manager.
|
|
|
|
|
View original content with
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SOURCE CatchMark Timber Trust, Inc.