Thunderbird Resorts Inc.
FRANKFURT : 4TR
EURONEXT : TBIRD

Thunderbird Resorts Inc.

February 27, 2015 02:56 ET

Thunderbird Resorts Inc.: Costa Rica Operations Sold and January 2015 Revenue Report

PANAMA, REPUBLIC OF PANAMA--(Marketwired - Feb. 27, 2015) - Thunderbird Resorts Inc. ("Thunderbird" or "Group") (FRANKFURT:4TR)(EURONEXT:TBIRD) -

Costa Rica Operations Sold: Thunderbird is pleased to announce the sale of its entire economic interest and management rights in its seven casinos in Costa Rica to CIRSA International Gaming Corporation, S.A. ("CIRSA"). The enterprise valuation for the operations sold was $33.5 million and, after adjusting for cash, debt assumption / pay down, and other working capital adjustments, the net cash received for the Group's approximate 50% share was approximately $8.1 million. As part of the sale, Thunderbird entered into a 36-month non-compete agreement in Costa Rica.

The Group continues its efforts to sell its interest in both the Tres Rios and Escazu real estate properties, which are now debt free. A fuller description of these two properties is contained in previous press releases as well as in our annual reports and interim management statements.

We thank the many dedicated employees and associates who helped Thunderbird grow in Costa Rica. We wish them great success in the future.

January 2015 Revenue Report: Thunderbird reports the following revenues for January 2015. For a more detailed analysis, please visit www.thunderbirdresorts.com and click on "January 2015 Revenue Report - Analysis" located on the home page under "News and Releases."

Group revenue on an as reported basis for January 2015 vs. January 2014.

Group-wide sales by country - as reported (unaudited, in millions)(1) January
2015
January
2014
Year-over-year
increase/(decrease)
Peru(2) $2.61 $2.55 2.35 %
Costa Rica(3) 1.13 1.13 0.00 %
Nicaragua 1.06 1.21 -12.40 %
Total Consolidated Operating Revenues $4.80 $4.89 -1.84 %

Group revenue on a currency neutral basis for December 2014 vs. December 2013. In this analysis, we apply the average exchange rate for December 2014 to the 2013 revenues in order to compare the two periods as if there was no impact from foreign exchange whatsoever.

Group-wide sales by country - currency neutral (unaudited, in millions)(1) January
2015
January
2014
Year-over-year
increase/(decrease)
Peru(2) $2.61 $2.38 9.66 %
Costa Rica(3) 1.13 1.06 6.60 %
Nicaragua 1.06 1.15 -7.83 %
Total Consolidated Operating Revenues $4.80 $4.59 4.58 %
1 Revenues reported are based on monthly average exchange rates, report same store revenues and are in USD millions. From month to month, exchange rate fluctuations could cause an impact on revenues as compared to the previous year.
2 2015 and 2014 revenues consist of all gaming revenue in the country plus revenue from our fully-owned Fiesta Hotel and management fees for the Thunderbird Hotel - Pardo, Thunderbird Hotel - Carrera and Thunderbird Hotel - El Pueblo, which are owned by third parties.
3 Effective January 1, 2013, IFRS 11 changed the way that joint ventures are accounted for whereby proportional consolidation is no longer allowed and equity accounting should be applied to joint ventures. Until further notice and for the convenience of the reader and for the illustrative purposes of this monthly revenue report, the Group has elected to continue to show the Costa Rican joint venture proportional revenues, which vary from the way that the Group accounts for these revenues in our Interim and Annual Financial Statements.

ABOUT THE COMPANY

We are an international provider of branded casino and hospitality services, focused on markets in Latin America. Our mission is to "create extraordinary experiences for our guests." Additional information about the Group is available at www.thunderbirdresorts.com.

Cautionary Notice: This release contains certain forward-looking statements within the meaning of the securities laws and regulations of various international, federal, and state jurisdictions. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential revenue and future plans and objectives of the Group 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 Group'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 Group's documents filed from time-to-time with the AFM and other regulatory authorities.

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