Thunderbird Resorts Inc.
FRANKFURT : 4TR
EURONEXT : TBIRD

Thunderbird Resorts Inc.

March 20, 2013 13:12 ET

Thunderbird Resorts Inc.: February 2013 Revenue Report

PANAMA, REPUBLIC OF PANAMA--(Marketwire - March 20, 2013) - Thunderbird Resorts Inc. ("Thunderbird" or "Group") (FRANKFURT:4TR)(EURONEXT:TBIRD) reports the following revenues for February 2013. For a more detailed analysis of February 2013 revenue, please visit www.thunderbirdresorts.com and click on "February 2013 Revenue Report - Analysis" located on the home page under "News and Press Releases".

Thunderbird Resorts Inc. - Group-wide sales results by country (unaudited, in millions) February
2013
(2)(3)
February
2012
Year-over-year
increase/(decrease)
Philippines 3.49 4.08 -14.46%
Peru(1) 2.23 2.07 7.73%
Costa Rica 1.10 1.56 -29.49%
Nicaragua 1.07 1.01 5.94%
Total Consolidated Operating Revenues 7.89 8.72 -9.52%

(1) 2013 and 2012 revenues consist of revenue from the Fiesta Hotel only plus management fees for the Thunderbird Hotel - Pardo, Thunderbird Hotel - Carrera and Thunderbird Hotel - El Pueblo.
(2) 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 may vary from the way that the Group will account for these same revenues in our Interim and Annual Audited Financial Statements.
(3) 2012 was a leap year, with 29 days in the month as compared to 28 days in February 2013. This had a pro rata impact on revenue.

  • Consolidated operating revenues decreased by 9.52% over February 2012, a decrease of $0.83 million.
  • Philippines revenues decreased by 14.46% over February 2012, a decrease of $0.59 million.
  • Peru revenues increased by 7.73% over February 2012, an increase of $0.16 million.
  • Costa Rica revenues decreased by 29.49% over February 2012, a decrease of $0.46 million. Key factors impacting Costa Rica revenues were the smoking ban imposed in Q2 2012 and road construction work leading to certain of our properties. The highway construction work that has affected our visitation traffic during 2012 will be ongoing into 2013 with possible road closures as further bridge repair is still required.
  • Nicaragua revenues increased by 5.94% over February 2012, an increase of $0.06 million.

Note: Revenues reported by month are based on monthly average exchange rates, report same store revenues and are in USD million. "Hospitality" revenues include revenues for rooms, F&B, events, hotel management fees and other hospitality amenities. "Other" revenues include revenues from real estate leases and construction. All revenue figures in this press release are expressed in US dollars.

ABOUT THE COMPANY

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