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Reading International Reports Fourth Quarter and Full Year 2024 Results

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Reading International (NASDAQ: RDI) reported mixed results for Q4 and full year 2024. Q4 showed significant improvement with total revenues up 29.3% to $58.6M and a shift from operating loss to income of $1.5M. However, full-year performance declined due to Hollywood strike impacts.

Q4 highlights include revenue growth in both cinema (+30% to $54.6M) and real estate (+14% to $5.2M) segments. The company achieved record-high F&B spend per person across all cinema divisions, with US operations leading at $8.28 per person.

Full-year 2024 results showed:

  • Total revenue decrease of 5.5% to $210.5M
  • Net loss increase of 15.1% to $35.3M
  • Basic loss per share of $1.58

The company continues its debt reduction strategy through asset sales, including recent transactions in Wellington, NZ (NZ$38M) and Culver City, CA ($10M). As of December 31, 2024, cash position was $12.3M with total bank borrowings at $202.7M against total book value assets of $471.0M.

Reading International (NASDAQ: RDI) ha riportato risultati misti per il quarto trimestre e l'intero anno 2024. Il quarto trimestre ha mostrato un miglioramento significativo, con ricavi totali in aumento del 29,3% a $58,6 milioni e un passaggio da una perdita operativa a un utile di $1,5 milioni. Tuttavia, le prestazioni dell'intero anno sono diminuite a causa degli impatti dello sciopero di Hollywood.

I punti salienti del quarto trimestre includono la crescita dei ricavi sia nel settore cinematografico (+30% a $54,6 milioni) che in quello immobiliare (+14% a $5,2 milioni). L'azienda ha raggiunto un record di spesa per cibo e bevande per persona in tutte le divisioni cinematografiche, con le operazioni statunitensi in testa a $8,28 per persona.

I risultati per l'intero anno 2024 hanno mostrato:

  • Un calo del ricavo totale del 5,5% a $210,5 milioni
  • Aumento della perdita netta del 15,1% a $35,3 milioni
  • Perdita base per azione di $1,58

L'azienda continua la sua strategia di riduzione del debito attraverso la vendita di attivi, comprese recenti transazioni a Wellington, NZ (NZ$38 milioni) e Culver City, CA ($10 milioni). Al 31 dicembre 2024, la posizione di cassa era di $12,3 milioni con prestiti bancari totali di $202,7 milioni rispetto a un valore totale degli attivi di libro di $471,0 milioni.

Reading International (NASDAQ: RDI) reportó resultados mixtos para el cuarto trimestre y el año completo 2024. El cuarto trimestre mostró una mejora significativa, con ingresos totales que aumentaron un 29.3% a $58.6 millones y un cambio de una pérdida operativa a una ganancia de $1.5 millones. Sin embargo, el rendimiento del año completo disminuyó debido a los impactos de la huelga de Hollywood.

Los aspectos destacados del cuarto trimestre incluyen el crecimiento de ingresos en los segmentos de cine (+30% a $54.6 millones) y bienes raíces (+14% a $5.2 millones). La compañía alcanzó un récord en el gasto por persona en alimentos y bebidas en todas las divisiones cinematográficas, con las operaciones en EE. UU. liderando con $8.28 por persona.

Los resultados del año completo 2024 mostraron:

  • Disminución de ingresos totales del 5.5% a $210.5 millones
  • Aumento de la pérdida neta del 15.1% a $35.3 millones
  • Pérdida básica por acción de $1.58

La empresa continúa su estrategia de reducción de deuda a través de la venta de activos, incluidas transacciones recientes en Wellington, NZ (NZ$38 millones) y Culver City, CA ($10 millones). Al 31 de diciembre de 2024, la posición de efectivo era de $12.3 millones con préstamos bancarios totales de $202.7 millones frente a un valor total de activos contables de $471.0 millones.

리딩 인터내셔널 (NASDAQ: RDI)는 2024년 4분기 및 연간 실적을 혼합하여 보고했습니다. 4분기는 총 수익이 29.3% 증가한 5860만 달러로 개선되었고, 운영 손실에서 150만 달러의 수익으로 전환되었습니다. 그러나 전체 연간 실적은 할리우드 파업의 영향으로 감소했습니다.

