Thunderbird Resorts Inc.
FRANKFURT : 4TR
EURONEXT : TBIRD

Thunderbird Resorts Inc.

May 17, 2012 15:32 ET

Thunderbird Resorts Inc.: Interim Management Statement First Quarter 2012

PANAMA, REPUBLIC OF PANAMA--(Marketwire - May 17, 2012) - Thunderbird Resorts Inc. (FRANKFURT:4TR)(EURONEXT:TBIRD) ("Thunderbird") announces that the Interim Management Statement ("IMS") for the first quarter of 2012 has been filed with the Euronext Amsterdam by NYSE Euronext ("Euronext Amsterdam") and the Netherlands Authority for Financial Markets ("AFM"). As a Designated Foreign Issuer with respect to Canadian securities regulations, this IMS is intended to comply with the rules and regulations set forth by the AFM and the Euronext Amsterdam.

The following PROGRESS and CHALLENGES sections are excerpts from the IMS, and summarize the results for the period. Thunderbird encourages shareholders and investors to read the entire IMS.

PROGRESS

Profit (loss) for the period: The Group produced $1.1 million of pre-tax and $810 thousand of after tax profit for the period, the latter of which is a 315.2% improvement as compared to Q1 2011.

Growing cash generation: In Q1 2012, cash generation was approximately $3.3 million. This compares to cash generation of approximately $7.2 million in 2011 for the full year. Management defines "cash generation" as adjusted EBITDA - Financing Cost - Project Development Expense.

Financing Costs: The Group reduced its financing costs to $2.1 million in Q1 2012 from $2.7 million in Q1 2011, a savings of $615 thousand and an improvement of 23.0%.

Strengthened capital structure: Gross debt was reduced to $75.8 million through Q1 2012 as compared to $77.9 million at year-end 2011, a reduction of $2.1 million. On May 6, 2012, the Group announced that gross debt had been further reduced to approximately $69 million or 3.6X adjusted EBITDA after using proceeds from the sale of the El Pueblo hotel to pay down senior debt.

CHALLENGES

Revenues were $29.3 million through Q1 2012 as compared to $31.2 million in the same period of 2011, a decrease of 6.0% based on IFRS reporting. When considering only same hotels ("Same Store"), Group revenues increased by $314 thousand or by 1.1% in Q1 2012 as compared to Q1 2011.

Property EBITDA was $7 million through Q1 2012, a decrease of $672 thousand or 8.7% as compared to the same period in 2011 based on IFRS reporting. Based on Same Store comparisons, property EBITDA increased by $101thousand or 1.5% in Q1 2012 as compared to Q1 2011.

Adjusted EBITDA was $5.4 million through Q1 2012, a decrease of $1.1 million or 16.3% as compared to the same period in 2011 based on IFRS reporting. Based on Same Store comparisons, the decrease in adjusted EBITDA was actually $288 thousand or 5.0% as compared to Q1 2011. The decrease was in part due to increased expenses at the Group level, which we are evaluating carefully.

Overall, Management believes that the improved bottom line results reflect the Group's aggressive reduction of its financing costs through debt reduction, which is also better positioning the Group to invest in growth in the near term.

DOCUMENT AVAILABILITY

Copies of the IMS (which includes the April 2012 Revenue Report) in the English language are available at no cost at the Group's operational office in Panama and at the offices of our local paying agent ING Bank N.V., van Heenvlietlaan 220, 1083 CN Amsterdam, the Netherlands (tel: +31 20 7979 398, fax: +31 20 7979 607, email: iss.pas@mail.ing.nl) and are available on the Group's website at www.thunderbirdresorts.com. Copies are also available on SEDAR at www.SEDAR.com and on the Euronext Amsterdam at www.euronext.com.

ABOUT THE COMPANY

We are an international provider of integrated resorts anchored by casinos and of standalone casinos, in both Asia and Latin America. Our mission is to "create extraordinary experiences for our guests." Additional information about the Group is available on its World Wide Web site 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 NYSE Euronext Amsterdam and other regulatory authorities.

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