The Angelika Film Center & Cafe transforms for Wes Anderson's new star-studded comedy NEW YORK, May 28, 2025 (GLOBE NEWSWIRE) -- The Angelika Film Center & Cafe in New York City, operated by Reading International, Inc. (NASDAQ: RDI), in collaboration with Focus Features, will be the host to New York City's first ever theatre takeover by one film. The Angelika is celebrating the premiere of Wes Anderson's The Phoenician Scheme by taking audiences on a globetrotting adventure — without ever leaving the theatr ...

Summary of Reading International (RDI) Conference Call - May 22, 2025 Company Overview - **Company Name**: Reading International (RDI) - **Ticker Symbols**: RDI (voting stock), RDIV (non-voting stock) [2] - **Business Model**: Operates in two primary sectors: cinema and real estate, across three countries: the US, Australia, and New Zealand [4][5] Industry Context - **Cinema Business**: The cinema sector has historically funded real estate acquisitions and expansions, contributing to shareholder value [5] - **Real Estate Business**: The company holds numerous real estate assets, particularly in New York City and Philadelphia, which are part of its legacy from the Reading Railroad [5][8] Financial Performance - **Debt Reduction**: Successfully reduced debt from $276 million to $173 million since June 2020, despite challenges posed by COVID-19 [16] - **Revenue Trends**: The first quarter of 2025 showed a mixed performance, but overall revenue trends are positive, with a focus on maintaining a 50/50 revenue split between cinema and real estate [14][19] Challenges Faced - **COVID-19 Impact**: The pandemic severely affected operations, leading to a lack of US government support, unlike subsidiaries in Australia and New Zealand that received grants [10][11] - **Supply Chain Disruptions**: Ongoing issues with the Screen Actors Guild strikes and tariffs affecting the ability to distribute films [9] - **Economic Environment**: Operating in a high-interest-rate environment and facing a downturn in commercial office real estate [9] Strategic Initiatives - **Asset Sales**: Focus on selling non-income producing assets to maintain liquidity, including the recent sale of Cannon Park for AUD 32 million [22] - **Real Estate Development**: Plans to complete leasing of key properties, such as Union Square in New York City, and evaluate the potential of the Reading Viaduct and Philadelphia properties [20][32] - **Cinema Expansion**: Aiming to enhance cinema offerings with premium screens and improved food and beverage services [42][44] Market Position - **Exhibitor Rankings**: RDI is the 13th largest exhibitor in the US, 4th in Australia, and 3rd in New Zealand [5][7] - **Niche Market**: The Angelica Film Center is a leader in the specialty arts cinema market in the US, while the Consolidated brand is the largest in Hawaii [37][46] Future Outlook - **Box Office Recovery**: Anticipated rebound in box office performance, supported by upcoming film releases and a strong management team [45][46] - **Diversification**: The company remains diversified across three stable economies, with approximately 50% of revenues generated from Australia and New Zealand [47] Key Metrics - **Occupancy Rates**: Australia and New Zealand properties maintain a 98% occupancy rate among third-party tenants [28] - **Food and Beverage Performance**: Significant growth in spend per head across all geographies, with plans to enhance offerings [43] Conclusion - **Investment Proposition**: RDI is well-positioned to capitalize on the anticipated recovery in the cinema industry, supported by a strong real estate portfolio and effective management strategies [45][47]

Reading International (RDI) Q1 2025 Earnings Call May 20, 2025 08:00 AM ET Company Participants Andrzej Matyczynski - Executive Vice President of Global OperationsEllen Cotter - President, CEO & Vice Chairman of the BoardGilbert Avanes - EVP, CFO, and Treasurer Andrzej Matyczynski First Quarter twenty twenty five Earnings Call Conference Call. Thank you for joining Reading International's Earnings Call to discuss our twenty twenty five first quarter. My name is Andrei Matachinsky, and I am Reading's executi ...

