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 ...

For more information, contact: Gilbert Avanes – EVP, CFO, and Treasurer Andrzej Matyczynski – EVP Global Operations (213) 235-2240 Reading International Reports First Quarter 2024 Results Earnings Call Webcast to Discuss First Quarter Financial Results Scheduled to Post to Corporate Website on Friday, May 17, 2024 New York, May 15, 2024 - Reading International, Inc. (NASDAQ: RDI) ("Reading" or our "Company"), an internationally diversified cinema and real estate company with operations and assets in the Uni ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________ READING INTERNATIONAL, INC. (Exact name of Registrant as specified in its charter) Nevada State or other jurisdiction of incorporation or organization) FORM 10-Q (Mark One) þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2024 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXC ...

Core Viewpoint - Reading International, Inc. faced financial challenges in Q1 2024 due to the ongoing impact of the 2023 Hollywood Strikes, which disrupted movie releases and affected cinema revenues. However, the company managed to reduce its operating loss and demonstrated resilience through its real estate operations, which performed strongly despite the challenges in the cinema segment [2][3][5]. Cinema Business - Total cinema revenue for Q1 2024 was $41.3 million, a slight decrease of 2% compared to $41.9 million in Q1 2023 [6][10]. - The operating loss for the cinema segment improved by 10% to $4.2 million from $4.6 million in Q1 2023 [6][10]. - The U.S. cinema business outperformed the North American box office, gaining market share despite closing three theaters, attributed to strong performances from arthouse films [10]. - Upcoming film releases are expected to enhance cinema revenues, with a robust schedule for 2024 and 2025 featuring major titles from Disney and other studios [5][10]. Real Estate Business - The real estate segment generated $4.9 million in revenue for Q1 2024, a decrease of 3% from $5.1 million in Q1 2023 [6][10]. - The operating income from real estate was $0.9 million, down 12% from $1.0 million in Q1 2023, influenced by the monetization of two properties [6][10]. - The Australian real estate division achieved its highest quarterly operating income since Q2 2018, indicating strong performance in this segment [7]. Balance Sheet and Liquidity - As of March 31, 2024, cash and cash equivalents were $7.5 million, with total gross debt reduced to $195.7 million from $210.3 million at the end of 2023 [10][22]. - The company generated $11.3 million in net sales proceeds from the sale of real estate assets, which will be used to support operations and reduce debt [5][10]. - The total assets decreased to $494.9 million from $533.1 million as of December 31, 2023, reflecting the impact of asset sales [10][22].

Reading International, Inc. (NASDAQ:RDI) Q4 2023 Earnings Conference Call April 2, 2024 5:00 PM ET Company Participants Andrzej Matyczynski - EVP, Global Operations Ellen Cotter - Vice Chair, CEO & President Gilbert Avanes - EVP, CFO & Treasurer Conference Call Participants Andrzej Matyczynski Thank you for joining Reading International’s Earnings Call to discuss our 2023 Fourth Quarter and Full Year Results. My name is Andrzej Matyczynski, and I’m Reading’s Executive Vice President of Global Operations. Wi ...

