Catchmark Timber Trust (CTT) Reports Q4 EPS of $0.05, Offers FY15 Guidance

Catchmark Timber Trust, Inc. (NYSE: CTT) reported Q4 EPS of $0.05, versus ($0.43) reported last year. Revenue for the quarter came in at $20.9 million, versus $7.6 million reported last year.

2015 Outlook

CatchMark also announced earnings guidance for full year 2015, expecting Adjusted EBITDA of between $27 million and $31 million up from $23.7 million registered for full year 2014. Harvest volumes are targeted to increase into a range of between 1.7 million and 1.9 million tons, while the harvest volume mix is anticipated to shift to a higher proportion of sawtimber (approximately 45%) and a lower proportion of pulpwood (approximately 55%). Planned land sales are expected to total between $11 million and $13 million. The company projects a net loss of between $13 million and $14 million, primarily resulting from non-cash charges related to depletion driven by the higher harvest volumes and change in product mix.

Barag said: "For 2015, we want to continue on the same highly-disciplined, strategic course which proved successful in 2014, executing on implementing carefully-planned forest management protocols on existing timberlands and acquiring new timberlands which will help improve our product mix, deliver durable earnings, and grow our dividend."

Employing the proceeds from the company's recent refinancing, the company will continue its deliberate growth strategy for new acquisitions, focusing at present in the U.S. South by targeting:

• Markets that demonstrate favorable long-term demand and allow for superior merchandizing to mill customers;
• Timberland properties with superior productivity characteristics from soil attributes and forest genetics which can provide durable harvest revenue and sustain long-term growth; and
• Properties with trees at the right age classes to complement existing holdings and support sustainable harvest volumes.

Barag said: "In expanding what we believe is the industry's highest quality portfolio, we continue to find the best relative value in South "Fiber Basket" markets where the best timber pricing currently exists. On all our timberlands, we look to apply a state-of-the-art forest management regime which can maximize growth, time harvests to meet existing market demand, and ensure high productivity as well as the environmental soundness of our timberlands over the long term."

For earnings history and earnings-related data on Catchmark Timber Trust, Inc. (CTT) click here.

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