Thunderbird Announces Second Quarter Results; Record Quarterly Performance in Panama.Business Editors SAN DIEGO--(BUSINESS WIRE)--Aug. 4, 2000 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 (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 .) announces its financial results for the second quarter ended June June: see month. 30, 2000. All amounts are in US dollars. Revenues for the quarter were $4,373,000, including record revenue from the Company's 50% interest in four casinos A list of casinos. Antigua and Barbuda
Panama (păn`əmä'), Span. Panamá, officially Republic of Panama, republic (2005 est. pop. of $3,526,000. This compares with 1999-second quarter revenues of $4,428,000 and Panama revenues of $3,152,000. The growth in Panama revenues of 12% year on year was achieved from the same four facilities and is a reflection of the Company's core strength in 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. operation. The Company incurred a loss for the second quarter of $167,000, compared to profits a year ago of $350,000. The Company's operations in Panama (profits in the current quarter of $625,000) and 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. (current quarter profits of $220,000) continued to show strong results. However, the Company's Q2 results were adversely impacted by heavy investment in development (expense in the current quarter of $259,000) and poor results for the Shuffler shuf·fle v. shuf·fled, shuf·fling, shuf·fles v.tr. 1. To slide (the feet) along the floor or ground while walking. 2. To move (something) from one place to another; transfer or shift. division which recorded a loss for the quarter of $108,000. The Company transferred its distribution rights in the Shuffler in exchange for a royalty arrangement, which is currently being finalized See finalization. . Thunderbird is in the process of selling the Calsino division, which it believes no longer fits within the Company's long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. business plan. Upon completion of the sale, Thunderbird will focus on its core competence Core competence Primary area of expertise. Narrowly defined fields or tasks at which a company or business excels. Primary areas of specialty. of casino operation, where it has emerged as a dominant and profitable participant in its geographic markets. The Company's balance sheet showed continued improvement in the quarter, with the ratio of current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. to liabilities rising to 0.92 from 0.90 at March 31. Total debt, including working capital deficiency, capital lease obligations, long term debt and deferred income taxes payable, rose marginally to $2,681,000 from $2,525,000 at March 31, reflecting the outlays Outlays Payments on obligations in the form of cash, checks, the issuance of bonds or notes, or the maturing of interest coupons. for the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the casino software license and the development expenses referred to above. 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 (Earnings Before Interest, Taxes, Depreciation and Amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
Our Internet casino business is developing, with the signing in the quarter of MVS (Multiple Virtual Storage) Introduced in 1974, the primary operating system used with IBM mainframes (the others are VM and DOS/VSE). MVS is a batch processing-oriented operating system that manages large amounts of memory and disk space. Comunicaciones
named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum advertising provider, and online advertising affiliates signed in Argentina, Chile and Spain. We achieved our target of a June 2000 launch. The Company expects the heavy investment in development expense to result in new revenues within 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. and through FiestaCasinos.com in the second half of 2000. Our first casino project in Venezuela is scheduled for a Q4 opening in the City of Guayana in the State of Bolivar. The Company is in advanced negotiations for the development or acquisition of several additional Casino facilities within our target region. These facilities will compliment Not to be confused with Complement. Compliment may be
To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. the "Fiesta" brand throughout the region. 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). , negotiations with two tribes for gaming facilities are continuing. The Company is exercising caution in its pursuit of the California tribal opportunities based upon comparisons to alternative opportunities in the emerging International markets. On January 13, 2000, the Company announced that a California tribe tribe [Lat., tribus: the tripartite division of Romans into Latins, Sabines, and Etruscans], a social group bound by common ancestry and ties of consanguinity and affinity; a common language and territory; and characterized by a political and economic had agreed to commence payments on an outstanding loan, starting February 1, 2000 with an outstanding principal balance at December 31, 1999 of $1,235,000. These payments have continued monthly through the second quarter, and the remaining outstanding balance is $1,091,000 at June 30. The Company has pursued two remaining tribes with which it has outstanding receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed . Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. against one of the two tribes was commenced in the second quarter. At June 30, 2000, California Gaming Amounts Recoverable ("CGAR CGAR Center of Excellence for General Aviation Research CGAR Central Georgia Area Representative (hip hop artist Cornell South) ") were carried on the balance sheet at $817,000. The Company will not recognize any gains on the CGAR until collections exceed $817,000. International Thunderbird Gaming Corporation is an owner and manager of international gaming facilities. The Company's shares trade on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol INB. 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 structures, and general risks associated with business, all of which are disclosed 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
June 30, 2000 and 1999
(Unaudited - Prepared by Management)
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2000 1999
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Assets
Current assets
