Thunderbird Entertainment Group Reports on First Quarter Fiscal Year 2021 Results

Q1 2021 Revenue $19.8 million, an increase of 20% year over year

Adjusted EBITDA $4.8 million, an increase of 32% year over year

Company cash position at September 30 2020 $14.2 million

25 programs in production in Q1, with 10 being owned- or partnered-IP

Conference call and webcast scheduled for December 1 at 11 a.m. PT/ 2 p.m. ET

VANCOUVER, British Columbia--()--Thunderbird Entertainment Group Inc. (TSXV:TBRD, OTCQX: THBRF) (Thunderbird or the Company), today announced its financial results for the first quarter ended September 30, 2020 (“Fiscal 2021”), and provided a corporate update.

Financial Highlights

  • The Company recognized revenue of $19.8 million in the first three months of fiscal 2021, an increase of 20% over the comparative quarter.
  • Adjusted EBITDA was $4.8 million for the three months ended September 30, 2020, an increase of $1.2 million over the comparative period in fiscal 2020. This increase was primarily due to growth in production services attributed to the kids and family division.
  • Production services revenue for the three months ended September 30, 2020 increased by 41%. Licensing and distribution revenues decreased slightly over the comparative period last year, where the Company delivered three episodes of The Last Kids on Earth.
  • Free cash flow was $1.2 million as compared to $4 million in the comparative quarter, a decrease of $2.8 million, which represents the significant investment in content of $3.6 million during the quarter, the benefits of which will be realized over the next two fiscal years.

“Thunderbird was right on track in Q1 with 25 shows in various stages of production, an increase from 21 shows at this time last year. During the quarter, we were thrilled to be launching new partnerships and hiring additional talent to meet the heightened demand for premium content,” said Jennifer Twiner McCarron, CEO, Thunderbird. "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.”

Thunderbird’s Q1 2021 Corporate Highlights

  • During the first quarter, Thunderbird had 25 programs in various stages of production, and deals with Netflix, Peacock, Nickelodeon, AppleTV+, Sony, PBS, Bell Media's Discovery, Disney+, Corus Entertainment and the CBC, among others. Ten of these productions are Company IP or partner-managed.
  • 27 half-hour episodes and 12 one-hour episodes were delivered collectively from the factual, scripted, and kids and family divisions. All of the one-hour episodes were Company owned-IP.
  • The Factual Division, Great Pacific Media (GPM), was in production on four series and one documentary special: Highway Thru Hell (Seasons 9 and 10), Heavy Rescue: 401 (Seasons 5 and 6), $ave My Reno (Season 4), Mud Mountain Haulers (Season 1) and The Teenager and the Lost Mayan City (Documentary for CBC). Subsequent to the quarter, GPM announced two new productions in development: hit Webby Award-winning social media brand What If and a drama series based on the life of Wernher von Braun.
  • Production began on the fifth season of Kim’s Convenience. Kim’s Convenience was also renewed for season six.
  • The Kids and Family Division, Atomic Cartoons, was in various stages of production on 19 animated series, with 12 major clients, four of which are new relationships. Productions include co-producing Mighty Express with Spin Master for Netflix, LEGO Star Wars Holiday Special for Disney+, Molly of Denali for GBH/ PBS KIDS and CBC and LEGO Jurassic World: The Secret Exhibit for NBCUniversal.

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The Company also announced the issuance of 55,698 common shares to Jennifer Twiner McCarron at a deemed price of $2.045 per share. The issuance reflects partial consideration for a performance bonus earned during the fiscal year ended June 30, 2020, in accordance with the terms of Ms. Twiner McCarron’s employment agreement.

Conference Call Webcast on December 1, 2020 at 11 a.m. PT/ 2 p.m. ET

Thunderbird will hold a conference call and webcast to share the Company’s Q1 financial results on December 1, 2020 at 11 a.m. PT/ 2 p.m. ET. The conference call will be webcast live and available for replay via the “Investors” section of the Thunderbird website.

Conference Call and Webcast Access:
Toll-free dial-in number: (833) 900-1530
International dial-in number: (236) 712-2271
Conference ID: 8399875

Participants joining by phone are requested to call the conference line ten minutes early to avoid wait times while connecting to the call. Investors can access a replay of the teleconference at: (+1) 416-621-4642 or toll-free at (+1) 800-585-8367 three hours after the call's completion. The Conference ID # is 8399875. The teleconference replay will be available through December 15, 2020.

For information on Thunderbird and to subscribe to the Company’s investor list for news updates, go to

About Thunderbird Entertainment Group
Thunderbird Entertainment Group is a global award-winning, full-service, multiplatform production, distribution, and rights management company, headquartered in Vancouver, with additional offices in Los Angeles, Toronto, and Ottawa. 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 Thunderbird kids and family (Atomic Cartoons), Thunderbird factual (Great Pacific Media) and Thunderbird productions. Thunderbird is on Facebook, Twitter, and Instagram at @tbirdent. For more information, visit:

On Behalf of Thunderbird Entertainment Group Inc.

Jennifer Twiner McCarron
Chief Executive Officer

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; 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.

In addition to the results reported in accordance with IFRS, the Company uses various non-IFRS financial measures which are not recognized under IFRS, as supplemental indicators of our operating performance and financial position. These non-IFRS financial measures are provided to enhance the user’s understanding of our historical and current financial performance and our prospects for the future. Management believes that these measures provide useful information in that they exclude amounts that are not indicative of our core operating results and ongoing operations and provide a more consistent basis for comparison between periods. The following discussion explains the Company’s use of EBITDA, Adjusted EBITDA, and Free Cash Flow as measures of performance.

“EBITDA” is calculated based on earnings before interest, income taxes, depreciation and amortization. “Adjusted EBITDA” is calculated based on EBITDA, asset impairment charges, accretion, share-based compensation, share of loss of associates, unrealized foreign exchange gain/loss and items of an unusual or one-time nature that do not reflect our ongoing operations. EBITDA and Adjusted EBITDA are commonly reported and widely used by investors and lenders as an indicator of a company’s operating performance and ability to incur and service debt, and as a valuation metric. EBITDA and Adjusted EBITDA are not earnings measures recognized by IFRS and therefore do not have a standardized meaning prescribed by IFRS. Therefore, EBITDA and Adjusted EBITDA may not be comparable to similar measures presented by other issuers.

“Free Cash Flow” (“FCF”) is calculated based on cash flows from operations, purchase of property and equipment and net interim production financing. FCF represents the cash a company generates after accounting for cash outflows to support operations and maintain its capital assets.


Investor Relations Contact:
Glen Akselrod, Bristol Capital
Phone: + 1 905.326.1888 ext 1

Media Relations Contact:
Julia Smith, Finch Media
Phone: +1604.803.0897


Investor Relations Contact:
Glen Akselrod, Bristol Capital
Phone: + 1 905.326.1888 ext 1

Media Relations Contact:
Julia Smith, Finch Media
Phone: +1604.803.0897