Thunderbird Announces Fiscal 2000 Results, Expansion Financing, First Venezuela Location Opening Date.Business and Entertainment Editors SAN DIEGO--(ENTERTAINMENT WIRE)--April 26, 2001 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. (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 (TSE:INB.) is pleased to announce financial results for the year ended December December: see month. 31, 2000. All figures are in US dollars. Gaming Revenues reached $16,194,000, an increase of 16.1% over 1999 revenues of $13,943,000. These revenues were achieved from our properties in Panama Panama, country, Central America Panama (păn`əmä'), Span. Panamá, officially Republic of Panama, republic (2005 est. pop. and from our revenue share agreements in Guatemala Guatemala, city, Guatemala Guatemala, city (1994 est. pop. 823,301), S central Guatemala, capital of the republic. Its full name is La Nueva Guatemala de la Asunción. In a broad, fertile, highland valley, c. and 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). . This growth in revenues from the same properties held in 1999 is a testament to the competence Competence Sufficient ability or fitness for one's needs. The necessary abilities to be qualified to achieve a certain goal or complete a project. of our operations team. Gross Margins increased to 61.4% from 56.4% in 1999. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the , excluding equity losses in our startups in Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. and Venezuela Venezuela (vĕnəzwā`lə, Span. vānāswā`lä), officially the Bolivarian Republic of Venezuela, republic (2005 est. pop. 25,375,000), 352,143 sq mi (912,050 sq km), N South America. , reached $4,158,000, an increase of 16.7% from 1999 levels of $3,562,000. Our equity loss in associated companies associated company associate n → Partnerfirma f associated company n → società collegata , which are our startup (STARTing UP) "At startup" means when the computer is first turned on or when a program is first loaded. See Startup folder. costs which we have expensed in Mexico and Venezuela, were $972,000 compared to nil in 1999. These expenses have enabled us to develop locations which are now open or about to open in Mexico, Venezuela, Costa Rica Costa Rica (kŏs`tə rē`kə), officially Republic of Costa Rica, republic (2005 est. pop. 4,016,000), 19,575 sq mi (50,700 sq km), Central America. , and Nicaragua Nicaragua (nĭkärä`gwä), officially Republic of Nicaragua, republic (2005 est. pop. 5,465,000), 49,579 sq mi (128,410 sq km), Central America. . As a result of our profitability in Panama and Guatemala, our income taxes rose to $1,541,000 in 2000 compared to $608,000 in 1999. Thunderbird's losses from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. were $662,000 compared to $124,000 in 1999. These nonperforming product operations have been completely liquidated DAMAGES, LIQUIDATED, contracts. When the parties to a contract stipulate for the payment of a certain sum, as a satisfaction fixed and agreed upon by them, for the not doing of certain things particularly mentioned in the agreement, the sum so fixed upon is called liquidated damages. (q.v. . Net loss per common share from continuing operations was $0.03 compared to a profit of $0.04 in 1999. Net loss per common share, including discontinued operations, was $0.06 compared to a profit in 1999 of $0.03. Expansion Financing Thunderbird is pleased to announce it has entered into a Loan Agreement and a Development Agreement with Management Resources Group LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("MRG MRG Merge MRG Minority Rights Group International MRG Mad River Glen (Vermont) MRG Mouvement des Radicaux de Gauche (French: Left Radical Movement) MRG Manyetik Rezonans Görüntüleme "), based in Shawnee, Kansas Shawnee is a rapidly growing city located in northwest Johnson County, Kansas, United States and is a western suburb of Kansas City, Missouri. The population was 47,996 at the 2000 census. . Under the terms of the Loan Agreement, MRG has committed to lend $1,312,800 to Thunderbird at 14% interest for three years. The funds will be used for working capital, and market development activities. The loan can be converted into 2,019,692 shares of Thunderbird at US$0.65 per share. Thunderbird may force conversion if the shares trade for US$4.00 or above for 20 consecutive business days. This conversion feature will increase the fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. number of shares outstanding to 29,621,469 from 27,601,777 currently, an increase of 7.3%. Basic shares outstanding will remain unchanged at 23,354,312. The Development Agreement, which is in the final stages of negotiation is subject to final documentation and will require board approval. Under the current terms, MRG shall for a 3 year term, have project approval rights and