{"id":3356,"date":"2019-10-21T21:08:38","date_gmt":"2019-10-21T21:08:38","guid":{"rendered":"https:\/\/thunderbird.tv\/2019\/10\/21\/thunderbird-entertainment-provides-fiscal-2019-results-and-updates-on-transformative-year\/"},"modified":"2019-10-21T21:08:38","modified_gmt":"2019-10-21T21:08:38","slug":"thunderbird-entertainment-provides-fiscal-2019-results-and-updates-on-transformative-year","status":"publish","type":"post","link":"https:\/\/thunderbird.tv\/2019\/10\/21\/thunderbird-entertainment-provides-fiscal-2019-results-and-updates-on-transformative-year\/","title":{"rendered":"Thunderbird Entertainment Provides Fiscal 2019 Results and Updates on Transformative Year"},"content":{"rendered":"

Conference Call Scheduled for October 22 at\u00a09 a.m. ET<\/strong><\/em><\/p>\n

Proven proprietary Intellectual Property (IP)<\/em><\/strong> acquisition and development strategy demonstrated through the building of global brands including Highway Thru Hell (100th<\/sup> episode), Kim\u2019s Convenience (Season 4) and The Last Kids on Earth <\/em><\/strong>(NYT Bestseller)<\/em><\/strong><\/p>\n

\u00a0<\/em><\/strong>Strong growth in the core business: Kids and Family and Factual Divisions<\/em><\/strong><\/p>\n

Decision to eliminate low margin, non-core business results in revenue decrease to $61.5 million (F2018: $142 million), while EBITDA margin increases from 7% to 17%<\/em><\/strong><\/p>\n

One-time non-cash go public charge of $5.3 million impacts net earnings<\/em><\/strong><\/p>\n

Vancouver, Canada, October 21, 2019\u00a0<\/strong>\u2014 Thunderbird Entertainment Group Inc. (TSXV:TBRD<\/strong>) (Thunderbird<\/strong> or the\u00a0Company<\/strong>), today announced its financial results for the fiscal year ended June 30, 2019 (\u201cFiscal 2019\u201d), and provided a corporate update.<\/p>\n

\u201c2019 has been a year of incredible transformation and growth across Thunderbird, as the Company has made tough yet strategic decisions to ensure it is well positioned\u00a0to deliver higher-budget, higher margin, premium-quality productions that will enhance the value of our content library,\u201d said\u00a0Jennifer Twiner McCarron, Chief Executive Officer, Thunderbird Entertainment. \u201cWe look to the future with excitement as we further establish Thunderbird as a preferred content creator and supplier for the world\u2019s leading Over-the-Top (OTT) platforms, by expanding our Company-wide strategy of acquiring, partnering, and building iconic IP and brands. We also recognize that our people are the foundation of Thunderbird\u2019s success, and we remain dedicated to attracting, enabling and retaining the very best talent to continue our industry leading trajectory.\u201d<\/p>\n

\u201cAs we look forward to 2020, I am thrilled at the opportunities before us. Thunderbird is poised to build momentum, building off the Company\u2019s track record of strong IP development and ownership witnessed in its Factual Division,\u201d said Brian Paes-Braga, Chair, Thunderbird Entertainment. \u201cJenn, and her entire team, are ready to execute on our robust pipeline of shows in development. With shows like The Last Kids on Earth, Highway Thru Hell, and Kim\u2019s Convenience, <\/em>Thunderbird is becoming a widely acknowledged leader in IP development and ownership along with being a dependable, go to partner for some of the world\u2019s largest media companies. It\u2019s an exciting time to be in content development, and a Thunderbird shareholder. This is just the beginning.\u201d<\/p>\n

Financial Highlights for the Three and Twelve Months Ended June 30, 2019<\/strong><\/p>\n\n\n\n\n\n\n\n
\u00a0<\/strong>Summary of results for June 30, 2019<\/strong><\/span><\/td>\n\u00a0<\/strong><\/span><\/p>\n

