Thunderbird Entertainment Group Inc (CVE:TBRD) (OTCMKTS:THBRF) CEO Jennifer Twiner McCarron touted a strong fiscal quarter that saw the media company boost its revenue on the success of a suite of popular programs.
The Vancouver-based production company posted revenue of C$17.1 million, up from $14.4 million during the year-ago quarter.
Thunderbird’s suite of programming includes the documentary Highway Thru Hell, the animated show The Last Kids on Earth and CBC’s wildly successful Kim’s Convenience.
CEO Twiner McCarron told shareholders that the team has continued to focus on its strategy of building high quality, long lasting brands that will stand the test of time. “We are just getting started and the best is yet to come,” she told shareholders in a statement.
Twiner McCarron was recently named as one of Canada’s most powerful women by the Women's Executive Network.
During the three-month period ended September 30, the company recorded net income of C$849,000 or around C$0.02 per share.
Thunderbird chairman Brian Paes-Braga said that the company used internally-generated free cash flow to fund its growing stable of intellectual property and high growth animation business. It ended the quarter with over C$16 million in cash.
"With the streaming wars in the early stages, it is encouraging to see the initial success of new entrants like Disney+, recently topping 15 million app downloads, as this underpins the demand for premium content and the monumental behaviour shift that viewers around the world are experiencing,” Paes-Braga said in a statement.
“This is a gold rush moment in the content development industry and Thunderbird is poised to capitalize. 2020 is shaping up to be another transformative year."
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