Does perishable e-money signify the way forward for fiscal stimulus?

“IIf you want to see how the free market really works, this is the place, ”said Milton Friedman on“ Free to Choose, ”his 1980s television series. He was sitting on a cross-port ferry in Hong Kong. The city, he said, is “an almost laboratory experiment in what happens when the government … gives people the freedom to pursue their own ends”.

This week the same city started another experiment: not only giving people the freedom to pursue their own goals, but also giving them money for their own purchases. On August 1, Hong Kong residents received the first installment of the government’s consumer voucher in an attempt to revive the city’s battered retail trade. The amounts are generous (HK $ 5,000 or $ 640) and the distribution is smooth. The money is added to a person’s Octopus card (widely used in shops and public transit) or deposited into e-payment apps like Alipay. Shops are now competing for their customers’ undeserved money. The Mira Hotel, where Edward Snowden revealed America’s secrets to the world, offers a 75% discount on a romantic “Staycay”. In contrast to normal cash spending, these e-vouchers have to be issued within a few months. Otherwise they “expire”.

So will Hong Kongers use it or lose it? Similar experiments had mixed results. After South Korea provided perishable coupons in May 2020, only 36% of households said they had increased their retail spending (and some of them cut other spending). After Taiwan distributed physical vouchers in 2009, most people spent them on things they would have bought anyway, according to Kamhon Kan of Taipei’s Academia Sinica and his co-authors. Only about a quarter used it on unplanned purchases, which doesn’t make it any more effective than America’s more conventional tax rebates in 2008.

These shortcomings would come as no surprise to proponents of the “sustainable income hypothesis,” who argue that households will attempt to smooth out their consumption over time and spend a fraction of their estimated lifetime wealth. In these models, unexpected gains are largely suppressed. Hong Kongers cannot put their voucher money aside without losing it. But luck still lets them save more of their normal money because they don’t have to spend it on the things they buy with their vouchers.

The founder of the permanent income hypothesis was none other than Milton Friedman. If Hong Kong’s new experiment is to work as the government hopes, one of its most cherished cities will have to overcome one of its most famous theories.

This article appeared in the Finance & Economics section of the print edition under the heading “Temporary Income Hypothesis”

Missouri begins new fiscal 12 months with file sum of money – Missouri Legal professionals Media

Missouri’s new budget is off to a roaring start, with more money in the bank than ever before.

The state began its 2022 fiscal year July 1 with a general revenue cash balance of nearly $2.4 billion, the state budget office said Wednesday.

That shattered the old record of nearly $1.5 billion for the fiscal year that started in July 1998, though the old high mark was still slightly larger when viewed as a percentage of state revenue received at the time.

State Budget Director Dan Haug said Missouri’s large intake was due partly to the coronavirus. Because of the pandemic-induced recession, the state delayed last year’s deadline for individual income taxes until July 15, 2020, meaning it received two tax payments during the 2021 fiscal year.

Haug said income and sales taxes collections also fared significantly better than expected. The 6.7% sales tax growth indicates that people were shopping more during the pandemic, he said.

“Revenues were really, really good — much, much better than we did anticipate,” Haug said.

In December, state officials had forecast 14% growth for the 2021 fiscal year that ended June 30, Haug said. Instead, revenues grew by nearly 26%.

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Esports Leisure Group to Host Third Quarter Fiscal 12 months 2021 Monetary Outcomes Name on Could 17 at 4:30 p.m. ET


3 trading stocks at rock bottom; Analysts say “buy”

