Thunderbird Announces Third Quarter Results.Business Editors SAN DIEGO--(BUSINESS WIRE)--Nov. 6, 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 third quarter ended September September: see month. 30, 2000. All amounts are in US dollars. Another record quarterly performance in Panama Panama, country, Central America Panama (păn`əmä'), Span. Panamá, officially Republic of Panama, republic (2005 est. pop. Revenues for the quarter were $4,469,000, including record revenue from the Company's 50% interest in four casinos A list of casinos. Antigua and Barbuda
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. For the nine months ended September 30, the Company reports revenues of $12,968,000 compared with $12,117,000 in 1999. Net loss for the nine months was $443,000 or $0.02 per share compared with profit of $583,000 or $0.03 per share in 1999. Although the Company's operations in Panama (profits in the current quarter of $708,000) 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 $252,000) continued to show strong results, the Company incurred a loss for the third quarter of $340,000 or $0.01 per share, compared to profits a year ago of $187,000, or $0.01 per share. The loss is attributable to heavy investment in development. During the nine months ended September 30, the Company expensed $653,000 of development activities in Mexico and Venezuela alone. Development activities in 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 market, 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 other jurisdictions resulted in additional expenses of $51,000. Venezuela Gaming License and Update on Development Efforts In Venezuela, our first project in the Intercontinental in·ter·con·ti·nen·tal adj. 1. Extending or taking place between or among continents: intercontinental exploration; intercontinental cooperation. 2. Hotel in the City of Guayana received its preliminary casino license on November 3, 2000. Our site is only the fourth casino in the country to receive such a license and we are now proceeding with renovation of this facility with an expected completion date in the first quarter of 2001. The Company's development efforts have resulted in the announcement of a number of projects in the quarter. These projects, currently in development, will significantly augment aug·ment v. aug·ment·ed, aug·ment·ing, aug·ments v.tr. 1. To make (something already developed or well under way) greater, as in size, extent, or quantity: the Company's revenues and earnings in the coming year. In Mexico, the Company's Matamoros operation has achieved profitability on a local level and revenues continue to increase. The Company's second location, in Nuevo Laredo Nuevo Laredo (nwā`vō lärā`thō), city (1990 pop. 218,413), Tamaulipas state, NE Mexico, across the Rio Grande from Laredo, Tex. , Mexico has been identified. The Company is expecting to receive municipal permitting imminently, and opening is expected within 45 days. Four additional locations are in negotiation for municipal permits and real estate leases. In Costa Rica, we have completed demolition Demolition is the opposite of construction: the tearing-down of buildings and other structures. It contrasts with deconstruction, which is the taking down of a building while carefully preserving valuable elements for re-use. in the leased space in the Presidente Hotel, and have commenced remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling and tenant improvements. We currently anticipate opening early in the first quarter of 2001. In Nicaragua, our project in the Hotel Intercontinental Managua required no demolition and we have begun the remodeling of the leased space. This facility should be ready for operation on or around New Year's Eve. In Guatemala, we are negotiating with our local licensees for expansion into new locations. Our Internet Casino, FiestaCasinos.com has made steady progress during the quarter. The Company has identified two additional countries within its target geographic region of 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. where development activities have commenced and specific locations have been identified. As of this date, no agreements have been signed, so there are no additional details to provide. $30 Million Facility In order to meet the capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. for its expansion, the Company has been aggressively pursuing a number of interested parties and financing agents on a funding program. The Company is pleased to announce that it has reached an agreement with an New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of based company, Provident prov·i·dent adj. 1. Providing for future needs or events. 