CatchMarkTimber Trust Inc. declared a second-quarter dividend of 13.5 centsper share, representing a quarter-on-quarter increase of 8%.

The company, in announcing its earnings results, said the increaseddividend comes on the heels of "strong" year-over-year revenues andgrowth in adjusted EBITDA for the three-month period ended March 31, boosted bygains from recent timberland acquisitionsand "advantageous" early-in-the-year sales of timber.

The dividend is payable June 16 to stockholders of record onMay 27.

Meanwhile, the company also noted that it repurchased242,429 shares of common stock for $2.5 million during the first quarter aspart of its $30 million stock-repurchase program that commenced in .

As of March 31, the company had 38.8 million common sharesoutstanding. It said it could acquire up to an additional $21.5 million underthe program.