Financial Data and Key Metrics Changes - For Q1 2025, consolidated revenue decreased by $4.9 million to $40.2 million compared to Q1 2024, primarily due to lower attendance across all markets and the closure of two cinemas [40][41] - The net loss attributable to Reading International for Q1 2025 was $4.8 million, an improvement from a loss of $13.2 million in Q1 2024, with basic loss per share decreasing to $0.21 from $0.59 [42] - Adjusted EBITDA increased to $2.9 million in Q1 2025, a significant improvement from a negative EBITDA of $4 million in Q1 2024 [43] Business Line Data and Key Metrics Changes - Global cinema revenue for Q1 2025 was $36.4 million, down 12% from Q1 2024, representing just under 63% of pre-pandemic levels [13] - Global real estate revenue decreased by 2% to $4.8 million, while operating income increased by 79% to $1.6 million, driven by improved live theater performance and reduced holding expenses [12][30] Market Data and Key Metrics Changes - The average exchange rates for the Australian and New Zealand dollars weakened against the U.S. dollar by 4.5% and 7.3% respectively, impacting revenue as approximately 50% of total revenue is generated internationally [9] - The cinema industry faced challenges due to a weaker box office, attributed to the lingering effects of the 2023 Hollywood strikes and underperforming film releases [8][15] Company Strategy and Development Direction - The company is focused on reducing debt and rebuilding operational cash flow, with plans for cinema renovations and upgrades in the U.S., Australia, and New Zealand [50][51] - Strategic initiatives include enhancing food and beverage offerings, expanding loyalty programs, and recalibrating occupancy costs with landlords to reflect current economic conditions [20][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for a stronger 2026 and beyond, anticipating improvements in the interest rate environment and a stabilizing film slate [38] - The second quarter of 2025 has shown better box office performance, with successful film releases contributing to improved theater-level cash flow [15][17] Other Important Information - The company completed the sale of its Wellington assets for NZD 38 million, which helped eliminate significant debt and reduce annual interest expenses [6] - The company is actively working on selling its Cannon Park assets in Townsville, Australia, with an expected closing date of May 21, 2025 [7][47] Q&A Session Summary Question: What is your cinema CapEx forecast for 2025? - The company plans to renovate one theater in the U.S. and is working on upgrades for several others in New Zealand and Australia, though completion is not guaranteed [50][51] Question: What are Reading's intermediate term plans for the Minetta Lane and Orpheum sites? - The focus is on reducing debt and maintaining cash flow from these assets while exploring future opportunities [52][54] Question: Do you expect to refinance the Santander loan? - Discussions are ongoing to extend the existing loan for another year, with expected terms including a partial pay down [56] Question: What steps will the company take to attract analysts and investors? - The company will participate in the Sidoti conference and host one-on-one meetings with potential shareholders to enhance visibility and valuation [57][58]

Core Points - Reading International, Inc. is scheduled to participate in Sidoti's Virtual Micro-Cap Investor Conference on May 21-22, 2025 [1] - The company's Executive Vice President – Global Operations, Andrzej Matyczynski, will present virtually on May 22, 2025, at 10:45 A.M. Eastern time, discussing financial results, business outlook, and capital allocation strategy [2] - The investor presentation will be available on the company's corporate website after the conference [3] Company Overview - Reading International, Inc. is an internationally diversified cinema and real estate company with operations in the United States, Australia, and New Zealand [4] - The company operates various cinema brands, including Reading Cinemas, Consolidated Theatres, and Angelika, and owns live theatres under the Liberty Theaters subsidiary [5] - Signature property developments include Newmarket Village in Brisbane, Australia, and 44 Union Square in New York City [5]

