Financial Performance - Total revenue for Q2 2022 was $64,511,000, a 79.5% increase from $36,033,000 in Q2 2021[11] - Net loss for Q2 2022 was $2,443,000 compared to a net income of $22,594,000 in Q2 2021[11] - Basic earnings per share for Q2 2022 was $(0.11), down from $1.04 in Q2 2021[11] - Comprehensive loss for Q2 2022 was $11,662,000, compared to a comprehensive income of $21,002,000 in Q2 2021[13] - For the six months ended June 30, 2022, the net income was a loss of $17.9 million compared to a net income of $44.7 million in the same period of 2021[15] - Net income attributable to Reading International, Inc. for the quarter decreased by $25.1 million, resulting in a loss of $2.4 million compared to a profit of $22.7 million in the prior year[178] Revenue Breakdown - Cinema revenue reached $61,770,000 in Q2 2022, up 88.9% from $32,715,000 in Q2 2021[11] - Cinema exhibition revenue for the quarter ended June 30, 2022, was $61.8 million, a significant increase from $32.7 million in the same quarter of 2021, representing an increase of 88.9%[18] - Real estate revenue for the six months ended June 30, 2022, was $8.2 million, up from $6.8 million in the same period of 2021, reflecting a growth of 21.0%[18] - The real estate segment revenue for the quarter was $4.0 million, a 17% increase from $3.4 million in the prior year[173] - Total revenue for the six months ended June 30, 2022, increased by $47.4 million to $104.7 million, an 83% increase compared to the same period in 2021[174] Operating Income and Expenses - Operating income for Q2 2022 was a loss of $1,572,000, an improvement from a loss of $12,532,000 in Q2 2021[11] - Total operating expense for the quarter was $52.975 million, a 56% increase from $33.930 million in the prior year[173] - Non-segment general and administrative expense for the quarter increased by $0.9 million to $4.7 million, attributed to higher salaries and legal fees[179] - Operating expenses for the quarter ended June 30, 2022, increased by $20.6 million to $52.1 million, and for the six months, they increased by $38.4 million to $91.9 million, due to higher film rent and occupancy expenses[188] Cash Flow and Liquidity - Cash and cash equivalents decreased to $49,905,000 as of June 30, 2022, from $83,251,000 at December 31, 2021[9] - The company experienced a net decrease in cash and cash equivalents of $27.1 million for the six months ended June 30, 2022[15] - Cash used in operating activities for the six months ended June 30, 2022, increased by $11.6 million to $17.6 million, driven by a $39.0 million increase in net changes in operating assets and liabilities[207] - Cash used in investing activities during the six months ended June 30, 2022, increased by $140.6 million to $3.7 million compared to the same period in 2021, primarily due to the absence of asset monetization proceeds[208] Assets and Liabilities - Total current assets decreased to $74,430,000 as of June 30, 2022, down from $100,306,000 at December 31, 2021[9] - Total liabilities decreased to $545,356,000 as of June 30, 2022, compared to $582,642,000 at December 31, 2021[9] - Total stockholders' equity decreased to $82,227,000 as of June 30, 2022, down from $105,060,000 at December 31, 2021[9] - Total borrowings as of June 30, 2022, amounted to $240.626 million, down from $248.948 million as of December 31, 2021[61] Impairment and Charges - An impairment charge of $1.5 million was recorded for certain sites that did not improve in performance, indicating ongoing challenges in asset recovery[27] - The impairment charge against certain cinema assets for the quarter was $1.5 million, contributing to the overall financial performance[176] Legal and Regulatory Matters - The company is currently involved in various legal proceedings but does not expect these to have a material adverse effect on its financial position[83] - The company agreed to settle claims from lawsuits for a total payment of $4.0 million, with the settlement amount to be paid in two installments[90] Cinema Operations and Developments - The cinema exhibition industry saw improved attendance and cash flow for the quarter and six months compared to the same periods in 2021[136] - All cinemas were open during the current reporting period, contrasting with nearly a quarter being closed during the same period in 2021[139] - The company operates 63 cinemas with a total of 515 screens across the United States, Australia, and New Zealand[151] - The company anticipates adding an eight-screen complex in South City Square, Brisbane by the end of 2022 and a five-screen Reading Cinemas in Busselton, Western Australia by the end of 2023[155] Stock and Equity - The 2020 Stock Incentive Plan has 1,250,000 shares of Class A Common Stock authorized for issuance, with 307,895 shares remaining available for future issuance as of June 30, 2022[99] - The stock repurchase program has $26.0 million available as of June 30, 2022, with the program extended to March 10, 2024[110]
Reading International(RDIB) - 2022 Q2 - Quarterly Report