{"id":3367,"date":"2020-02-29T03:24:20","date_gmt":"2020-02-29T03:24:20","guid":{"rendered":"https:\/\/thunderbird.tv\/2020\/02\/29\/thunderbird-entertainment-reports-on-second-quarter-results\/"},"modified":"2020-02-29T03:24:20","modified_gmt":"2020-02-29T03:24:20","slug":"thunderbird-entertainment-reports-on-second-quarter-results","status":"publish","type":"post","link":"https:\/\/thunderbird.tv\/2020\/02\/29\/thunderbird-entertainment-reports-on-second-quarter-results\/","title":{"rendered":"Thunderbird Entertainment Reports on Second Quarter Results"},"content":{"rendered":"

Conference Call and Webcast scheduled for March 2 at\u00a09 a.m. ET<\/strong><\/em><\/p>\n

Q2 2020 revenue $14.3 million; adjusted EBITDA $0.8 million<\/em><\/strong><\/p>\n

Fiscal 2020 YTD revenue $31.3 million; adjusted EBITDA $3.9 million<\/em><\/strong><\/p>\n

Company cash position at December 31, 2019: $9.5\u00a0million<\/em><\/strong><\/p>\n

Completed paying down $6 million term loan<\/em><\/strong><\/p>\n

Marni Wieshofer\u2019s appointment as Lead Director strengthens board leadership and industry specific expertise <\/em><\/strong><\/p>\n

Opening of Atomic Los Angeles increasing focus on servicing and partnering with preeminent streaming companies \u00a0<\/em><\/strong><\/p>\n

Vancouver, Canada, February 28, 2020\u00a0<\/strong>\u2014 Thunderbird Entertainment Group Inc. (TSXV:TBRD, OTC – THBRF<\/strong>) (Thunderbird<\/strong> or the\u00a0Company<\/strong>), today announced its financial results for the second quarter ended December 31, 2019, and provided a corporate update.<\/p>\n

\u201cThis quarter Thunderbird made steady progress across all of our divisions, and continued our work producing brands with longevity, building successful partnerships with great customers, and supporting our talented team to enable extraordinary work,\u201d said Jennifer Twiner McCarron, Chief Executive Officer, Thunderbird Entertainment. \u201cWhile there is a typical seasonality to revenue flow within the industry because of the timing of deliveries, we demonstrated our commitment to being good stewards of shareholder capital by strengthening our balance sheet, paying off our term loan, and ensuring that we are well-positioned to invest in the growth of our business.\u201d<\/p>\n

McCarron added, \u201cWe also welcomed Marni Wieshofer to our leadership team as Lead Director. With her extensive background in the industry as the former CFO and Executive Vice President of Corporate Development at Lionsgate Entertainment, Marni brings best-in-class knowledge that is directly aligned with our long-term strategic plan. With her governance, together with our incredible leadership team, partners, and employees, 2020 is becoming another pivotal year for Thunderbird with multiple catalysts in place to position us for long-term value creation.\u201d<\/p>\n

\u201cIn Q2, Thunderbird\u2019s factual and kids and family divisions delivered excellent operational results. The Company executed on its high growth, global strategy with total revenues for the six months ending December 31, 2019, increasing by 21% over the prior year. With a strong balance sheet, evolving business model from service to partner and owned IP, incredible organic growth, and scalable infrastructure, Thunderbird continues to position itself to benefit from a monumental shift in content consumption as streamers come online and demand more quality content,\u201d said Brian Paes-Braga, Chairman, Thunderbird Entertainment. \u201cThe addition of Marni, who is based in Los Angeles, and the opening of the Atomic L.A. office, has expanded the Company\u2019s growing presence in one of the world\u2019s largest media markets. I am so proud of the entire Thunderbird management team and the incredible crew for continuing to deliver these results while building a very special, mission and values-focused organization.\u201d<\/p>\n

