Welcome to our dedicated page for Reading International news (Ticker: RDI), a resource for investors and traders seeking the latest updates and insights on Reading International stock.
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 strong Q2 2021 results with a 70% revenue increase compared to Q1, reaching $36.0 million, driven by reopened cinemas and popular movie releases. The company achieved a net income of $22.7 million, a significant turnaround from a net loss in the same quarter last year, and basic earnings per share rose to $1.04. Strategic asset sales generated $138 million, reinforcing financial stability. Despite ongoing pandemic challenges, operational losses decreased significantly, showing signs of recovery in cinema operations across the US, Australia, and New Zealand.
Reading International, Inc. (NASDAQ: RDI) will participate in a virtual fireside chat at Gabelli & Company's 13th Annual Entertainment & Broadcasting Symposium on June 3, 2021, at 1:30 p.m. Eastern Time. Executives, including Gilbert Avanes and Andrzej Matyczynski, will discuss the company's operations and performance. The symposium offers insights into leading entertainment and movie exhibition firms and provides opportunities for one-on-one meetings with management. For more information, visit www.readingrdi.com.
Reading International, Inc. (NASDAQ: RDI) reported Q1 2021 results, revealing a net income of $19 million, up from a loss of $5.9 million in Q1 2020. Basic earnings per share reached $0.87, driven by $65.2 million from real estate sales, while cinema revenues fell to $21.3 million, down from $49.2 million in 2020 due to COVID-19 impacts. The company has reopened 91% of its theaters globally. To enhance liquidity, it is selling properties in Australia and Chicago. The focus remains on balancing cinema and real estate operations while managing the effects of the pandemic.
Reading International, Inc. (NASDAQ: RDI) has reported significant financial impacts due to the COVID-19 pandemic. For Q4 2020, revenues plummeted to $15.0 million from $68.9 million in Q4 2019, with an operating loss of $12.7 million. Annual revenues dropped to $77.9 million from $276.8 million in 2019. Despite these challenges, 100% of cinemas in New Zealand and 92% in Australia are open, while 79% of U.S. cinemas are operational. The company has successfully sold non-income producing land in New Zealand and California, realizing substantial gains. Cash reserves stand at $26.8 million as of Dec 31, 2020.
Consolidated Theatres, owned by Reading International (NASDAQ: RDI), has partnered with Kaiser Permanente Hawaii to establish a mass vaccination site at Kapolei Consolidated Theatres. Starting March 30, the site aims to vaccinate up to 2,000 individuals daily, focusing on those aged 65 and older and essential workers. Both Kaiser Permanente members and non-members can schedule appointments online. This initiative underscores the commitment to community health and aims to facilitate a return to normalcy in entertainment experiences.
Reading International announced that the James J. Cotter Living Trust has initiated a 10b5-1 trading plan for the sale of up to 276,000 shares of Class A Non-Voting Common Stock from January 25, 2021, to June 4, 2021. This plan aims to provide liquidity for estate taxes and other Living Trust expenses. The Trading Plan complies with Rule 144 requirements. Ellen Cotter and Margaret Cotter are Co-Trustees of the Trust.
Reading International launches Angelika Anywhere, a streaming platform for arthouse film lovers, inspired by its renowned Angelika Film Center in New York. The platform offers over 150 hand-picked titles, with plans for new collections and exclusive content. Highlights include curated collections like The Angelika Vault and special virtual cinema engagements. Users can rent films without a subscription, with a 30-day viewing period. The service aims to provide easy access to quality films while maintaining the trusted programming of the Angelika brand.
Reading International, Inc. (NASDAQ: RDI) reported significantly impacted third-quarter results due to the COVID-19 pandemic. Worldwide revenues fell to $10.2 million, a decrease of 85% from 2019, while the operating loss reached $14.3 million. The cinema segment reported a revenue drop of 89%, with only 68% of screens reopened globally. Despite challenges, the company collected 87% of recurring rents from tenants. The balance sheet shows cash of $27.8 million and total debt of $274.1 million. The company is exploring liquidity options while working to reopen cinemas and continue real estate projects.
Reading International, Inc. (NASDAQ: RDI) will hold its 2020 Annual Meeting of Stockholders virtually on December 8, 2020, due to COVID-19. Registered stockholders can participate and vote online starting at 11:00 a.m. Pacific Time. The deadline for stockholder proposals is October 16, 2020, while notices and proxy statements will be emailed around October 29, 2020. Additionally, the Nevada Supreme Court dismissed a derivative lawsuit against the company, stating the plaintiff's interests diverged from those of shareholders. The company seeks to recover approximately $800,000 in costs related to this case.
Reading International Inc. (NASDAQ: RDI) has unveiled the newly redeveloped Tammany Hall, now known as 44 Union Square in New York City. This Class A commercial building features historic renovations and modern upgrades, providing up to 73,095 square feet for office and retail use. The redevelopment, praised for its design, includes a glass dome and improved infrastructure. Newmark Knight Frank is managing leasing activities. The property is strategically located near high foot traffic, benefiting retailers and office tenants alike.
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