4분기 주요 내용에는 영화 (+30% 증가, 5460만 달러) 및 부동산 (+14% 증가, 520만 달러) 부문에서의 수익 증가가 포함됩니다. 회사는 모든 영화 부문에서 1인당 식음료 지출의 최고 기록을 달성했으며, 미국 운영이 1인당 8.28달러로 선두를 차지했습니다.

2024년 전체 연간 실적은 다음과 같습니다:

  • 총 수익 5.5% 감소, 2억 1050만 달러
  • 순손실 15.1% 증가, 3530만 달러
  • 주당 기본 손실 1.58달러

회사는 웰링턴(NZ$3800만) 및 컬버시티(CA$1000만)에서 최근 거래를 포함하여 자산 매각을 통해 부채 감소 전략을 계속하고 있습니다. 2024년 12월 31일 기준으로 현금 보유액은 1230만 달러이며, 총 은행 차입금은 2억 7270만 달러로 총 장부 가치 자산은 4억 7100만 달러입니다.

Reading International (NASDAQ: RDI) a rapporté des résultats mitigés pour le quatrième trimestre et l'année complète 2024. Le quatrième trimestre a montré une amélioration significative avec des revenus totaux en hausse de 29,3 % à 58,6 millions de dollars et un passage d'une perte d'exploitation à un bénéfice de 1,5 million de dollars. Cependant, la performance annuelle a diminué en raison des impacts de la grève d'Hollywood.

Les points forts du quatrième trimestre incluent la croissance des revenus dans les segments cinéma (+30 % à 54,6 millions de dollars) et immobilier (+14 % à 5,2 millions de dollars). L'entreprise a atteint un niveau record de dépenses en nourriture et boissons par personne dans toutes les divisions de cinéma, avec les opérations américaines en tête à 8,28 dollars par personne.

Les résultats de l'année 2024 ont montré :

  • Diminution des revenus totaux de 5,5 % à 210,5 millions de dollars
  • Augmentation de la perte nette de 15,1 % à 35,3 millions de dollars
  • Perte de base par action de 1,58 dollar

L'entreprise continue sa stratégie de réduction de la dette par la vente d'actifs, y compris des transactions récentes à Wellington, NZ (NZ$38 millions) et Culver City, CA (10 millions de dollars). Au 31 décembre 2024, la position de trésorerie était de 12,3 millions de dollars avec des emprunts bancaires totaux de 202,7 millions de dollars par rapport à une valeur totale des actifs comptables de 471,0 millions de dollars.

Reading International (NASDAQ: RDI) hat gemischte Ergebnisse für das 4. Quartal und das gesamte Jahr 2024 gemeldet. Das 4. Quartal zeigte eine signifikante Verbesserung mit einem Anstieg der Gesamterlöse um 29,3 % auf 58,6 Millionen USD und einem Wechsel von einem operativen Verlust zu einem Gewinn von 1,5 Millionen USD. Die Gesamtjahresleistung sank jedoch aufgrund der Auswirkungen des Hollywood-Streiks.

Die Höhepunkte des 4. Quartals umfassen das Umsatzwachstum in den Segmenten Kino (+30 % auf 54,6 Millionen USD) und Immobilien (+14 % auf 5,2 Millionen USD). Das Unternehmen erzielte einen Rekordbetrag an Ausgaben für Speisen und Getränke pro Person in allen Kinodivisionen, wobei die US-Operationen mit 8,28 USD pro Person führend sind.

Die Ergebnisse für das gesamte Jahr 2024 zeigten:

  • Rückgang des Gesamterlöses um 5,5 % auf 210,5 Millionen USD
  • Erhöhung des Nettoverlusts um 15,1 % auf 35,3 Millionen USD
  • Basisverlust pro Aktie von 1,58 USD

Das Unternehmen setzt seine Schuldenreduktionsstrategie durch den Verkauf von Vermögenswerten fort, einschließlich jüngster Transaktionen in Wellington, NZ (NZ$38 Millionen) und Culver City, CA (10 Millionen USD). Am 31. Dezember 2024 betrug die Liquiditätsposition 12,3 Millionen USD, während die gesamten Bankverbindlichkeiten 202,7 Millionen USD bei einem Gesamtbuchwert der Vermögenswerte von 471,0 Millionen USD betrugen.

