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Reading International, Inc. (RDI) is a diversified entertainment and real estate company operating in the United States, Australia, and New Zealand. The company is divided into two main segments: Cinema Exhibition and Real Estate. The Cinema Exhibition segment operates multiplex cinemas under various brands, including Reading Cinemas, Angelika Film Centers, Consolidated Theatres, and City Cinemas. As of December 31, 2019, this segment boasted interests in 60 cinemas with approximately 498 screens.
The Real Estate segment focuses on the development, rental, and licensing of retail, commercial, and live theater assets. The company holds fee interests in properties such as 44 Union Square in Manhattan, entertainment-themed centers, and several cinemas across the U.S., Australia, and New Zealand.
Recent achievements include record-breaking advance ticket sales for the concert film TAYLOR SWIFT: THE ERAS TOUR, which premiered on October 13. This event was celebrated with private watch parties, collectibles, and more.
Reading International also provides regular updates on its financial performance and strategic initiatives, including extensive earnings calls and webcasts. The company remains committed to its diversification strategy and seeks to monetize its real estate assets while expanding its cinema operations. With partnerships and properties across major markets, Reading International continues to deliver a robust entertainment experience and valuable real estate developments.
Reading International (NASDAQ: RDI) reported exceptional box office performance during the 2024 holiday season across its global cinema operations. The company achieved several records, particularly in Australia, where both November and December 2024 set all-time box office revenue records, surpassing pre-pandemic levels from 2019.
The success was driven by major Hollywood blockbusters including Wicked, Moana 2, Gladiator II, Mufasa: The Lion King and Sonic the Hedgehog 3. The company's specialty Angelika brand theaters also performed well with award-winning films. In New Zealand and the United States, operations reached their highest box office numbers since the pandemic for both November and December 2024.
In Australia, RDI launched a new Reading Rewards loyalty program, offering points earning and redemption for tickets and concessions. A premium Boost tier membership is available for AUS$20 annually, providing 15% off tickets, 10% off food and beverage, double points, and exclusive promotions.
Reading International (NASDAQ: RDI) has announced an agreement to sell its Wellington, New Zealand properties to Prime Property Group for NZ$38 million. The transaction is expected to close in Q1 2025.
The agreement includes plans for Prime Property Group to conduct seismic upgrades to the Courtenay Central building, followed by a long-term cinema lease arrangement with Reading Cinemas Courtenay Central Reading intends to renovate and reopen its existing cinema in the building, which has been temporarily closed since early 2019 due to seismic concerns.
Reading International (NASDAQ: RDI) reported Q3 2024 financial results showing mixed performance. Total revenues decreased to $60.1 million from $66.6 million in Q3 2023, with an operating loss of $0.2 million compared to operating income of $1.0 million last year. The company's Australian cinema revenues achieved record third-quarter levels, driven by successful movies like Inside Out 2 and Deadpool & Wolverine. Despite revenue challenges, the real estate division reported a 52% increase in operating income. The company continues to manage debt maturities through loan modifications and asset sales, while maintaining a 95% occupancy rate in its Australian property portfolio.
Reading International (NASDAQ: RDI) has announced that its 2024 Annual Meeting of Stockholders will be held virtually on December 5, 2024, at 2:00 p.m. Eastern Time. Registered stockholders and appointed proxyholders as of the record date of October 15, 2024, are eligible to attend, participate, and vote at the virtual meeting.
The company plans to begin electronic mailing of the meeting notice and definitive Proxy Statement around October 25, 2024. These documents will also be available on the company's investor relations website. Reading International encourages all Class B stockholders to vote and submit their proxy in advance, regardless of their plans to attend the virtual meeting.
Consolidated Theatres, an affiliate of Reading International, Inc. (NASDAQ: RDI), is introducing a new custom beverage flavor, 'Consolidated Theatres Island Punch', created exclusively by Coca-Cola®. This proprietary blend features Fanta® Cherry, Vanilla, and Lime flavors. The launch coincides with the installation of Coca-Cola Freestyle® beverage fountains at Consolidated Theatres Ward and ʻŌlino locations, offering over 200 flavor combinations.
Additionally, Coca-Cola is rolling out -time beverage flavors inspired by movie themes, including a 'Haunted Spritz' for the upcoming film BEETLEJUICE BEETLEJUICE. The promotion runs through October 31, 2024, with early screenings starting September 5, 2024. Consolidated Theatres will also offer a special movie menu for the film's release.
Reading International (NASDAQ: RDI) reported its Q2 2024 results, showing declines due to lingering effects of the 2023 Hollywood Strikes. Total revenues fell to $46.8 million from $65.1 million in Q2 2023. The company reported an operating loss of $4.4 million compared to operating income of $1.8 million in Q2 2023. Global cinema revenue decreased 30% to $42.9 million. Real estate revenue declined slightly by 4% to $5.0 million.
Despite challenges, Reading saw some positive trends, including record F&B sales per person in Australia and the U.S. The company is taking steps to improve liquidity, including selling assets and marketing properties. Management expressed optimism about the movie slate for late 2024 and 2025, citing potential blockbusters like Beetlejuice Beetlejuice, Avatar 3, and Superman.
Reading International (NASDAQ: RDI) reported record-breaking performance for the opening weekend of Deadpool & Wolverine across its global cinema circuit. The film set new benchmarks for R-rated movies in the U.S. and MA 15+ rated movies in Australia, both in attendance and box office. It also achieved the highest opening weekend box office for premium large format screens in the U.S. since 2019.
The company's specially curated F&B menu and merchandise offerings contributed to significant revenue gains, including the highest F&B revenues for any weekend in 2024 and record-breaking merchandise sales. In Australia, a special BFF combo helped deliver the highest opening weekend F&B revenues so far in 2024.
CEO Ellen Cotter expressed optimism about the film's long-term performance and the strong momentum expected to continue into the second half of 2024 with upcoming releases.
Reading International (NASDAQ: RDI) reported its Q1 2024 results, revealing a 2% revenue drop to $45.1 million, operating loss improvement to $7.5 million, but a net loss increase to $13.2 million. The 2023 Hollywood Strikes disrupted cinema revenues, although cinema expenses were reduced, and two real estate assets were monetized to support operations. The real estate division still delivered strong first quarter results. Adjusted EBITDA loss rose to $4 million. Exchange rate fluctuations also impacted the results. A robust upcoming film schedule is expected to boost future cinema revenues. The company plans further real estate sales to enhance liquidity.
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