Reading International(US:RDI) Newsfilterยท2025-03-31 13:00Core Insights - Reading International, Inc. reported a significant increase in fourth quarter revenues for 2024, with total revenues rising by 29.3% to $58.6 million compared to $45.3 million in Q4 2023, driven by a strong lineup of blockbuster films [3][6][8] - Despite the strong fourth quarter performance, the full year 2024 results lagged behind 2023 due to the impact of the Hollywood strikes in 2023, which affected the film release schedule [4][7] Financial Results - Fourth Quarter 2024 - Total revenues increased by 29.3% (or $13.3 million) to $58.6 million compared to $45.3 million in Q4 2023 [8] - Operating income improved from a loss of $7.0 million in Q4 2023 to a positive operating income of $1.5 million in Q4 2024 [8] - Net loss decreased from $12.4 million in Q4 2023 to $2.2 million in Q4 2024, primarily due to improved cinema and real estate revenue [8] - Adjusted EBITDA improved by 250.5% to $3.4 million from a negative adjusted EBITDA of $2.2 million in Q4 2023 [8] Financial Results - Full Year 2024 - Total revenues decreased by 5.5% to $210.5 million from $222.7 million in 2023 [9] - Operating loss increased by 16.6% to $14.0 million from $12.0 million in 2023 [9] - Adjusted EBITDA decreased by $5.6 million from $7.8 million to $2.1 million [9] - Net loss increased by 15.1% to $35.3 million compared to $30.7 million in 2023 [9] Cinema Business Performance - Global cinema revenue increased by 30% to $54.6 million in Q4 2024 from $41.9 million in Q4 2023 [15] - The U.S. cinema circuit reported the highest food and beverage spend per person at $8.28, leading all publicly traded exhibitors in the U.S. for Q4 2024 [15] - Despite the strong fourth quarter, full year global cinema revenue decreased by 6.0% to $195.1 million due to a weaker film slate early in 2024 [15] Real Estate Business Performance - The global Real Estate Division saw revenues increase by 14% to $5.2 million in Q4 2024 compared to $4.5 million in Q4 2023 [10] - Operating income for the Real Estate Division increased by 148.5% to $1.4 million in Q4 2024 [10] - The steady performance of the 74 third-party tenant portfolio in Australia/New Zealand contributed to a 96% occupancy rate [10] Balance Sheet and Liquidity - As of December 31, 2024, cash and cash equivalents were $12.3 million, with total outstanding bank borrowings at $202.7 million against total book value assets of $471.0 million [29] - The company sold its Wellington, New Zealand assets for NZ$38 million on January 31, 2025, which will support liquidity [11][16]