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Thunderbird Entertainment Group Reports First Quarter Fiscal Year 2021 Results, Q1 2021 (Revenue $19.M, an increase of 20% year over year)
Monday, December 14, 2020Company Profile | Follow Company
Q1 2021 Revenue $19.8 million, an increase of 20% year over year
Adjusted EBITDA $4.8 million, an increase of 32% year over year
Company cash position at September 30 2020 $14.2 million
25 programs in production in Q1, with 10 being owned- or partnered-IP
Vancouver, BC, December 14, 2020--(T-Net)--Thunderbird Entertainment Group Inc. (TSXV:TBRD), announced its financial results for the first quarter ended September 30, 2020 ("Fiscal 2021"), and provided a corporate update.
Financial Highlights
"Thunderbird was right on track in Q1 with 25 shows in various stages of production, an increase from 21 shows at this time last year. During the quarter, we were thrilled to be launching new partnerships and hiring additional talent to meet the heightened demand for premium content," said Jennifer Twiner McCarron, CEO, Thunderbird. "Looking forward, we have visibility well into Fiscal 2022, and are perfectly positioned to keep delivering and executing on Thunderbird's strategic and financial objectives."
Thunderbird's Q1 2021 Corporate Highlights
The Company also announced the issuance of 55,698 common shares to Jennifer Twiner McCarron at a deemed price of $2.045 per share. The issuance reflects partial consideration for a performance bonus earned during the fiscal year ended June 30, 2020, in accordance with the terms of Ms. Twiner McCarron's employment agreement.
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
In addition to the results reported in accordance with IFRS, the Company uses various non-IFRS financial measures which are not recognized under IFRS, as supplemental indicators of our operating performance and financial position. These non-IFRS financial measures are provided to enhance the user's understanding of our historical and current financial performance and our prospects for the future. Management believes that these measures provide useful information in that they exclude amounts that are not indicative of our core operating results and ongoing operations and provide a more consistent basis for comparison between periods. The following discussion explains the Company's use of EBITDA, Adjusted EBITDA, and Free Cash Flow as measures of performance.
"EBITDA" is calculated based on earnings before interest, income taxes, depreciation and amortization. "Adjusted EBITDA" is calculated based on EBITDA, asset impairment charges, accretion, share-based compensation, share of loss of associates, unrealized foreign exchange gain/loss and items of an unusual or one-time nature that do not reflect our ongoing operations. EBITDA and Adjusted EBITDA are commonly reported and widely used by investors and lenders as an indicator of a company's operating performance and ability to incur and service debt, and as a valuation metric. EBITDA and Adjusted EBITDA are not earnings measures recognized by IFRS and therefore do not have a standardized meaning prescribed by IFRS. Therefore, EBITDA and Adjusted EBITDA may not be comparable to similar measures presented by other issuers.
"Free Cash Flow" ("FCF") is calculated based on cash flows from operations, purchase of property and equipment and net interim production financing. FCF represents the cash a company generates after accounting for cash outflows to support operations and maintain its capital assets.
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