Part I [Our Business](index=4&type=section&id=Item%201%20%E2%80%93%20Our%20Business) Reading International operates cinema exhibition and real estate segments across the U.S., Australia, and New Zealand, managing liquidity challenges through asset sales and strategic initiatives - The company operates in two segments: Theatrical Motion Picture Exhibition (**61 cinemas**) and Real Estate, which includes development and rental of retail, commercial, and live theatre assets[21](index=21&type=chunk) - Operations were materially disrupted in 2023 by the Hollywood strikes and rising interest rates, which increased interest expense by **$1.6 million** in 2023 despite a **$26.6 million** debt reduction over two years[21](index=21&type=chunk)[22](index=22&type=chunk) - To address liquidity challenges, the company monetized seven non-core assets from 2021 through Q1 2024, generating **$156.1 million** in net cash, used to pay down **$75.6 million** in debt and fund **$33.9 million** in capital improvements[27](index=27&type=chunk)[29](index=29&type=chunk) - Total revenues have been recovering post-pandemic, reaching **$222.7 million** in 2023, up from **$203.1 million** in 2022, but still below the pre-pandemic level of **$276.8 million** in 2019[31](index=31&type=chunk) [Cinema Exhibition](index=11&type=section&id=Cinema%20Exhibition) The company operates 61 cinemas globally, with revenue primarily from box office and F&B, competing through premium amenities and enhanced offerings Cinema Locations and Screens by Country (as of Dec 31, 2023) | Country | Location Count | Screen Count | Leased | Owned | | :--- | :--- | :--- | :--- | :--- | | United States | 20 | 198 | 19 | 1 | | Australia | 30 | 226 | 26 | 4 | | New Zealand | 11 | 67 | 7 | 4 | | **GRAND TOTAL** | **61** | **491** | **52** | **9** | - In 2023, cinema revenue was sourced primarily from box office receipts (**58%**), food & beverage sales (**34%**), and screen advertising/other revenue (**8%**)[50](index=50&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk) - The company is the **15th** largest exhibitor in the U.S. (**1%** of box office), **4th** largest in Australia (**8%** of box office), and **3rd** largest in New Zealand (**9%** of box office)[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - To enhance the customer experience, **195** auditoriums feature recliner seating, and **33** have premium large format screens (TITAN or IMAX)[48](index=48&type=chunk) [Real Estate](index=14&type=section&id=Real%20Estate) The real estate segment develops, owns, and leases retail, commercial, and live theatre assets, including key properties like 44 Union Square and Entertainment Themed Centers - Key assets include 44 Union Square (NYC), four ETCs in Australia/NZ (Newmarket Village, The Belmont Common, Cannon Park, Courtenay Central), and two live theatres in Manhattan (Minetta Lane, Orpheum)[44](index=44&type=chunk)[70](index=70&type=chunk) - The 44 Union Square redevelopment project in Manhattan secured a long-term lease with Petco for **42%** of its leasable area; Petco opened in June 2023[35](index=35&type=chunk)[222](index=222&type=chunk) - The Courtenay Central property in Wellington, NZ, remains a key long-term redevelopment project, with plans advancing despite seismic-related closures[29](index=29&type=chunk)[88](index=88&type=chunk) - The company owns the Reading Viaduct, approximately **6.5 acres** of land in downtown Philadelphia, which presents a substantial long-term development or monetization opportunity[72](index=72&type=chunk)[79](index=79&type=chunk)[83](index=83&type=chunk) [Risk Factors](index=23&type=section&id=Item%201A%20%E2%80%93%20Risk%20Factors) The company faces significant risks including film supply disruptions, intense competition, real estate market fluctuations, illiquid assets, currency risks, and substantial short-term debt - Cinema business is highly dependent on third-party film supply, which was disrupted by the 2023 Hollywood Strikes and is continually challenged by competition from in-home streaming services like Netflix, Disney+, and Amazon Prime[123](index=123&type=chunk)[124](index=124&type=chunk) - The company faces competition from larger exhibitors (AMC, Regal, Cinemark) who have greater access to films and capital, and from competitors who have used bankruptcy to reduce debt and rent[128](index=128&type=chunk)[113](index=113&type=chunk) - Real estate investments are illiquid and subject to risks including economic downturns, competition from e-commerce impacting retail tenants, and natural disasters in key locations like California and New Zealand[140](index=140&type=chunk)[143](index=143&type=chunk)[137](index=137&type=chunk) - The company is a "Controlled Company" as Margaret Cotter holds **69%** of the voting Class B Stock, giving her unilateral power to elect the board and determine the outcome of major corporate matters[163](index=163&type=chunk)[164](index=164&type=chunk)[168](index=168&type=chunk) [Unresolved Staff Comments](index=31&type=section&id=Item%201B%20%E2%80%93%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[170](index=170&type=chunk) [Cybersecurity](index=31&type=section&id=Item%201C%20%E2%80%93%20Cybersecurity) The