Positive
  • Q4 2024 revenue increased 29.3% to $58.6M
  • Shift from Q4 operating loss to $1.5M operating income
  • Record-high F&B spend per person across all cinema divisions
  • 96% occupancy rate in Australia/NZ real estate portfolio
  • Strong asset monetization with NZ$38M Wellington sale and potential AU$32M Cannon Park sale
Negative
  • Full-year 2024 revenue decreased 5.5% to $210.5M
  • Net loss increased 15.1% to $35.3M in 2024
  • High debt level with $202.7M in bank borrowings
  • Negative impact from currency exchange rates on global revenue
  • Operating loss increased 16.6% to $14.0M for full year

Insights

Reading International's mixed financial performance reveals a stark contrast between Q4 strength and full-year weakness. The fourth quarter saw revenue surge 29.3% to $58.6 million with a dramatic shift from operating loss to operating income of $1.5 million, driven by blockbuster releases like Gladiator II and Wicked. This quarter represented the company's strongest Q4 since 2019.

However, full-year 2024 results reflect the lingering damage from the 2023 Hollywood strikes, with revenue declining 5.5% to $210.5 million and net loss widening 15.1% to $35.3 million. The operating loss increased 16.6% to $14 million, underscoring persistent structural challenges.

Notably, Reading's aggressive asset monetization strategy represents a critical lifeline. The company sold properties in Culver City for $10 million, Wellington for NZ$38 million, and has an agreement for Cannon Park at AU$32 million. These sales have enabled significant debt reduction, including repaying their entire Westpac debt and reducing Bank of America/Bank of Hawaii exposure.

With $202.7 million in outstanding bank borrowings against $471 million in book value assets, Reading's debt burden remains substantial despite reduction efforts. The company's strategy of selling real estate assets while maintaining cinema operations through lease-back arrangements demonstrates a pragmatic approach to balancing liquidity needs with operational continuity.

Their cinema business shows operational efficiency despite industry challenges, achieving record F&B spend per person and leading publicly-traded exhibitors with $8.28 F&B per person in U.S. locations, maximizing revenue from existing traffic.

Reading's results provide a revealing snapshot of cinema exhibition's post-pandemic recovery dynamics. Their Q4 cinema revenue surge of 30% to $54.6 million demonstrates the power of quality content, as tentpole films like Moana 2 and Gladiator II drove exceptional foot traffic and spending. The dramatic 191.1% improvement in Q4 operating income shows how quickly profitability can return when Hollywood delivers compelling content.

However, the full-year cinema revenue decline of 6% illustrates the industry's vulnerability to production disruptions. The 2023 Hollywood strikes created a content vacuum in early 2024 that even a stellar Q4 couldn't fully offset. This volatility underscores why many exhibitors are diversifying revenue streams.

Reading's operational metrics reveal strategic excellence despite these challenges. Their U.S. circuit led publicly traded exhibitors with $85.1K box office per screen in Q4, suggesting premium positioning and effective location strategy. Their record F&B spend metrics across all territories indicate successful implementation of enhanced concession offerings and pricing strategies that maximize revenue per visitor.

The company's real estate portfolio continues providing critical stability, with 96% occupancy rates in Australia/New Zealand properties and improved performance from NYC theaters. This dual business model offers downside protection during cinema industry disruptions, though the ongoing asset sales strategy raises questions about long-term growth potential.

Looking ahead, Reading's performance will depend heavily on Hollywood's 2025 slate, with management specifically citing potential strength from upcoming franchise releases like Zootopia 2 and Avatar 3.

Earnings Call Webcast to Discuss 2024 Fourth Quarter and Full Year Financial Results
Scheduled to Post to Corporate Website by Wednesday, April 2, 2025

NEW YORK, March 31, 2025 (GLOBE NEWSWIRE) -- Reading International, Inc. (NASDAQ: RDI) (“Reading” or our “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 fourth quarter and year ended December 31, 2024.

Key Financial Results – Fourth Quarter 2024 compared to Fourth Quarter 2023

  • Total Revenues increased by 29.3% (or $13.3 million) to $58.6 million compared to $45.3 million.
  • Operating Loss of $7.0 million in last year’s quarter improved to an Operating Income of $1.5 million.
  • Net Loss of $12.4 million in last year’s quarter was reduced to $2.2 million, primarily driven by improved cinema and real estate revenue, reduced depreciation and amortization expenses due to delays in CapEx spending, and favorable other income.
  • Basic Loss per Share improved by 82.1% (or $0.46) to a loss of $(0.10) compared to a loss of $(0.56) in last year’s quarter.
  • Adjusted EBITDA improved by 250.5% to a positive adjusted EBITDA of $3.4 million, from a negative adjusted EBITDA of $2.2 million.

