Reading International Inc (RDI) 10-Q Quarterly Report August 2023

New York, New York - (GlobeNewswire) August 14, 2023: 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, 2023.

President and Chief Executive Officer, Ellen Cotter said, “Our second quarter operating results were strong, with $65 million in global total revenue and $1.8 million of global operating income, delivering the best performance since the fourth quarter of 2019. Our global cinema business delivered operating income of $4.5 million, which is also the highest since the fourth quarter 2019, driven by a significantly stronger movie slate, including the phenomenal theatrical release of The Super Mario Bros. Movie, which has grossed over $1.3 billion in Worldwide Box Office to become the second highest grossing animated picture of all-time. The Angelika in New York City realized a house record for the highest grossing opening week ever with Director Wes Anderson’s Asteroid City, reinforcing our confidence in our specialty business. And, looking forward to the third quarter, in July 2023, our global circuit delivered the highest monthly total cinema revenue in the Company’s history, due to the unprecedented success of Barbenheimer, the double feature of Barbie and Oppenheimer. As we begin to return to pre-pandemic Box Office levels, we remain optimistic about the future of the cinema exhibition industry.”

Ms. Cotter continued, “Our real estate business contributed to the second quarter’s operational success by delivering $5.2 million in revenue and $1.3 million in income, which also represents the highest quarterly real estate revenue and operating income since the fourth quarter of 2019, driven primarily by the new rental stream from the Petco lease at 44 Union Square in New York City and the continued solid performance of our Australian real estate portfolio.”

Ms. Cotter concluded, “Despite the current challenging inflationary environment, we are focused on addressing multiple debt maturities in 2023 and 2024. Additionally, we are monitoring the WGA and SAG-AFTRA strikes and potential impacts to the 2023 and 2024 movie release schedules. To address these liquidity pressures, we are working with our lenders to restructure certain debt facilities and we have selected certain real estate assets for potential monetization and listed them for sale. We continue to believe that our ‘two business/three country’ diversified business structure will enable us to deliver greater returns for our stockholders in the future.”

Key Financial Results –Second Quarter 2023

Global revenue of $65.1 million for the quarter ended June 30, 2023, increased from $64.5 million compared to the second quarter of 2022, primarily due to (i) improved performance from the U.S. cinema business and (ii) rent recognized in Q2 2023 from our Petco tenancy at our 44 Union Square property that did not occur in the same period of the prior year. Petco’s 44 Union Square flagship store opened to the public on June 1, 2023.

Operating income of $1.8 million, improved by 214% from an operating loss of $1.6 million, compared to the second quarter of 2022, driven by (i) a 140.0% improvement in the U.S. cinema business, (ii) rent recognized in Q2 2023 from our Petco tenancy at our 44 Union Square property that opened to the public on June 1, 2023, and (iii) no impairment charges in Q2 2023, as compared to the $1.5 million impairment charges we reported in Q2 2022.

$6.7 million in positive Adjusted EBITDA.

The following information was filed by Reading International Inc (RDI) on Monday, August 14, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Reading International Inc provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

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Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: RDI
CIK: 716634
Form Type: 10-Q Quarterly Report
Accession Number: 0000716634-23-000016
Submitted to the SEC: Mon Aug 14 2023 5:18:12 PM EST
Accepted by the SEC: Mon Aug 14 2023
Period: Friday, June 30, 2023
Industry: Motion Picture Theaters

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