Thunderbird Entertainment Group Inc (CVE:TBRD) CEO Jennifer Twiner McCarron said the company had made “tough yet strategic decisions” to ensure it is well-positioned as it reported fiscal fourth-quarter and year-end financial and business results.
In a statement accompanying the Vancouver-based global multi-platform entertainment company’s latest numbers, McCarron said: "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."
McCarron said the company looked to the future “with excitement” as it established Thunderbird as a preferred content creator and supplier for the world's leading Over-the-Top platforms, by “expanding its strategy of acquiring, partnering, and building iconic IP and brands.”
READ: Thunderbird Entertainment announces new season of hit Discovery Canada show 'Highway Thru Hell'
Thunderbird Entertainment is celebrating the return of its hit series ‘Highway Thru Hell’ for an eighth season on Discovery Canada. The series, one of Discovery’s top-rated programs internationally, will also be returning for a ninth season consisting of 18 episodes.
Produced by Thunderbird’s Factual division in conjunction with Discovery Canada, ‘Highway Thru Hell’ chronicles the realities of operating along the highways of the British Columbian interior.
“We also recognize that our people are the foundation of Thunderbird's success, and we remain dedicated to attracting, enabling and retaining the very best talent to continue our industry leading trajectory," said McCarron.
For the fiscal fourth-quarter ended June 30, 2019, the company posted a jump in revenue to $13.7 million, compared to $11.4 million in the same period a year earlier.
Consolidated revenue for the year ended June 30, 2019 was $61.5 million, compared to $142.4 million in the comparative period of fiscal 2018. In its statement, the company explained that the majority of the annual decrease of $69.6 million was related to the company's decision in fiscal 2018 to not renew its multi-season service agreement to produce the live action television 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,” said the company.
The remainder of the year-end decrease was related to a large budget proprietary television series for ABC Network, which was completed and delivered by the company in fiscal 2018. There was no comparative series completed in fiscal 2019 and therefore this resulted in a decrease in revenues. The company said these decreases were partially offset by increases in both the animation and factual divisions. A portion of the fourth-quarter revenue increase over the comparative quarter in 2018 related to growth in the animation division.
"As we look forward to 2020, 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," said Brian Paes-Braga, chair, Thunderbird Entertainment.
Paes-Braga said the company was ready to execute on its robust pipeline of shows in development.
“With shows like The Last Kids on Earth, Highway Thru Hell, 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,” noted Paes-Braga.
“It's an exciting time to be in content development, and a Thunderbird shareholder. This is just the beginning."
The Vancouver-based global multi-platform entertainment company creates award-winning scripted, unscripted and animated programming for the world's leading digital platforms, as well as Canadian and international broadcasters.
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