Thunderbird Resorts Reports Third Quarter Results; Revenues, Property EBITDA Hit Records

“Property EBITDA” and “Adjusted EBITDA” are not Generally Accepted Accounting Principles but are commonly used in the gaming industry as a measure of performance and as a basis for valuation of gaming companies.

Net earnings decreased during the first nine months to a loss of (USD 650) compared to income of USD 328 for the same period in 2006, despite increased revenues. The decrease in net earnings is primarily to increases in non-cash items in the amount of USD 1.4 million, which include depreciation USD 1 million, non-controlling interest USD 0.6 million and net other (income) (USD 0.2) million (loss on financial derivative instrument in 2007 compared to the loss on the write down of Chile assets in 2006). Additionally, financing costs increased USD 1.2 million primarily associated with the additional debt incurred for acquisition of Peru.

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