International Thunderbird: Consistent Revenues Fuel International Expansion in Third Quarter.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , BRITISH COLUMBIA--(BUSINESS WIRE)--Nov. 20, 1997-- International Thunde(VSE See DOS/VSE. VSE - Virtual Storage Extended :INB INB Inbound INB Internal Network Bus INB Intranodal Buffer INB Install Busy INB Input Buffer Control Block .) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :INB.) International Thunderbird thunderbird In North American Indian mythology, a powerful spirit in the form of a bird that watered the earth and made vegetation grow. Lightning was believed to flash from its eyes or beak, and the beating of its wings was thought to represent rolling thunder. Gaming Corporation is pleased to announce the Company's operating results for the third quarter ended September September: see month. 30, 1997. With revenues generated to date, the Company has successfully penetrated the Latin American gaming markets by finalizing revenue sharing revenue sharing Funding arrangement in which one government unit grants a portion of its tax income to another government unit. For example, provinces or states may share revenue with local governments, or national governments may share revenue with provinces or states. deals in Guatemala and Brazil; and it has acquired ownership and assumed operations of a casino casino or cassino (both: kəsē`nō). 1 Card game played with a full deck by two to four players. Its origins are obscure though it probably traces back to the Italian game of Scopa. in Aruba. Total revenues for the third quarter ended September 30, 1997 were $7.2 million compared to $10.1 million for the same period in 1996. The decrease is attributable to lower product sales resulting from the Company building video gaming video gaming n. 1. Gambling by means of interactive games of chance played on a video screen. 2. The playing of video games. terminal (VGT VgT Verein Gegen Tierfabriken (German: association against animal factories) VGT Variable Geometry Turbocharger VGT Variable Geometry Truss VGT Las Vegas, NV, USA - North Air Terminal (Airport Code) ) inventories for use in the new Latin American revenue sharing projects. Revenues from gaming operations were $6.1 million compared to $5.9 million in the third quarter of 1996. Net income was $1.2 million compared to $2.4 million for the same period in 1996. Part of this decrease is attributable to higher amortization and depreciation expense that, in turn, has increased cash flow per share. Total revenues for the nine months ended September 30, 1997 were $23.0 million compared to $27.9 million for the same period in 1996. Net income for the nine months ended September 30, 1997 was $4.2 million compared to $6.2 million for the same period in 1996. Fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.17 compared to $0.26 for the first nine months of 1996. Cash flow per share was $0.44 compared to $0.39 per share for the nine months ended September 30, 1996. Revenues from gaming operations are expected to remain firm for the remainder of the year, and increase sharply in 1998 as the Company starts to place more video gaming terminals on revenue sharing arrangements in Guatemala and Brazil. International Thunderbird expects to have 2,000 VGTs operating in Guatemala and 5,000 VGTs placed in Brazil during the next two years. Shipments of these VGTs have already commenced. The Company's assembly plant, in Greeley, Colorado The City of Greeley is a home rule municipality in Weld County, Colorado, United States. According to 2006 Census Bureau estimates, the population of the city is 87,596.[4] is operating at full capacity in response to the large demand for more VGTs. Currently, the Company collects revenues from over 2,800 VGTs operating in gaming establishments in the U.S.A. ThunderWatch, the Company's proprietary video gaming and lottery lottery, scheme for distributing prizes by lot or other method of chance selection to persons who have paid for the opportunity to win. The term is not applicable when lots are drawn without payment by the interested parties to determine some matter, e.g. terminal management system designed for advanced network communication between terminals and gaming operations, is completing beta testing (programming) beta testing - Testing a pre-release (potentially unreliable) version of a piece of software by making it available to selected users. This term derives from early 1960s terminology for product cycle checkpoints, first used at IBM but later standard throughout the in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). gaming establishments. The system was well received by international gaming and casino operators, and orders for ThunderWatch are expected to contribute strongly to product sales and revenues in the first quarter of 1998. The Company is progressing with its aggressive strategy to become an active participant in the international gaming and casino industry. The Company's Form 20-F Registration Statement, recently approved by the SEC, is expected to increase the exposure of International Thunderbird to the international investment community and the popular gaming industry. International Thunderbird Gaming Corporation is a manufacturer, supplier and manager of gaming terminals, systems and products for casinos A list of casinos. Antigua and Barbuda
Summary consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge of the Company follow.
International Thunderbird Gaming Corporation
Consolidated Balance Sheets
(Unaudited)
September 30
1997 1996
ASSETS
Current assets $ 26,185,000 $ 20,306,000
Long term receivables 2,392,000 3,619,000
Capital assets 10,930,000 11,242,000
Investment in other companies 2,411,000 -
Goodwill 5,428,000 5,991,000
Deferred income taxes 356,000 -
Other assets 2,827,000 2,481,000
----------------------------
$ 50,529,000 $ 43,639,000
----------------------------
LIABILITIES and SHAREHOLDERS' EQUITY
Current liabilities $ 3,721,000 $ 4,570,000
Convertible debentures 492,000 577,000
Loans payable 2,052,000 -
Other liabilities 354,000 444,000
Shareholders' equity 43,910,000 38,048,000
----------------------------
$ 50,529,000 $ 43,639,000
----------------------------
Consolidated Statements of Operations
For the Nine Months Ended September 30
(Unaudited)
Revenue: Product sales $ 3,972,000 $ 11,975,000
Gaming operations 19,019,000 15,971,000
----------------------------
22,991,000 27,946,000
----------------------------
Costs: Product sales 4,394,000 7,025,000
Gaming operations 1,080,000 2,082,000
----------------------------
5,474,000 9,107,000
----------------------------
Gross profit 17,517,000 18,839,000
Expenses: General and
administrative 6,291,000 6,422,000
Depreciation and
amortization 4,709,000 3,175,000
----------------------------
11,000,000 9,597,000
----------------------------
Earnings from operations 6,517,000 9,242,000
Financing costs 159,000 231,000
----------------------------
Earnings before income taxes 6,358,000 9,011,000
Income taxes 2,136,000 2,812,000
----------------------------
Net income for the period $ 4,222,000 $ 6,199,000
----------------------------
Fully diluted earnings
per share $ 0.17 $ 0.26
----------------------------
Cash flow per share from operations
before change in non-cash working
capital items $ 0.44 $ 0.39
----------------------------
On behalf of the Board of Directors Hari B. Varshney, Co-Chairman CONTACT: International Thunderbird Gaming Corporation Alan E. Schneider, 604/687-2255 or 1-800-914-8462 e-mail: alans@intltbird.com |
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