CatchMark Timber Trust, Inc. announced on Wednesday first quarter results for the period ended March 31, 2014 and issued new guidance for full year 2014, increasing the prior forecast for full-year Adjusted EBITDA by more than 20%. 

Company highlights for the first quarter include:

• Total revenues increased 20% to $8.9 million compared to first quarter 2013, driven by a 32% increase in timber sales volume and higher pricing for both pulpwood and sawtimber products.
• Average net prices for pulpwood and sawtimber increased by 23% and 9%, respectively, compared to first quarter 2013, driven by wet weather conditions and increases in market demand.
• Adjusted EBITDA increased by 56% to $1.9 million compared to first quarter 2013 and net loss decreased by 80% to $0.4 million.
• The company entered into an agreement to purchase and subsequently acquired 36,300 acres of extremely high-quality timberlands located in Georgia and Texas (Waycross-Panola) in a $74 million transaction which is expected to add 180,000 to 200,000 tons to the company's annual harvest volume.
• A buyer exercised an option to acquire 3,000 acres of company timberland holdings in Georgia for approximately$9 million—the transaction is scheduled to close during the fourth quarter. 

CatchMark also declared a $0.11 per share dividend to stockholders of record as of May 30^th, payable on June 16^th.

Revised 2014 Outlook

Jerry Barag, CatchMark's President and CEO, said: "We are increasing our forecast for full year 2014 as a result of better than expected performance from our existing timberland and Waycross-Panola acquisition as well as increased land sales activity.  For the full year 2014, we expect our Adjusted EBITDA to be between $16 million and $17 millionand our net income to be between $1.0 million and $1.5 million, excluding any one-time expenses related to future acquisitions.  Our harvest volumes have increased as a result of our revised operating strategy, end market conditions continue to improve, and we have built a strong acquisitions pipeline to continue our growth trajectory."

Willis J. Potts, Jr., CatchMark's Chairman of the Board, said: "We are very pleased that our new management team is executing our business strategy and delivering solid results, which should provide steadily improving returns for our stockholders over time."

Overview of 2014 First Quarter Results

For the three months ended March 31, 2014, revenues increased to $8.9 million from $7.4 million for the three months ended March 31, 2013 due to an increase in timber sales of $1.9 million, partially offset by a decrease in timberland sales of $0.5 million. Timber sales increased primarily due to a 32% increase in harvest volume and higher product pricing over the three months ended March 31, 2013.

Changes in Levels of Timberland Activity

Net loss improved to approximately $0.4 million for the three months ended March 31, 2014 from approximately $2.0 million for the three months ended March 31, 2013. Adjusted EBITDA was $1.9 million, a $0.7 million increase compared to the three months ended March 31, 2013, primarily due to the increase in net timber sales and improved product pricing.   

Barag said: "In spite of challenging weather conditions, we managed to realize strong operating results in the quarter.  We are continually committed to maximizing the value of our timberlands through operational excellence for the benefit of our stockholders." 

Adjusted EBITDA