company maintains a risk-based cybersecurity program with third-party support and reports no material cybersecurity incidents - The company has a cybersecurity program that includes policies, procedures, and various technical controls to mitigate risks[171](index=171&type=chunk) - Third-party cybersecurity firms are utilized for functions such as audits, ransomware assessments, and penetration tests[172](index=172&type=chunk) - The company reports that it has not experienced any cybersecurity incidents that it believes have had or are likely to have a material effect[174](index=174&type=chunk) [Properties](index=32&type=section&id=Item%202%20%E2%80%93%20Properties) The company owns approximately **662,000 square feet** of income-producing property and leases **1.97 million square feet** of cinema space, including key redevelopment projects Key Owned Operating Properties (as of Dec 31, 2023) | Property | Location | Net Book Value (in thousands) | | :--- | :--- | :--- | | 44 Union Square | Manhattan, NY | $97,107 | | Newmarket Village | Newmarket, QLD | $39,152 | | Cinemas 1,2,3 | Manhattan, NY | $24,146 | | Cannon Park | Thuringowa, QLD | $18,848 | | Culver City Office | Culver City, CA | $10,847 | - The company leases approximately **1,970,000 sq. ft.** of cinema space: **780,000** in the U.S., **977,000** in Australia, and **213,000** in New Zealand[182](index=182&type=chunk) - The company owns **201 acres** of legacy railroad property, primarily in Pennsylvania, including the Reading Viaduct in Philadelphia[187](index=187&type=chunk) [Legal Proceedings](index=34&type=section&id=Item%203%20%E2%80%93%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, accruing for estimable losses, but anticipates no material adverse effects on its financial position or liquidity - The company is involved in legal proceedings arising from the ordinary course of business and accrues for probable and estimable losses[453](index=453&type=chunk) - Management does not believe that any current litigation is reasonably likely to have a material adverse effect on the company's financial position or liquidity[455](index=455&type=chunk) [Mine Safety Disclosures](index=34&type=section&id=Item%204%20%E2%80%93%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[189](index=189&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=34&type=section&id=Item%205%20%E2%80%93%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's Class A and B common stock trade on NASDAQ, with no history or current plans for cash dividends, and has underperformed market benchmarks - Class A (RDI) and Class B (RDIB) common stock are traded on the NASDAQ[191](index=191&type=chunk) - The company has never declared a cash dividend and has no current plans to do so[191](index=191&type=chunk) - The stock performance graph for the five years ending Dec 31, 2023, shows significant underperformance compared to the NASDAQ composite and industry peer groups[192](index=192&type=chunk)[194](index=194&type=chunk) [Selected Financial Data](index=36&type=section&id=Item%206%20%E2%80%93%20Selected%20Financial%20Data) This item is reserved in the report, with no selected financial data presented - This item is marked as [RESERVED][196](index=196&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=36&type=section&id=Item%207%20%E2%80%93%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The MD&A details financial performance impacted by external factors, showing improved net loss in 2023, with liquidity managed through asset sales and debt refinancing to mitigate going concern risks [Results of Operations](index=40&type=section&id=Results%20of%20Operations) In 2023, the company reported a net loss of **$30.7 million**, an improvement from 2022, driven by positive operating income in both cinema and real estate segments Consolidated Results of Operations (in thousands) | Metric | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $222,744 | $203,115 | 10% | | Operating Income (Loss) | ($12,031) | ($28,483) | 58% | | Net Loss Attributable to RDI | ($30,673) | ($36,184) | 15% | | Basic Loss Per Share | ($1.38) | ($1.64) | 16% | - The Cinema segment's operating income improved from a loss of **$11.7 million** in 2022 to an income of **$0.1 million** in 2023, primarily due to a stronger U.S. film slate[231](index=231&type=chunk)[235](index=235&type=chunk) - The Real Estate segment's operating income increased to **$3.8 million** in 2023 from **$0.5 million** in 2022, mainly due to rental income from the new Petco lease at 44 Union Square[231](index=231&type=chunk)[244](index=244&type=chunk) [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is strained with a **$88.4 million** working capital deficit, managed through deferred capital expenditures, debt refinancing, and asset monetization to address going concern risks Key Liquidity Metrics (in thousands) | Metric | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $12,906 | $29,947 | | Working capital (deficit) | ($88,373) | ($74,152) | | Net Cash used in Operating Activities | ($9,735) | ($26,351) | | Total debt (gross) | $210,300 | $215,633 | - The company has **$85.5 million** of debt maturing in the twelve months following the report's issuance, which