CatchMark Timber Trust, Inc. (CTT) saw its loss widen to $2.90 million, or $0.07 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $1.94 million, or $0.05 a share. Revenue during the quarter grew 3.86 percent to $18.31 million from $17.63 million in the previous year period.
Cost of revenue dropped 9.34 percent or $0.74 million during the quarter to $7.22 million. Gross margin for the quarter expanded 574 basis points over the previous year period to 60.57 percent.
Total expenses were $19.33 million for the quarter, up 3.39 percent or $0.63 million from year-ago period. Operating margin for the quarter stood at negative 5.58 percent as compared to a negative 6.06 percent for the previous year period.
Operating loss for the quarter was $1.02 million, compared with an operating loss of $1.07 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $7.16 million compared with $8.76 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1058 basis points in the quarter to 39.13 percent from 49.71 percent in the last year period.
Jerry Barag, CatchMarks president and chief executive officer, said: "Over the course of the past year we have been carefully and successfully managing our harvest mix to take advantage of weather conditions and deal with market variables, while expeditiously integrating recent acquisitions. We have benefited from recent expansion into new mill markets with some of the highest pulpwood pricing in the South, but intermittent wet weather over the course of the year has presented temporary challenges which we successfully navigated throughout the quarter. We remain extremely well positioned to meet the objectives of our growth strategy, including providing recurring dividends and sustainable productivity over the long term."
Operating cash flow improvesCatchMark Timber Trust, Inc. has generated cash of $27.25 million from operating activities during the nine month period, up 14.70 percent or $3.49 million, when compared with the last year period. The company has spent $115.60 million cash to meet investing activities during the nine month period as against cash outgo of $30.17 million in the last year period.
Cash flow from financing activities was $94.14 million for the nine month period, up 22,368.50 percent or $93.72 million, when compared with the last year period.
Cash and cash equivalents stood at $13.82 million as on Sep. 30, 2016, up 21.53 percent or $2.45 million from $11.37 million on Sep. 30, 2015.
Receivables increase substantially
Net receivables were at $3.80 million as on Sep. 30, 2016, up 72.24 percent or $1.59 million from year-ago.
Total assets grew 22.19 percent or $125.70 million to $692.20 million on Sep. 30, 2016. On the other hand, total liabilities were at $306.40 million as on Sep. 30, 2016, up 109.03 percent or $159.82 million from year-ago.
Return on assets for the quarter stood at negative 0.15 percent as compared to a negative 0.19 percent for the previous year period. Return on equity for the quarter stood at negative 0.75 percent as compared to a negative 0.46 percent for the previous year period.
Debt increases substantiallyTotal debt was at $294.11 million as on Sep. 30, 2016, up 113.12 percent or $156.11 million from year-ago. Shareholders equity stood at $385.80 million as on Sep. 30, 2016, down 8.13 percent or $34.12 million from year-ago. As a result, debt to equity ratio went up 43 basis points to 0.76 percent in the quarter. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
