Reading International(RDI)
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Reading International(RDI) - 2023 Q3 - Earnings Call Transcript
2023-11-20 23:30
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]
Reading International(RDI) - 2023 Q3 - Quarterly Report
2023-11-15 01:20
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________ 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: September 30, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 1-8625 READING INTERNATIONAL, INC. (Exact name of ...
Reading International(RDI) - 2023 Q2 - Quarterly Report
2023-08-14 21:18
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________ 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: June 30, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 1-8625 READING INTERNATIONAL, INC. (Exact name of Regi ...
Reading International(RDI) - 2023 Q2 - Earnings Call Transcript
2023-08-14 19:00
Financial Data and Key Metrics Changes - For Q2 2023, the company's global total revenue reached $65.1 million, the highest since Q4 2019, representing 85% of Q2 2019 revenue [6] - Global operating income for Q2 2023 was $1.8 million, over 200% higher than Q2 2022, marking the highest since Q4 2019 [7] - The net loss attributable to the company increased to $2.8 million for Q2 2023, a $0.3 million increase from the previous year [60] - Adjusted EBITDA for Q2 2023 decreased by $1 million to $6.7 million, primarily due to weakened cinema operations in Australia and New Zealand [65] Business Line Data and Key Metrics Changes - Global cinema revenue for Q2 2023 was $61.1 million, a 1% decrease from Q2 2022 but 84% of Q2 2019 revenue [10][19] - Real estate revenue for Q2 2023 was $4 million, a 46% increase compared to Q2 2022, and the highest since Q4 2019 [13] - U.S. cinema revenue increased by 12% to $34 million compared to Q2 2022, marking the best performance since Q4 2019 [30] Market Data and Key Metrics Changes - The Australian cinema revenue decreased by 14% to $22.9 million compared to Q2 2022, but on a constant currency basis, it represented 93.5% of Q2 2019 revenue [39] - New Zealand cinema revenue for Q2 2023 was $4.1 million, an 11% decrease compared to Q2 2022 [50] Company Strategy and Development Direction - The company plans to sell certain assets to improve liquidity and strengthen its balance sheet, including properties in Culver City, California, and an industrial site in Pennsylvania [55][70] - The company is focused on enhancing its real estate investments and operating properties to deliver long-term value for shareholders [52] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the cinema industry's recovery, citing strong box office performances from recent films like "Barbie" and "Oppenheimer" [21][23] - The company is monitoring the ongoing WGA and SAG-AFTRA strikes but does not anticipate significant impacts on performance unless major films are moved out of Q4 2023 [28][29] Other Important Information - The company reported cash and cash equivalents of $15.5 million as of June 30, 2023, with a global debt balance of $213.8 million [15] - The company achieved a total third-party occupancy rate of 95% in its Australian and New Zealand real estate portfolio [46] Q&A Session Summary Question: Plans for the Viaduct properties in Philadelphia - The company is in discussions with civic leaders about the Reading Viaduct and aims to ensure fair value for its assets while protecting shareholder interests [76][77] Question: Timing for cash payoff of deferred rent obligations - The company has a $9.5 million accrual rent liability, with $2 million reflecting deferred rent obligations that could extend up to 48 months [79][80] Question: Renovation plans for various cinemas - Renovations for the Angelika Dallas will start in Q4 2023, with partial closures expected [82][84] Question: Plans for retiring the Bank of America U.S. Cinema Term Loan - The company intends to retire the loan following the updated principal pay-down schedule while exploring different financing options [86][87] Question: Investor relations and analyst coverage - The company is working on initiatives to increase analyst coverage and plans to conduct at least two non-deal roadshows before the end of the year [89][92]
Reading International(RDI) - 2023 Q1 - Earnings Call Transcript
2023-05-17 20:00
Reading International, Inc. (NASDAQ:RDI) Q1 2023 Earnings Conference Call May 17, 2023 9:00 AM ET Company Participants Andrzej Matyczynski - Executive Vice President of Global Operations Ellen Cotter - Vice Chairman, President and Chief Executive Officer Gilbert Avanes - Executive Vice President and Chief Financial Officer Conference Call Participants Andrzej Matyczynski Thank you for joining Reading International’s Earnings Call to discuss our 2023 First Quarter Results. My name is Andrzej Matyczynski, and ...
Reading International(RDI) - 2023 Q1 - Quarterly Report
2023-05-15 21:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________ 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, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 1-8625 READING INTERNATIONAL, INC. (Exact name of Reg ...
Reading International(RDI) - 2022 Q4 - Earnings Call Transcript
2023-04-07 12:04
Reading International, Inc. (NASDAQ:RDI) Q4 2022 Results Conference Call April 4, 2023 5:00 PM ET Company Participants Andre Matyczynski - Executive Vice President of Global Operations Ellen Cotter - President and Chief Executive Officer Gilbert Avanes - Executive Vice President, Chief Financial Officer and Treasurer Andre Matyczynski Thank you for joining Reading International Earnings Call to discuss our 2022 Year-end and Fourth Quarter Results. My name is Andre Matyczynski, and I'm Reading's Executive V ...
Reading International(RDI) - 2022 Q4 - Annual Report
2023-03-31 21:27
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to ______ Commission File No. 1-8625 READING INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) Nevada (State or other jurisdiction of incorpo ...
Reading International(RDI) - 2022 Q3 - Earnings Call Transcript
2022-11-13 20:02
Reading International, Inc. (NASDAQ:RDI) Q3 2022 Earnings Conference Call November 11, 2022 5:00 PM ET Company Participants Andrzej Matyczynski - EVP, Global Operations Ellen Cotter - President & CEO Gilbert Avanes - EVP, CFO & Treasurer Conference Call Participants Andrzej Matyczynski Thank you for joining Reading International's earnings call to discuss our 2022 Third Quarter Results. My name is Andrzej Matyczynski, and I'm Reading's Executive Vice President of Global Operations. With me as usual, are Ell ...
Reading International(RDI) - 2022 Q3 - Quarterly Report
2022-11-09 21:12
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________ 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: September 30, 2022 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 1-8625 READING INTERNATIONAL, INC. (Exact name of ...