requires refinancing to maintain liquidity[370](index=370&type=chunk) - Management has concluded that its plans to refinance debt and potentially monetize more assets are probable of being implemented, alleviating substantial doubt about the company's ability to continue as a going concern[373](index=373&type=chunk) [Critical Accounting Estimates](index=52&type=section&id=Critical%20Accounting%20Estimates) Critical accounting estimates involve significant judgment, including impairment of long-lived assets, valuation allowance for deferred tax assets, gift card breakage income, and loss contingencies for legal matters - Impairment of long-lived assets, goodwill, and intangibles is a critical estimate, evaluated using projected cash flows; no impairment was recorded in 2023, but a **$1.5 million** charge was taken in 2022[272](index=272&type=chunk) - The company maintains a significant valuation allowance against its deferred tax assets, totaling **$59.1 million** at year-end 2023, as it believes recovery is not more-likely-than-not[273](index=273&type=chunk) - Recognition of gift card breakage income and estimating loss contingencies for legal matters are also identified as critical accounting estimates requiring significant judgment[274](index=274&type=chunk)[277](index=277&type=chunk) [Quantitative and Qualitative Disclosure about Market Risk](index=53&type=section&id=Item%207A%20%E2%80%93%20Quantitative%20and%20Qualitative%20Disclosure%20about%20Market%20Risk) The company faces market risks from foreign currency fluctuations (AUD, NZD) and interest rate changes, with a **1%** rate change impacting interest expense by **$1.6 million** annually, and significant debt refinancing needs - Approximately **36%** of assets are in Australia and **9%** in New Zealand, exposing the company to foreign currency translation risk, which is not hedged[280](index=280&type=chunk) - A hypothetical **1%** change in short-term interest rates would increase or decrease annual interest expense on variable-rate debt by approximately **$1.6 million**[287](index=287&type=chunk) - The company faces additional risk from needing to refinance approximately **$174.6 million** of debt maturing over the next 24 months, likely at higher interest rates[269](index=269&type=chunk) [Financial Statements and Supplementary Data](index=55&type=section&id=Item%208%20%E2%80%93%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements, including balance sheets, statements of operations, and cash flows, along with the independent auditor's unqualified opinion [Consolidated Balance Sheets](index=58&type=section&id=Consolidated%20Balance%20Sheets) As of December 31, 2023, total assets were **$533.1 million**, total liabilities **$500.1 million**, and stockholders' equity **$33.0 million**, reflecting a decrease from 2022 due to net loss and currency adjustments Consolidated Balance Sheet Summary (in thousands) | Account | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$533,051** | **$587,055** | | Cash and cash equivalents | $12,906 | $29,947 | | Operating properties, net | $262,417 | $286,952 | | **Total Liabilities** | **$500,055** | **$523,776** | | Debt (current & long-term) | $181,089 | $185,967 | | Operating lease liabilities | $203,945 | $224,008 | | **Total Stockholders' Equity** | **$32,996** | **$63,279** | [Consolidated Statements of Operations](index=59&type=section&id=Consolidated%20Statements%20of%20Operations) In 2023, total revenues were **$222.7 million**, leading to an operating loss of **$12.0 million** and a net loss of **$30.7 million**, an improvement from the prior year Consolidated Statement of Operations Summary (in thousands) | Metric | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Total Revenues | $222,744 | $203,115 | $139,060 | | Operating Loss | ($12,031) | ($28,483) | ($41,793) | | Net Loss/Income Attributable to RDI | ($30,673) | ($36,184) | $31,921 | | Basic EPS | ($1.38) | ($1.64) | $1.46 | [Consolidated Statements of Cash Flows](index=62&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In 2023, net cash used in operating activities improved to **$9.7 million**, with overall cash and cash equivalents decreasing by **$19.5 million** due to investing and financing activities Consolidated Cash Flow Summary (in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | ($9,735) | ($26,351) | | Net cash used in investing activities | ($2,699) | ($9,486) | | Net cash used in financing activities | ($6,667) | ($16,557) | | **Net decrease in cash** | **($19,538)** | **($53,592)** | [Note 5 – Real Estate Transactions](index=74&type=section&id=Note%205%20%E2%80%93%20Real%20Estate%20Transactions) The company actively monetized real estate assets, including significant sales in 2021 and the **$10.0 million** sale of the Culver City office building in early 2024, to support operations - The company has been monetizing non-core real estate assets to generate cash for operations and debt repayment amid challenging market conditions[380](index=380&type=chunk) - In 2021, major sales included the Auburn/Redyard ETC for **$69.6 million** and Manukau, NZ land for **$56.1 million**, generating significant gains[382](index=382&type=chunk)[383](index=383&type=chunk) - The