Revenue Performance - Total revenues for the years ended December 31, 2020, 2021, 2022, 2023, and 2024 were $77.9 million, $139.1 million, $203.1 million, $222.7 million, and $210.5 million, respectively, showing an upward trend since 2020 despite a dip in 2024 due to the Hollywood strikes[31]. - The company generated approximately 57% of its 2024 revenue from box office receipts[53]. - The company reported gross revenues of $106.2 million (50%) in the United States, $90.5 million (43%) in Australia, and $13.9 million (7%) in New Zealand for 2024, compared to $120.0 million (54%), $88.1 million (40%), and $14.6 million (6%) for 2023, reflecting a decrease primarily due to a weaker film slate[99]. Liquidity and Financial Management - The company implemented measures to address liquidity challenges, including monetizing eight real estate assets from 2021 through the end of Q1 2025, which produced $156.1 million in net proceeds[24][28]. - The company anticipates additional cash will be required to maintain liquidity through 2026, particularly to pay back deferred rents totaling $9.6 million as of December 31, 2024[29][25]. - Approximately $174.8 million of the company's current debt will mature over the next twenty-four months, with a potential 1% increase in interest rates leading to an additional $2.0 million in annual interest expense[151]. Impact of Hollywood Strikes - The Hollywood strikes led to losses of up to $2 billion in 2024, significantly impacting box office performances, particularly for cast-driven movies[32]. - The Writers Guild of America and Screen Actors Guild strikes delayed film releases, significantly impacting marketing and promotion efforts, leading to underperformance of films released during that period[207]. - The Hollywood strikes in 2023 have disrupted film production, affecting the supply and release dates of films, which may impact future attendance[123]. Real Estate and Asset Management - The company monetized approximately $159.3 million in real estate assets over the past four years to sustain operations and pay down debt[43]. - The company entered into a call option agreement to sell properties in Townsville, Queensland, Australia for A$32 million, with a book value of $17.4 million[29]. - The company has classified the Cannon Park property as held for sale as of May 2024, indicating a strategic shift in asset management[89]. Operational Challenges - The cinema and live theatre operations are facing reduced consumer demand due to inflationary pressures and increased ticket prices[113]. - Attendance at cinemas has decreased due to changes in consumer behavior favoring alternative forms of entertainment, leading to reduced operating margins[113]. - The company is vulnerable to competition from larger cinema operators who have better access to films and funding, potentially affecting revenue and profitability[128]. Strategic Initiatives - The company is focused on enhancing existing cinema facilities and pursuing new development opportunities despite current cash flow constraints[50]. - The company is expanding rewards and membership offerings, including a paid subscription program launched in Australia during Q4 2024[70]. - The company is committed to ongoing liquidity management and evaluating non-core real estate assets for future monetization[212]. Market Conditions and Competition - The in-home streaming and mobile device entertainment industry has significantly increased competition for theatrical releases, impacting film distributors[66]. - The company faces risks related to labor shortages and increased labor costs, which may affect operational efficiency[119]. - The company is addressing competitive challenges by enhancing comfort and service levels at cinemas, investing in larger screens, and providing specialized content[67]. Future Outlook - The company expects a stronger box office in 2025, driven by major releases previously slated for 2024 that were delayed[33]. - The company is optimistic about future cinema performance due to a strong slate of films anticipated through the end of 2025[206]. - Anticipated film releases such as Mission Impossible 8 and Avatar: Fire and Ash are expected to drive improvements in cinema operations as audience levels rebound[215].

Core Insights - Reading International, Inc. reported a significant increase in fourth quarter revenues for 2024, with total revenues rising by 29.3% to $58.6 million compared to $45.3 million in Q4 2023, driven by a strong lineup of blockbuster films [3][6][8] - Despite the strong fourth quarter performance, the full year 2024 results lagged behind 2023 due to the impact of the Hollywood strikes in 2023, which affected the film release schedule [4][7] Financial Results - Fourth Quarter 2024 - Total revenues 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, primarily due to improved cinema and real estate revenue [8] - Adjusted EBITDA improved by 250.5% to $3.4 million from a negative adjusted EBITDA of $2.2 million in Q4 2023 [8] Financial Results - Full Year 2024 - Total revenues decreased by 5.5% to $210.5 million from $222.7 million in 2023 [9] - Operating loss increased by 16.6% to $14.0 million from $12.0 million in 2023 [9] - Adjusted EBITDA decreased by $5.6 million from $7.8 million to $2.1 million [9] - Net loss increased by 15.1% to $35.3 million compared to $30.7 million in 2023 [9] Cinema Business Performance - Global cinema revenue increased by 30% to $54.6 million in Q4 2024 from $41.9 million in Q4 2023 [15] - The U.S. cinema circuit reported the highest food and beverage spend per person at $8.28, leading all publicly traded exhibitors in the U.S. for Q4 2024 [15] - Despite the strong fourth quarter, full year global cinema revenue decreased by 6.0% to $195.1 million due to a weaker film slate early in 2024 [15] Real Estate Business Performance - The global Real Estate Division saw revenues increase by 14% to $5.2 million in Q4 2024 compared to $4.5 million in Q4 2023 [10] - Operating income for the Real Estate Division increased by 148.5% to $1.4 million in Q4 2024 [10] - The steady performance of the 74 third-party tenant portfolio in Australia/New Zealand contributed to a 96% occupancy rate [10] Balance Sheet and Liquidity - As of December 31, 2024, cash and cash equivalents were $12.3 million, with total outstanding bank borrowings at $202.7 million against total book value assets of $471.0 million [29] - The company sold its Wellington, New Zealand assets for NZ$38 million on January 31, 2025, which will support liquidity [11][16]

