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Thunderbird Entertainment delivers strong fiscal 1Q results reflecting demand for its production content

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Thunderbird Entertainment Group Inc (CVE:TBRD) (OTCQX:THBRF) (FRA:32GA) posted strong fiscal 1Q 2021 results on Tuesday, showing an increase in revenue, off the back of a growing demand for content. 

The Vancouver-based production company saw total revenue for the three-month period to end September 30, of C$19.8 million, a 20% increase over the year-ago period. 

Adjusted EBITDA, or earnings before interest, taxes, depreciation, and amortization, was $4.8 million, an increase of $1.2 million over the comparative period in fiscal 2020, thanks to growth in production services attributed to the kids and family division, Thunderbird told shareholders.

READ: Thunderbird Entertainment to develop series based on the father of US Space Program and former Nazi scientist Wernher von Braun

The Vancouver-based entertainment company has 25 shows in various stages of production, including deals with all of the major streaming companies.

“Thunderbird was right on track in 1Q with 25 shows in various stages of production, an increase from 21 shows at this time last year,” CEO Jennifer Twiner McCarron said in a statement accompanying the results.

The company’s free cash flow was $1.2 million as compared to $4 million in the year-ago quarter, a reflection of the group’s $3.6 million total investments into content during the quarter. Thunderbird told shareholders that the benefits of its investment “will be realized over the next two fiscal years.”

During the quarter, the firm launched new partnerships and hired additional talent to meet the heightened demand for premium content, Twiner McCarron told shareholders.

“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,” the CEO added.

Thunderbird’s production studio is responsible for popular programs like Kim’s Convenience, The Last Kids on Earth, Molly of Denali and Highway Thru Hell.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Story by ProactiveInvestors


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