Thunderbird Resorts Inc.: Costa Rica Operations Sold and January 2015 Revenue Report
27 Fevereiro 2015 - 12:48PM
Thunderbird Resorts Inc. / Thunderbird Resorts Inc.: Costa Rica
Operations Sold and January 2015 Revenue Report . Processed and
transmitted by NASDAQ OMX Corporate Solutions. The issuer is solely
responsible for the content of this announcement.
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.
Thunderbird Resorts Inc.
Peter LeSar
Chief Financial Officer
plesar@thunderbirdresorts.com
www.thunderbirdresorts.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Thunderbird Resorts Inc. via Globenewswire
HUG#1898260
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