Thunderbird Entertainment fiscal 3Q revenue jumps 27% on animation studio production and more

Thunderbird Entertainment Group Inc (CVE:TBRD) (OTCQX:THBRF) announced financial results for its fiscal third quarter, including revenue that grew 27% year-over-year on strong growth from its kids and family division.

In the three months ended March 31, the company saw revenue of C$37.7 million, up 27% from C$29.6 million in the same quarter of 2020. Adjusted EBITDA was $7.4 million, an 8% increase from C$500,000 a year earlier.

Thunderbird attributed the bump to an increase in production services in its kids and family division, as well as a rise in licensing and distribution revenue thanks to having more shows this year. 

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Production services revenue increased 52% year-over-year to C$19.4 million. This revenue consists primarily of animation production services, which experienced continued growth.

In the quarter, the company recognized revenue from three episodes of The Last Kids on Earth, 13 episodes of Kim’s Convenience Season 5, and 40 episodes of three factual series (Heavy Rescue: 401 Season 5, Mud Mountain Haulers Season 1, and $ave My Reno Season 4). 

As at March 31, Thunderbird said its production backlog was C$102.2 million, compared to C$86.1 million as at March 31, 2020. Backlog is defined as the undiscounted value of signed agreements for production services and licensing and distribution agreements for which the company expects to recognize revenue in future periods.

“Thunderbird continues to grow rapidly across all of our divisions, which is reflected in the strong Q3 results,” CEO Jennifer Twiner McCarron said in a statement. “This performance can be attributed directly to the incredible work of our talented teams — in addition to the continued demand we are seeing for Thunderbird’s award-winning, quality content.” 

“We are doubling down on our commitment to making a positive difference in the world, and we are proud to have recently won the BC Business ‘Business of Good Award’ for Diversity and Inclusion. Not only is this work a major component of our core mission and values, but it also reflects our commitment to helping advance issues of gender representation and the inclusion of BIPOC and LGBTQ2S+ communities.”

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Story by ProactiveInvestors