Reading International Inc (RDI) SEC Filing 10-Q Quarterly Report for the period ending Saturday, September 30, 2023

Reading International Reports Third Quarter 2023 Results

Cinema Business Continues Strong Rebound

Best Third Quarter Total Revenue, Operating Income & Adjusted EBITDA Since Q4 2019

U.S. Real Estate Sets Highest Third Quarter Revenue Ever



Earnings Call Webcast to Discuss Third Quarter Financial Results

Scheduled to Post to Corporate Website on Thursday,  November 16, 2023



New York, New York - (GlobeNewswire) November 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 third quarter ended September 30, 2023.



President and Chief Executive Officer, Ellen Cotter said,  “Building on the success of our strong second quarter, the Company continued that positive momentum into the third quarter by delivering global total revenues of $66.6 million, which grew by 30% compared to the third quarter of 2022. Compared to the third quarter of 2022, our global operating income increased by 115% to $1.0 million, and our adjusted EBITDA increased by 59% to $6.1 million. These third quarter results for global total revenue, operating income, and adjusted EBITDA each represent the highest for any third quarter since the end of 2019. These impressive results were driven primarily by our global cinema divisions, each of which delivered the highest attendance, box office, total cinema revenues, and theater level cash flow of any third quarter since the fourth quarter of 2019, due in large part to the cultural phenomenon, “Barbenheimer.” 



“With the highly anticipated 2023 holiday movie line-up, including Hunger Games: The Ballad of Songbirds and Snakes, Wish, Napolean, Migration, Wonka, The Color Purple, and Aquaman and the Lost Kingdom, and the recently announced end to the SAG-AFTRA strike, we are even more confident that the year will end on a positive note delivering a marked improvement over 2022.” 



Ms. Cotter continued, “Our real estate business also generated encouraging results  at $5.1 million in global revenues and $0.9 million in operating income, as each country, on a local currency basis, outperformed the third quarter 2022. The U.S. Real Estate division delivered the highest revenues for any third quarter ever due to the opening in June 2023 of Petco at our 44 Union Square property in New York City.”



Ms. Cotter concluded, “Looking ahead, we are carefully navigating the current macroeconomic challenges caused substantially by our increased interest expense. And we know that the duration of the recently settled Hollywood strikes will likely impact our global cinema business in 2024 due to production delays and shifting theatrical release dates. With these conditions in mind, we are still actively pursuing the sale of certain real estate assets to achieve greater liquidity. We are confident that our ‘two business/three country’ diversified business structure will continue to enable us to deliver value to our stockholders into the future.”





Key Financial Results –Third Quarter 2023