The New Zealand dollar average exchange rates weakened against the U.S. dollar by 2.1%, compared to Q4 2023, and the Australian dollar average exchange rates weakened against the U.S. dollar by 0.8% compared to Q4 2023. Despite the weakening both AU and NZ exchange rate against the U.S. dollar, our global revenue improved by 29.3%.

Key Financial Results – Full Year 2024 compared to Full Year 2023

Despite the improved fourth quarter results, the full year 2024 results were behind 2023 due to the lingering impacts from industry-wide movie release schedule shifts from the 2023 Hollywood strikes.

  • Total Revenues decreased by 5.5% to $210.5 million from $222.7 million.
  • Operating Loss increased by 16.6% to $14.0 million from $12.0 million.
  • Adjusted EBITDA decreased by $5.6 million from $7.8 million to $2.1 million.
  • Basic loss per share increased by 14.2% to a loss of $1.58 compared to a loss of $1.38.
  • Net loss increased by 15.1% to $35.3 million compared to $30.7 million.
  • Our 2024 results included $21.2 million of interest, $15.8 million of depreciation and amortization and $1.4 million loss on sale of assets.

The weakening of the Australian and New Zealand dollar average exchange rates against the U.S. dollar by 0.8% and 1.5%, respectively negatively impacted our global total revenue since about 50% of our total revenue is generated in Australia and New Zealand.

Ellen Cotter, President and CEO of Reading, commented: “Our Company’s fourth quarter 2024 performance reflects, not only a record setting line up of simply amazing tentpole movies like Gladiator II, Wicked, Moana 2, Sonic the Hedgehog 3 and Mufasa: The Lion King, but also record setting specialty titles like The Brutalist from A24 and Anora from Neon. In Q4 2024, the metrics we reported for Total Revenues, Operating Income and EBITDA were, not only significantly stronger than Q4 2023, but also the highest fourth quarter results reported since 2019, reflecting the laser focus of our management team.

“Our global cinema business relies significantly on the quality and quantity of the movies released by Hollywood. When that pipeline of film weakens, we feel the pressure. So, while our fourth quarter performance was a welcome result after years of navigating the headwinds of the COVID-19 pandemic, the 2023 Hollywood strikes, record high interest rates and inflationary pressures, our full year results were behind 2023 due to the weaker film slate in the first part of 2024 when the studios delayed releases of their movies due to the 2023 Hollywood strikes. Similarly, we have recently felt the pressure through the first quarter 2025 due to the release of an overall softer slate of films compared to the first quarter 2024, when films such as Dune Part Two provided a big boost in March 2024. But, looking forward, we believe the rest of 2025 could be stronger when taking into account the release of highly anticipated titles like Disney’s Lilo & Stitch, Thunderbolts, Mission Impossible: The Final Reckoning, Superman, Wicked Part Two, Zootopia 2, and Avatar 3: Fire and Ash.

“Through these tough periods, we have relied on our real estate assets. Compared to the same quarter in 2023, our global Real Estate Division also enjoyed a strong fourth quarter of 2024, when revenues increased 14% to $5.2 million and operating income increased 148.5% to $1.4 million. The Company delivered these results due to (i) the steady and strong performance of our 74 third party tenant Australia/New Zealand portfolio, which currently reflects a 96% occupancy rate, (ii) the best cash flow performance of our NYC based live theaters since third quarter 2019 and (iii) the rental income from 44 Union Square in NYC.

“After having sold seven real estate assets since 2021 to support our liquidity, on January 31, 2025, we sold our Wellington, New Zealand assets for NZ$38 million. Incident to that sale, we agreed to lease back the cinema component of the property, once the buyer has completed seismic upgrades, thus continuing our focus on cinema exhibition in New Zealand. We anticipate that our upgraded cinema will be the dominant cinema in Wellington. Through 2025, we will continue to look to our real estate assets to the extent necessary for financial support as the global cinema industry continues to rebound with a consistent and reliable flow of quality movies.”