Financial Highlights for the Three Months and Six Months Ended December 31, 2019<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n
<\/td>\nThree months ended<\/strong><\/td>\nSix months ended<\/strong><\/td>\n<\/tr>\n
<\/td>\nDec. 31, 2019<\/strong><\/td>\nDec. 31, 2018<\/strong><\/td>\nDec. 31, 2019<\/strong><\/td>\nDec. 31, 2018<\/strong><\/td>\n<\/tr>\n
<\/td>\nQ2 2020<\/strong><\/td>\nQ2 2019<\/strong><\/td>\nYTD 2020<\/strong><\/td>\nYTD 2019<\/strong><\/td>\n<\/tr>\n
($000\u2019s, except per share data)<\/em><\/td>\n$<\/strong><\/td>\n$<\/strong><\/td>\n$<\/strong><\/td>\n$<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Revenue<\/td>\n14,270<\/td>\n11,589<\/td>\n31,321<\/td>\n25,950<\/td>\n<\/tr>\n
Expenses1<\/sup><\/td>\n15,632<\/td>\n17,694<\/td>\n31,835<\/td>\n30,602<\/td>\n<\/tr>\n
Adjusted EBITDA<\/strong><\/td>\n772<\/strong><\/td>\n1,533<\/strong><\/td>\n3,855<\/strong><\/td>\n5,641<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Results of Operations<\/strong><\/p>\n

Results for the three and six months ended December 31, 2019 compared to the three and six months ended December 31, 2018:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\nThree months ended<\/strong><\/td>\nSix months ended<\/strong><\/td>\n<\/tr>\n
<\/td>\nDec. 31, 2019<\/strong><\/td>\nDec. 31, 2018<\/strong><\/td>\nDec. 31, 2019<\/strong><\/td>\nDec. 31, 2018<\/strong><\/td>\n<\/tr>\n
<\/td>\nQ2 2020<\/strong><\/td>\nQ2 2019<\/strong><\/td>\nYTD 2020<\/strong><\/td>\nYTD 2019<\/strong><\/td>\n<\/tr>\n
($000\u2019s, except per share data)<\/em><\/td>\n$<\/strong><\/td>\n$<\/strong><\/td>\n$<\/strong><\/td>\n$<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Revenue<\/td>\n14,270<\/td>\n11,589<\/td>\n31,321<\/td>\n25,950<\/td>\n<\/tr>\n
Expenses1<\/sup><\/td>\n15,632<\/td>\n17,694<\/td>\n31,835<\/td>\n30,602<\/td>\n<\/tr>\n
Net loss from continuing operations<\/strong><\/td>\n(1,362)<\/strong><\/td>\n(6,105)<\/strong><\/td>\n(514)<\/strong><\/td>\n(4,652)<\/strong><\/td>\n<\/tr>\n
Income from discontinued operations<\/td>\n–<\/td>\n–<\/td>\n30<\/td>\n–<\/td>\n<\/tr>\n
Non-controlling interest<\/td>\n–<\/td>\n(8)<\/td>\n–<\/td>\n(8)<\/td>\n<\/tr>\n
Foreign currency translation adjustment<\/td>\n10<\/td>\n24<\/td>\n6<\/td>\n15<\/td>\n<\/tr>\n
Comprehensive net loss for the period attributable to owners of the parent<\/strong><\/td>\n(1,352)<\/strong><\/td>\n(6,089)<\/strong><\/td>\n(478)<\/strong><\/td>\n(4,645)<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Basic loss per share \u2013 continuing operations<\/td>\n(0.029)<\/td>\n(0.194)<\/td>\n(0.011)<\/td>\n(0.160)<\/td>\n<\/tr>\n
Diluted loss per share \u2013 continuing operations<\/td>\n(0.029)<\/td>\n(0.194)<\/td>\n(0.011)<\/td>\n(0.160)<\/td>\n<\/tr>\n
Basic earnings per share \u2013 discontinued operations<\/td>\n–<\/td>\n–<\/td>\n0.001<\/td>\n–<\/td>\n<\/tr>\n
Diluted earnings per share \u2013 discontinued operations<\/td>\n–<\/td>\n–<\/td>\n0.001<\/td>\n–<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
EBITDA<\/td>\n717<\/td>\n290<\/td>\n3,742<\/td>\n4,188<\/td>\n<\/tr>\n
Adjusted EBITDA<\/td>\n772<\/td>\n1,533<\/td>\n3,855<\/td>\n5,641<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

1<\/sup>Expenses include a charge related to the public company listing of $5,316 in the three and six months ended December 31, 2018<\/p>\n