Thunderbird Resorts Inc.: Costa Rica Operations Sold and January 2015 Revenue Report
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Thunderbird Resorts Inc. /
Thunderbird Resorts Inc.: Costa Rica Operations Sold and January 2015 Revenue
Report
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PANAMA, REPUBLIC OF PANAMA--(Marketwired - Feb 27, 2015) - Thunderbird Resorts
Inc. ("Thunderbird" or "Group") (FRANKFURT:4TR)(EURONEXT:TBIRD) -
Costa Rica Operations Sold: Thunderbird is pleased to announce the sale of its
entire economic interest and management rights in its seven casinos in Costa
Rica to CIRSA International Gaming Corporation, S.A. ("CIRSA"). The enterprise
valuation for the operations sold was $33.5 million and, after adjusting for
cash, debt assumption / pay down, and other working capital adjustments, the net
cash received for the Group's approximate 50% share was approximately $8.1
million. As part of the sale, Thunderbird entered into a 36-month non-compete
agreement in Costa Rica.
The Group continues its efforts to sell its interest in both the Tres Rios and
Escazu real estate properties, which are now debt free. A fuller description of
these two properties is contained in previous press releases as well as in our
annual reports and interim management statements.
We thank the many dedicated employees and associates who helped Thunderbird grow
in Costa Rica. We wish them great success in the future.
January 2015 Revenue Report: Thunderbird reports the following revenues for
January 2015. For a more detailed analysis, please visit
www.thunderbirdresorts.com and click on "January 2015 Revenue Report - Analysis"
located on the home page under "News and Releases."
Group revenue on an as reported basis for January 2015 vs. January 2014.
+--------------------------------------+-------+-------+-----------------------+
|Group-wide sales by country - as |January|January| Year-over-year |
|reported (unaudited, in millions)((1))| 2015| 2014| increase/(decrease) |
+--------------------------------------+-------+-------+-----------------------+
|Peru((2)) | $2.61| $2.55| 2.35 %|
| | | | |
|Costa Rica((3)) | 1.13| 1.13| 0.00 %|
| | | | |
|Nicaragua | 1.06| 1.21| -12.40 %|
+--------------------------------------+-------+-------+-----------------------+
|Total Consolidated Operating Revenues | $4.80| $4.89| -1.84 %|
+--------------------------------------+-------+-------+-----------------------+
Group revenue on a currency neutral basis for December 2014 vs. December 2013.
In this analysis, we apply the average exchange rate for December 2014 to the
2013 revenues in order to compare the two periods as if there was no impact from
foreign exchange whatsoever.
+--------------------------------------+-------+-------+-----------------------+
|Group-wide sales by country - currency|January|January| Year-over-year |
|neutral (unaudited, in millions)((1)) | 2015| 2014| increase/(decrease) |
+--------------------------------------+-------+-------+-----------------------+
|Peru((2)) | $2.61| $2.38| 9.66 %|
| | | | |
|Costa Rica((3)) | 1.13| 1.06| 6.60 %|
| | | | |
|Nicaragua | 1.06| 1.15| -7.83 %|
+--------------------------------------+-------+-------+-----------------------+
|Total Consolidated Operating Revenues | $4.80| $4.59| 4.58 %|
+--------------------------------------+-------+-------+-----------------------+
(1 )Revenues reported are based on monthly average exchange rates, report same
store revenues and are in USD millions. From month to month, exchange rate
fluctuations could cause an impact on revenues as compared to the previous year.
(2) 2015 and 2014 revenues consist of all gaming revenue in the country plus
revenue from our fully-owned Fiesta Hotel and management fees for the
Thunderbird Hotel - Pardo, Thunderbird Hotel - Carrera and Thunderbird Hotel -
El Pueblo, which are owned by third parties.
(3) Effective January 1, 2013, IFRS 11 changed the way that joint ventures are
accounted for whereby proportional consolidation is no longer allowed and
equity accounting should be applied to joint ventures. Until further notice
and for the convenience of the reader and for the illustrative purposes of
this monthly revenue report, the Group has elected to continue to show the
Costa Rican joint venture proportional revenues, which vary from the way that
the Group accounts for these revenues in our Interim and Annual Financial
Statements.
ABOUT THE COMPANY
We are an international provider of branded casino and hospitality services,
focused on markets in Latin America. Our mission is to "create extraordinary
experiences for our guests." Additional information about the Group is available
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 AFM and other regulatory
authorities.
Thunderbird Resorts Inc.
Peter LeSar
Chief Financial Officer
plesar(at)thunderbirdresorts.com
www.thunderbirdresorts.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1898260]
Unternehmensinformation / Kurzprofil:
Datum: 27.02.2015 - 16:48 Uhr
Sprache: Deutsch
News-ID 374941
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