Barbenheimer generates “Atomic” Box Office for Reading International, Inc.

Rhea-AI Summary

Reading International, Inc. (NASDAQ: RDI) announces record-breaking global cinema revenues, driven by the success of Barbie and Oppenheimer. The weekend of July 21, 2023, saw the highest global box office revenues since April 2019, with impressive percentage increases in the United States (76%), Australia (50%), and New Zealand (46%). The company also experienced a surge in food and beverage revenues, with the 'Beachy Keen' cocktail becoming the best-selling cocktail in the U.S.

Positive

• Record-breaking global box office revenues since April 2019
• Impressive percentage increases in the United States, Australia, and New Zealand
• Surge in food and beverage revenues

Negative

• None.

NEW YORK, July 26, 2023 (GLOBE NEWSWIRE) -- 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 that its global cinema circuit delivered revenues for the weekend of July 21^st period that exceeded pre-pandemic periods.   

Ellen Cotter, President, and Chief Executive Officer stated, “Driven by the stellar record setting opening of Barbie and Oppenheimer, our global Box Office Revenues for the weekend of July 21, 2023 delivered the best global weekend Box Office Revenues since the opening of Avengers: Endgame in April 2019. The powerful marketing efforts of Warner Bros and Universal Studios, which resulted in the Barbenheimer double feature cultural phenomenon, drove the weekend Box Office Revenues for the July 21^st weekend, to exceed the corresponding weekend in July 2019, on a same store basis, by almost 60%. Each of our cinema divisions generated impressive percentage increases over the same weekend in 2019 – the United States 76%, Australia 50% and New Zealand 46%. We were thrilled that Saturday, July 22, and Sunday, July 23, represented the two highest Box Office Revenue trading days in our Australian circuit’s history. And, we are confident that Barbenheimer will have legs. On Monday, July 24, 2023, our U.S. cinema circuit generated the highest Monday Box Office Revenues since Memorial Day in 2019.”

Cotter continued that “Barbenheimer also fueled our Food & Beverage Revenues in the U.S. Our F&B Revenues on Saturday, July 22, were the highest daily amount since April 2019. Barbie set a record in the U.S. for the most money earned on a specific movie menu/merchandise combo. And, our Barbie themed cocktail, the “Beachy Keen,” was our best selling cocktail over the weekend in the U.S., accounting for over 25% of all cocktail sales.”

“The box office potential for the remainder of the 2023 summer looks promising. In addition to expecting long legs from Barbie and Oppenheimer, we are encouraged by the potential for Haunted Mansion, Teenage Mutant Ninja Turtles: Mutant Mayhem, The Meg 2 and Strays.”

Forward-Looking Statements about Reading International, Inc.

This press release contains certain statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are qualified by the inherent risks and uncertainties surrounding future expectations generally and also may materially differ from actual future experience involving any one or more of such statements. The record setting results referenced in this press release are not necessarily indicative of future results.

About Reading International, Inc.

Reading International, Inc. (NASDAQ: RDI), an internationally diversified cinema and real estate company operating through various domestic and international subsidiaries, is a leading entertainment and real estate company, engaging in the development, ownership, and operation of cinemas and retail and commercial real estate in the United States, Australia, and New Zealand.

Reading’s cinema subsidiaries operate under multiple cinema brands: Reading Cinemas, Angelika Film Centers, Consolidated Theatres, and the State Cinema by Angelika. Its live theatres are owned and operated by its Liberty Theaters subsidiary, under the Orpheum and Minetta Lane names. Its signature property developments are maintained in special purpose entities and operated under the names Newmarket Village, Cannon Park, and The Belmont Common in Australia, Courtenay Central in New Zealand, and 44 Union Square in New York City.

Additional information about Reading can be obtained from our Company's website: http://www.readingrdi.com.

For more information, contact:
Gilbert Avanes – EVP, CFO, and Treasurer
Andrzej Matyczynski – EVP Global Operations
(213) 235-2240

FAQ

What drove the record-breaking global box office revenues for Reading International, Inc. (NASDAQ: RDI)?

The success of Barbie and Oppenheimer, driven by powerful marketing efforts of Warner Bros and Universal Studios, resulted in the best global weekend box office revenues since April 2019.

How did the weekend of July 21, 2023, compare to pre-pandemic periods?

The weekend of July 21, 2023, exceeded pre-pandemic periods, with impressive percentage increases in the United States (76%), Australia (50%), and New Zealand (46%).

What impact did Barbie have on food and beverage revenues for Reading International, Inc. (NASDAQ: RDI)?

Barbie fueled food and beverage revenues, with the 'Beachy Keen' cocktail becoming the best-selling cocktail in the U.S., accounting for over 25% of all cocktail sales.

What upcoming movies are expected to contribute to the box office potential for the remainder of 2023 summer?

Reading International, Inc. (NASDAQ: RDI) is encouraged by the potential for Haunted Mansion, Teenage Mutant Ninja Turtles: Mutant Mayhem, The Meg 2, and Strays to contribute to the box office potential for the remainder of 2023 summer.