Cash $ 1,456,000 $ 1,502,000
Cash, restricted 523,000 308,000
Accounts receivable 2,260,000 841,000
Inventories and prepaid expenses 1,731,000 1,996,000
Current portion of loans receivable 547,000 373,000
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6,517,000 5,020,000
Loans receivable 351,000 907,000
Capital assets 4,349,000 4,288,000
Panama gaming license, project development 1,575,000 1,667,000
Goodwill, net of accumulated amortization 47,000 51,000
Investment in unconsolidated subsidiary 290,000 -
Other assets 1,249,000 4,034,000
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$ 14,378,000 $ 15,967,000
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Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities $ 3,224,000 $ 4,882,000
Current portion of
capital lease obligations 217,000 211,000
Loans payable 2,960,000 3,886,000
Convertible debentures - 200,000
Income taxes payable 667,000 242,000
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7,068,000 9,421,000
Capital lease obligations 233,000 403,000
Loans payable 1,803,000 1,533,000
Deferred income taxes payable 94,000 -
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9,198,000 11,357,000
Shareholders' equity
Share capital 20,985,000 20,822,000
Retained earnings (15,377,000) (15,684,000)
Foreign exchange adjustment (428,000) (528,000)
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5,180,000 4,610,000
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$ 14,378,000 $ 15,967,000
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INTERNATIONAL THUNDERBIRD GAMING CORPORATION
Consolidated Statements of Operations and Retained Earnings
Six months ended June 30, 2000 and 1999
(Unaudited - Prepared by Management)
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2000 1999
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Revenue
Gaming operations $ 7,720,000 $ 6,852,000
Product sales 775,000 1,314,000
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8,495,000 8,166,000
Costs and expenses
Gaming operations 2,937,000 2,956,000
Product sales 557,000 798,000
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3,494,000 3,754,000
Gross profit 5,001,000 4,412,000
Expenses
General and administrative 3,395,000 2,724,000
Depreciation and amortization 581,000 604,000
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3,976,000 3,328,000
Earnings from operations 1,025,000 1,084,000
Financing costs 492,000 506,000
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Earnings before income taxes 533,000 578,000
Income taxes
Current 636,000 182,000
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636,000 182,000
Net income (103,000) 396,000
Retained earnings, beginning of period (15,274,000) (16,080,000)
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Retained earnings, end of period $(15,377,000) $(15,684,000)
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Basic earnings per share $ - $ 0.02
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INTERNATIONAL THUNDERBIRD GAMING CORPORATION
Consolidated Statements of Changes in Financial Position
Six months ended June 30, 2000 and 1999
(Unaudited - Prepared by Management)
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2000 1999
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Cash provided by (applied to):
Operations
Net income for the period $ (103,000) $ 396,000
Items not involving cash:
Depreciation and amortization 581,000 604,000
Net change in non-cash working capital items
Accounts receivable (87,000) (111,000)
Inventories and prepaid expenses 163,000 (127,000)
Accounts payable and accrued liabilities (926,000) (607,000)
Income taxes payable 107,000 1,087,000
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(265,000) 1,242,000
Financing
Net proceeds from issuance of common shares 4,000 -
Loans payable 1,034,000 2,117,000
Repayment of convertible debentures (198,000) -
Repayment of loans and leases payable (1,031,000) (2,624,000)
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(191,000) (507,000)
Investments
Loans receivable, net 188,000 506,000
Expenditures on capital assets (188,000) (563,000)
Expenditure on internet gaming license (250,000) -
Assets held for disposal 179,000 -
Investment in unconsolidated subsidiary (290,000) -
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(361,000) (57,000)
Increase in cash (817,000) 678,000
Effect of foreign exchange adjustment - 7,000
Cash, beginning of period 2,796,000 1,125,000
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Cash, end of period $ 1,979,000 $ 1,810,000
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INTERNATIONAL THUNDERBIRD GAMING CORPORATION
Six months ended June 30, 2000 and 1999
(Unaudited - Prepared by Management)
Segmented information:
As of June 30, 2000
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California Internet
gaming Gaming Shuffler Signage
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External revenue $194,000 $ - $ 48,000 $ 728,000
Depreciation and
amortization 6,000 - 15,000 4,000
Interest - - - -
Profit (loss) 188,000 (77,000) (244,000) (71,000)
Segment assets 783,000 253,000 755,000 320,000
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Guatemala Panama Corporate
video lottery gaming and other Total
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External revenue $700,000 $6,825,000 $ - $8,495,000
Depreciation and
amortization 79,000 402,000 75,000 581,000
Interest 1,000 303,000 188,000 492,000
Profit (loss) 423,000 1,148,000 (1,470,000) (103,000)
Segment assets 1,840,000 7,002,000 3,425,000 14,378,000
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As of June 30, 1999
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California Internet
gaming Gaming Shuffler Signage
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External revenue $194,000 $ - $ - $1,314,000
Depreciation and
amortization 48,000 - - 56,000
Interest - - - 8,000
Profit (loss) 146,000 - - (248,000)
Segment assets 4,079,000 - - 628,000
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Guatemala Panama Corporate
video lottery gaming and other Total
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External revenue $651,000 $6,007,000 $ - $8,166,000
Depreciation and
amortization 126,000 354,000 20,000 604,000
Interest 1,000 304,000 193,000 506,000
Profit (loss) 499,000 1,187,000 (1,188,000) 396,000
Segment assets 2,048,000 6,059,000 3,153,000 15,967,000
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