Thunderbird Resorts Inc.: December 2010 Revenue Report; Interim Chief Financial Officer; Sale of Guatemala Operation
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Thunderbird Resorts Inc.: December 2010 Revenue Report; Interim Chief Financial
Officer; Sale of Guatemala Operation
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PANAMA, REPUBLIC OF PANAMA--(Marketwire - January 6, 2011) - Thunderbird Resorts
Inc. (FRANKFURT: 4TR)(EURONEXT: TBIRD) ("Thunderbird" or "Group") reports the
following revenues for December 2010 compared with December 2009:
Variance
Thunderbird Resorts Inc. - Group-wide by%
sales results by country (unaudited) December December increase/
(in thousands) 2010 2009 (decrease)
Costa Rica $1,966 $1,786 10.1%
Nicaragua 1,110 1,230 (9.8%)
Guatemala 317 363 (12.7%)
Philippines 4,023 3,568 12.8%
Poland 131 262 (50.0%)
Peru Gaming 2,280 1,907 19.6%
Peru Hotel 1,338 1,174 14.0%
Total Consolidated Revenues $11,165 $10,290 8.5%
APPOINTMENT OF INTERIM CHIEF FINANCIAL OFFICER
Thunderbird is pleased to announce the appointment of Peter LeSar as interim
Chief Financial Officer. In the Group's third quarter Interim Management
Statement, the Group reported that Michael G. Fox, Thunderbird's Chief Financial
Officer ("CFO"), submitted his resignation of his position as CFO for personal
reasons made effective 31 December 2010. Mr. Fox will remain with the Group as
Chief Financial Officer for Latin America. Yuichi Iwata will continue to serve
as Group Financial Controller with a special emphasis on our public reporting
and on our business in the Philippines and Asia. As Vice President of Business
Development for more than a decade and more recently as Vice President of
Development and Finance, Peter LeSar has been instrumental in the Group's
efforts to raise capital in Asia and in building and maintaining relations with
many of our key project-level and corporate level investors. In his development
role over the years, he has also played an important role in risk management and
strategic decisions that are a key aspect of the CFO role. The Company's current
plans are to appoint a permanent CFO by the next annual general meeting of
shareholders.
SALE OF GUATEMALA OPERATION
Management believes that it is in the best interests of the Group and its
shareholders to divest itself from Guatemala. Management pursued a sale of the
Guatemala operation to a group controlled by former Thunderbird employees (the
"Purchaser") that have experience in Guatemala. Effective 31 December 2010, the
Group entered into an agreement to transfer its operations to the Purchaser for
consideration of approximately $2.1 million in a promissory note and
approximately $464,000 of debt assumption. The instalment payments will be made
over a 6 year term. The Group has previously written down the entire Guatemala
investment. Guatemala's unaudited revenue for the 12 months ended 31 December
2010 was $3,080,000 and EBITDA for the 9 months ended 30 September 2010 was
($420,000). This compares to revenues of $3,538,000 and $4,478,000 for the years
ended 31 December 2009 and 31 December 2008, respectively. EBITDA for the years
ended 31 December 2009 and 31 December 2008 were ($1,020,000) and ($1,111,000),
respectively. The success of the proposed sale will depend on the purchaser's
ability to operate the business more efficiently without the costs associated as
a subsidiary of a public company. Management believes that efforts to liquidate
the assets in Guatemala would bring less revenue to the Company than this
transaction.
ABOUT THE COMPANY
We are an international provider of branded casino and hospitality services,
focused on markets in Central and, South America, Southeast Asia and India. 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
Interim Chief Financial Officer
plesar(at)thunderbirdresorts.com / info(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;
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Source: Thunderbird Resorts Inc. via Thomson Reuters ONE
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Datum: 07.01.2011 - 00:20 Uhr
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