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Thunderbird Entertainment Group Reports Stellar Third Quarter 2021 Results, Q3 Revenue Up 27% to $37.7 Million
Monday, June 7, 2021Company Profile | Follow Company
Q3 2021 Revenue $37.7 million, 27% year-over-year increase
Adjusted EBITDA $7.4 million, 8% year-over-year increase
Consolidated cash position at March 31, 2021 $18.8 million, with no corporate debt
21 programs in production, with 10 being owned- or partnered-IP
Vancouver, BC, June 7, 2021--(T-Net)--Thunderbird Entertainment Group Inc. (TSXV: TBRD, OTCQX: THBRF) has announced its financial results for the third quarter ended March 31, 2021 and provided a corporate update.
Financial Highlights
"Thunderbird continues to grow rapidly across all of our divisions, which is reflected in the strong Q3 results. This performance can be attributed directly to the incredible work of our talented teams - in addition to the continued demand we are seeing for Thunderbird's award-winning, quality content," said Jennifer Twiner McCarron, President and Chief Executive Officer, Thunderbird Entertainment. "We are doubling down on our commitment to making a positive difference in the world, and we are proud to have recently won the BC Business "Business of Good Award" for Diversity and Inclusion. Not only is this work a major component of our core mission and values, but it also reflects our commitment to helping advance issues of gender representation and inclusion of BIPOC and LGBTQ2S+ communities."
Thunderbird's Q3 2021 Corporate Highlights
Grant of Stock Options
Thunderbird's Board of Directors authorized the grant of an aggregate of 228,000 incentive stock options in accordance with the terms of the Company's stock option plan to employees at the management level. The options are exercisable at a price of $4.90 per share and have a seven year term, subject to vesting provisions.
About Thunderbird Entertainment
Thunderbird Entertainment Group is a Vancouver-based, publicly traded multi-platform entertainment company with offices in Vancouver, Los Angeles, Toronto, and Ottawa. Thunderbird creates scripted, unscripted and animated programming for global digital platforms, as well as Canadian and International broadcasters. The company develops, produces and distributes animated, factual and scripted content through its various divisions, including Atomic Cartoons (kids and family), Great Pacific Television (factual) and Thunderbird Productions (scripted).
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
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.
"Backlog" is defined as the undiscounted value of signed agreements for production services and intellectual property ("IP") in relation to licensing and distribution agreements for which the Company expects to recognize revenue in future periods. Backlog excludes estimates of variable consideration for transactions involving sales or usage-based royalties in exchange for licenses of IP. The extent of eventual revenue recognized in future periods may be materially higher or lower than this amount, depending upon factors which include, but are not limited to the following: (i) contract modifications, (ii) fluctuations in foreign exchange rates for contracts not denominated in Canadian dollars, (iii) changes to production and delivery schedules, or (iv) valuation issues in connection with the collectability of fees.
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