Financial Performance - Total Revenues for Q4 2024 increased by 29.3% (or $13.3 million) to $58.6 million compared to $45.3 million in Q4 2023[8] - Operating Income improved from a loss of $7.0 million in Q4 2023 to a positive Operating Income of $1.5 million in Q4 2024[8] - Net Loss decreased from $12.4 million in Q4 2023 to $2.2 million in Q4 2024, driven by improved cinema and real estate revenue[8] - Adjusted EBITDA for Q4 2024 improved by 250.5% to $3.4 million from a negative adjusted EBITDA of $2.2 million in Q4 2023[8] - Full Year 2024 Total Revenues decreased by 5.5% to $210.5 million from $222.7 million in 2023[9] - Operating loss for 2024 was $14,033, compared to a loss of $12,031 in 2023[29] - Net loss attributable to Reading International, Inc. was $35,301 in 2024, compared to a loss of $30,673 in 2023[29] - Basic and diluted earnings per share for 2024 were both $(1.58), compared to $(1.38) in 2023[29] - Total segment revenue for the year ended December 31, 2024 was $210,527, a decrease of 5% from $222,744 in 2023[31] - Adjusted EBITDA for the year ended December 31, 2024 was $7,757, compared to $2,113 in 2023[33] Revenue Breakdown - Global cinema revenue for 2024 decreased by 6.0% to $195.1 million, impacted by the Hollywood strikes[13] - Global Real Estate Division revenues increased by 1% to $20.0 million in 2024, with operating income rising to $4.7 million[12] - In Q4 2024, global cinema revenue increased by 30% to $54.6 million, with operating income rising 191.1% to $3.8 million[13] - Cinema revenues decreased by 6% to $195,130 in 2024 from $207,641 in 2023[29] - Real estate revenues increased by 2% to $15,397 in 2024 from $15,103 in 2023[29] Cash and Liabilities - As of December 31, 2024, cash and cash equivalents were $12.3 million, with total outstanding bank borrowings of $202.7 million[17] - Total current assets increased to $57,042 in 2024 from $38,710 in 2023[30] - Total liabilities decreased to $475,801 in 2024 from $500,055 in 2023[30] Future Outlook - The company anticipates stronger performance in 2025 with the release of highly anticipated titles such as Disney's Lilo & Stitch and Mission Impossible: The Final Reckoning[10] EBITDA Insights - EBITDA is used by the company as a measure of financial performance and value, commonly adopted in the cinema exhibition and real estate industries[37] - The company believes that EBITDA is valuable for investors to assess cash generation ability and to compare with peers in the same industry[37] - EBITDA is not a measurement under generally accepted accounting principles and should not be considered in isolation from net income or cash flow data[38] - The exclusion of interest, taxes, depreciation, and amortization limits the usefulness of EBITDA in assessing financial performance[39] - Adjusted EBITDA is calculated by excluding certain external items not reflective of core business costs, such as legal expenses from extraordinary litigation[41]

Core Insights - Reading International, Inc. reported a total revenue of $40.2 million for Q1 2025, a decrease of 11% from $45.1 million in Q1 2024, primarily due to lower cinema attendance and unfavorable foreign exchange rates [9][27] - The company experienced an operating loss of $6.9 million, which improved by 8.5% compared to the operating loss of $7.5 million in Q1 2024, marking the best first quarter operating result since 2019 [9][28] - The real estate division saw a significant increase in operating income, up 79% to $1.6 million compared to $890,000 in Q1 2024, driven by the sale of property assets [7][28] Financial Performance - Global cinema revenue decreased by 12% to $36.4 million, with an operating loss of $4.5 million, compared to a loss of $4.2 million in Q1 2024 [8][9] - The company recorded a positive EBITDA of $2.9 million, an improvement of 173% from an EBITDA loss of $4.0 million in Q1 2024 [9][29] - Basic loss per share improved by 64% to $0.21 from $0.59 in Q1 2024, with a net loss attributable to Reading of $4.8 million, down from $13.2 million in the same period last year [9][24] Operational Highlights - The cinema business faced challenges due to a weaker film slate and the lingering impacts of the 2023 Hollywood strikes, leading to lower attendance across all markets [5][6] - The company closed two underperforming cinemas, one in the U.S. and one in New Zealand, as part of its strategy to enhance operational