Financial Performance - Total revenues for Q1 2024 decreased by 2% (or $0.8 million) to $45.1 million compared to $45.8 million in Q1 2023[5] - Operating loss improved by 4% (or $0.3 million) to a loss of $7.5 million compared to a Q1 2023 operating loss of $7.9 million[5] - Adjusted EBITDA loss increased by 40% to $4 million from a negative $2.8 million in Q1 2023[5] - Net loss attributable to Reading increased by 19% to $13.2 million compared to a loss of $11.1 million, primarily due to increased interest expense and a loss on the sale of the Culver City office building[5] - Total revenue for Q1 2024 was $45,052,000, a decrease of 2% from $45,807,000 in Q1 2023[21] - Net loss attributable to Reading International, Inc. for Q1 2024 was $13,228,000, compared to a net loss of $11,111,000 in Q1 2023, representing a 19% increase in loss[21] - Basic and diluted earnings per share for Q1 2024 were both $(0.59), compared to $(0.50) in Q1 2023[21] Cash and Assets - Cash and cash equivalents as of March 31, 2024, were $7.5 million, with total gross debt reduced to $195.7 million[10] - Total current assets decreased to $20,283,000 as of March 31, 2024, down from $38,710,000 as of December 31, 2023[22] - Cash and cash equivalents decreased to $7,501,000 as of March 31, 2024, down from $12,906,000 as of December 31, 2023[22] - Total stockholders' equity decreased to $17,728,000 as of March 31, 2024, from $32,996,000 as of December 31, 2023[22] Segment Performance - The U.S. cinema business exceeded industry performance by 670 basis points despite a 5.1% downturn in the North American Box Office[10] - Segment revenue from cinema in the United States decreased by 2% to $21,308,000 in Q1 2024, while Australia saw a 1% increase to $17,322,000[23] - The real estate segment revenue for Q1 2024 decreased by 3% (or $0.1 million) to $4.9 million compared to $5.1 million in Q1 2023[10] - Total segment operating loss improved by 9% to $(3,275,000) in Q1 2024 from $(3,606,000) in Q1 2023[23] Future Outlook - Upcoming film releases in 2024 and 2025 are expected to boost cinema revenues, with notable titles including Inside Out 2 and Avatar 3[4] - The company plans to monetize additional properties, including the Cannon Park property in Townsville, Australia, to raise liquidity[6] Adjustments and Compliance - Adjusted EBITDA was modified to exclude legal expenses related to extraordinary litigation and other non-recurring items[33] - The adjustments made to EBITDA are in accordance with the two-year SEC requirement for determining non-recurring, infrequent, or unusual items[33]
Reading International(RDIB) - 2024 Q1 - Quarterly Results