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October 20, 2021

Thunderbird Entertainment Group Reports on Fiscal Year End 2021 Results

News / General

Fiscal 2021 Revenue $111.5 million, 37% year-over-year increase

Fiscal 2021 Adjusted EBITDA $19.6 million, 26% year-over-year increase 

Fiscal 2021 Free Cash Flow of $12.3 million, 68% year-over-year increase, with no corporate debt 

Conference call and webcast scheduled for Wednesday, October 20 at 11 a.m. PT/ 2 p.m. ET

 

Vancouver, Canada, October 20, 2021 — Thunderbird Entertainment Group Inc. (TSXV: TBRD, OTCQX: THBRF) (Thunderbird or the Company) today announced its financial results for Q4 and Fiscal 2021, which ended June 30, 2021, and provided a corporate update.

Financial Highlights

  • Revenue for the three months and year ended June 30, 2021 was $26.1 million and $111.5 million as compared to $21.1 million and $81.3 million for the same periods of fiscal 2020, increases of $5.0 million (24%) and $30.2 million (37%), respectively. The majority of these increases over the comparative periods in 2020 is related to growth in production services projects.
  • Adjusted EBITDA was $2.3 million and $19.6 million for the three months and year ended June 30, 2021, compared to $2.9 million and $15.5 million for the same periods of fiscal 2020, a decrease of $0.6 million (21%) and an increase of $4.1 million (26%), respectively.
  • Free cash flow was $4.8 million and $12.3 million for the three months and year ended June 30, 2021, as compared to $2.6 million and $7.3 million for the comparative periods, increases of $2.2 million (85%) and $5.0 million (68%), respectively.

“We are extremely proud of our accomplishments during the last 12 months and look forward to continuing our path to becoming a major global production company. Not only do our fiscal 2021 results reflect our talented teams, trusted partnerships, and commitments and contributions to building global brands, they also validate the strategic decisions made regarding content development and demonstrate the early dividends from the long-term growth initiatives we have put in place. We are continuing to build for our future, mapping out clear pathways and new initiatives that will be instrumental in Thunderbird’s continued growth,” said Thunderbird President and CEO Jennifer Twiner McCarron.

Thunderbird’s Q4 and Year-End Fiscal 2021 Corporate Highlights

  • At June 30, 2021, the Company had 18 programs in various stages of production. Eight of these projects are Company IP or partner-managed.  Subsequent to the year end, the Company released an update announcing 27 shows in production, an increase of nine since the fiscal year end. The Company’s work airs on Netflix, Peacock, Nickelodeon, Apple, Sony, PBS, Bell Media’s Discovery, Disney+, Corus Entertainment and the CBC, among others.
  • In Q4, the Kids and Family Division, Atomic Cartoons (“Atomic”) was in various stages of production on 11 animated television series and two animated feature-length films, 13 productions in total. These programs reflect a blend of both proprietary and service-based work. Productions include co-producing Marvel’s Spidey and His Amazing Friends with Disney Jr, Molly of Denali (Season 2) for GBH/ PBS KIDS, CoComelon Lane for Moonbug and Netflix, and My Little Pony for eOne/Hasbro plus a Curious George production for Peacock. Atomic is also currently working with Sony Pictures Animation on HBO Max’s highly anticipated series Young Love.
  • During Q4, Atomic’s The Last Kids on Earthfranchise launched its first video game: The Last Kids on Earth and the Staff of Doom.
  • In Q4, the Factual and Scripted Division, Great Pacific Media (“GPM”), was in production on five series: Highway Thru Hell (Season 10), Heavy Rescue: 401 (Season 6), Deadman’s Curse (working title) (Season 1), Strays (Season 1) and Savannah: Wild Rose Vet (Season 1) in conjunction with Wapanatahk Media.
  • During Q4, GPM received renewals of its three hit factual series, Highway Thru Hell, Heavy Rescue: 401 and Mud Mountain Haulers, each airing on Discovery Canada. GPM also confirmed that three new projects in development were ordered to series by Corus Entertainment: Styled (working title), Gut Job and Deadman’s Curse, and commenced production on Styled and Gut Job subsequent to the fiscal year end.
  • In Q4, Wapanatahk Media, in partnership with GPM, announced a development deal with Anthony Johnson and Dr. James Makokis, the first Two-Spirit Indigenous couple to win The Amazing Race Canada. Wapanatahk Media also continued production on its first series Savannah: Wild Rose Vet.
  • Subsequent to the fiscal year end, GPM also announced a new scripted series starring Spider-Man’s Jacob Batalon. Reginald the Vampire has been picked up in a straight-to-series 10 episode order by SyFy, and is co-produced with Modern Story Company and December Films.
  • Also subsequent to the fiscal year end, Strays, the spin-off series from Kim’s Convenience, premiered on CBC.
  • CEO Jennifer Twiner McCarron and Board Directors Frank Giustra and Azim Jamal were each named to Business in Vancouver’s “BC500” list as one of British Columbia’s 500 most influential business leaders.
    Conference Call Webcast on October 20, 2021 at 11 a.m. PT/ 2 p.m. ET

    Thunderbird will hold a conference call and webcast to share the Company’s year end financial results on October 20, 2021 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
    Conference ID: 9070746
    Webcast: https://events.q4inc.com/attendee/965941521

    Participants joining by phone are requested to call the conference line 10 minutes early to avoid wait times while connecting to the call. The conference call will be webcast live and available for replay via the “Investors” section of the Thunderbird website. 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 9070746. The teleconference replay will be available through November 03, 2021.

    On Behalf of Thunderbird Entertainment Group Inc.

    Jennifer Twiner McCarron

    Chief Executive Officer

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