efficiency [5][6] - The real estate division achieved its highest operating income since Q2 2018, with a notable sale of real property assets in Wellington, New Zealand for NZ$38.0 million, resulting in a gain of NZ$11.6 million [7][9] Balance Sheet and Liquidity - As of March 31, 2025, the company reported cash and cash equivalents of $5.9 million and total gross debt of $186.6 million, a decrease of 7.9% from the previous quarter [12][25] - The total assets decreased to $441.0 million from $471.0 million as of December 31, 2024, reflecting the impact of asset sales and operational adjustments [25][26] - The company is contracted to sell additional real estate assets in Australia for AU$32 million, with plans to use the proceeds to pay down debt [12]

Financial Performance - Total revenue for Q1 2025 was $40.169 million, a decrease of 10.4% from $45.052 million in Q1 2024[10] - Net loss attributable to Reading International, Inc. for Q1 2025 was $4.752 million, compared to a net loss of $13.228 million in Q1 2024, representing a 64.1% improvement[10] - Operating income for Q1 2025 was a loss of $6.891 million, slightly improved from a loss of $7.531 million in Q1 2024[10] - The company reported a comprehensive loss of $4.301 million for Q1 2025, compared to a comprehensive loss of $15.768 million in Q1 2024, indicating a significant reduction in losses[12] - Total segment revenue was $41.249 million, down from $46.204 million in the same period of 2024, reflecting a decrease of approximately 10.5%[37] - The cinema exhibition segment reported a revenue of $36.404 million for the three months ended March 31, 2025, compared to $41.271 million for the same period in 2024, a decline of about 12%[39] - Total revenue for the quarter ended March 31, 2025, decreased by $4.9 million to $40.2 million, a decline of 11% compared to the same period in 2024[174] - Cinema exhibition revenue dropped by $4.9 million to $36.4 million, a decrease of 12% year-over-year, primarily due to lower attendance and cinema closures[180] Assets and Liabilities - Cash and cash equivalents decreased to $5.911 million as of March 31, 2025, down from $12.347 million at the end of 2024[9] - Total assets decreased to $440.969 million as of March 31, 2025, from $471.011 million at the end of 2024, a decline of 6.4%[9] - Total liabilities decreased to $449.649 million as of March 31, 2025, down from $475.801 million at the end of 2024, a reduction of 5.5%[9] - The company has $53.7 million of debt due within the next twelve months, with a negative working capital of $108.7 million[18] - Total borrowings as of March 31, 2025, amounted to $186.6 million, down from $201.8 million as of December 31, 2024[76] - The current portion of debt decreased to $53.7 million as of March 31, 2025, from $69.2 million as of December 31, 2024[76] - The company's debt-to-equity ratio was (21.50) as of March 31, 2025, a significant increase from (42.32) in 2024[200] - Working capital deficit was reported at $108.7 million as of March 31, 2025, compared to $104.6 million in 2024[200] Cash Flow and Financing Activities - Cash used in operating activities increased by $4.9 million to $7.7 million in Q1 2025, compared to $2.8 million in Q1 2024[197] - Cash provided by investing activities was $17.9 million in Q1 2025, significantly higher than $7.6 million in Q1 2024, due to proceeds from the sale of Wellington property assets[198] - Cash used in financing activities increased by $5.6 million to $16.9 million in Q1 2025, compared to the same period in 2024, driven by higher loan paydowns[199] - The company has $53.7 million in debt coming due in the next 12 months, with ongoing efforts to manage liquidity and defer capital expenditures[191] Real Estate and Asset Management - The company intends to raise liquidity through real estate asset monetization, having successfully sold eight property assets since 2021[22] - The company is under an unconditional contract to sell its Cannon Park property for AU$32.0 million, expected to close on May 21, 2025[21] - The company monetized its properties in Wellington, New Zealand for $21.5 million in Q1 2025, contributing to liquidity[51] - The gain on the sale of the Wellington property was $6,566,000 after direct costs[54] - The company sold its Wellington property assets for NZ$38.0 million in January 2025, using proceeds