Reading International Inc (RDI) SEC Filing 10-Q Quarterly Report for the period ending Friday, September 30, 2022

Reading International Reports Second Quarter 2022 Results 

and COVID-19 Business Update



Earnings Call Webcast to Discuss Second Quarter Financial Results and COVID-19 Business Updates 

Scheduled to Post to Corporate Website on Thursday,  August 11, 2022



New York, New York - (BUSINESS WIRE) August 9, 2022: Reading International, Inc. (NASDAQ: RDI) (the “Company”), an internationally diversified cinema and real estate company with operations and assets in the United States, Australia, and New Zealand, today announced its results for the second quarter ended June 30, 2022.



President and Chief Executive Officer, Ellen Cotter said, “We continue to make great strides in our post-pandemic recovery, achieving worldwide revenues of $64.5 million, a  79% increase from revenues of $36.0 million for the same period in 2021.  After two years of delayed movie openings and a rise in streaming, Hollywood brought back some of its biggest and most reliable players for the summer film season. A steady stream of blockbuster releases and strong performances from highly anticipated films like Top Gun: Maverick, Doctor Strange In the Multiverse of Madness, Jurassic World Dominion, and Sonic the Hedgehog 2, in the second quarter led to our highest cinema revenues since the onset of the pandemic.”



“We are encouraged by the continued improvement in our real estate portfolio since the beginning of the year. Last quarter, we signed a long-term lease with a strong credit national retailer for the basement, ground floor and second floor of our historic 44 Union Square building executing our largest leasing transaction ever to date.  Over the course of the second quarter, we progressed the tenant improvement phase for our new tenant and currently anticipate that the tenant will be opening for business in early 2023.  We have retained CBRE to represent us with respect to the leasing of the remainder of the building and are currently focusing on potential tenants who are interested in occupying all of the upper floors. As of June 30, 2022, substantially all our 72 third-party tenants in our Australian and New Zealand properties were either open or in the process of building out tenant improvements or completing refurbishments.”



Ms. Cotter concluded, “Our ‘two business/three country’ diversified business structure, together with our dedicated global executive and employee team, continues to serve as the foundation for our recovery from the devastating impacts of the COVID-19 pandemic. As we look ahead to the back half of the year, we remain focused on leveraging our strategic adaptability, capitalizing on pent up industry demand, and delivering value for stockholders.”



Ms. Cotter also announced that the Los Angeles County Superior Court and the Nevada Probate Court have each approved the settlement agreement among Ellen Cotter and Margaret Cotter, in their individual capacities, as the Co-Trustees of the James J. Cotter, Sr. Living Trust, and as Co-Executors of the Estate of James J. Cotter, Sr., and others pursuant to which Ellen Cotter and Margaret Cotter now beneficially own all of the Class B Voting Common Stock previously controlled by their father at the time of his death.  These shares, together with other shares of Class B Voting Common Stock owned and/or controlled by Ellen Cotter and Margaret Cotter, represent approximately 72% of the currently outstanding Class B Voting Stock of our Company.