Cinema Business

  • Due to record setting industry releases like Moana 2, Wicked, Sonic the Hedgehog 3, Gladiator II and other blockbuster hits, we enjoyed higher box office revenues in the fourth quarter of 2024. For Q4 2024, our global cinema (i) revenue increased 30% to $54.6 million, from $41.9 million in Q4 2023 and (ii) operating income increased 191.1% to $3.8 million from a loss of $4.1 million.
  • While we had a strong fourth quarter the 2023 Hollywood strikes greatly affected the beginning of 2024, which in turn decreased our full year 2024 global cinema revenue by 6.0% to $195.1 million and our global cinema operating loss of $2.8 million down $2.9 million compared to an operating income of $0.1 million in 2023. Cinema revenues for 2024 were also adversely impacted by the continued decline in the value of the Australian and New Zealand dollar against the U.S. dollar.
  • Despite the film slate challenges faced in 2024, our operational teams delivered on various key metrics. In 2024, we generated all-time record high F&B spends per person at each cinema division: U.S., Australia and New Zealand. Additionally, during the fourth quarter of 2024:

    • At $8.28 per person, our U.S. cinema circuit reported the highest F&B spend per person of any publicly traded exhibitor in the U.S. for Q4 2024.
    • Our U.S. cinema circuit led the publicly traded circuits in gross box office per screen average for Q4 2024 at $85.1K.

Real Estate Business

  • With respect to our global real estate division, for the full year, revenues increased by 1% to $20.0 million in 2024 from $19.9 million in 2023 and our operating income increased to $4.7 million in 2024 compared to $3.8 million in 2023. These improvements were driven by (i) rent from Petco, our 44 Union Square tenant with its successful NYC flagship retail store, (ii) the steady revenue from our 74 third-party tenant Australian and New Zealand real estate portfolio that finished 2024 with a 96% occupancy rate and (iii) the year-over-year improved results of our Live Theatre division (Minetta Lane Theatre and Orpheum Theatre in New York City).
  • Compared to the fourth quarter 2023, our fourth quarter 2024 global real estate division (i) revenues increased from $4.5 million to $5.2 million and (ii) operating income increased by 148.5% to $1.4 million in 2024, compared to an income of $0.6 million in 2023.

Balance Sheet and Liquidity

  • As of December 31, 2024, our cash and cash equivalents were $12.3 million, of which $5.0 million, $6.4 million and $0.9 million were held in the U.S., Australia and New Zealand, respectively. As of December 31, 2024, our total outstanding bank borrowings were $202.7 million against total book value assets of $471.0 million.
  • In 2024, to support our overall liquidity, we took steps to monetize three real estate assets. On February 23, 2024, we monetized our office building at 5995 Sepulveda Blvd. Culver City, California for $10.0 million. On January 31, 2025, we closed the sale of our property assets in Wellington, New Zealand, including the Courtenay Central building, for NZ$38.0 million. This deal also includes a long-term lease back to us of the cinema component of that property, after the completion of seismic upgrades.
  • On March 17, 2025, we signed a Put & Call Option to Buy Real Property, with purchase and sale contracts attached, to sell our Cannon Park properties for AU$32.0 million with a targeted closing before the end of April 2025. No assurance can be given that this sale will be consummated, as the transaction is still in the due diligence phase. The option holder has posted an AU$1.6 million earnest money deposit. The deal also contemplates a long-term lease back to Reading Cinemas.
  • Our business plan calls for the further reduction of high interest debt and in this regard, our Company is committed to continuing its review of our asset portfolio for other opportunities to monetize select assets that will assist in this debt reduction program as well as assist us in providing liquidity to support, sustain and, on an opportunistic basis, grow our cinema operations.
  • Through 2024 and into early 2025, we worked with our key lenders, including, without limitation, National Australia Bank and Bank of America/Bank of Hawaii, to extend maturity dates, modify principal repayment dates and adjust existing covenants, to account for the challenges in 2024 resulting from the 2023 Hollywood strikes.
  • During 2024 and into early 2025, we repaid the following debts:   

    • After the January 31, 2025 sale of our Wellington, New Zealand assets, we repaid (i) our entire debt to Westpac (NZ$18.8 million) and (ii) $6.1 million of our debt to Bank of America/Bank of Hawaii, which leaves us with a principal balance of $8.7 million today.
    • Following the sale of our Culver City building in February 2024, we repaid our entire debt to Citizens ($8.4 million).
    • An outstanding $0.6 million Purchase Money Promissory Note.