Three months ended
\nJune 30, 2019<\/strong><\/span><\/td>\n

 <\/p>\n

Twelve months ended
\nJune 30, 2019<\/strong><\/span><\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Revenue<\/span><\/td>\n$<\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13.7<\/span><\/td>\n$<\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 61.5<\/span><\/td>\n<\/tr>\n
Net loss<\/span><\/td>\n$<\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1.1)<\/span><\/td>\n$<\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (3.8)<\/span><\/td>\n<\/tr>\n
Adjusted EBITDA 1<\/sup><\/span><\/td>\n$<\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.4)<\/span><\/td>\n$<\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10.3<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Results for the year ended June 30, 2019 compared to the year ended June 30, 2018:<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\nFor the three months ended<\/strong><\/span><\/td>\n<\/td>\nFor the year ended<\/strong><\/span><\/td>\n<\/tr>\n
($000’s, except per share data)<\/em><\/span><\/td>\n\u00a0<\/strong><\/span><\/td>\nJune 30, 2019<\/strong><\/span><\/td>\n\u00a0<\/strong><\/span><\/td>\nJune 30, 2018<\/span><\/td>\n<\/td>\nJune 30, 2019<\/strong><\/span><\/td>\n\u00a0<\/strong><\/span><\/td>\nJune 30, 2018<\/span><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Revenue<\/span><\/td>\n$<\/strong><\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13,663 <\/strong><\/span><\/td>\n$<\/strong><\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 11,378<\/span><\/td>\n$<\/strong><\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 61,478 <\/strong><\/span><\/td>\n$<\/strong><\/span><\/td>\n\u00a0 142,402<\/span><\/td>\n<\/tr>\n
Expenses1<\/sup><\/span><\/td>\n<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14,759 <\/strong><\/span><\/td>\n<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 11,615<\/span><\/td>\n<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 65,298 <\/strong><\/span><\/td>\n<\/td>\n\u00a0 139,041<\/span><\/td>\n<\/tr>\n
Net (loss) income from continuing operations<\/strong><\/span><\/td>\n\u00a0<\/strong><\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 (1,096)<\/strong><\/span><\/td>\n\u00a0<\/strong><\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (237)<\/span><\/td>\n\u00a0<\/strong><\/span><\/td>\n\u00a0\u00a0\u00a0 (3,820)<\/strong><\/span><\/td>\n\u00a0<\/strong><\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 3,361<\/span><\/td>\n<\/tr>\n
Loss from discontinued operations<\/span><\/td>\n<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –<\/span><\/td>\n<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (139)<\/span><\/td>\n<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –<\/span><\/td>\n<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (46)<\/span><\/td>\n<\/tr>\n
Non-controlling Interest<\/span><\/td>\n<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –<\/span><\/td>\n<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –<\/span><\/td>\n<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (9)<\/strong><\/span><\/td>\n<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –<\/span><\/td>\n<\/tr>\n
Foreign currency translation adjustment<\/span><\/td>\n<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 30 <\/strong><\/span><\/td>\n<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (2)<\/span><\/td>\n<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (5)<\/strong><\/span><\/td>\n<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (89)<\/span><\/td>\n<\/tr>\n
Comprehensive net (loss) income for the year attributable to owners of the parent<\/strong><\/span><\/td>\n$<\/strong><\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 (1,066)<\/strong><\/span><\/td>\n$<\/strong><\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (378)<\/span><\/td>\n$<\/strong><\/span><\/td>\n\u00a0\u00a0\u00a0 (3,834)<\/strong><\/span><\/td>\n$<\/strong><\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 3,226<\/span><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Basic earnings per share – continuing operations<\/span><\/td>\n$<\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 (0.024)<\/span><\/td>\n$<\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0 (0.021)<\/span><\/td>\n$<\/span><\/td>\n\u00a0\u00a0\u00a0 (0.106)<\/span><\/td>\n$<\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0 0.061<\/span><\/td>\n<\/tr>\n
Diluted earnings per share – continuing operations<\/span><\/td>\n$<\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 (0.024)<\/span><\/td>\n$<\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0 (0.021)<\/span><\/td>\n$<\/span><\/td>\n\u00a0\u00a0\u00a0 (0.106)<\/span><\/td>\n$<\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 0.049<\/span><\/td>\n<\/tr>\n
Basic earnings per share – discontinued operations<\/span><\/td>\n$<\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –\u00a0\u00a0\u00a0<\/span><\/td>\n$<\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0 (0.005)<\/span><\/td>\n$<\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –\u00a0\u00a0\u00a0<\/span><\/td>\n$<\/span><\/td>\n\u00a0\u00a0 (0.002)<\/span><\/td>\n<\/tr>\n
Diluted earnings per share – discontinued operations<\/span><\/td>\n$<\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –\u00a0\u00a0\u00a0<\/span><\/td>\n$<\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0 (0.005)<\/span><\/td>\n$<\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –\u00a0\u00a0\u00a0<\/span><\/td>\n$<\/span><\/td>\n\u00a0\u00a0 (0.002)<\/span><\/td>\n<\/tr>\n
Adjusted EBITDA<\/strong><\/span><\/td>\n$<\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (351)<\/strong><\/span><\/td>\n$<\/strong><\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,243<\/span><\/td>\n$<\/strong><\/span><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0 10,288 <\/strong><\/span><\/td>\n$<\/strong><\/span><\/td>\n\u00a0\u00a0\u00a0 10,116<\/span><\/td>\n<\/tr>\n
1<\/sup> Expenses includes a non-cash charge related to Public company listing of $5,316 in the year ended June 30, 2019.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n