VANCOUVER – TV maker Thunderbird Entertainment Group this week reported consolidated revenue for the three months and year ended June 30, 2019 of $13.7 million and $61.5 million, respectively.
That compares to $11.4 million and $142.4 million for the comparative periods of fiscal 2018, an increase of $2.3 million and a decrease of $80.9 million, respectively.
The majority of the annual decrease, says the company, was its 2018 decision to drop its service agreement related to the production of TV series The Man in the High Castle. “Although the series generated significant revenues, the profit margins were small and management decided to re-direct valuable corporate resources to the creation of owned IP programming and other core operations,” says the press release.
The remainder of the year end decrease was related to the show Somewhere Between, which was completed and delivered to ABC by Thunderbird in fiscal 2018. “There was no comparative series completed in fiscal 2019 and therefore this resulted in a decrease in revenues of $21.6 million,” reads the release.
The company says it strategically moved away from productions with high top line revenue yet smaller profit margins in order to concentrate on premium content from its expanding client base, “which includes Disney+, Nickelodeon, PBS and NBCUniversal, among others.” During the fourth quarter, it had 14 programs in various stages of production and deals with Netflix, NBCUniversal, Nickelodeon, PBS, WGBH, Bell Media's Discovery, APTN, Corus Entertainment and the CBC.
“2019 has been a year of incredible transformation and growth across Thunderbird, as the company has made tough yet strategic decisions to ensure it is well positioned to deliver higher-budget, higher margin, premium-quality productions that will enhance the value of our content library," said Jennifer Twiner McCarron, CEO, in the release.
“We look to the future with excitement as we further establish Thunderbird as a preferred content creator and supplier for the world's leading over-the-top (OTT) platforms, by expanding our company-wide strategy of acquiring, partnering, and building iconic IP and brands.”
" I am thrilled at the opportunities before us. Thunderbird is poised to build momentum, building off the company's track record of strong IP development and ownership witnessed in its factual division," added Brian Paes-Braga, chair. "Jenn, and her entire team, are ready to execute on our robust pipeline of shows in development. With shows like The Last Kids on Earth, Highway Thru Hell (pictured), and Kim's Convenience, Thunderbird is becoming a widely acknowledged leader in IP development and ownership along with being a dependable, go to partner for some of the world's largest media companies.”
Consolidated net loss was $1 million in the quarter ended June 30th and $3.8 million for the year, compared to net loss of $400,000 and net income of $3.2 million for the comparative periods of fiscal 2018.
Adjusted EBITDA was negative-$300,000 and $10.3 million for the three months and year ending June 30, 2019, compared to $1.2 million and $10.1 million for the comparative periods of fiscal 2018.