Investing is all about profits, and part of generating profit is knowing when to start the game. The old saying goes that one should buy cheap and sell high, and while it is tempting to simply devalue such clichés, they have passed into the common currency because they embody a fundamental truth. Buying low is always a good place to start when building a portfolio. The trick, however, is to identify the right stocks to buy cheap. Prices fall for a reason, and sometimes that reason is a fundamental obscurity. Fortunately, Wall Streets analysts are busy separating the chaff among the market’s cheap stocks, and some top stock pundits have flagged multiple stocks for big gains. We used the TipRanks database to pull up the data and ratings for three stocks that are currently cheap but may be looking to make a profit. They have received positive reviews and, despite their stock devaluation, hold buy ratings and have an upside potential of over 80%. Vapotherm, Inc. (VAPO) First off, Vapotherm is a medical device manufacturer specializing in high flow, heated, humidified nasal cannulas. These are therapeutic breathing aids with which oxygen-containing air can be delivered directly to the patient’s nose. By heating and humidifying the air, the unpleasant release of dry oxygen is reduced. As expected, Vapotherm has seen heavy sales during a respiratory disease pandemic in recent months – but its share price has been pulling back since early February. Paradoxically, the two events are related. First, Vapotherm’s financial results for the first quarter of 21 were positive. The company’s revenue increased 69% year over year to $ 32.3 million, and Precision Flow base unit installations worldwide increased 73% over the same period. The company’s net loss for the quarter of $ 5.2 million was an improvement on a loss of $ 10.2 million for the year-ago quarter. On the negative side, VAPO shares have fallen from their high in early February. The decline is substantial; The stock has fallen 50% since its peak and is down 34% since the start of the year. The decline in the stock’s value reflects concerns that the company’s flagship is oversold and that customers have bought more equipment than would be needed in normal times for fear of COVID-related respiratory distress. Such is the case of Piper Sandler analyst Jason Bednar. “Stocks have fared significantly worse since early February as many investors questioned the bolus usage dynamics from Precision Flow systems sold to hospitals last year. We understand the logic here, especially for investors with a shorter time horizon, but with a lot of that concern is apparently already being reflected in the stock at current levels. We believe the upside opportunity far outweighs the risk of further downtrend, ”commented Bednar. The analyst added, “We also believe that investors waiting for occupancy trends to bottom out will ultimately miss an initial surge that could occur if HVT 2.0 makes a contribution with a rollout later this year and the market for HVT 2.0 expands to take a clearer shape in 2022 (especially EMS and home care). “To that end, Bednar rates VAPO as overweight (i.e. buy) and its target price of $ 32 implies a robust uptrend of 81% im next year. (To see Bednar’s track record, click here.) Overall, Strong Buy’s unanimous consensus rating for this stock, backed by 4 recent analyst reviews, makes it clear that Bednar is not alone in its bullish view. The average price target here, USD 39, is even more optimistic and indicates an upward movement of ~ 122% from the current trading price of USD 17.65. (See VAPO stock analysis on TipRanks) Emergent Biosolutions (EBS) The next stock we look at, Emergent, is a biopharmaceutical company. The company has several products on the market, including a NARCAN nasal spray for use in patients with opioid overdose and vaccines for smallpox, anthrax and other diseases. Emergent’s development pipeline includes the pediatric cholera vaccine Vaxchora, which is currently in a Phase III study. Several programs, including an anthrax vaccine candidate, a chikungunya vaccine, and a seasonal flu shot, have completed Phase II and are preparing for Phase III. One of Emergent’s key programs is the contract development and manufacturing service, which is being extended to other pharmaceutical companies to manufacture vaccines they have developed. Emergent is part of Johnson & Johnson’s production chain for a COVID-19 vaccine as part of a CDMO plan. The