Core Insights - Reading International, Inc. achieved record box office revenues during the November and December 2024 holiday period, driven by the release of major Hollywood films such as Wicked, Moana 2, Gladiator II, Mufasa: The Lion King, and Sonic the Hedgehog 3 [1][8] - The company's Australian circuit, under the Reading Cinemas and Angelika brands, set box office revenue records for both November and December 2024 [2] - December 2024 marked the highest box office results for that month ever, surpassing the previous record set in December 2019, while November 2024 also achieved the highest results for that month [8] Company Operations - Reading International operates cinema brands including Reading Cinemas, Consolidated Theatres, and Angelika, and has a presence in the United States, Australia, and New Zealand [4][5] - The company has launched a new loyalty program in Australia, Reading Rewards, allowing customers to earn and redeem points for tickets and food & beverage items, with an option to upgrade to a Boost tier for additional benefits [2] Financial Performance - Despite closing eight unprofitable cinemas (52 screens) in the United States since January 2019, the box office for the company's brands in the U.S. achieved significant revenue milestones [2] - The box office performance in December 2024 was noted as the highest since the pandemic, indicating a strong recovery in cinema attendance [8]

NEW YORK, Jan. 14, 2025 (GLOBE NEWSWIRE) -- Reading International, Inc. (NASDAQ: RDI) (“Reading” or our “Company”), an internationally diversified cinema and real estate company with operations and assets in the United States, Australia, and New Zealand, today announced it has entered into an unconditional Sale and Purchase Agreement to sell its properties in Wellington, New Zealand to Prime Property Group (“Prime”) for a purchase price of NZ$38 million. The sale of these property assets is expected to clos ...

Earnings Call Webcast to Discuss Third Quarter Financial Results Scheduled to Post to Corporate Website on Monday, November 18, 2024 NEW YORK, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Reading International, Inc. (NASDAQ: RDI) (“Reading” or our “Company”), an internationally diversified cinema and real estate company with operations and assets in the United States, Australia, and New Zealand, today announced its results for the third quarter ended September 30, 2024. Third Quarter 2024 Summary Results The Company’s ...

NEW YORK, Oct. 14, 2024 (GLOBE NEWSWIRE) -- Reading International, Inc. (NASDAQ: RDI) announced today that Reading will hold its 2024 Annual Meeting of Stockholders (the "2024 Annual Meeting") virtually through a web-based platform, commencing at 2:00 p.m. Eastern Time, on December 5, 2024. Voting online at the virtual meeting Registered stockholders and duly appointed proxyholders, as of the close of business on October 15, 2024 (the record date for the 2024 Annual Meeting), are entitled to attend the virt ...