Conference Call and Webcast

We plan to post our pre-recorded conference call and audio webcast on our corporate website by April 2, 2025, which will feature prepared remarks from Ellen Cotter, President and Chief Executive Officer; Gilbert Avanes, Executive Vice President, Chief Financial Officer and Treasurer; and Andrzej Matyczynski, Executive Vice President - Global Operations.

A pre-recorded question and answer session will follow our formal remarks. Questions and topics for consideration should be submitted to InvestorRelations@readingrdi.com April 1, 2025 by 5:00 p.m. Eastern Standard Time. The audio webcast can be accessed by visiting https://investor.readingrdi.com/financial-information/quarterly-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. Reading’s live theatres are owned and operated by its Liberty Theaters subsidiary, under the Orpheum and Minetta Lane names. Reading’s signature property developments are maintained in special purpose entities and operated under the names Newmarket Village, Cannon Park, and The Belmont Common in Australia, and 44 Union Square in New York City.

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

Cautionary Note Regarding Forward-Looking Statements

This earnings release contains a variety of forward-looking statements as defined by the Securities Litigation Reform Act of 1995, including those related to our expected operated results; our belief regarding the quality, the quantity and the appeal of upcoming movie releases in 2025 and our revenue expectations relating to such movie releases; our expectations regarding our monetization of our fee interests under our cinemas and our ability to pay down high interest debt; our expectations regarding our Wellington, New Zealand assets being a dominant cinema in Wellington; and our expectations of our liquidity and capital requirements and the allocation of funds. You can recognize these statements by our use of words, such as “may,” “will,” “expect,” “believe,” and “anticipate” or other similar terminology.

Given the variety and unpredictability of the factors that will ultimately influence our businesses and our results of operation, no guarantees can be given that any of our forward-looking statements will ultimately prove to be correct. Actual results will undoubtedly vary and there is no guarantee as to how our securities will perform either when considered in isolation or when compared to other securities or investment opportunities.

Forward-looking statements made by us in this earnings release are based only on information currently available to us and speak only as of the date on which they are made. We undertake no obligation to publicly update or to revise any of our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law. Accordingly, you should always note the date to which our forward-looking statements speak to.

Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, those factors discussed throughout Part I, Item 1A – Risk Factors – and Part II Item 7 – Management's Discussion and Analysis of Financial Condition and Results of Operations – of our Annual Report on Form 10-K for the most recently ended fiscal year, as well as the risk factors set forth in any other filings made under the Securities Act of 1934, as amended, including any of our Quarterly Reports on Form 10-Q, for more information.

Reading International, Inc. and Subsidiaries
Consolidated Statements of Operations
(U.S. dollars in thousands, except share information)

          
  2024  2023  2022 
Revenues         
Cinema $195,130  $207,641  $191,321 
Real estate  15,397   15,103   11,794 
Total revenues   210,527    222,744    203,115 
Costs and expenses         
Cinema  (179,377)  (187,418)  (178,768)
Real estate  (9,243)  (8,763)  (8,947)
Depreciation and amortization  (15,779)  (18,422)  (20,918)
General and administrative  (20,161)  (20,172)  (21,416)
Impairment of long-lived assets        (1,549)
Total costs and expenses   (224,560)   (234,775)   (231,598)
Operating income (loss)   (14,033)   (12,031)   (28,483)
Interest expense, net  (21,154)  (19,418)  (14,392)
Gain (loss) on sale of assets  (1,371)  562   (54)
Other income (expense)  1,528   (164)  6,817 
Income (loss) before income tax expense and equity earnings of unconsolidated joint ventures   (35,030)   (31,051)   (36,112)
Equity earnings of unconsolidated joint ventures  (387)  456   271 
Income (loss) before income taxes   (35,417)   (30,595)   (35,841)
Income tax benefit (expense)  (481)  (590)  (819)
Net income (loss) $ (35,898) $ (31,185) $ (36,660)
Less: net income (loss) attributable to noncontrolling interests  (597)  (512)  (476)
Net income (loss) attributable to Reading International, Inc. $ (35,301) $ (30,673) $ (36,184)
Basic earnings (loss) per share $ (1.58) $ (1.38) $ (1.64)
Diluted earnings (loss) per share $ (1.58) $ (1.38) $ (1.64)
Weighted average number of shares outstanding–basic  22,401,662   22,222,635   22,020,921 
Weighted average number of shares outstanding–diluted  22,401,662   22,222,635   22,020,921 
             

