CatchMark Timber Trust (CTT) saw its loss widen to $1.98 million, or $0.05 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $0.59 million, or $0.02 a share.
Revenue during the quarter dropped 14.92 percent to $23.12 million from $27.18 million in the previous year period.
Cost of revenue dropped 20.03 percent or $2.83 million during the quarter to $11.29 million. Gross margin for the quarter expanded 312 basis points over the previous year period to 51.17 percent.
Total expenses were $22.56 million for the quarter, down 14.91 percent or $3.95 million from year-ago period. Operating margin for the quarter contracted 1 basis points over the previous year period to 2.45 percent.
Operating income for the quarter was $0.57 million, compared with $0.67 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $10.61 million compared with $16.10 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1332 basis points in the quarter to 45.90 percent from 59.22 percent in the last year period.
Jerry Barag, CatchMark’s president and chief executive officer said, "For 2017, CatchMark remains very much on track to meet our operating plan in all respects, in addition to executing a new joint venture with an institutional partner, which we announced last week. Last year’s wet winter weather conditions had presented a unique opportunity to push forward planned harvests for the year, which boosted first quarter 2016 results accordingly and made this quarter’s performance appear somewhat weaker in comparison."
Operating cash flow drops significantlyCatchMark Timber Trust has generated cash of $8.31 million from operating activities during the quarter, down 43.76 percent or $ 6.46 million, when compared with the last year period. The company has spent $3.17 million cash to meet investing activities during the quarter as against cash outgo of $13.24 million in the last year period.
The company has spent $6.50 million cash to carry out financing activities during the quarter as against cash inflow of $4.76 million in the last year period.
Cash and cash equivalents stood at $7.74 million as on Mar. 31, 2017, down 45.92 percent or $6.57 million from $14.31 million on Mar. 31, 2016.
Receivables move up
Net receivables were at $2.40 million as on Mar. 31, 2017, up 10.76 percent or $0.23 million from year-ago.
Total assets grew 16.23 percent or $97.90 million to $701.12 million on Mar. 31, 2017. On the other hand, total liabilities were at $328.35 million as on Mar. 31, 2017, up 63.14 percent or $127.08 million from year-ago.
Return on assets moved down 3 basis points to 0.08 percent in the quarter. Return on equity for the quarter stood at negative 0.53 percent as compared to a negative 0.15 percent for the previous year period.
Debt increases substantiallyTotal debt was at $320.98 million as on Mar. 31, 2017, up 65.91 percent or $127.52 million from year-ago. Shareholders equity stood at $372.76 million as on Mar. 31, 2017, down 7.26 percent or $29.19 million from year-ago. As a result, debt to equity ratio went up 38 basis points to 0.86 percent in the quarter.
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