Thunderbird Resorts Inc.: Interim Management Statement First Quarter 2012
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Thunderbird Resorts Inc.: Interim Management Statement First Quarter 2012
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PANAMA, REPUBLIC OF PANAMA--(Marketwire - May 17, 2012) - Thunderbird Resorts
Inc. (FRANKFURT: 4TR)(EURONEXT: TBIRD) ("Thunderbird") announces that the
Interim Management Statement ("IMS") for the first quarter of 2012 has been
filed with the Euronext Amsterdam by NYSE Euronext ("Euronext Amsterdam") and
the Netherlands Authority for Financial Markets ("AFM"). As a Designated Foreign
Issuer with respect to Canadian securities regulations, this IMS is intended to
comply with the rules and regulations set forth by the AFM and the Euronext
Amsterdam.
The following PROGRESS and CHALLENGES sections are excerpts from the IMS, and
summarize the results for the period. Thunderbird encourages shareholders and
investors to read the entire IMS.
PROGRESS
Profit (loss) for the period: The Group produced $1.1 million of pre-tax and
$810 thousand of after tax profit for the period, the latter of which is a
315.2% improvement as compared to Q1 2011.
Growing cash generation: In Q1 2012, cash generation was approximately $3.3
million. This compares to cash generation of approximately $7.2 million in 2011
for the full year. Management defines "cash generation" as adjusted EBITDA -
Financing Cost - Project Development Expense.
Financing Costs: The Group reduced its financing costs to $2.1 million in Q1
2012 from $2.7 million in Q1 2011, a savings of $615 thousand and an improvement
of 23.0%.
Strengthened capital structure: Gross debt was reduced to $75.8 million through
Q1 2012 as compared to $77.9 million at year-end 2011, a reduction of $2.1
million. On May 6, 2012, the Group announced that gross debt had been further
reduced to approximately $69 million or 3.6X adjusted EBITDA after using
proceeds from the sale of the El Pueblo hotel to pay down senior debt.
CHALLENGES
Revenues were $29.3 million through Q1 2012 as compared to $31.2 million in the
same period of 2011, a decrease of 6.0% based on IFRS reporting. When
considering only same hotels ("Same Store"), Group revenues increased by $314
thousand or by 1.1% in Q1 2012 as compared to Q1 2011.
Property EBITDA was $7 million through Q1 2012, a decrease of $672 thousand or
8.7% as compared to the same period in 2011 based on IFRS reporting. Based on
Same Store comparisons, property EBITDA increased by $101thousand or 1.5% in Q1
2012 as compared to Q1 2011.
Adjusted EBITDA was $5.4 million through Q1 2012, a decrease of $1.1 million or
16.3% as compared to the same period in 2011 based on IFRS reporting. Based on
Same Store comparisons, the decrease in adjusted EBITDA was actually $288
thousand or 5.0% as compared to Q1 2011. The decrease was in part due to
increased expenses at the Group level, which we are evaluating carefully.
Overall, Management believes that the improved bottom line results reflect the
Group's aggressive reduction of its financing costs through debt reduction,
which is also better positioning the Group to invest in growth in the near term.
DOCUMENT AVAILABILITY
Copies of the IMS (which includes the April 2012 Revenue Report) in the English
language are available at no cost at the Group's operational office in Panama
and at the offices of our local paying agent ING Bank N.V., van Heenvlietlaan
220, 1083 CN Amsterdam, the Netherlands (tel: +31 20 7979 398, fax:
+31 20 7979 607, email: iss.pas(at)mail.ing.nl) and are available on the Group's
website at www.thunderbirdresorts.com. Copies are also available on SEDAR at
www.SEDAR.com and on the Euronext Amsterdam at www.euronext.com.
ABOUT THE COMPANY
We are an international provider of integrated resorts anchored by casinos and
of standalone casinos, in both 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.
Contact Information
Contacts:
Thunderbird Resorts Inc.
Peter LeSar
Chief Financial Officer
plesar(at)thunderbirdresorts.com
www.thunderbirdresorts.com
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originality of the information contained therein.
Source: Thunderbird Resorts Inc. via Thomson Reuters ONE
[HUG#1613162]
Unternehmensinformation / Kurzprofil:
Datum: 17.05.2012 - 22:00 Uhr
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News-ID 147995
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