Financial Performance - Total revenue for Q3 2025 was $52.17 million, a decrease of 13.5% compared to $60.09 million in Q3 2024[10] - Cinema revenue decreased to $48.56 million in Q3 2025 from $56.36 million in Q3 2024, representing a decline of 13.5%[10] - Net loss for Q3 2025 was $4.31 million, an improvement from a net loss of $7.14 million in Q3 2024[10] - The company reported a comprehensive loss of $4.92 million for Q3 2025, compared to a comprehensive loss of $5.64 million in Q3 2024[12] - Basic earnings per share for Q3 2025 were $(0.18), an improvement from $(0.31) in Q3 2024[10] - The company reported a net loss attributable to Reading International, Inc. of $4,157,000 for the quarter ended September 30, 2025, compared to a net loss of $7,028,000 for the same quarter in 2024[46] - Net loss attributable to Reading International, Inc. for the nine months improved by 65%, from a loss of $33.1 million to a loss of $11.6 million[186] Assets and Liabilities - Total assets decreased to $435.19 million as of September 30, 2025, down from $471.01 million at the end of 2024, a reduction of 7.6%[9] - Current liabilities decreased to $111.49 million from $161.63 million, a decline of 30.9%[9] - Total liabilities decreased to $448.20 million as of September 30, 2025, down from $475.80 million at the end of 2024, a reduction of 5.8%[9] - Cash and cash equivalents at the end of Q3 2025 were $8.09 million, down from $12.35 million at the end of 2024, a decrease of 34.5%[9] - The company has $16.5 million of debt due in twelve months, cash of $10.5 million, and negative working capital of $92.7 million[17] - Total borrowings decreased to $171.61 million as of September 30, 2025, down from $201.83 million as of December 31, 2024, representing a reduction of approximately 15%[77] Revenue Segments - The cinema exhibition segment's revenue is generated from ticket sales, food and beverage, and other ancillary sales, while expenses include film rent and wages[32] - The real estate segment earns revenue through leasing space to third-party tenants, with expenses incurred from property maintenance and utilities[34] - Total segment revenue for the quarter ended September 30, 2025, was $53,122,000, a decrease of 11.5% from $61,255,000 in the same quarter of 2024[37] - Total revenue for the nine months ended September 30, 2025, was $155,805,000, an increase of 0.3% from $155,414,000 in the same period of 2024[37] - The company reported a total of $141,740,000 in revenue for the nine months ended September 30, 2025, compared to $140,570,000 in the same period of 2024, indicating a slight growth[37] Operating Income and Expenses - Operating income for the nine months ended September 30, 2025, was a loss of $4.33 million, compared to a loss of $15.56 million for the same period in 2024[10] - Operating income for the cinema segment was $1,756,000 for the quarter ended September 30, 2025, compared to $2,213,000 in the same quarter of 2024, reflecting a decline of 20.6%[39] - Total operating expenses for the quarter ended September 30, 2025, were $49,979,000, a decrease of 13.1% from $57,646,000 in the same quarter of 2024[37] - Operating income for the nine months ended September 30, 2025, was $7,193,000, compared to a loss of $3,329,000 in the same period of 2024[37] - The cinema segment's total operating expenses for the nine months ended September 30, 2025, were $148,612,000, a decrease of 6.4% from $158,743,000 in the same period of 2024[37] Debt and Financing - The company has extended the maturity dates of several loans, including a $20.4 million Valley National debt extended to October 1, 2026[19] - The company has extended the maturity of its loan facility with Emerald Creek Capital to May 6, 2025, with provisions for principal payments of $500,000[83] - The company entered into an Interest Rate Hedging Agreement on AU$50.0 million of the Corporate Loan Facility, with a floor of 4.18% and a cap of 4.78%[86] - The Bank of America Credit Facility was amended to extend the maturity date to May 18, 2026, with a current balance of $6.70 million[79] Real Estate Operations - The company has developed a plan to address going concern uncertainty, informed by current liquidity positions and marketability of real estate properties[17] - The company has classified the Newberry Yard property as held for sale, continuing sales efforts as of September 30, 2025[58] - The company sold its Wellington properties, including the Courtenay Central building, for $21.5 million (NZ$38.0 million) and has an agreement to lease the cinema component post-redevelopment[174] - The company sold its Cannon Park ETC in Townsville, Queensland, for $20.7 million (AU$32.0 million) and retained a long-term lease for the cinema component[173] Market Conditions and Future Outlook - The company believes that the recovery of the global cinema industry will improve patronage and operating revenue levels, although attendance levels remain uncertain[18] - The cinema segment experienced a decline in box office performance in Q3 2025 compared to Q3 2024, attributed to a weaker film slate and broader industry challenges[128] - The company anticipates a strong fourth quarter with major releases such as The Running Man and Zootopia 2, which are expected to drive significant box office results[134] - Year-to-date attendance for the first nine months of 2025 was down compared to the same period in 2024, indicating ongoing challenges in cinema attendance levels[131] Operational Efficiency - The company is focusing on operational efficiency and strategic initiatives to improve performance, with ongoing efforts to enhance the guest experience through expanded food and beverage programs[130] - The company has successfully negotiated rent abatements and revised rental terms to mitigate rising fixed costs associated with cinema leases[132] - Operating expenses for the nine months ended September 30, 2025, totaled $129.3 million, a decrease of $7.1 million due to operational efficiency and cinema closures[196] Stock and Compensation - The total stockholders' equity at September 30, 2025, was $159,087,000, with a retained earnings deficit of $126,370,000[105] - The company recorded a compensation expense of $197,000 for the quarter ended September 30, 2025, a decrease from $302,000 in the same quarter of 2024, representing a reduction of approximately 34.8%[110] - The number of outstanding stock options increased to 3,795,297 as of September 30, 2025, from 1,707,412 at the end of 2024, reflecting a growth of approximately 121.5%[111]
Reading International(RDIB) - 2025 Q3 - Quarterly Report