latter is an important point. The J&J vaccine has been linked, at least in some reports, to serious adverse events, particularly blood clots in otherwise healthy recipients. This has resulted in a delay in the manufacture of the vaccine and, consequently, a delay in receiving payments from J&J. This in turn impacted the company’s financials in Q1 21, resulting in lower than expected sales and earnings. Investors are concerned, and the stock is down 33% since the start of the year. Despite the setback, benchmark analyst Robert Wasserman retains a buy rating for EBS shares and a price target of $ 120. If this is correct, the analyst’s target could be an annual return of 101%. (To see Wasserman’s track record, click here.) “EBS remains solidly profitable and, despite lowered expectations for J&N and AZ vaccine deals, expect solid sales growth this year. These stocks remain a bargain on our CDMO / Bioprocessing and could offer value investors a significant upward trend if circumstances change or new business can be made at short notice, “said Wasserman. Overall, the street currently has a cautiously bullish outlook for the stock. The analyst consensus rates EBS as a moderate buy based on 3 buys and 2 holds. The stock is priced at $ 59.59, and the average target price of $ 89.67 suggests upside potential of ~ 50% over the next 12 months. (See EBS stock analysis at TipRanks) Haemonetics Corporation (HAE) For the last stock on our list, we stick with the medical industry. Haemonetics manufactures a range of blood and plasma collection and separation products, software for machine operation and service contracts for maintenance. In short, Haemonetics is a single point of contact for blood donation centers and hospital blood banks. Blood products are a $ 10.5 billion market in the US alone, accounting for 80% of plasma, and Haemonetics has become an integral part of that business. Haemonetics steadily recovered from a decline in sales at the height of the corona crisis, and third quarter fiscal 2021 earnings showed solid results: sales of $ 240 million and earnings per share of 62 cents. While sales fell 7.3% year over year, earnings per share rose 6.8%. Even so, the stock fell sharply between April 15 and April 20, losing 42% of its value in that short time. The reason was simple. One of Haemonetics’ largest customers, CSL Pharma, announced that it has no plans to renew its contract with HAE. This contract for the supply, use and maintenance of Haemonetics’ PCS2 plasma collection system was valued at US $ 117 million and represented approximately 12% of the company’s sales. The cancellation comes with a one-time charge of $ 32 million for other related losses. Fortunately for HAE, the CSL contract doesn’t expire until June 2022, so the company has time to plan and prepare. Analyst David Turkaly reported on JMP Securities: “The announcement gives HAE some time (~ 15 months) to prepare for the expiry and we find that management is consistently strengthening its financial position through levers such as complexity reduction and product has optimization to make significant cost savings, and more of these will likely be used up-front to make up for customer loss. The analyst continued, “While this disappointing decision could affect HAE’s plasma positioning with other fractionators, we continue to believe that giving customers the ability to collect more plasma in less time – and having HAE is a very compelling value proposition.” still contracts and maintains a significant market. Share with many of the major plasma players. ”Accordingly, Turkaly rates HAE as outperforming (ie buying) with a target price of $ 110. This number implies an upward movement of 86% from the current level. (To see Turkaly’s track record, click here.) Overall, HAE has a consensus rating for moderate buying, based on 7 ratings breaking down 5 to 2 in favor of buying across the holds. The stock trades for $ 59.02 and has an average target price of $ 108.67, which is an uptrend of ~ 84% for a year. (See HAE stock analysis at TipRanks.) To find great ideas for trading stocks at attractive valuations, visit TipRanks ‘Best Stocks to Buy, a newly launched tool that brings together all of TipRanks’ stock insights. Disclaimer: The opinions expressed in this article are solely those of the presented analysts. The content is intended to be used for informational purposes only. It is very important that you do your own analysis before making any investment.