2. Frugal; economical. [Middle English, from Latin pr Group, as its exclusive financing advisor for the arrangement and placement of financing estimated at, but not limited to, US$30,000,000. Provident Group is an international investment bank committed to providing a full range of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to the Caribbean and Central and South America. Provident Group combines a singular SINGULAR, construction. In grammar the singular is used to express only one, not plural. Johnson. 2. In law, the singular frequently includes the plural. set of talents: the expertise of veteran Wall Street leaders with ties to the region's business elite who know and have access to the local markets. Through this combination, Provident Group has established a powerful network of relationships and affiliations that enable it to originate o·rig·i·nate v. 1. To bring into being; create. 2. To come into being; start. , process and distribute a wide range of investment banking, private placements and asset management transactions in the region. Other Business In other business, the Company is proceeding with 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 a 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). Native 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 . At September 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) ") was carried on the balance sheet at $686,000. The Company will not recognize any gains on the CGAR until collections exceed $686,000. Effective October 1, 2000 Thunderbird sold substantially all the assets of Calsino, in exchange for a note receivable note receivable A debt due from borrowers and evidenced by a written promise of payment. Note receivable, an entry on the asset side of many corporate balance sheets, indicates the dollar amount of loans due to be repaid by borrowers. . Thunderbird will book a small gain on this sale in the fourth quarter. Because of this sale, Thunderbird is no longer involved in signage or products distribution, and can 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. Effective November 1, 2000, Thunderbird renegotiated the terms of a current payable to a three-year amortizing term at a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. rate of interest. At November 1, 2000, the amount of this payable was $988,000 and the renegotiations will have a favorable impact on the Company's working capital position at year-end. The Company's balance sheet showed continued strength in the quarter despite the heavy development expenditures, 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 falling slightly to 0.88 from 0.92 at June 30. Total debt, including working capital deficiency, capital lease obligations, and long term debt and deferred income taxes payable, fell marginally to $2,618,000 from $2,681,000 at June 30. 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.
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
September 30, 2000 and 1999
[Unaudited - Prepared by Management]
2000 1999
Assets
Current assets
Cash $1,013,000 $1,015,000
Cash, restricted 629,000 360,000
Accounts receivable 2,945,000 650,000
Inventories and prepaid expenses 1,606,000 2,226,000
Current portion of loans receivable 542,000 119,000
-------------------------
6,735,000 4,370,000
Loans receivable 247,000 889,000
Capital assets 4,242,000 4,121,000
Panama gaming license, project development 1,553,000 1,653,000
Goodwill, net of accumulated amortization 46,000 50,000
Investment in unconsolidated subsidiary 463,000 --
Other assets 924,000 4,034,000
-------------------------
$14,210,000 $15,117,000
-------------------------
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities $3,552,000 $3,754,000
Current portion of capital lease obligations 223,000 71,000
Loans payable 2,947,000 4,171,000
Convertible debentures -- 199,000
Income taxes payable 911,000 253,000
-------------------------
7,633,000 8,448,000
Capital lease obligations 179,000 180,000
Loans payable 1,447,000 1,625,000
Deferred income taxes payable 94,000 --
-------------------------
9,353,000 10,253,000
Shareholders' equity
Share capital 20,997,000 20,822,000
Retained earnings (15,717,000)(15,503,000)
Foreign exchange adjustment (423,000) (455,000)
-------------------------
4,857,000 4,864,000