to repay loans[192] - The company has paused real estate development projects to bolster liquidity, focusing on improvements to existing cinemas instead[136] Operating Expenses and Cost Management - Total operating expenses decreased to $1,955,000 in Q1 2025 from $2,235,000 in Q1 2024, reflecting a reduction of 12.5%[40] - The total operating expense for the cinema segment was $40.879 million for the three months ended March 31, 2025, compared to $45.436 million in the same period of 2024, a decrease of approximately 10.5%[37] - Operating expenses for the quarter decreased by $4.2 million to $37.7 million, reflecting lower costs across all regions[182] - The cinema segment operating loss increased by $0.3 million to $4.5 million, driven by decreased revenue from lower attendance[181] Strategic Initiatives and Future Outlook - The management believes that improvements in film releases will enhance patronage and operating revenue, although attendance levels remain uncertain[20] - The cinema industry is expected to benefit from a strong movie release schedule from 2025 to 2027, including high-quality films like Superman and Jurassic World: Rebirth[123] - The cinema segment is expected to benefit from notable movie releases in 2025, including "Mission: Impossible – The Final Reckoning" and "Avatar: Fire and Ash" which are anticipated to drive audience attendance[129] - The company is actively pursuing liquor licenses to enhance Food and Beverage offerings across its cinema circuits in the U.S., Australia, and New Zealand[133] Stock and Equity - Basic and diluted earnings per share for Q1 2025 were both $(0.21), compared to $(0.59) in Q1 2024[46] - The company’s total stockholders' equity decreased from $(4,790,000) at January 1, 2025, to $(8,680,000) at March 31, 2025[97] - The company has accrued estimates of probable and estimable losses related to ongoing legal proceedings, although it does not expect these to have a material adverse effect on its business[92] Miscellaneous - The average exchange rate for the Australian Dollar was 0.6277 for the quarter ended March 31, 2025, compared to 0.6524 for the same quarter in 2024, indicating a strengthening of the USD[44] - The company recorded no impairment charges for the first three months of 2025, despite lower revenues and operating income compared to the same period in 2024[25] - The company has liquor licenses in 100% of its U.S. cinemas, 86% in Australia, and 38% in New Zealand, with ongoing efforts to increase licensing in New Zealand[158]

Financial Data and Key Metrics Changes - Q4 2024 global total revenue reached $58.6 million, a 29% increase compared to Q4 2023, marking the best fourth quarter since Q4 2019 [5][38] - Q4 2024 global operating income was $1.5 million, an increase of $8.5 million or 122% from a loss of $7 million in Q4 2023, representing the first positive operating income since Q4 2019 [5][6] - Q4 2024 adjusted EBITDA was $6.8 million, over 400% higher than a negative adjusted EBITDA of $2.2 million in Q4 2023, the highest since Q4 2019 [6][42] - For the full year 2024, total revenue was $210.5 million, a 5% decrease from 2023, with a global operating loss of $14 million, up 17% from the previous year [9][40] Business Line Data and Key Metrics Changes - Global cinema revenue in Q4 2024 was $54.6 million, a 30% increase from Q4 2023, representing 84% of pre-pandemic levels [6][9] - Global real estate revenues in Q4 2024 were $5.2 million, a 14% increase from Q4 2023, with operating income rising 148% to $1.4 million [7][32] Market Data and Key Metrics Changes - U.S. cinema revenue increased by 24% to $29.3 million in Q4 2024, the highest since Q4 2019, with operating income improving to $1.6 million from a loss of $2.6 million in Q4 2023 [21][22] - Australian cinema revenue increased 37% to $21.4 million in Q4 2024, with operating income rising 254% to $1.7 million [28] - New Zealand cinema revenue increased 53% to $3.8 million, with operating income increasing 228% to $504,000 [28] Company Strategy and Development Direction - The company aims to reduce debt as a top priority for 2025 while planning upgrades for at least four theaters across Australia, the U.S., and New Zealand [51] - The focus remains on curating original series and programming to engage audiences and boost ticket sales, alongside exploring new avenues for