Thunderbird Leisure Group Reviews on Second Quarter Fiscal 12 months 2021 Outcomes | Enterprise

VANCOUVER, British Columbia–(BUSINESS WIRE)–Feb 24, 2021–

Thunderbird Entertainment Group Inc. ( TSXV: TBRD, OTCQX: THBRF ) ( Thunderbird or the Company ), today announced its financial results for the second quarter ended December 31, 2020 (“Fiscal 2021”), and provided a corporate update.

  • The Company recognized revenue of $28.0 million and $47.7 million in the three and six months ended December 31, 2020, increases of 98% ($13.9 million) and 56% ($17.1 million) over the comparative periods.
  • Adjusted EBITDA was $5.2 million and $10.0 million for the three and six months ended December 31, 2020 compared to $2.0 million and $5.7 million for the comparative periods in fiscal 2020, increases of $3.2 million and $4.3 million, respectively. These increases are primarily due to growth in the Kids and Family Division.
  • Production services revenue for the three and six months ended December 31, 2020 increased by 63% ($7.4 million) and 53% ($11.7 million) over the comparative periods, due to an increase in the number and size of contracts. This revenue consists primarily of animation production services, which experienced continued growth.
  • Licensing and distribution revenues increased by 272% ($6.4 million) and 63% ($5.3 million) for the three and six months ended December 31, 2020 over the comparative periods, due mainly to the timing of delivery of the animated series The Last Kids on Earth. In the current quarter, the Company recognized revenue from 10 episodes of TheLast Kids on Earth and six episodes of the factual series Highway Thru Hell. In the comparative quarter, revenue was recognized from seven episodes of Highway Thru Hell.
  • Free cash flow was $4.4 million and $5.6 million for the three and six months ended December 31, 2020 as compared to ($3.8) million and $0.2 million for the comparative periods, increases of $8.2 million and $5.4 million, respectively.

“As we continue to grow Thunderbird into a major global studio, Q2 results further demonstrate that our long-term strategy and initiatives are paying off, with significant increases in revenue and Adjusted EBITDA, year-over-year,” said Jennifer Twiner McCarron, President and CEO of Thunderbird. “In Q2, we were in production on 21 properties – including a growing percentage of owned-IP projects that offer higher economic value and for which we fully control the rights. This, in conjunction with our new consumer products division, allows us to fully leverage the world class brands being created at Thunderbird.”

Thunderbird’s Q2 2021 Corporate Highlights

  • During the second quarter, Thunderbird had 21 programs in various stages of production. The Company’s work airs on Netflix, Peacock, Nickelodeon, AppleTV+, Hulu, PBS, Bell Media’s Discovery, Disney+, Corus Entertainment and the CBC, among others. Ten of the projects in production are Company IP or partner-managed.
  • The Factual and Scripted Division, Great Pacific Media (GPM), was in production on four series and one documentary special: Highway Thru Hell (Seasons 9 and 10), Heavy Rescue: 401 (Seasons 5 and 6), $ave My Reno (Season 4), Mud Mountain Haulers (Season 1) and The Teenager and the Lost Mayan City (Documentary for CBC). Kim’s Convenience was in production on Season 5.
  • The Kids and Family Division, Atomic Cartoons, was in various stages of production on 13 animated series, and two feature length animated productions, 15 productions in total. Productions include co-producing Mighty Express with Spin Master for Netflix , LEGO Star Wars Holiday Special for Disney+, Molly of Denali for GBH/ PBS KIDS and Trolls: TrollsTopia in partnership with Dreamworks for streaming on Hulu and Peacock. A Curious George production is also in production for Peacock.
  • Also, during the quarter, spring 2021 timing was announced for The Last Kids on Earthand the Staff of Doom video game, which is a key component of the owned-IP The Last Kids on Earth franchise.
  • Subsequent to Q2, the Company launched a Global Distribution and Consumer Products Division, bringing on industry veteran Richard Goldsmith to lead as President of Global Distribution and Consumer Products.
  • Additionally, subsequent to the quarter, Thunderbird premiered several productions including owned-IP Kim’s Convenience (Season 5), Heavy Rescue: 401 (Season 5), and Mud Mountain Haulers (Season 1). The season premiere of $ave My Reno (Season 4) has been announced for March 16, 2021. The animated series Hello Ninja (Season 4), and Mighty Express (Season 2) also premiered.
  • Subsequent to the quarter, Thunderbird was named to the 2021 TSX Venture 50, a ranking of top performing companies traded on the TSX Venture.





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The Company also announced that Director and Founder Tim Gamble has made the decision, with the exceptional executive team now in place and the continued strong financial results, it is an appropriate time for him to step down from the Board to pursue other business interests.

“On behalf of Thunderbird and our Board of Directors, I want to thank Tim Gamble for his visionary leadership throughout the years. Tim always encouraged the entire leadership team to think big, operate with integrity, and to inspire with content that can positively impact our world. We proudly take this vision forward on Thunderbird’s continued journey,” said Twiner McCarron.