Financial Performance - Total revenue for Q2 2024 was $46.8 million, a decrease of 28% compared to $65.1 million in Q2 2023[8] - Cinema revenue for Q2 2024 was $42.9 million, down 30% from $61.1 million in Q2 2023[8] - Net loss for Q2 2024 was $9.5 million, compared to a net loss of $2.9 million in Q2 2023[9] - Operating income for Q2 2024 was a loss of $4.4 million, compared to an operating income of $1.8 million in Q2 2023[8] - Basic earnings per share for Q2 2024 was a loss of $0.42, compared to a loss of $0.12 in Q2 2023[8] - The company experienced a comprehensive loss of $8.5 million in Q2 2024, compared to a comprehensive loss of $3.5 million in Q2 2023[9] - For the six months ended June 30, 2024, net income was $(22,939) thousand compared to $(14,185) thousand for the same period in 2023, indicating a decline in profitability[11] - The company reported a net loss of $13,228,000 for the quarter ended March 31, 2024, compared to a net loss of $11,111,000 for the same quarter in the previous year[94] Assets and Liabilities - Total current assets increased to $58.7 million as of June 30, 2024, from $38.7 million at December 31, 2023[5] - Total liabilities decreased to $485.3 million as of June 30, 2024, from $500.1 million at December 31, 2023[6] - Total stockholders' equity decreased to $9.5 million as of June 30, 2024, from $33.1 million at December 31, 2023[7] - As of June 30, 2024, the company had $58.6 million of debt due within twelve months and cash of $9.2 million, resulting in negative working capital of $89.8 million[23] - Current liabilities increased from $127.1 million on December 31, 2023, to $148.4 million on June 30, 2024[6] - The company’s retained earnings deficit increased from $(79.5) million on December 31, 2023, to $(102.1) million on June 30, 2024[7] Cash Flow and Operating Activities - The company reported a net cash used in operating activities of $(13,157) thousand for the six months ended June 30, 2024, compared to $(8,808) thousand for the same period in 2023[11] - Cash and cash equivalents at the end of the period were $10,727 thousand, down from $21,841 thousand at the end of the same period in 2023[11] - The company incurred interest expense of $5,252 thousand for the quarter, compared to $4,874 thousand in the same quarter of 2023[8] Revenue Segments - Real estate revenue for the six months ended June 30, 2024, was $9,946 thousand, a decrease of 3.3% from $10,282 thousand in the same period of 2023[15] - Cinema exhibition revenue for the quarter ended June 30, 2024, was $42,941 thousand, down 29.9% from $61,055 thousand in the same quarter of 2023[15] - Real estate revenue for Q2 2024 was $5,013,000, a slight decrease of 3.9% from $5,217,000 in Q2 2023[15] Debt and Financing - The company extended the maturity date of its Union Square financing facility ($47.1 million) to May 6, 2025, and its NAB facility ($66.8 million) to July 31, 2026[24] - The company is in discussions to extend the maturity date of its $8.0 million loan with Santander and anticipates reaching mutually acceptable terms for its credit facilities[24] - The Corporate Loan facility with NAB was amended to AU$100.0 million, maturing on July 31, 2026, with an additional AU$20.0 million bridge facility maturing on March 31, 2025[81] - Quarterly repayments of AU$1.5 million against the AU$100.0 million Corporate Loan facility will commence from March 31, 2025[81] Asset Management - The company classified several properties as held for sale, including the Cannon Park ETC and Courtenay Central ETC, with expected sales within 12 months[43][44] - The Rotorua cinema property in New Zealand has a current book value of $1.4 million and is classified as held for sale, with an expected completion of sale within 12 months[46] - The industrial property at 2483 Trenton Avenue, Pennsylvania, has a current book value of $460,000 and is also classified as held for sale, with ongoing sales efforts to resolve easement issues[47] Legal and Environmental Matters - The company is involved in various legal proceedings but does not expect a material adverse effect on its business from these claims[88] - Environmental claims related to historical operations are not currently believed to be material in amount, despite potential future costs[89] - The company has accrued estimates for probable losses related to ongoing legal claims, including legal costs[88] Market Outlook - The global cinema industry is expected to improve in the second half of 2024 and 2025, supported by anticipated successful film releases and an increase in the number of movies from major studios[25] - The company expects the global cinema industry to improve in the latter half of 2024, driven by anticipated successful film releases[25] Stock and Compensation - The total number of Class A Common Stock available for issuance under the 2020 Stock Incentive Plan was 1,486,907 shares as of June 30, 2024[96] - Stock options to purchase 1,264,603 shares of Class A Common Stock were granted to senior executives on June 6, 2024, in lieu of cash bonuses[99] - The company recorded a compensation expense of $115,000 for stock options in the quarter ended June 30, 2024, compared to $9,000 for the same quarter in 2023[100] - The total RSUs granted as of June 30, 2024, amounted to 2,233,372, with 1,400,813 units vested[101]

Earnings Call Webcast to Discuss Second Quarter Financial Results Scheduled to Post to Corporate Website on Friday, August 16, 2024 NEW YORK, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Reading International, Inc. (NASDAQ: RDI) ("Reading" or our "Company"), an internationally diversified cinema and real estate company with operations and assets in the United States, Australia, and New Zealand, today announced its results for the Second Quarter ended June 30, 2024. Second Quarter 2024 Summary Results The anticipated l ...

The biggest opening weekend for any R-rated movie ever in our U.S. Cinema division, in terms of both attendance and box office. The biggest opening weekend for any MA 15+ rated movie ever in our Australian Cinema division, in terms of both attendance and box office. The biggest opening weekend box office gross, on a same-store basis, for our premium large format screens (i.e. TITAN LUXE, TITAN and IMAX) for any movie in our U.S. Cinema division. Our U.S. Cinema team created a specially curated Deadpool & Wo ...

Reading International, Inc. (NASDAQ:RDI) Q1 2024 Earnings Conference Call May 17, 2024 9:00 AM ET Company Participants Andrzej Matyczynski - EVP, Global Operations Ellen Cotter - President & CEO Gilbert Avanes - EVP, CFO & Treasurer Andrzej Matyczynski This is the first quarter 2024 earnings call. Thank you for joining Reading International's Earnings Call to discuss our 2024 First Quarter Results. My name is Andrzej Matyczynski, and I'm Reading's Executive Vice President of Global Operations. With me are ...