Financial Performance - Total Revenues for Q2 2024 were $46.8 million, a decrease of 28% compared to $65.1 million in Q2 2023[4] - Operating Loss for Q2 2024 was $4.4 million, compared to Operating Income of $1.8 million in Q2 2023[4] - Global cinema revenue decreased by 30% to $42.9 million in Q2 2024, with an operating loss of $1.3 million compared to operating income of $4.5 million in Q2 2023[8] - The global real estate revenue decreased by 4% to $5.0 million in Q2 2024, with operating income dropping 26% to $0.9 million[9] - Basic loss per share for Q2 2024 was $0.42, compared to a loss of $0.12 in Q2 2023[4] - Net loss attributable to Reading for Q2 2024 was $9.3 million, compared to a loss of $2.8 million in Q2 2023[4] - Total revenue for Q2 2024 was $46,809,000, a decrease of 28% compared to $65,055,000 in Q2 2023[19] - Cinema revenue for Q2 2024 was $42,942,000, down 30% from $61,056,000 in the same quarter last year[19] - Total costs and expenses for Q2 2024 were $51,161,000, a reduction of 19% from $63,266,000 in Q2 2023[19] - Operating loss for Q2 2024 was $(4,352,000), compared to an operating income of $1,789,000 in Q2 2023[19] - Net loss attributable to Reading International, Inc. for Q2 2024 was $(9,341,000), compared to a net loss of $(2,778,000) in Q2 2023[19] - Basic and diluted earnings per share for Q2 2024 were both $(0.42), compared to $(0.12) in Q2 2023[19] - Total segment revenue for the quarter ended June 30, 2024, was $46,808 thousand, a decrease of 28% compared to $65,057 thousand in the same quarter of 2023[23] - Total segment operating loss for the quarter was $324 thousand, a significant decline from an operating income of $5,760 thousand in the same quarter of 2023[26] - Net income attributable to Reading International, Inc. for the quarter was a loss of $9,341 thousand, compared to a loss of $2,778 thousand in the same quarter of 2023[25] - Adjusted EBITDA for the quarter was $(234) thousand, down from $6,682 thousand in the same quarter of 2023[25] - The total segment operating income for the six months ended June 30, 2024, was a loss of $3,598 thousand, compared to an income of $2,150 thousand in the same period of 2023[26] Cash and Debt Management - Cash and cash equivalents as of June 30, 2024, were $9.2 million, with total gross debt at $210.4 million[10] - Total current assets increased to $58,652,000 as of June 30, 2024, from $38,710,000 at December 31, 2023[21] - Total liabilities decreased to $485,324,000 as of June 30, 2024, from $500,055,000 at December 31, 2023[21] - Cash and cash equivalents decreased to $9,242,000 as of June 30, 2024, from $12,906,000 at December 31, 2023[21] - The company is actively working to improve liquidity and has sold its Culver City office building for $10 million to reduce debt[7] - Interest expense for the quarter was $5,252 thousand, an increase from $4,874 thousand in the same quarter of 2023[25] Segment Performance - The cinema division's operating loss in Q2 2024 was $1.1 million for the U.S. division, a stronger result than all but three quarters since Q4 2019[8] - The real estate segment in Australia showed a 6% increase in revenue to $3,177 thousand compared to $2,991 thousand in the same quarter of 2023[23] - Cinema segment revenue in the United States decreased by 37% to $21,480 thousand from $34,017 thousand year-over-year[23] - The cinema segment in New Zealand experienced a 29% revenue decline to $2,918 thousand from $4,101 thousand year-over-year[23] Future Outlook - The company anticipates improved box office performance in the second half of 2024 with upcoming releases such as "Beetlejuice" and "Avatar 3"[6]
Reading International(RDIB) - 2024 Q2 - Quarterly Results