Conference Call Webcast on February 25, 2021 at 11 a.m. PT/ 2 p.m. ET

Thunderbird will hold a conference call and webcast to share the Company’s Q2 financial results on February 25, 2021 at 11 a.m. PT/ 2 p.m. ET. The conference call will be webcast live and available for replay via the “Investors” section of the Thunderbird website.

Conference Call and Webcast Access:

Toll-free dial-in number: (833) 900-1530

International dial-in number: (236) 712-2271

Participants joining by phone are requested to call the conference line ten minutes early to avoid wait times while connecting to the call. The conference call will be webcast live and available for replay via the “Investors” section of the Thunderbird website. Investors can access a replay of the teleconference at: (+1) 416-621-4642 or toll-free at (+1) 800-585-8367 three hours after the call’s completion. The Conference ID # is 2556969. The teleconference replay will be available through March 11, 2021.

For information on Thunderbird and to subscribe to the Company’s investor list for news updates, go to


Thunderbird Entertainment Group is a global award-winning, full-service multiplatform production, distribution and rights management company, headquartered in Vancouver, with additional offices in Los Angeles, Toronto, and Ottawa. Thunderbird creates award-winning scripted, unscripted, and animated programming for the world’s leading digital platforms, as well as Canadian and international broadcasters. Thunderbird’s vision is to produce high quality, socially responsible content that makes the world a better place. The Company develops, produces, and distributes animated, factual, and scripted content through its various divisions, including Thunderbird Kids and Family (Atomic Cartoons), Thunderbird Factual and Scripted (Great Pacific Media). The Company also has a division dedicated to global distribution and consumer products. Thunderbird is on Facebook, Twitter, and Instagram at @tbirdent. For more information, visit:

On Behalf of Thunderbird Entertainment Group Inc.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility of the adequacy or accuracy of this release, which has been prepared by management.

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Company’s objectives, goals or future plans and the business and operations of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; those additional risks set out in the Company’s Filing Statement and other public documents filed on SEDAR at; and other matters discussed in this news release. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

In addition to the results reported in accordance with IFRS, the Company uses various non-IFRS financial measures which are not recognized under IFRS, as supplemental indicators of our operating performance and financial position. These non-IFRS financial measures are provided to enhance the user’s understanding of our historical and current financial performance and our prospects for the future. Management believes that these measures provide useful information in that they exclude amounts that are not indicative of our core operating results and ongoing operations and provide a more consistent basis for comparison between periods. The following discussion explains the Company’s use of EBITDA, Adjusted EBITDA, and Free Cash Flow as measures of performance.

“EBITDA” is calculated based on earnings before interest, income taxes, depreciation and amortization. “Adjusted EBITDA” is calculated based on EBITDA, asset impairment charges, accretion, share-based compensation, share of loss of associates, unrealized foreign exchange gain/loss and items of an unusual or one-time nature that do not reflect our ongoing operations. EBITDA and Adjusted EBITDA are commonly reported and widely used by investors and lenders as an indicator of a company’s operating performance and ability to incur and service debt, and as a valuation metric. EBITDA and Adjusted EBITDA are not earnings measures recognized by IFRS and therefore do not have a standardized meaning prescribed by IFRS. Therefore, EBITDA and Adjusted EBITDA may not be comparable to similar measures presented by other issuers.

“Free Cash Flow” (“FCF”) is calculated based on cash flows from operations, purchase of property and equipment and net interim production financing. FCF represents the cash a company generates after accounting for cash outflows to support operations and maintain its capital assets.

CONTACT: Investor Relations:

Glen Akselrod, Bristol Capital

Phone: + 1 905.326.1888 ext 1



SOURCE: Thunderbird Entertainment Group Inc.

Copyright Business Wire 2021.

PUB: 02/24/2021 05:27 PM/DISC: 02/24/2021 05:27 PM

Copyright Business Wire 2021.