Thunderbird Entertainment Group Inc (TSX-V:TBRD, OTCQX:THBRF) said it is positioned for excellent organic growth with 26 programs underway for major streaming services and other entertainment platforms at the end of its fiscal Q3 2022.
At the end of the quarter, the company was in various stages of production of the programs for 16 customers including Netflix, Disney+, Corus Entertainment (TSX:CJR.B), Bell Media’s Discovery and Sony, 12 of which are the company’s intellectual property (IP) which it owns outright or are partner-managed service productions where the company receives a percentage of certain revenue streams.
“During the quarter, we continued our strategy of investing time and resources into a number of key initiatives that will set the stage for accelerated growth in fiscal 2023 and beyond,” Thunderbird CEO Jennifer Twiner McCarron said in a statement accompanying the company’s 3Q results.
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“We are on track for a solid year end and continue to forecast excellent organic growth ahead.”
For the quarter ending March 31, 2022, the company reported revenue of $36.9 million compared to $37.7 million for the same period in 2021.
“The slight decrease in revenue in the current quarter is due to the timing of deliveries of IP projects, the majority of which are expected to be caught up by year end,” Thunderbird noted.
For 3Q, the company reported earnings before interest, taxes depreciation and amortization of $6.4 million compared to $7.4 million for the same period last year, with the company noting that its gross margin on revenue in the quarter was consistent year-over-year partially offset by an increase in salaries to facilitate continued growth.
Thunderbird 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.
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