Canada NewsWire
VANCOUVER, March 1, 2019
VANCOUVER, March 1, 2019 /CNW/ - Thunderbird Entertainment Group Inc. (TSXV:TBRD) ("Thunderbird" or the "Company"), a global, multiplatform entertainment company with offices in Los Angeles, London, Vancouver, Ottawa and Toronto, today announced its financial and operating results for the second quarter ended December 31, 2018, and provided a corporate update.
Quarterly Highlights
Financing and Public Listing
During the quarter, the Company strengthened its balance sheet by raising $15 million in new equity capital and completed a listing on the TSX Venture Exchange. At quarter's end, the Company had over $20 million in cash.
Record Production Pipeline
During quarter, the Company had a record 17 television series in various stages of production, with roughly 1,000 employees across its Vancouver, Los Angeles, London, Toronto and Ottawa offices.
Focus on Margin, Focus on IP
Thunderbird also increased its profit margins this quarter by eliminating low margin business segments, while focusing on high margin projects, many of which are owned IP series. Thunderbird productions are now seen in more than 190 countries worldwide.
Company Recognitions
Thunderbird's Chief Executive Officer (CEO), Jennifer Twiner McCarron, was also recognized as Playback Magazine's 2018 "Exec of the Year" in the quarter. The Company proudly congratulated and shared this accomplishment through a formal announcement.
Production Overview
Thunderbird Kids
Thunderbird Factual
Thunderbird Releasing
Thunderbird Scripted
"I am thrilled with the skyrocketing trajectory of Thunderbird. Our team is building world class global brands and working with the best talent in the business." says Jennifer Twiner McCarron, Thunderbird Entertainment's CEO. "We've strengthened our balance sheet, which gives us lots of options and amazing resources to continue growing the business."
The Company's unaudited interim financial statements along with its Management's Discussion and Analysis for Q2 2019 are available on the Company's website at http://www.thunderbird.tv and under the Company's profile at www.sedar.com.
Q2 2019 Financial Highlights
Revenue: $25.95 million
Net Loss: $( 4.65) million
Adjusted EBITDA1 $ 5.6 million
Cash: $20 million
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Financial and Operational Highlights for the Three and Six Months Ended December 31, 2018
Results for the three and six months ended December 31, 2018 compared to the three and six months ended December 31, 2017:
For the three months ended | For the six months ended | |||
($000's, except per share data) | December | December | December | December |
Revenue | $ 11,589 | $ 52,171 | $ 25,950 | $ 118,893 |
Expenses 1 | 17,694 | 51,459 | 30,602 | 114,402 |
Net income (loss) from continuing operations | (6,105) | 712 | (4,652) | 4,491 |
Income from discontinued operations | - | 93 | - | 93 |
Non-controlling interest | (8) | - | (8) | - |
Foreign currency translation adjustment | 24 | 22 | 15 | (52) |
Comprehensive net income (loss) for the period attributable to owners of the parent | $ (6,089) | $ 827 | $ (4,645) | $ 4,532 |
Adjusted EBITDA | $ 1,434 | $ 3,745 | $ 5,624 | $ 8,870 |
1 Expenses includes a Charge related to Public company listing of $5,316 |
About Thunderbird Entertainment Group Inc.
Thunderbird Entertainment Group is a Vancouver-based global multiplatform entertainment company with offices in Vancouver, Los Angeles, Toronto, Ottawa and London. Thunderbird creates award-winning scripted, unscripted and animated programming for the world's leading digital platforms, as well as Canadian and International broadcasters. Thunderbird's vision is to produce high quality, socially responsible content that makes the world a better place. The Company develops, produces and distributes animated, factual and scripted content through its various divisions, including Atomic Cartoons, Great Pacific Television, Thunderbird Productions and Thunderbird Releasing Limited.
On Behalf of Thunderbird Entertainment Group Inc.
"Jennifer Twiner McCarron"
Chief Executive Officer
For information on Thunderbird and to subscribe to the Company's investor list for news updates, go to www.thunderbird.tv.
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
This news release contains references to certain measures that do not have a standardized meaning under International Financial Reporting Standards ("IFRS") as prescribed by the International Accounting Standards Board and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing a further understanding of operations from management's perspective. Accordingly, non IFRS measures should not be considered in isolation nor as a substitute for analysis of financial information reported under IFRS. The Company believes that non-IFRS measures, specifically EBITDA and Adjusted EBITDA, are frequently used by securities analysts, investors and other interested parties as measures of financial performance and to provide supplemental measures of operating performance and thus highlight trends that may not otherwise be apparent when relying solely on IFRS financial measures.
SOURCE Thunderbird Entertainment Group Inc.
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