International Thunderbird Announces Record Revenues and Net Earnings for the Year Ended December 31, 1996.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)--March 13, 1997-- 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 (VSE See DOS/VSE. VSE - Virtual Storage Extended , TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :INB INB Inbound INB Internal Network Bus INB Intranodal Buffer INB Install Busy INB Input Buffer Control Block .) International Thunderbird Gaming Corporation is pleased to announce that revenues for the year ended December December: see month. 31, 1996 were $35.4 million, an increase of 32 percent, as compared to $26.8 million for the year ended December 31, 1995. Net earnings for the year ended December 31, 1996 were $5.9 million, an increase of 69 percent, as compared to $3.5 million of net earnings for the same period in 1995. Basic earnings per share for the year ended December 31, 1996 were $0.28 as compared to $0.27 for the same period in 1995. 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 for the year ended December 31, 1996 were $0.25, an increase of 19 percent, as compared to $0.21 for the same period in 1995. Included in the 1996 results are non-recurring pre-tax re-organization costs of approximately $2 million. Had these costs not been incurred, net earnings for the year ended December 31, 1996 would have been $7.2 million, an increase of 106 percent, as compared to $3.5 million of net earnings for the same period in 1995. Basic earnings per share for the year ended December 31, 1996 would have been $0.34, an increase of 26 percent, as compared to $0.27 for the same period in 1995. Fully diluted earnings per share for the year ended December 31, 1996 would have been $0.30, an increase of 43 percent, as compared to $0.21 for the same period in 1995. The pre-tax re-organization costs included $800,000 related to the closing of the Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. manufacturing plant and consolidating those operations with the existing manufacturing facilities 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] ; and $1.2 million to discontinue dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: revenue share operations in the non-compacted State of Washington in order to access a much broader gaming market in the US. Regardless of the outcome of compact negotiations between the State of 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). and the First Nations tribes in California, the Company intends to expand its operations in the future only in compacted or licensed jurisdictions. International Thunderbird is actively involved in executing an acquisition program within the gaming industry which reflects the Company's core objective of growth through the expansion of its existing markets and the pursuit of new gaming opportunities. The first acquisition under this program was completed in February 1997 with the purchase of an existing 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. hall located in Chiclayo, Peru. The acquisition program is targeting full casinos A list of casinos. Antigua and Barbuda
Management is very pleased with the Company's continued earnings success and remains confident in our direction and pursuit of the vast opportunities in the gaming industry. 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. -0-
INTERNATIONAL THUNDERBIRD GAMING CORPORATION
Consolidated Balance Sheets
December 31
1996 1995
ASSETS
Current assets $22,049,000 $18,652,000
Long term receivables 3,232,000 1,228,000
Capital assets 11,939,000 7,426,000
Goodwill 5,877,000 6,175,000
Other assets 2,656,000 1,490,000
___________ ___________
$45,753,000 $34,971,000
___________ ___________
___________ ___________
LIABILITIES and SHAREHOLDERS' EQUITY
Current liabilities $4,880,000 $4,188,000
Long term obligations 434,000 274,000
Convertible debentures 567,000 4,171,000
Shareholders' equity 39,872,000 26,338,000
___________ ___________
$45,753,000 $34,971,000
___________ ___________
___________ ___________
Consolidated Statements of Operations
For the Years Ended December 31
Revenue: Product sales $14,210,000 $15,594,000
Gaming operations 21,196,000 11,176,000
___________ ___________
35,406,000 26,770,000
- - - - - - - - - - - -
Costs: Product sales 8,995,000 10,392,000
Gaming operations 2,832,000 1,738,000
___________ ___________
11,827,000 12,130,000
- - - - - - - - - - - -
Gross profit 23,579,000 14,640,000
General and administrative
expenses 8,520,000 5,644,000
Depreciation and amortization
expense 4,364,000 2,105,000
___________ ___________
12,884,000 7,749,000
- - - - - - - - - - - -
Earnings from operations 10,695,000 6,891,000
Financing costs 274,000 528,000
Re-organization costs 1,979,000 -
___________ ___________
Earnings before income taxes 8,442,000 6,363,000
Income taxes 2,502,000 2,859,000
___________ ___________
Net income for the period $5,940,000 $3,504,000
___________ ___________
___________ ___________
Earnings per share $0.28 $0.27
___________ ___________
___________ ___________
Cashflow per share $0.44 $0.45
___________ ___________
___________ ___________
ON BEHALF OF THE BOARD OF DIRECTORS "Hari Varshney" Hari B. Varshney, Chairman CONTACT: International Thunderbird Gaming Corporation Praveen Varshney, 604/ 687-2255 604/ 682-4768 (FAX) 1-800-914-8462 inttbird@axionet.com |
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