rights to raise, invest or fund at least $10 million as an equity participant Participant A party of a funding. It usually refers to the lowest rank or smallest level of funding. in Mexico projects. In exchange for such funding, MRG will receive up to a 40% equity interest in any project that MRG funds. This funding is non-recourse to Thunderbird and is not convertible into shares of Thunderbird. In addition, the Development Agreement calls for MRG's best efforts to fund a pool of an additional $10 million which will be used to finance expansion in Central and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . The pool will hold equity positions in Thunderbird's future projects throughout Central and South America The pool is non-recourse to Thunderbird and is not convertible into shares of Thunderbird. Thunderbird has also retained First Access Financial Group to work with MRG to pursue funding for additional expansion in Mexico. First Access shall arrange for Investor(s) to invest up to $5,000,000 in exchange for an equity participation of up to 40% in the projects funded. The investment by Investor(s) will be non-recourse to Thunderbird and will not be convertible into shares of Thunderbird. Thunderbird is expected to contribute skill machines into each project in exchange for an equity interest. Additional Location - Reynosa Rey·no·sa A city of eastern Mexico on the Rio Grande east-northeast of Monterrey. It is a processing and shipping center in an agricultural region. Population: 461,000. , Mexico Thunderbird has received municipal permits for, and has started construction on, an additional location in Reynosa, Mexico. This facility is expected to open with 100 skill machines. Thunderbird is formulating a development schedule and the opening date is undetermined at this time. First Venezuela Location Opening Date Thunderbird is pleased to announce that its first Venezuelan location, located in the Intercontinental in·ter·con·ti·nen·tal adj. 1. Extending or taking place between or among continents: intercontinental exploration; intercontinental cooperation. 2. Guayana Guayana, Venezuela: see Ciudad Guayana. , in Puerto Ordaz Puerto Ordaz is a planned city which, together with the older settlement of San Felix, forms Ciudad Guayana in Bolívar State, eastern Venezuela. Puerto Ordaz is located at the confluence of the Caroní and Orinoco Rivers and is the site of the Llovizna Falls. , Guayana, Venezuela, will be ready to open by May 15, 2001. The date of opening for business is contingent on Adj. 1. contingent on - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent upon, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent the timing of receipt of the final approval from the Venezuela Gaming Commission. This property is a milestone “Milemarker” redirects here. For the American indie rock band, see Milemarker (band). A milestone or kilometre sign is one of a series of numbered markers placed along a road at regular intervals, typically at the side of the road or in a median. for Thunderbird, being our tenth Tenth can mean: In mathematics:
Summary A year ago, in April 2000, Thunderbird operated five properties: four in Panama and one in Guatemala. With the opening of our property in Guayana, Venezuela, we will operate 10 properties: five in Panama, one in Guatemala, one in Nicaragua, two in Mexico and one in Venezuela. With the financings and initiatives announced today, Thunderbird projects that over the next twelve months, the total number of the Company's properties will be in excess of 20, including properties in Mexico, Venezuela, Costa Rica and other countries where development is ongoing. International Thunderbird Gaming Corporation is an owner and manager of international gaming facilities. Additional information about the Company is available on its World Wide Web site at www.thunderbirdgaming.com. On behalf of the Board of Directors Jack R. Mitchell Mitchell, city (1990 pop. 13,798), seat of Davison co., SE S.Dak.; inc. 1881. Mitchell is a trade, distribution, and shipping center for a dairy and livestock area. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Cautionary Notice: This release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of section 21E of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential revenue and future plans and objectives of the Company 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 Company's forward-looking statements include competitive pressures, unfavorable changes in regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. structures, and general risks associated with business, all of which are disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). under the heading "Risk Factors" and elsewhere in the Company's documents filed from time-to-time with the TSE and other regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities .
