Reading International(RDI)
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Reading International(RDI) - 2022 Q1 - Quarterly Report
2022-05-10 21:08
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, 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 Reg ...
Reading International(RDI) - 2021 Q4 - Earnings Call Transcript
2022-03-21 21:04
Reading International, Inc. (NASDAQ:RDI) Q4 2021 Earnings Conference Call March 18, 2022 8:00 AM ET Company Participants Andrzej Matyczynski - Executive Vice President of Global Operations Ellen Cotter - President and Chief Executive Officer Gilbert Avanes - Executive Vice President, Chief Financial Officer and Treasurer Andrzej Matyczynski Thank you for joining Reading International's earnings call to discuss our 2021 year-end and fourth quarter results. My name is Andrzej Matyczynski, and I'm Reading's ...
Reading International(RDI) - 2021 Q4 - Annual Report
2022-03-16 21:07
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, 2021 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) - 2021 Q3 - Earnings Call Transcript
2021-11-12 19:51
Financial Data and Key Metrics Changes - For Q3 2021, consolidated total revenues increased by 212% to $31.8 million compared to the same period last year, representing 45% of Q3 2019 revenues [10][50] - The global debt balance was reduced by 16.5% to $238 million from December 31, 2020, due to the monetization of five real estate assets generating $141.9 million in cash [8][21] - Basic loss per share improved by almost 48% to a loss of $0.46 for Q3 2021, while adjusted EBITDA improved by $9.2 million compared to the prior year [23][57] Business Line Data and Key Metrics Changes - U.S. cinema revenues increased by over 2000% to $17 million in Q3 2021 compared to Q3 2020, with a significant attendance boost from major film releases [33] - Australian cinema revenues increased by 93% to $9.4 million compared to Q3 2020, despite a 42% decrease from Q2 2021 due to Delta variant lockdowns [34] - New Zealand cinema revenues increased by 45% to $2.4 million compared to Q3 2020, but decreased by 30% compared to Q2 2021 due to COVID-19 closures [38] Market Data and Key Metrics Changes - As of November 11, 2021, 55 of the 59 global cinemas were open, with closures primarily in New Zealand and Hawaii due to COVID restrictions [7] - The U.S. circuit generated the highest cinema attendance since February 2020 in October 2021, indicating a recovery trend [15] - The Australian circuit's opening day box office for "No Time to Die" exceeded the previous James Bond film by over 27% despite capacity restrictions [14] Company Strategy and Development Direction - The company continues to focus on its two business, three country diversified strategy, which has proven resilient during the pandemic [70] - Plans for future renovations include targeting three additional theaters in the U.S. starting in 2022, with an estimated cost of $8 million to $10 million [72] - The company aims to maintain a buy-and-hold strategy for real estate assets, having successfully monetized certain properties to strengthen its balance sheet [74] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the cinema industry's recovery, citing strong box office performances and a promising release schedule for Q4 2021 [39][40] - The company is actively managing theater-level cash flow and seeking further cooperation from landlords to manage occupancy costs during recovery [28][29] - Management highlighted the importance of preserving shareholder value through strategic asset monetization rather than diluting equity or increasing debt [70] Other Important Information - The company reported a Q3 2021 operating loss of just under $11 million, the best result in the last six quarters [23] - The average Australian and New Zealand dollars strengthened against the U.S. dollar by 2.6% and 5.8% respectively during Q3 2021, positively impacting revenues [50] - The company has no current plans to further monetize real estate assets, focusing instead on long-term value creation [74] Q&A Session Summary Question: What is the strategy regarding asset sales and stock repurchase? - The company focused on preserving shareholder value by monetizing assets that were not adversely impacted by COVID, generating $141.9 million in cash without taking on high-interest debt [69] Question: When will the refurbishment program restart and what are the plans for U.S. theaters? - The company has renovated eight cinemas since 2015 and plans to target three additional theaters for renovation starting in 2022, with costs estimated at $8 million to $10 million [72] Question: Are there plans to further monetize real estate assets? - Currently, there are no plans to further monetize real estate assets, as the company aims to maintain a buy-and-hold strategy while leveraging past asset sales to strengthen its financial position [74]
Reading International(RDI) - 2021 Q3 - Quarterly Report
2021-11-09 21:02
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, 2021 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) - 2021 Q2 - Earnings Call Transcript
2021-08-11 19:00
Reading International, Inc. (NASDAQ:RDI) Q2 2021 Earnings Conference Call August 11, 2021 8:00 AM ET Company Participants Andrzej Matyczynski – Executive Vice President of Global Operations Ellen Cotter – President and Chief Executive Officer Gilbert Avanes – Executive Vice President, Chief Financial Officer and Treasurer Conference Call Participants Andrzej Matyczynski Thank you for joining Reading International's Earnings Call to discuss our 2021 Second Quarter Results. My name is Andrzej Matyczynski, and ...
