Financial Performance - Total Revenues for Q3 2025 were $52.2 million, a decrease of 13% from $60.1 million in Q3 2024[5] - Positive EBITDA of $3.6 million improved by 26% compared to $2.8 million in Q3 2024, marking the fifth consecutive quarter of positive EBITDA[5] - Basic Loss per Share improved by 42% to $0.18 from $0.31 in Q3 2024, representing the best third quarter result since Q3 2019[5] - Total Revenues for the first nine months of 2025 increased slightly by 1% to $152.7 million compared to $152.0 million for the same period in 2024[5] - Operating Loss for the first nine months of 2025 improved by 72% to $4.3 million from $15.6 million in the same period of 2024[5] - Operating loss for Q3 2025 was $329,000, compared to a loss of $343,000 in Q3 2024[22] - Net loss attributable to Reading International, Inc. for Q3 2025 was $4,157,000, compared to a net loss of $7,028,000 in Q3 2024[26] - Adjusted EBITDA for Q3 2025 was $3,572,000, an increase from $2,843,000 in Q3 2024[26] - The company reported a loss before income taxes of $3,986,000 in Q3 2025, an improvement from a loss of $6,439,000 in Q3 2024[27] Revenue Breakdown - The cinema revenue for Q3 2025 was $48.6 million, a decrease of 14% compared to Q3 2024, attributed to a less appealing movie slate and a 7.3% reduction in U.S. cinema screen count[7] - U.S. Real Estate Revenues increased by 35% to $2.0 million in Q3 2025, driven by improved performance of Live Theatre assets in NYC[10] - Cinema revenue decreased by 14% to $48,555,000 in Q3 2025 from $56,357,000 in Q3 2024, while real estate revenue decreased by 7% to $4,567,000[24] - The company reported a 35% increase in real estate revenue in the U.S. for Q3 2025 compared to Q3 2024[24] Debt and Assets - Total gross debt decreased by 14.8% to $172.6 million, a reduction of $30.1 million from December 31, 2024[9] - Total current assets decreased to $18,808,000 as of September 30, 2025, down from $57,042,000 at December 31, 2024[23] - Total liabilities decreased to $448,198,000 as of September 30, 2025, compared to $475,801,000 at December 31, 2024[23] Segment Performance - The total segment operating income for Q3 2025 was $3,143,000, a decrease of 13% from $3,609,000 in Q3 2024[24] - Total segment operating income for Q3 2025 was $3,143,000, a decrease of 12.9% from $3,609,000 in Q3 2024[27] - For the nine months ended September 30, 2025, total segment operating income was $7,193,000, compared to a loss of $3,329,000 in the same period of 2024[27] Corporate Expenses and Earnings - Unallocated corporate expenses included a depreciation and amortization expense of $75,000 in Q3 2025, down from $106,000 in Q3 2024[27] - Interest expense, net for Q3 2025 was $4,174,000, a decrease of 20.4% from $5,245,000 in Q3 2024[27] - Equity earnings from unconsolidated joint ventures increased to $121,000 in Q3 2025, compared to $71,000 in Q3 2024[27] Future Outlook - The company expects a strong rebound in Q4 2025, supported by high presales for upcoming films and a promising holiday movie lineup[6] EBITDA Insights - Adjusted EBITDA is used to evaluate the company's performance, excluding certain non-recurring items[34] - The company emphasizes that EBITDA is a widely accepted measure in the cinema exhibition and real estate industries, aiding in performance comparison[31] - Legal expenses related to extraordinary litigation are adjusted in the calculation of Adjusted EBITDA[34] - The company aims to provide insights into operational performance separate from non-operational factors affecting net income[30]
Reading International(RDIB) - 2025 Q3 - Quarterly Results