INTERNATIONAL THUNDERBIRD GAMING CORPORATION
Consolidated Balance Sheets
(Expressed in thousands of United States dollars)
December 31, 2000 and 1999
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2000 1999
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Assets
Current assets:
Cash and cash equivalents $ 933 $ 2,302
Accounts receivable 2,140 2,177
Inventories 542 1,325
Prepaid expenses 197 480
Current portion of amounts receivable 1,223 584
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5,035 6,868
Restricted cash 711 494
Amounts receivable 845 508
Investments in and advances to associated companies 827 -
Capital assets 4,226 4,680
Other assets 2,145 2,951
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$ 13,789 $ 15,501
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Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued liabilities $ 3,243 $ 4,134
Income taxes payable 876 562
Current portion of capital lease obligations 436 281
Current portion of loans payable 2,582 2,869
Convertible debentures - 202
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7,137 8,048
Capital lease obligations 134 341
Loans payable 1,762 1,719
Future income taxes 700 94
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9,733 10,202
Shareholders' equity:
Share capital 21,032 20,981
Deficit (16,565) (15,274)
Foreign exchange adjustment (411) (408)
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4,056 5,299
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$ 13,789 $ 15,501
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INTERNATIONAL THUNDERBIRD GAMING CORPORATION
Consolidated Statements of Operations and Deficit
(Expressed in thousands of United States dollars)
Years ended December 31, 2000 and 1999
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2000 1999
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Revenues:
Gaming operations $ 16,194 $ 13,943
Costs and expenses:
Gaming operations 6,257 6,080
General and administrative 5,779 4,301
Depreciation and amortization 1,145 912
Financing costs 1,129 1,106
Equity loss in associated companies 972 -
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15,282 12,399
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Income before income taxes 912 1,544
Income taxes:
Current 935 514
Future 606 94
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1,541 608
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Income (loss) from continuing operations (629) 936
Discontinued operations:
Loss from discontinued operations (765) (124)
Gain on disposal of discontinued operations 103 -
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Loss from discontinued operations (662) (124)
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Net income (loss) (1,291) 812
Deficit, beginning of year (15,274) (16,086)
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Deficit, end of year $(16,565) $(15,274)
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Basic earnings (loss) per share, before
discontinued operations $ (0.03) $ 0.04
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Basic earnings (loss) per share, after
discontinued operations $ (0.06) $ 0.03
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INTERNATIONAL THUNDERBIRD GAMING CORPORATION
Consolidated Statements of Cash Flows
(Expressed in thousands of United States dollars)
Years ended December 31, 2000 and 1999
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2000 1999
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Cash provided by (applied to):
Operations:
Net income (loss) from continuing operations $ (629) $ 936
Items not involving cash:
Depreciation and amortization 1,145 912
Equity loss in associated companies 972 -
Future income taxes 606 94
Loss on disposal of capital assets 9 -
Other (27) 70
Net change in non-cash working capital items:
Accounts receivable (4) (1,626)
Income taxes recoverable - 844
Inventories and prepaid expenses 409 63
Accounts payable and accrued liabilities (807) (1,610)
Income taxes payable 316 569
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Continuing operations 1,990 252
Discontinued operations (740) (52)
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1,250 200
Investing:
Loans receivable, net 442 854
Expenditures on capital assets (709) (1,402)
Proceeds on disposal of capital assets 15 19
Shuffler rights 11 (325)
Expenditure on internet gaming license (250) -
California gaming amounts recoverable 335 3,073
Investment in and advances to associated
companies (1,799) -
Increase in restricted cash (217) (494)
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(2,172) 1,725
Financing:
Net proceeds from issuance of common shares 51 17
Loans payable 1,868 1,923
Repayment of convertible debentures (202) -
Repayment of loans and leases payable (2,164) (2,701)
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(447) (761)
Foreign exchange fluctuation on cash held in
foreign currency - 13
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Increase (decrease) in cash and cash equivalents (1,369) 1,177
Cash and cash equivalents, beginning of year 2,302 1,125
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Cash and cash equivalents, end of year $ 933 $ 2,302
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Supplementary information:
Interest paid $ 1,095 $ 1,340
Income taxes paid (recovery) 667 (929)
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Segmented information:
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Panama Guatemala California Corporate
2000 gaming video lottery gaming and other Total
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External revenue $14,379 $ 1,449 $ 344 $ 22 $16,194
Depreciation and
amortization 824 159 6 156 1,145
Gain (loss) on
disposal of
capital assets 18 (6) - (3) 9
Income tax expense 1,144 329 - 68 1,541
Net income (loss) 1,897 833 338 (3,697) (629)
Segment assets 8,207 1,877 626 1,557 12,267
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Panama Guatemala California Corporate
1999 gaming video lottery gaming and other Total
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External revenue $12,205 $ 1,350 $ 388 $ - $13,943
Amortization 593 117 57 145 912
Income tax expense 247 246 115 - 608
Profit (loss) 1,473 814 380 (1,731) 936
Segment assets 6,824 1,861 1,000 3,766 13,451
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Geographic information as at December 31, 2000:
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Panama Guatemala USA Other Total
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Revenue $14,379 $ 1,449 $ 344 $ 22 $16,194
Capital assets 3,332 711 161 22 4,226
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Geographic information as at December 31, 1999:
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Panama Guatemala USA Other Total
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Revenue $12,205 $ 1,350 $ 388 $ - $13,943
Capital assets 3,599 830 251 - 4,680
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