Financial Performance - Total revenue for Q2 2021 was $36,033,000, a significant increase from $3,422,000 in Q2 2020, representing a growth of approximately 950%[10] - Net income for the six months ended June 30, 2021, was $44,661,000, compared to a net loss of $28,843,000 for the same period in 2020[14] - Basic earnings per share for Q2 2021 was $1.04, a significant recovery from $(1.04) in Q2 2020[10] - The company reported comprehensive income of $21,110,000 for Q2 2021, compared to a loss of $(11,977,000) in Q2 2020[12] - For the quarter ended June 30, 2021, the company recorded a net income of $22,702,000, compared to a net income of $(5,875,000) for the same quarter in 2020[111] Cash and Liquidity - Cash and cash equivalents increased to $111,752,000 as of June 30, 2021, up from $26,826,000 at the end of 2020, marking a growth of 317%[14] - The company continues to evaluate its liquidity position and cash flow estimates in light of ongoing COVID-19 impacts, which may affect future operations[32] - The company generated cash inflows of $179.1 million from refinancing and monetizing real estate assets, including $43.0 million from refinancing the 44 Union Square property and $136.1 million from various property sales[34] Assets and Liabilities - Total assets increased to $732,426,000 as of June 30, 2021, compared to $690,169,000 at the end of 2020, reflecting a growth of approximately 6%[9] - Total liabilities stood at $615,227,000 as of June 30, 2021, slightly up from $608,996,000 at the end of 2020[9] - The company's total borrowings as of June 30, 2021, amounted to $252.696 million, net of deferred financing costs[70] Revenue Segments - Cinema exhibition revenue for Q2 2021 was $32.715 million, a significant increase from $1.217 million in Q2 2020, while real estate revenue rose to $3.448 million from $2.303 million[18] - Total revenue for the six months ended June 30, 2021, was $57.339 million, compared to $52.650 million for the same period in 2020, reflecting a year-over-year increase of approximately 8.1%[18] Operational Updates - As of June 30, 2021, 20 out of 24 cinemas in the U.S. had reopened, with plans to open the remaining locations when operationally feasible[27] - The company experienced a significant decrease in revenues and earnings due to COVID-19, but revenues increased compared to the same period in 2020 as many theatres reopened[31] - As of June 30, 2021, 57 out of 62 cinemas worldwide were operational, indicating a recovery trend in the cinema industry[35] Real Estate Transactions - The company completed the sale of the Auburn/Redyard property for $69.6 million (AU$90.0 million), resulting in a net gain of $38.726 million after direct costs[52] - The company sold two industrial properties in New Zealand for $56.1 million, recognizing a gain of $41.0 million over the net book value[173] Legal and Compliance - The company has accrued a settlement amount of $4.0 million related to California employment litigation, to be paid in two installments[103] - The company is involved in ongoing legal proceedings but does not expect these to have a material adverse effect on its financial position[99] Stock and Equity - The total number of Class A Common Stock shares authorized under the 2020 Stock Incentive Plan was 1,250,000, with 1,096,938 shares remaining available for future issuance as of June 30, 2021[114] - The company has repurchased 1,792,819 shares of Class A Common Stock at an average price of $13.39 per share through June 30, 2021[208] Future Outlook - Management remains optimistic about the anticipated movie releases for the remainder of 2021 and 2022, despite uncertainties regarding their performance and scheduling[29] - The company anticipates a return to pre-pandemic operational results in the long term, although risks from COVID-19 variants remain[162] Operational Costs - Operating lease costs for the quarter ended June 30, 2021, were $8,516,000, compared to $8,079,000 for the same quarter in 2020, indicating a 5.4% increase[133] - Total lease costs for the six months ended June 30, 2021, were $14,064,000, down from $15,516,000 in the same period of 2020, representing a decrease of 9.3%[133]
Reading International(RDIB) - 2021 Q2 - Quarterly Report