Financial Performance - Total Revenues for Q3 2024 were $60.1 million, a decrease of 9.8% compared to $66.6 million in Q3 2023[5] - Operating Loss for Q3 2024 was $0.2 million, compared to Operating Income of $1.0 million in Q3 2023[5] - Adjusted EBITDA for Q3 2024 was $2.9 million, down from $6.1 million in Q3 2023[5] - Total revenue for the quarter ended September 30, 2024, was $60,090,000, a decrease of 9.5% from $66,563,000 for the same period in 2023[25] - Total segment revenue decreased by 10% to $60,090,000 in Q3 2024 from $66,564,000 in Q3 2023[29] - Total revenue for the nine months ended September 2024 was $151,951,000, down 14% from $177,425,000 for the same period in 2023[29] Cinema Revenue - Global cinema revenue decreased by 10% to $56.4 million in Q3 2024, while global cinema operating income fell to $2.3 million from $4.4 million[10] - Cinema revenue for the quarter was $56,357,000, down 10.5% from $62,688,000 year-over-year[25] - Cinema revenue in the United States fell by 19% to $27,816,000 in Q3 2024 compared to $34,232,000 in Q3 2023[29] - Operating loss for the cinema segment in the United States was $861,000 in Q3 2024, compared to an operating income of $331,000 in Q3 2023[29] Net Income and Loss - Net loss attributable to Reading International, Inc. for the quarter was $6,916,000, compared to a loss of $4,400,000 in the prior year, representing a 57.0% increase in losses[25] - Net income attributable to Reading International, Inc. was a loss of $6,916,000 for Q3 2024, compared to a loss of $4,400,000 in Q3 2023[31] Earnings Per Share - Basic and diluted earnings per share for the quarter were both $(0.31), compared to $(0.20) in the same quarter of 2023[25] Assets and Liabilities - Total current assets increased to $59,046,000 as of September 30, 2024, from $38,710,000 at December 31, 2023, reflecting a 52.5% increase[27] - Total liabilities decreased to $491,080,000 as of September 30, 2024, from $500,055,000 at December 31, 2023, a reduction of 1.9%[27] - Cash and cash equivalents as of September 30, 2024, were $10.1 million, with total gross debt at $215.0 million[12] - Cash and cash equivalents decreased to $10,083,000 as of September 30, 2024, from $12,906,000 at December 31, 2023, a decline of 21.8%[27] Operating Income and Expenses - 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[25] - Interest expense for the quarter was $5,229,000, slightly up from $5,072,000 in the prior year[25] - The company reported a significant increase in general and administrative expenses, totaling $3,845,000 in Q3 2024 compared to $4,124,000 in Q3 2023[32] Real Estate Performance - Global Real Estate division reported a 52% increase in Operating Income to $1.4 million in Q3 2024, despite a 3% decrease in revenue[11] - Real estate segment revenue in the United States decreased by 11% to $1,444,000 in Q3 2024 from $1,614,000 in Q3 2023[29] - The company experienced a 67% improvement in operating loss for the real estate segment in the United States, reducing the loss to $75,000 in Q3 2024 from a loss of $229,000 in Q3 2023[29] Future Outlook - The upcoming holiday movie slate is expected to positively impact cinema revenues, with titles like Red One and Gladiator 2[8] - The company is negotiating a lease for a new Reading Cinema in Noosa, Queensland, demonstrating confidence in the cinema industry[10] - The company plans to manage upcoming debt maturities by modifying four outstanding loans and selling additional real estate assets[9]
Reading International(RDIB) - 2024 Q3 - Quarterly Results