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
Conference call and webcast scheduled for December 1 at 11 a.m. PT/ 2 p.m. ET
Vancouver, Canada, November 30, 2020 — Thunderbird Entertainment Group Inc. (TSXV:TBRD, OTCQX – THBRF) (Thunderbird or the Company), today announced its financial results for the first quarter ended September 30, 2020 (“Fiscal 2021”), and provided a corporate update.
Financial Highlights
- The Company recognized revenue of $19.8 million in the first three months of fiscal 2021, an increase of 20% over the comparative quarter.
- Adjusted EBITDA was $4.8 million for the three months ended September 30, 2020, an increase of $1.2 million over the comparative period in fiscal 2020. This increase was primarily due to growth in production services attributed to the kids and family division.
- Production services revenue for the three months ended September 30, 2020 increased by 41%. Licensing and distribution revenues decreased slightly over the comparative period last year, where the Company delivered three episodes of The Last Kids on Earth.
- Free cash flow was $1.2 million as compared to $4 million in the comparative quarter, a decrease of $2.8 million, which represents the significant investment in content of $3.6 million during the quarter, the benefits of which will be realized over the next two fiscal years.
“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
- During the first quarter, Thunderbird had 25 programs in various stages of production, and deals with Netflix, Peacock, Nickelodeon, AppleTV+, Sony, PBS, Bell Media’s Discovery, Disney+, Corus Entertainment and the CBC, among others. Ten of these productions are Company IP or partner-managed.
- 27 half-hour episodes and 12 one-hour episodes were delivered collectively from the factual, scripted, and kids and family divisions. All of the one-hour episodes were Company owned-IP.
- The Factual Division, Great Pacific Media (GPM), was in production on four series and one documentary special: Highway Thru Hell (Seasons 9 and 10), Heavy Rescue: 401 (Seasons 5 and 6), $ave My Reno (Season 4), Mud Mountain Haulers (Season 1) and The Teenager and the Lost Mayan City (Documentary for CBC). Subsequent to the quarter, GPM announced two new productions in development: hit Webby Award-winning social media brand What If and a drama series based on the life of Wernher von Braun.
- Production began on the fifth season of Kim’s Convenience. Kim’s Convenience was also renewed for season six.
- The Kids and Family Division, Atomic Cartoons, was in various stages of production on 19 animated series, with 12 major clients, four of which are new relationships. Productions include co-producing Mighty Express with Spin Master for Netflix, LEGO Star Wars Holiday Special for Disney+, Molly of Denali for GBH/ PBS KIDS and CBC and LEGO Jurassic World: The Secret Exhibit for NBCUniversal.
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.
Conference Call Webcast on December 1, 2020 at 11 a.m. PT/ 2 p.m. ET
Thunderbird will hold a conference call and webcast to share the Company’s Q1 financial results on December 1, 2020 at 11 a.m. PT/ 2 p.m. ET. The conference call will be webcast live and available for replay via the “Investors” section of the Thunderbird website.
Conference Call and Webcast Access:
Toll-free dial-in number: (833) 900-1530
International dial-in number: (236) 712-2271
Webcast: https://event.on24.com/wcc/r/2810590/9A04DF48010CAE770F292F91A988C2FA
Conference ID: 8399875
Participants joining by phone are requested to call the conference line ten minutes early to avoid wait times while connecting to the call. Investors can access a replay of the teleconference at: (+1) 416-621-4642 or toll-free at (+1) 800-585-8367 three hours after the call’s completion. The Conference ID # is 8399875. The teleconference replay will be available through December 15, 2020.
For information on Thunderbird and to subscribe to the Company’s investor list for news updates, go to www.thunderbird.tv.
On Behalf of Thunderbird Entertainment Group Inc.
Jennifer Twiner McCarron
Chief Executive Officer