Financial Performance - Total revenue for the quarter ended September 30, 2024, was $60,090,000, a decrease of 9.5% compared to $66,563,000 for the same period in 2023[8] - Cinema revenue for the quarter was $56,357,000, down 10.5% from $62,688,000 in the prior year[8] - Net loss attributable to Reading International, Inc. for the quarter was $6,916,000, compared to a net loss of $4,400,000 in the same quarter of 2023[8] - Operating income for the quarter was a loss of $246,000, compared to an operating income of $1,019,000 in the same quarter of 2023[8] - Comprehensive loss for the quarter was $5,422,000, compared to a comprehensive loss of $6,057,000 in the prior year[9] - Basic earnings per share for the quarter was a loss of $0.31, compared to a loss of $0.20 in the same quarter of 2023[8] - Net income for the nine months ended September 30, 2024, was a loss of $29.966 million, compared to a loss of $18.650 million for the same period in 2023[11] - As of September 30, 2024, the company reported a net loss of $6.9 million for the quarter and $29.5 million for the nine months, compared to a loss of $4.4 million and $18.3 million in the same periods of 2023[35] Assets and Liabilities - Total current assets increased to $59,046,000 as of September 30, 2024, from $38,710,000 at December 31, 2023[5] - Total liabilities decreased to $491,080,000 as of September 30, 2024, from $500,055,000 at December 31, 2023[6] - Cash and cash equivalents decreased to $10,083,000 as of September 30, 2024, from $12,906,000 at December 31, 2023[5] - Total stockholders' equity decreased to $4,606,000 as of September 30, 2024, from $32,996,000 at December 31, 2023[7] - The company has $52.6 million of debt due within twelve months and reported negative working capital of $80.5 million as of September 30, 2024[24] - Total borrowings as of September 30, 2024, were $214,033,000, an increase from $208,847,000 as of December 31, 2023, reflecting a rise of 2.8%[78] Revenue Breakdown - Cinema exhibition revenue decreased to $56.357 million in Q3 2024 from $62.687 million in Q3 2023, representing a decline of approximately 20.5%[16] - Real estate revenue for the nine months ended September 30, 2024, was $14.844 million, down from $15.338 million in 2023, a decrease of about 3.2%[16] - Segment operating income for cinema exhibition was $2.309 million in Q3 2024, down from $4.395 million in Q3 2023, a decline of approximately 47.5%[16] - Real estate revenue for the quarter ended September 30, 2024, was $4.898 million, a slight decrease from $5.056 million in 2023; for the nine months, it decreased from $15.338 million to $14.844 million[16] Cash Flow and Operating Activities - The company reported a net cash used in operating activities of $11.818 million for the nine months ended September 30, 2024, compared to $6.366 million in 2023[11] - Total cash and cash equivalents at the end of the period were $11.483 million, down from $17.639 million at the end of the same period in 2023[11] Debt and Financing - The company extended the maturity date of its Union Square financing facility to May 6, 2025, and its NAB facility to July 31, 2026, totaling $69.3 million[25] - The Bank of America Credit Facility was amended to extend the maturity date to August 18, 2025, and requires a $275,000 principal paydown[80] - The Cinemas 1,2,3 Term Loan carries an interest rate of 3.50% above monthly SOFR, with a floor of 7.50%[82] - The Union Square Financing facility has a variable interest rate of TERM SOFR plus 6.9% and was extended to May 6, 2025[83] Stock and Equity - The weighted average number of common stock increased to 22,426,184 for the quarter ended September 30, 2024, up from 22,273,423 in the same quarter of 2023[35] - The company repurchased 407,000 shares of Class A Common Stock for $5.5 million, with $3.5 million financed through a Purchase Money Promissory Note at an interest rate of 5.0% per annum, maturing on September 18, 2024[84] - The company recorded share-based compensation expenses of $603,000 for the quarter ended September 30, 2024, compared to $614,000 for the same quarter in 2023, showing a slight decrease[111] Impairment and Goodwill - The company performed a quantitative goodwill impairment test and determined that goodwill was not impaired as of December 31, 2023, with no impairment charges recorded in the first nine months of 2024[30] - Goodwill as of September 30, 2024, was $25,715, an increase from $25,535 as of December 31, 2023[64] Legal and Other Matters - The company is involved in various legal proceedings but does not expect any material adverse effects on its business or financial position[96] Market Outlook - The global cinema industry is expected to improve in the latter half of 2024 and 2025, driven by anticipated successful film releases and increased movie quality[26]
Reading International(RDIB) - 2024 Q3 - Quarterly Report