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Mar 2, 2020 4:25 AM ET

Thunderbird Entertainment Reports on Second Quarter Results


iCrowd Newswire - Mar 2, 2020

VANCOUVER,- Thunderbird Entertainment Group Inc. (TSXV:TBRD, OTC – THBRF) (Thunderbird or the Company), today announced its financial results for the second quarter ended December 31, 2019, and provided a corporate update.

“This quarter Thunderbird made steady progress across all of our divisions, and continued our work producing brands with longevity, building successful partnerships with great customers, and supporting our talented team to enable extraordinary work,” said Jennifer Twiner McCarron, Chief Executive Officer, Thunderbird Entertainment. “While there is a typical seasonality to revenue flow within the industry because of the timing of deliveries, we demonstrated our commitment to being good stewards of shareholder capital by strengthening our balance sheet, paying off our term loan, and ensuring that we are well-positioned to invest in the growth of our business.”

McCarron added, “We also welcomed Marni Wieshofer to our leadership team as Lead Director. With her extensive background in the industry as the former CFO and Executive Vice President of Corporate Development at Lionsgate Entertainment, Marni brings best-in-class knowledge that is directly aligned with our long-term strategic plan. With her governance, together with our incredible leadership team, partners, and employees, 2020 is becoming another pivotal year for Thunderbird with multiple catalysts in place to position us for long-term value creation.”

“In Q2, Thunderbird’s factual and kids and family divisions delivered excellent operational results. The Company executed on its high growth, global strategy with total revenues for the six months ending December 31, 2019, increasing by 21% over the prior year. With a strong balance sheet, evolving business model from service to partner and owned IP, incredible organic growth, and scalable infrastructure, Thunderbird continues to position itself to benefit from a monumental shift in content consumption as streamers come online and demand more quality content,” said Brian Paes-Braga, Chairman, Thunderbird Entertainment. “The addition of Marni, who is based in Los Angeles, and the opening of the Atomic L.A. office, has expanded the Company’s growing presence in one of the world’s largest media markets. I am so proud of the entire Thunderbird management team and the incredible crew for continuing to deliver these results while building a very special, mission and values-focused organization.”  

Financial Highlights for the Three Months and Six Months Ended December 31, 2019

 

Three months ended

Six months ended

 

Dec. 31,
2019

Dec. 31,
2018

Dec. 31,
2019

Dec. 31,
2018

 

Q2 2020

Q2 2019

YTD 2020

YTD 2019

($000’s, except per share data)

$

$

$

$

         

Revenue

14,270

11,589

31,321

25,950

Expenses1

15,632

17,694

31,835

30,602

Adjusted EBITDA

772

1,533

3,855

5,641

Results of Operations
Results for the three and six months ended December 31, 2019 compared to the three and six months ended December 31, 2018:

 

Three months ended

Six months ended

 

Dec. 31,
2019

Dec. 31,
2018

Dec. 31,
2019

Dec. 31,
2018

 

Q2 2020

Q2 2019

YTD 2020

YTD 2019

($000’s, except per share data)

$

$

$

$

         

Revenue

14,270

11,589

31,321

25,950

Expenses1

15,632

17,694

31,835

30,602

Net loss from continuing operations

(1,362)

(6,105)

(514)

(4,652)

Income from discontinued operations

30

Non-controlling interest

(8)

(8)

Foreign currency translation adjustment

10

24

6

15

Comprehensive net loss for the period
attributable to owners of the parent

(1,352)

(6,089)

(478)

(4,645)

         

Basic loss per share – continuing operations

(0.029)

(0.194)

(0.011)

(0.160)

Diluted loss per share – continuing operations

(0.029)

(0.194)

(0.011)

(0.160)

Basic earnings per share – discontinued
operations

0.001

Diluted earnings per share – discontinued
operations

0.001

         

EBITDA

717

290

3,742

4,188

Adjusted EBITDA

772

1,533

3,855

5,641

1Expenses include a charge related to the public company listing of $5,316 in the three and six months ended December 31, 2018

The Company’s unaudited interim financial statements along with its Management’s Discussion and Analysis for Q2 2020 are available on the Company’s website at http://www.thunderbird.tv and under the Company’s profile at www.sedar.com.

Overarching Industry Trends

Thunderbird’s Q2 Highlights

Factual Division, Great Pacific Media,

Kids & Family Division, Atomic Cartoons,  

Scripted Division, Thunderbird Productions

Conference Call Webcast on March 2, 2020 at 9 a.m. Eastern Standard Time
Thunderbird will hold a conference call and webcast to share the Company’s second quarter financial results on Monday, March 2, 2020 at 6 a.m. PST9 a.m. EST. A live webcast of the conference call can be accessed by clicking here. The call will be recorded for webcasting purposes and will be available at www.thunderbird.tv two hours after the initial scheduled time.

Q2 Press Release:                                           

Friday, February 28, 2020

Q2 Conference Call:                                      

Monday, March 2, 2020 at 6 a.m. PST

Canadian Dial-In Numbers:                         

(+1) 416 764 8609 (Toronto)

 

(+1) 778 383 7417 (Vancouver)

North American Toll-Free Number:            

(+1) 888 390 0605

Conference ID Number:                               

50695483

Alternatively, you may access a replay of the conference call by calling (+1) 416 764 8677 or toll-free at (+1) 888 390 0541 (passcode 695483 #) two hours after the initial scheduled time.

About Thunderbird Entertainment Group Inc.
Thunderbird Entertainment Group is a Vancouver-based global multiplatform entertainment company with offices in VancouverLos AngelesToronto, and Ottawa. Thunderbird creates award-winning scripted, unscripted and animated programming for the world’s leading digital platforms, as well as Canadian and International broadcasters. Thunderbird’s vision is to produce high quality, socially responsible content that makes the world a better place. The Company develops, produces and distributes animated, factual, and scripted content through its various divisions, including Thunderbird kids and family (Atomic Cartoons), Thunderbird factual (Great Pacific Media) and Thunderbird productions. Thunderbird is on Facebook, Twitter and Instagram at @tbirdent.

On Behalf of Thunderbird Entertainment Group Inc.

Jennifer Twiner McCarron
Chief Executive Officer

For information on Thunderbird and to subscribe to the Company’s investor list for news updates, go to www.thunderbird.tv. 

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility of the adequacy or accuracy of this release, which has been prepared by management.

Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Company’s objectives, goals or future plans and the business and operations of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; those additional risks set out in the Company’s Filing Statement and other public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Non-IFRS Measures
This news release contains references to certain measures that do not have a standardized meaning under International Financial Reporting Standards (“IFRS”) as prescribed by the International Accounting Standards Board and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing a further understanding of operations from management’s perspective. Accordingly, non-IFRS measures should not be considered in isolation nor as a substitute for analysis of financial information reported under IFRS. The Company believes that non-IFRS measures, specifically EBITDA and Adjusted EBITDA, are frequently used by securities analysts, investors and other interested parties as measures of financial performance and to provide supplemental measures of operating performance and thus highlight trends that may not otherwise be apparent when relying solely on IFRS financial measures.



Contact Information:

Thunderbird Entertainment Group Inc








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