alternative content [15][16] Management Comments on Operating Environment and Future Outlook - Management acknowledged that the first part of 2024 was impacted by the Hollywood strikes, affecting overall performance, but expressed optimism for the future with an exciting film lineup expected in 2025 [14][39] - The company is working on monetizing real estate assets to improve liquidity and reduce interest expenses [10][35] Other Important Information - The company reported a net loss of $2.2 million in Q4 2024, a decrease from a loss of $12.4 million in Q4 2023, attributed to improved cinema performance and reduced interest expenses [39][40] - The total outstanding borrowings decreased to $202.7 million as of December 31, 2024, from $210.3 million a year earlier [44] Q&A Session Summary Question: What are your capital allocation priorities for 2025? - The highest priority is to reduce debt while planning upgrades for theaters, contingent on box office performance [51] Question: What are the recent underperforming theater closures and expected savings? - One U.S. cinema will close in April 2025, expected to save $500,000 to $1 million annually, with another small theater closed in New Zealand saving $100,000 to $200,000 [52][53] Question: Is the Australian cinema development project in Noosa still on track for 2026? - The project is in planning phases, with an expected opening pushed to 2027 [55] Question: Why did the company fail to engage with investors in 2024? - Management acknowledged the oversight and is now planning two non-deal roadshows and a microcap virtual conference for 2025 [56]

Core Viewpoint - Reading International, Inc. reported its Fourth Quarter and Full Year 2024 financial results, highlighting a significant improvement in Q4 performance despite challenges faced throughout the year due to industry-wide disruptions and currency fluctuations [3][6][10]. Financial Results - Fourth Quarter 2024 - Total Revenues increased by 29.3% to $58.6 million compared to $45.3 million in Q4 2023 [8][13]. - Operating Income improved from a loss of $7.0 million in Q4 2023 to a positive Operating Income of $1.5 million in Q4 2024 [8][10]. - Net Loss decreased from $12.4 million in Q4 2023 to $2.2 million in Q4 2024, driven by improved cinema and real estate revenue [8][10]. - Adjusted EBITDA rose by 404.4% to $6.8 million from a negative $2.2 million in Q4 2023 [8][10]. Financial Results - Full Year 2024 - Total Revenues for the full year decreased by 5.5% to $210.5 million from $222.7 million in 2023 [9][30]. - Operating Loss increased by 16.6% to $14.0 million from $12.0 million in 2023 [9][30]. - Net Loss for the year increased by 15.1% to $35.3 million compared to $30.7 million in 2023 [9][30]. - Adjusted EBITDA decreased from $7.8 million in 2023 to $2.1 million in 2024 [9][30]. Currency Impact - The New Zealand dollar weakened by 2.1% and the Australian dollar by 0.8% against the U.S. dollar compared to Q4 2023, negatively impacting global revenue [5][7]. - Approximately 50% of total revenue is generated in Australia and New Zealand, making the company sensitive to currency fluctuations [7][10]. Cinema Business Performance - Global cinema revenue for Q4 2024 increased by 30% to $54.6 million from $41.9 million in Q4 2023 [13][30]. - The U.S. cinema circuit reported the highest food and beverage spend per person at $8.28, leading publicly traded exhibitors in gross box office per screen average at $85.1K for Q4 2024 [10][13]. - Full year global cinema revenue decreased by 6.0% to $195.1 million due to the impact of the 2023 Hollywood strikes [10][13]. Real Estate Business Performance - Real estate revenues increased by 14% to $5.2 million in Q4 2024 compared to $4.5 million in Q4 2023 [10][13]. - The global real estate division's operating income increased by 148.5% to $1.4 million in Q4 2024 [10][13]. - For the full year, real estate revenues increased by 1% to $20.0 million from $19.9 million in 2023 [10][13]. Balance Sheet and Liquidity - As of December 31, 2024, cash and cash equivalents were $12.3 million, with total outstanding bank borrowings of $202.7 million against total book value assets of $471.0 million [20][28]. - The company has taken steps to monetize real estate assets to support liquidity, including the sale of properties in Wellington, New Zealand for NZ$38 million [20][28].