VANCOUVER — Thunderbird Entertainment Group reported late Monday strong increases in revenue and adjusted EBITDA for the first quarter of its 2021 fiscal year compared to last year, thanks primarily to growth in its kids and family division’s production services.
For the three months ended September 30, 2020, Thunderbird had $19.8 million in revenue, an increase of 20% over the same quarter of fiscal 2020. The company’s adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $4.8 million in Q1 2021, a 32% year-over-year increase.
Production services revenue increased by 41% in the first quarter of 2021 compared to last year, Thunderbird reported. However, licensing and distribution revenues decreased slightly from the same period last year, when the company delivered three episodes of The Last Kids on Earth, said the company’s press release announcing its financial results.
In addition, the company’s free cash flow was $1.2 million in Q1 2021, compared to $4 million in Q1 2020, which represents Thunderbird’s significant investment of $3.6 million in content during the quarter, the company said, adding that the benefits of these investments 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 of Thunderbird, in the press release. “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.”
Of the 25 programs Thunderbird had in production in the first quarter of 2021, 10 are either company intellectual property or partner-managed IP.
During the quarter, Thunderbird’s kids and family division, Atomic Cartoons, was in production on 19 animated series, with 12 major clients, four of which are new relationships, says the press release. Productions include Mighty Express (co-produced 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.
Thunderbird’s 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). After the end of the quarter, GPM announced two new productions in development — the Webby Award-winning social media brand What If and a drama series based on the life of Wernher von Braun.
In addition, during the quarter, production began on the fifth season of Kim’s Convenience, which was also renewed for a sixth season.
The first quarter of 2021 also saw 27 half-hour episodes and 12 one-hour episodes delivered collectively from Thunderbird’s factual, scripted, and kids and family divisions. All of the one-hour episodes were company-owned IP.
For more about Thunderbird’s Q1 2021 financial results, please click here.
