Thunderbird Entertainment Group Inc (TSX-V:TBRD, OTCQX:THBRF) has announced fiscal first-quarter 2022 revenue of $35.1 million, a 77% year-over-year increase, which the company attributed to growth in its production services projects and the delivery of its live-action series Strays for CBC.
Thunderbird also said its free cash flow for the three months ended September 30, 2021, increased by $2.2 million to $3.4 million, a rise of 183%.
“Content remains king and Thunderbird is laying the foundation to sustainably grow with the ever-increasing demand,” the company's CEO Jennifer Twiner McCarron said in a statement.
“With quality as our North Star and our focus on maintaining a culture that is diverse, inclusive and promotes excellence, Thunderbird will continue to lead in delivering premium content to our partners, further driving shareholder value,” she added.
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In addition, the company noted that its 1Q adjusted underlying earnings (EBITDA) improved by 31% year-over-year to $6.3 million.
Thunderbird said it had 27 programs in various stages of production at the end of September 2021, with 12 of the projects being company IP or partner-managed services productions where it receives a percentage of revenue streams.
Productions currently air on Netflix, Peacock Nickelodeon, Apply, Sony (NYSE:SNE), PBC, Bell Media’s Discovery, Disney+, Corus Entertainment (TSX:CJR.B) and the CBC, amongst others, it added. Strays, the spin-off series from Kim’s Convenience, premiered on CBC during the quarter.
Thunderbird Entertainment Group is building global entertainment brands for the world’s biggest broadcasters and streaming giants.
The Vancouver-based global multi-platform entertainment company produces award-winning scripted, unscripted and animated programming for the world’s leading digital platforms, as well as for Canadian and international broadcasters such as Netflix, Amazon Prime and Disney.
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