Reading International(US:RDI) Newsfilterยท2025-04-01 13:00Core Viewpoint - Reading International, Inc. reported its Fourth Quarter and Full Year 2024 financial results, highlighting a significant improvement in Q4 performance despite challenges faced throughout the year due to industry-wide disruptions and currency fluctuations [3][6][10]. Financial Results - Fourth Quarter 2024 - Total Revenues increased by 29.3% to $58.6 million compared to $45.3 million in Q4 2023 [8][13]. - 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][10]. - Net Loss decreased from $12.4 million in Q4 2023 to $2.2 million in Q4 2024, driven by improved cinema and real estate revenue [8][10]. - Adjusted EBITDA rose by 404.4% to $6.8 million from a negative $2.2 million in Q4 2023 [8][10]. Financial Results - Full Year 2024 - Total Revenues for the full year decreased by 5.5% to $210.5 million from $222.7 million in 2023 [9][30]. - Operating Loss increased by 16.6% to $14.0 million from $12.0 million in 2023 [9][30]. - Net Loss for the year increased by 15.1% to $35.3 million compared to $30.7 million in 2023 [9][30]. - Adjusted EBITDA decreased from $7.8 million in 2023 to $2.1 million in 2024 [9][30]. Currency Impact - The New Zealand dollar weakened by 2.1% and the Australian dollar by 0.8% against the U.S. dollar compared to Q4 2023, negatively impacting global revenue [5][7]. - Approximately 50% of total revenue is generated in Australia and New Zealand, making the company sensitive to currency fluctuations [7][10]. Cinema Business Performance - Global cinema revenue for Q4 2024 increased by 30% to $54.6 million from $41.9 million in Q4 2023 [13][30]. - The U.S. cinema circuit reported the highest food and beverage spend per person at $8.28, leading publicly traded exhibitors in gross box office per screen average at $85.1K for Q4 2024 [10][13]. - Full year global cinema revenue decreased by 6.0% to $195.1 million due to the impact of the 2023 Hollywood strikes [10][13]. Real Estate Business Performance - Real estate revenues increased by 14% to $5.2 million in Q4 2024 compared to $4.5 million in Q4 2023 [10][13]. - The global real estate division's operating income increased by 148.5% to $1.4 million in Q4 2024 [10][13]. - For the full year, real estate revenues increased by 1% to $20.0 million from $19.9 million in 2023 [10][13]. Balance Sheet and Liquidity - As of December 31, 2024, cash and cash equivalents were $12.3 million, with total outstanding bank borrowings of $202.7 million against total book value assets of $471.0 million [20][28]. - The company has taken steps to monetize real estate assets to support liquidity, including the sale of properties in Wellington, New Zealand for NZ$38 million [20][28].