Thunderbird Resorts Inc.: September 2011 Revenue Report and Update on Refinancing Debt
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Thunderbird Resorts Inc.: September 2011 Revenue Report and Update on
Refinancing Debt
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PANAMA, REPUBLIC OF PANAMA--(Marketwire - October 12, 2011) - Thunderbird
Resorts Inc. ("Thunderbird" or "Group") (FRANKFURT: 4TR)(EURONEXT: TBIRD)
reports the following revenues for September 2011:
----------------------------------------------------------------------------------------------------------------
Thunderbird
Resorts Inc. -
Group-wide
sales results September September Year-over-year
by 2011 2010 increase/(decrease)
country
(unaudited, in
thousands)
----------------------------------------------------------------------------------------------------------------
Costa Rica 1,508 1,640 -8.0%
Nicaragua 977 953 2.5%
Philippines 4,068 4,057 0.3%
Peru Gaming 1,963 2,183 -10.1%
Peru Hotel 730 557 31.1%
----------------------------------------------------------------------------------------------------------------
Total 9,246 9,390 -1.5%
Consolidated
Revenues
----------------------------------------------------------------------------------------------------------------
Update on Efforts to Refinance Existing Debt and Improve Cash Flow
As has been previously announced, the Group has been deleveraging over the past
2 years as a means to improve free cash flow. Through June 2011, we reduced our
total debt from continuing and discontinued operations to $83.4 million as
compared to $121 million at year-end 2010 and $169 million at year-end of 2009.
Since June 2011, the Group has executed on the following strategies to further
enhance cash flow:
-- Paid down approximately $2.8 million of high-amortizing debt service
with 1,039,856 Thunderbird common shares.
-- Entered into negotiations with certain lenders to refinance the majority
of Peru-related debt with the intent to improve cash flow from the Peru
operations. There can be no assurances that such amended financing terms
will be obtained.
-- Borrowed approximately $2 million to purchase approximately 200
additional slot machines in Costa Rica with the intent of improving the
financial performance of the Costa Rica operations.
-- Begun negotiations to purchase 200 to 300 slot machines in Peru to
replace existing slot machines that are underperforming our floor
averages. Management believes that each new machine may generate
incremental revenue in excess of $35 per day as compared to the machines
to be replaced. There are no assurances as to the actual results nor
that such machine financing will be obtained.
The Group will continue to seek opportunities to enhance cash flow as one of a
number of strategies being worked on to increase value for shareholders.
ABOUT THE COMPANY
We are an international provider of branded casino and hospitality services,
focused on markets in Asia and Latin America. Our mission is to "create
extraordinary experiences for our guests." Additional information about the
Group is available on its World Wide Web site at www.thunderbirdresorts.com.
Cautionary Notice: This release contains certain forward-looking statements
within the meaning of the securities laws and regulations of various
international, federal, and state jurisdictions. All statements, other than
statements of historical fact, included herein, including without limitation,
statements regarding potential revenue and future plans and objectives of the
Group are forward-looking statements that involve risk and uncertainties. There
can be no assurances that such statements will prove to be accurate and actual
results could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from the
Group's forward-looking statements include competitive pressures, unfavorable
changes in regulatory structures, and general risks associated with business,
all of which are disclosed under the heading "Risk Factors" and elsewhere in the
Group's documents filed from time-to-time with the NYSE Euronext Amsterdam and
other regulatory authorities.
Contacts:
Thunderbird Resorts Inc.
Kevin McDonald
Investor Relations
(858) 668-2503
kevin.mcdonald(at)thunderbirdresorts.com
Thunderbird Resorts Inc.
Peter LeSar
Chief Financial Officer
(507) 223-1234
plesar(at)thunderbirdresorts.com
www.thunderbirdresorts.com
--- End of Message ---
Thunderbird Resorts Inc.
Calle Alberto Navarro El Cangrejo, Apartado Panama, Republic of Panama
Listed: Open Market (Freiverkehr) in Frankfurter Wertpapierbörse;
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Thunderbird Resorts Inc. via Thomson Reuters ONE
[HUG#1554416]
Unternehmensinformation / Kurzprofil:
Datum: 12.10.2011 - 20:53 Uhr
Sprache: Deutsch
News-ID 75610
Anzahl Zeichen: 6614
contact information:
Town:
El Cangrejo, Apartado
Kategorie:
Business News
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