PANAMA, REPUBLIC OF PANAMA--(Marketwired - Jul 14,
2015) - Thunderbird Resorts Inc. ("Thunderbird" or "Group")
(EURONEXT: TBIRD)(FRANKFURT: 4TR) reports the following:
JUNE 2015 REVENUE REPORT
For a more detailed analysis of June 2015 revenue,
please visit www.thunderbirdresorts.com and click on "June 2015
Revenue Report - Analysis" located on the home page under "News and
Releases."
Group revenue for June 2015 vs. June 2014.
Group-wide sales by country -
(unaudited, in millions)(1) |
June
2015 |
June
2014 |
Year-over-year
increase/(decrease) |
|
|
|
|
Peru(2) |
$2.66 |
$2.28 |
16.67% |
Nicaragua |
1.22 |
1.13 |
7.96% |
|
|
|
|
Total Consolidated Operating |
|
|
|
Revenues |
$3.88 |
$3.41 |
13.78% |
|
|
|
|
(1)Revenues reported are
based on monthly average exchange rates, are same store and are in
USD millions.
(2)Revenues are generated primarily from gaming, and secondarily
from our fully-owned Fiesta Hotel and from 2 hotels under
management. |
Important Note on Forex: The strengthening of the
US dollar versus our operating currencies continues to have a
material impact on our business as compared to the same period in
2014. Under a currency neutral analysis (in which the same exchange
rate would be applied to both periods), Group revenue would have
grown by $740 thousand or 23.57%; Peru revenue would have grown by
$600 thousand or 29.13%; and Nicaragua revenue would have grown by
$130 thousand or 12.04%.
AMENDMENT TO ARTICLES OF ASSOCIATION
In the Company's 2014 Annual Report published on
April 23, 2015, the Company announced it is seeking strategic
alternatives to achieve profitablilty. This includes the
liquidation of additional non-producing and producing real estate
(total appraised value of the Group's interests in all of our real
estate exceeds $76 million). The initiative is intended to result
in the pay off of virtually all of the Company's debt and
significantly reduce depreciation and amortization The Company
continues to retool its asset mix away from real estate and with
the intent to invest proceeds in new high cash flowing gaming
operations in our existing markets to increase revenues and improve
bottom line results. Alternatively, the Company is also pursuing to
raise new equity to pay down virtually all debt and invest in new
high cash flowing gaming operations in our existing markets with
the goal of increasing revenues and bottom line results.
The Board of Directors has the authority under our
existing Articles of Association to amend its Articles of
Association to effectuate certain changes. The Board has resolved
to amend Regulation 9 and 11 of the Articles of Association with
the intent to (via this amendment) allow the Board to follow
through on any or all of "strategic alternatives" without
shareholder approval.
The following specifically describes the
amendments to the subject Articles of Association and Memorandum of
Association:
A. Regulation 9 be amended which in its current
form states:
"Without limiting the generality of the foregoing,
any matter which relates to the amalgamation, merger or
consolidation of the Company with another entity or the sale, lease
or exchange of all or substantially all of the assets of the
Company, forced redemption, arrangement, continuation, liquidation,
winding up of the Company or any amendment to these Articles shall,
except as otherwise expressly provided in these Articles, require
the approval of Shareholders by way of an affirmative vote of a 2/3
majority of the votes cast in order to be approved. Prior to any
votes being cast in connection with such resolutions, the chairman
of the meeting may demand a poll which shall be by way of
ballot."
And in its amended form states:
"Without limiting the generality of the foregoing,
any matter which relates to the amalgamation, merger or
consolidation of the Company with another entity, forced
redemption, arrangement, continuation, liquidation, winding up of
the Company or any amendment to these Articles shall, except as
otherwise expressly provided in these Articles, require the
approval of Shareholders by way of an affirmative vote of a 2/3
majority of the votes cast in order to be approved. Prior to any
votes being cast in connection with such resolutions, the chairman
of the meeting may demand a poll which shall be by way of
ballot."
B. Regulation 11 be amended by including the
following as the final paragraph of the Regulation:
"The Directors shall by resolution have the power to sell,
transfer, lease exchange or otherwise dispose of some or all of the
assets of the Company irrespective of whether such disposition is
in the usual or regular course of business. Section 175 of the Act
shall not apply to such transactions."
As in all such commercial matters, the Board may
exercise its authority applying its reasonable business judgment
under the circumstances. There is no transaction pending with
respect to these "strategic alternatives," but this amendment gives
the Board maximum negotiating flexibility should such a transaction
arise.
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.
CONTACT INFORMATION
Contacts:
Thunderbird Resorts Inc.
Peter LeSar
Chief Financial Officer
Phone: (507) 223-1234
E-mail: plesar@thunderbirdresorts.com