CatchMark Timber Trust Raises FY14 Adj. EBITDA Forecast

(RTTNews) - CatchMark Timber Trust Inc. (CTT) announced that it increased its full year 2014 Adjusted EBITDA forecast by 35% to between $22 million and $23 million and projects a net loss between $0.1 million and $1.1 million, excluding any one-time expenses related to future acquisitions or financing transactions.

The company's new earnings forecast reflects increased production capacity from timberlands purchased this year, including the just-completed Oglethorpe and Satilla River acquisitions; increased production targets for previously-owned timberlands based on market demand; increased lands sales; and the third-quarter write-off of deferred financing costs associated with the $34 million repayment of its term loan facility.

The company now expects its 2014 harvest volume to total approximately 1.4 million tons to 1.45 million tons, up from 1.0 million tons to 1.1 million tons forecast at the time of its initial listed public offering late last year.

It estimates that its harvest mix for the full year will improve to approximately 30% to 35% sawtimber and 65% to 70% pulpwood. The closing of its previously announced $9 million land sale expected in the fourth quarter coupled with some additional potential land dispositions are anticipated to register at the higher end of earlier guidance, or close to $10 million.