Culver City administrative building, classified as held for sale at year-end, was sold on February 23, 2024, for **$10.0 million**, resulting in a book loss of **$0.7 million** to be recorded in 2024[391](index=391&type=chunk)[392](index=392&type=chunk) [Controls and Procedures](index=101&type=section&id=Item%209A%20%E2%80%93%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls over financial reporting during the fourth quarter of 2023 - Management concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[498](index=498&type=chunk) - There were no material changes to internal controls over financial reporting during the fourth quarter of 2023[499](index=499&type=chunk) Part III Information for Part III, covering Items 10-14, is incorporated by reference from the company's definitive Proxy Statement for its 2024 Annual Meeting of Stockholders [Items 10, 11, 12, 13 and 14](index=102&type=section&id=Items%2010%2C%2011%2C%2012%2C%2013%20and%2014) Information for these items is incorporated by reference from the forthcoming 2024 Proxy Statement - Information required by Items 10, 11, 12, 13, and 14 is incorporated by reference from the company's definitive Proxy Statement for its 2024 Annual Meeting of Stockholders[504](index=504&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=103&type=section&id=Item%2015%20%E2%80%93%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed with the Form 10-K, including consolidated financial statements, debt agreements, and SOX certifications - This section contains the list of all financial statements, schedules, and exhibits filed with the annual report[507](index=507&type=chunk) - Key exhibits include debt agreements with major lenders like Bank of America and National Australia Bank, stock incentive plans, and certifications required by the Sarbanes-Oxley Act[510](index=510&type=chunk)[511](index=511&type=chunk)[512](index=512&type=chunk)

Financial Data and Key Metrics Changes - The company's Q3 2023 total revenue reached $66.6 million, a 30% increase compared to Q3 2022, marking the highest revenue since Q4 2019 [12][51] - Adjusted EBITDA for Q3 2023 was $6.1 million, reflecting a 59% increase from the same quarter last year [8][55] - The net loss attributable to Reading International decreased to $4.4 million, down by $0.8 million compared to Q3 2022, with a basic loss per share of $0.20 [52][81] Business Line Data and Key Metrics Changes - Global cinema revenue for Q3 2023 was $62.7 million, a 30% increase from Q3 2022, and represented the highest third quarter since Q4 2019 [13][40] - Real estate revenue for Q3 2023 was $5.1 million, a 24% increase year-over-year, with operating income rising over 700% to $900,000 [7][72] - US cinema operating income increased by $4.3 million to $300,000, with theater-level cash flow nearly 200% ahead of the same quarter last year [23][37] Market Data and Key Metrics Changes - The Australian cinema revenue was $24.2 million, a 21% increase compared to Q3 2022, marking the best third quarter since Q3 2019 [43] - New Zealand cinema revenues increased by 16% to $4.3 million in Q3 2023 [43] - The occupancy rate for third-party tenants in the real estate portfolio reached 97% [45] Company Strategy and Development Direction - The company aims to monetize built-in gains in real estate assets to ensure long-term viability [16] - Focus on reducing fixed expenses by renegotiating leases and closing unprofitable cinemas [42] - Continued investment in cinema management and operational performance to drive profitability [19][37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the cinema industry's recovery, citing strong box office performances and a favorable movie slate [5][37] - Acknowledgment of potential headwinds from Hollywood strikes affecting future box office performance [15][22] - The company is actively pursuing asset sales to improve liquidity and address debt obligations [92] Other Important Information - The company closed two cinemas in Hawaii and another in California, focusing on underperforming locations [25] - The average ticket price in the US reached $12.81, the highest for a third quarter [23] - The company has extended its revolving corporate market loan facility to July 31, 2025, to maintain liquidity [58] Q&A Session Summary Question: Update on assets in Wellington, New Zealand - The company remains committed to redeveloping properties in Wellington, including Courtenay Central, which has been closed since January 2019 [61][89] Question: Can the company effectuate asset sales to address debt? - The company has extended loans and is confident that 2023 will end positively, improving market conditions [64][92] Question: Additional underperforming theaters for closure? - No additional closures have been made in Australia or New Zealand, but reviews are ongoing [65] Question: Status of the Culver City and Williamsport properties? - The Culver City property is expected to be sold in Q1 2024, while offers for Williamsport do not reflect fair value [98] Question: Plans for Minetta Lane and Orpheum Theater sites? - Future sales or redevelopment of these properties may be considered, but current market conditions do not favor such actions [101]