Reading International(RDI) - 2021 Q2 - Quarterly Report
2021-08-09 21:25
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, 2021 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) - 2021 Q1 - Earnings Call Transcript
2021-05-24 17:45
Reading International, Inc. (NASDAQ:RDI) Q1 2021 Earnings Conference Call May 19, 2021 8:00 AM ET Company Participants Andrzej Matyczynski – Executive Vice President of Global Operations Ellen Cotter – President and Chief Executive Officer Gilbert Avanes – Executive Vice President, Chief Financial Officer and Treasurer Conference Call Participants Andrzej Matyczynski Thank you for joining Reading International’s earnings call to discuss our 2021 first quarter results. My name is Andrzej Matyczynski, and I a ...
Reading International(RDI) - 2021 Q1 - Quarterly Report
2021-05-17 20:23
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, 2021 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) - 2020 Q4 - Earnings Call Transcript
2021-04-08 16:45
Financial Data and Key Metrics Changes - Consolidated total revenues for 2020 decreased dramatically to $77.9 million from $276.8 million in 2019, resulting in an operating loss of $61.3 million and a net loss of $65.2 million [10][76] - For Q4 2020, consolidated total revenues decreased 81% to $15 million compared to Q4 2019, leading to a Q4 operating loss of $12.7 million and a net loss of $17.4 million [10][76] - Adjusted EBITDA for Q4 2020 was negative $7.8 million, a decrease of $16.1 million compared to the same period last year [83] Business Line Data and Key Metrics Changes - Global cinema total revenues for Q4 2020 were $12.1 million, down from $65.3 million in Q4 2019, with an operating loss of $12.7 million compared to an operating income of $6.8 million in Q4 2019 [24][76] - The real estate segment saw a 44% decrease in total revenue to $3 million for Q4 2020, with an operating loss of $1 million [57] Market Data and Key Metrics Changes - As of December 31, 2020, 74% of global cinemas were open and trading, with 100% of theaters in Australia and New Zealand operational, while 79% of U.S. cinemas were open [25][37] - The box office for the opening weekend of "Godzilla vs. Kong" in the U.S. grew 77% compared to the next highest weekend since March 2020, while in Australia and New Zealand, it grew 48% and 58% respectively [8][9] Company Strategy and Development Direction - The company is focused on recovery from the COVID-19 pandemic, leveraging its diversified strategy in cinemas and real estate across Australia, New Zealand, and the U.S. [11][12] - Management has emphasized the importance of maintaining liquidity and has not diluted equity or sought bankruptcy protection during the crisis [23] - The company plans to continue expanding its private screening program and has launched a streaming platform, Angelika Anywhere, to adapt to changing consumer preferences [35][36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing the strong performance of "Godzilla vs. Kong" and the ongoing vaccine rollout as positive indicators for recovery [6][22] - The company believes that the exhibition business will remain viable despite the rise of streaming, as long as compelling content is delivered [48][49] - Future film release schedules are expected to be packed with potential blockbusters, which is anticipated to drive cinema attendance [50][52] Other Important Information - The company successfully sold two non-income producing assets for a total of $67.1 million, which will help improve liquidity [13][54] - The management team has implemented significant cost reductions, including a 33% decrease in corporate G&A expenses compared to 2019 [19] Q&A Session Summary Question: What are the plans for the former railroad property adjacent to Reading Viaduct in Philadelphia? - The company is contesting the lawsuit regarding the property and exploring all available options for these assets [98][99] Question: Can you provide details on the post-tax amount for the two divestitures? - The company sold land in Manukau, New Zealand for NZD 77 million and land in Coachella, California for $11 million, with available cash after tax being approximately NZD 70 million and USD 5 million respectively [100][101] Question: When will capital expenditures return to normalized levels? - Capital expenditures will return to normalized levels only after the cinema and real estate segments stabilize and return to pre-COVID-19 operating levels [102]