Thunderbird Entertainment Group Inc (CVE:TBRD) (OTCMKTS:THBRF) released its fiscal fourth-quarter and full-year financial results on Thursday, revealing growing revenue and a swing toward positive cash flow.
The company posted revenue of $21.1 million for the three months ended June 30, a 63% increase from C$12.9 million in the same period of 2019. Fiscal 2020 revenue was C$83.1 million, up 41% year-over-year from C$57.7 million.
Its free cash flow was $7.3 million for the fiscal year, compared to negative free cash flow of C$5 million in fiscal 2019.
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“While 2020 has presented many unprecedented situations, the Thunderbird team continues to demonstrate resilience and adaptability,” CEO Jennifer McCarron said in a statement. “In March, we successfully transitioned all 1000+ employees offsite without missing a beat, and, in fact, our revenue has increased 41% over the prior year to $81.3 million.”
Across its various divisions, the company delivered 29 half-hour episodes and 26 hour-long episodes during the quarter. Of those, all the hour-long episodes and a third of the half-hour episodes were Thunderbird-owned intellectual property.
“There is a strong demand for Thunderbird content, and we feel fortunate to be working in an industry experiencing accelerating trends. 2020 has also forced us all to look inward and challenge our assumptions around diversity and inclusion – Thunderbird is well positioned to deliver on this and I am proud of the steps we have made as a company, and will strive to continue to lead in this area.”
During the quarter, Thunderbird’s Emmy winning hit Kim’s Convenience’s fourth season began streaming on Netflix outside of Canada. The program has already been renewed for two additional seasons.
The company’s adjusted EBITDA for C$2.9 million for the quarter and C$15.5 million for the year, compared to C$1 million and C$12.8 million, respectively in fiscal 2019.
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