Company founder Tim Gamble stepping down from the board
VANCOUVER — Thunderbird Entertainment Group reported Wednesday evening its revenue increased by a whopping 98% year-over-year to reach $28 million in the second quarter ended December 31, 2020, compared to the same quarter in the previous year.
For the first half of its 2021 fiscal year, Thunderbird’s revenue was $47.7 million, which represents a 56% increase over the first six months of its 2020 fiscal year, the company said.
The company reported adjusted EBITDA of $5.2 million and $10 million for the three and six months ended December 31, 2020, which represent year-over-year increases of 160% and 75%, respectively, compared to the same periods in its previous fiscal year.
Thunderbird said these increases are primarily due to growth in its Atomic Cartoons kids and family division.
Breaking down its revenue increases by segment, Thunderbird reported its production services revenue for the three and six months ended December 31, 2020 increased year-over-year by 63% and 53%, respectively, due to an increase in the number and size of contracts, with revenue consisting primarily of animation production services. Licensing and distribution revenues increased by 272% and 63% for the three and six months ended December 31, 2020, respectively, over the comparative periods, due mainly to the timing of delivery of the animated series The Last Kids on Earth, the company said.
“As we continue to grow Thunderbird into a major global studio, Q2 results further demonstrate that our long-term strategy and initiatives are paying off, with significant increases in revenue and adjusted EBITDA, year-over-year,” said Jennifer Twiner McCarron, president and CEO of Thunderbird, in a press release announcing the company’s financial results. “In Q2, we were in production on 21 properties — including a growing percentage of owned-IP projects that offer higher economic value and for which we fully control the rights. This, in conjunction with our new consumer products division, allows us to fully leverage the world class brands being created at Thunderbird.”
Subsequent to the company’s second quarter, Thunderbird launched a new global distribution and consumer products division, headed up by industry veteran Richard Goldsmith.
Of the 21 programs that were in production during the company’s second quarter, 10 are company IP or partner-managed projects. Thunderbird’s factual and scripted division, Great Pacific Media, 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 (a documentary for CBC). (All of these started production during previous quarters.) In addition, Kim’s Convenience was in production on season 5 during the second quarter.
Also during the second quarter, Atomic Cartoons was in various stages of production on 13 animated series and two feature-length animated productions, including the co-production of Mighty Express with Spin Master for Netflix, LEGO Star Wars Holiday Special for Disney+, Molly of Denali for GBH/PBS Kids, and Trolls: TrollsTopia in partnership with Dreamworks for Hulu and Peacock. A Curious George production is also underway for Peacock, the company said.
Thunderbird also announced company founder and director Tim Gamble is stepping down from the board to pursue other business interests.
“On behalf of Thunderbird and our board of directors, I want to thank Tim Gamble for his visionary leadership throughout the years. Tim always encouraged the entire leadership team to think big, operate with integrity, and to inspire with content that can positively impact our world. We proudly take this vision forward on Thunderbird’s continued journey,” said Twiner McCarron, in the press release.
For more information about Thunderbird’s Q2 2021 financial results, please click here.
