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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, Inc. (NASDAQ: RDI) reported second-quarter revenues of $64.5 million, a 79% increase from $36.0 million in 2021, attributed to the resurgence of blockbuster films post-pandemic. The operating loss improved to $1.6 million from $12.5 million in the same quarter last year. However, the company posted a net loss of $2.4 million, down from $22.7 million net income in 2021, primarily due to non-replicated property sales. Real estate revenues rose slightly, and significant leasing transactions are underway. The company's cash and equivalents stand at $49.9 million.
Reading International, Inc. (NASDAQ: RDI) will present at Gabelli & Company’s 14th Annual Entertainment & Broadcasting Symposium on June 2, 2022, at 1:30 p.m. ET in New York City. Executives Gilbert Avanes and Andrzej Matyczynski will discuss the company's operations and performance. The symposium will facilitate discussions and meetings with senior management from various media organizations. For one-on-one meeting requests, attendees can contact Gabelli & Company.
Reading International, Inc. (NASDAQ: RDI) reported Q1 2022 revenues of $40.2 million, nearly double the $21.3 million from Q1 2021. The company decreased its operating loss to ($11.8) million from ($14.0) million year-over-year. Despite a basic loss per share of ($0.70), down from earnings of $0.87 in Q1 2021, positive developments were noted in both cinema and real estate sectors. Notably, real estate segment revenue rose to $4.2 million, and cash and cash equivalents totaled $67.3 million as of March 31, 2022.
Angelika Film Center, part of Reading International (NASDAQ:RDI), launches a free membership program on April 29, 2022, aimed at enhancing the moviegoing experience. In conjunction, the "Bring A Friend Back To The Movies" initiative offers one free ticket with every purchase for the film The Duke, releasing on April 22, 2022. The program includes benefits like point accumulation on tickets and discounts. This effort addresses the impact of the COVID-19 pandemic on theater attendance, promoting a safe return to cinemas.
Reading International, Inc. (NASDAQ: RDI) has reported its 2021 fourth quarter and full year financial results, showcasing substantial recovery despite ongoing pandemic challenges. Key metrics included a significant increase in basic earnings per share from a loss of $0.80 to a profit of $0.02, and worldwide revenues tripling to $49.9 million in Q4 2021. The company also realized $142 million from the strategic monetization of non-core real estate assets. CEO Ellen Cotter highlighted confidence in cinema recovery, backed by strong box office performances of recent films.
Reading International, Inc. (NASDAQ: RDI) announced a multi-year lease for three levels of 44 Union Square in New York City, secured with a prominent international retailer. This lease marks a significant milestone in the redevelopment of the historic Tammany Hall, which has been converted into a modern office and retail space. Executives emphasized the importance of this agreement for the Union Square area and the company's commitment to completing the leasing process for the remaining upper levels. The redevelopment has received several industry awards for its design and adaptation.
Reading International, Inc. announced that the James J. Cotter Living Trust has established a Rule 10b5-1 trading plan to sell up to 253,000 shares of Class A Non-Voting Common Stock from January 31, 2022, to June 10, 2022. This plan is consistent with previous arrangements and aims to provide liquidity for estate tax payments. Ellen Cotter and Margaret Cotter are the Co-Trustees of the Living Trust. Reading International operates cinemas and real estate across the U.S., Australia, and New Zealand.
Reading International, Inc. (NASDAQ: RDI) reported significant improvements for Q3 2021, with global revenues rising 212% to $31.8 million compared to Q3 2020. The net loss decreased from $19.2 million to $10.1 million, and loss per share improved from ($0.88) to ($0.46). Despite pandemic-related closures in Australia, 92% of cinemas worldwide were operational. Successful asset monetization efforts generated $141.9 million, reducing total debt to $245.8 million. Upcoming releases and improved vaccination rates in Australia position the company favorably for recovery.
Consolidated Theatres at Kahala Mall will reopen on November 5, 2021, featuring updated amenities including electric-powered recliners and a new café. This renovation aligns with Reading International, Inc.’s commitment to enhancing movie-goer experiences in Hawaii. The theatre will showcase the Hawai‘i International Film Festival and the blockbuster ETERNALS. The Kapolei Entertainment Centre location will also reopen during the 2021 holiday season with similar upgrades, emphasizing community engagement despite challenges posed by COVID-19.
Reading International, Inc. (NASDAQ: RDI) announced its 2021 Annual Meeting of Stockholders will be held virtually on December 8, 2021, at 11:00 a.m. Pacific Time. This decision stems from the ongoing public health concerns related to COVID-19. Registered stockholders can participate and vote online. The notice of the meeting and Proxy Statement will be sent to stockholders of record by October 29, 2021. Reading International is a diversified cinema and real estate company operating in the U.S., Australia, and New Zealand.
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