-------------------------
$14,210,000 $15,117,000
INTERNATIONAL THUNDERBIRD GAMING CORPORATION
Consolidated Statements of Operations and Retained Earnings Nine
months ended September 30, 2000 and 1999 [Unaudited - Prepared by
Management]
2000 1999
Revenue
Gaming operations $11,952,000 $10,240,000
Product sales 1,016,000 1,877,000
-------------------------
12,968,000 12,117,000
Costs and expenses
Gaming operations 4,443,000 4,471,000
Product sales 717,000 1,075,000
-------------------------
5,160,000 5,546,000
Gross profit 7,808,000 6,571,000
Expenses
General and administrative 4,920,000 4,144,000
Depreciation and amortization 879,000 859,000
-------------------------
5,799,000 5,003,000
Earnings from operations 2,009,000 1,568,000
Financing costs 774,000 754,000
Equity loss in unconsolidated subsidiary 653,000 --
-------------------------
Earnings before income taxes 582,000 814,000
Income taxes
Current 1,025,000 231,000
-------------------------
1,025,000 231,000
Net income (443,000) 583,000
Retained earnings, beginning of period (15,274,000)(16,086,000)
-------------------------
Retained earnings, end of period $(15,717,000)(15,503,000)
-------------------------
Basic earnings per share $(0.02) $0.03
INTERNATIONAL THUNDERBIRD GAMING CORPORATION
Consolidated Statements of Cash Flows Nine months ended September
30, 2000 and 1999 [Unaudited - Prepared by Management]
2000 1999
Cash provided by (applied to):
Operations
Net income for the period $(443,000) $583,000
Items not involving cash:
Depreciation and amortization 879,000 859,000
Write-off of fixed assets (6,000) --
Loss on disposal 49,000
Net change in non-cash working capital items
Accounts receivable (768,000) 9,000
Inventories and prepaid expenses 374,000 (360,000)
Accounts payable and accrued liabilities (582,000) (2,093,000)
Income taxes payable 349,000 1,098,000
-------------------------
(197,000) 145,000
Financing
Net proceeds from issuance of common shares 16,000 --
Loans payable 1,123,000 1,454,000
Repayment of convertible debentures (202,000) --
Repayment of loans and leases payable (1,537,000) (1,388,000)
-------------------------
(600,000) 66,000
Investments
Loans receivable, net 294,000 734,000
Expenditures on capital assets (342,000) (723,000)
Proceeds on disposal of assets -- 14,000
Shuffler distribution rights 131,000 --
Expenditure on internet gaming license (250,000) --
Assets held for disposal 274,000 --
Investment in unconsolidated subsidiary (464,000) --
-------------------------
(357,000) 25,000
Increase in cash (1,154,000) 236,000
Effect of foreign exchange adjustment -- 14,000
Cash, beginning of period 2,796,000 1,125,000
-------------------------
Cash, end of period $1,642,000 $1,375,000
-------------------------
Supplementary information:
Interest paid $784,000 $867,000
Income taxes paid (recovery) 676,000 (866,000)
INTERNATIONAL THUNDERBIRD GAMING CORPORATION
Nine months ended September 30, 2000 and 1999
[Unaudited - Prepared by Management]
Segmented information:
As of September 30, 2000
Califo- Internet Shuffler Guatem- Panama Corp- Total
rnia Gaming Signage ala gaming orate
gaming video and
lottery other
---------------------------------------------------------------------
External revenue
286,000 7,000 48,000 956,000 1,105,000 10,562,000 $-- $12,964,000
Inter-group revenue
-- -- -- 4,000 -- -- -- 4,000
Depreciation and amortization
6,000 13,000 15,000 6,000 114,000 614,000 111,000 879,000
Interest
-- -- -- -- 2,000 447,000 325,000 774,000
Income tax expense
-- 3,000 -- -- 229,000 793,000 -- 1,025,000
Profit (loss)
280,000(151,000)(270,000)(90,000)675,000 1,856,000(2,743,000)(443,000)
Segment assets
688,000 260,000 665,000 214,000 1,914,000 7,003,000 3,466,000
14,210,000
----------------------------------------------------------------------
As of September 30, 1999
Califo- Internet Shuffler Guatem- Panama Corp- Total
rnia Gaming Signage ala gaming orate
gaming video and
lottery other
---------------------------------------------------------------------
External revenue
291,000 -- -- 1,067,000 8,882,000 -- 12,072,000
1,832,000
Inter-group revenue
-- -- -- 45,000 -- -- -- 45,000
Depreciation and amortization
53,000 -- -- 61,000 185,000 530,000 30,000 859,000
Interest
-- -- -- 16,000 1,000 428,000 309,000 754,000
Income tax expense
-- -- -- -- 16,000 -- 215,000 231,000
Profit (loss)
230,000 -- --(229,000) 816,000 1,597,000(1,831,000)583,000
Segment assets
4,071,000 -- -- 756,000 1,841,000
5,884,000 2,565,000 15,117,000
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