Reading International, Inc. and Subsidiaries
Consolidated Balance Sheets
(U.S. dollars in thousands, except share information)

       
  December 31,
  2024  2023 
ASSETS      
Current Assets:      
Cash and cash equivalents $12,347  $12,906 
Restricted cash  2,735   2,535 
Receivables  5,276   7,561 
Inventories  1,685   1,648 
Prepaid and other current assets  2,668   2,881 
Asset groups held for sale  32,331   11,179 
Total Current Assets  57,042   38,710 
Operating properties, net  214,694   262,417 
Operating lease right-of-use assets  160,873   181,542 
Investment and development properties, net     8,789 
Investment in unconsolidated joint ventures  3,138   4,756 
Goodwill  23,712   25,535 
Intangible assets, net  1,800   2,038 
Deferred tax assets, net  953   299 
Other assets  8,799   8,965 
Total Assets $ 471,011  $ 533,051 
LIABILITIES AND STOCKHOLDERS' EQUITY      
Current Liabilities:      
Accounts payable and accrued liabilities $48,651  $43,828 
Film rent payable  5,820   6,038 
Debt - current portion  69,193   34,484 
Subordinated debt - current portion     586 
Taxes payable  891   1,376 
Deferred current revenue  9,731   10,993 
Operating lease liabilities - current portion  20,747   23,047 
Other current liabilities  6,593   6,731 
Total Current Liabilities  161,626   127,083 
Debt – long-term portion  105,239   146,605 
Derivative financial instruments - non-current portion  137    
Subordinated debt - non-current portion  27,394   27,172 
Noncurrent tax liabilities  6,041   6,586 
Operating lease liabilities - non-current portion  161,702   180,898 
Other non-current liabilities  13,662   11,711 
Total Liabilities $475,801  $500,055 
Commitments and Contingencies      
Stockholders’ Equity:      
Class A non-voting common shares, par value $0.01, 100,000,000 shares authorized, 33,681,705 issued and 20,745,594 outstanding at December 31, 2024 and 33,602,627 issued and 20,666,516 outstanding at December 31, 2023 $238  $237 
Class B voting common shares, par value $0.01, 20,000,000 shares authorized and 1,680,590 issued and outstanding at December 31, 2024 and 2023  17   17 
Nonvoting preferred shares, par value $0.01, 12,000 shares authorized and no issued or outstanding shares at December 31, 2024 and 2023      
Additional paid-in capital  157,751   155,402 
Retained earnings (accumulated deficit)  (114,790)  (79,489)
Treasury shares, at cost  (40,407)  (40,407)
Accumulated other comprehensive income  (7,173)  (2,673)
Total Reading International, Inc. ("RDI") Stockholders’ Equity  (4,364)  33,087 
Noncontrolling Interests  (426)  (91)
Total Stockholders’ Equity $(4,790) $32,996 
Total Liabilities and Stockholders’ Equity $ 471,011  $ 533,051 
         

Reading International, Inc. and Subsidiaries
Segment Results
(U.S. dollars in thousands)

                   
  Quarter Ended Year Ended
  December 31, % Change
Favorable/
 December 31, % Change
Favorable/
(Dollars in thousands) 2024  2023   (Unfavorable) 2024  2023  (Unfavorable)
Segment revenue                 
   Cinema                 
United States $29,337  $23,740  24 % $99,938  $113,798  (12)%
Australia  21,421   15,687  37 %  82,033   80,025  3 %
New Zealand  3,802   2,483  53 %  13,159   13,818  (5)%
Total $ 54,560  $ 41,910   30 % $ 195,130  $ 207,641   (6)%
   Real estate                  
United States $1,833  $1,196  53 % $6,245  $6,198  1 %
Australia  2,999   2,972  1 %  12,341   12,163  1 %
New Zealand  330   364  (9)%  1,420   1,509  (6)%
Total $ 5,162  $ 4,532   14 % $ 20,006  $ 19,870   1 %
Inter-segment elimination  (1,146)  (1,123) (2)%  (4,609)  (4,767) 3 %
Total segment revenue $ 58,576  $ 45,319   29 % $ 210,527  $ 222,744   (5)%
Segment operating income (loss)                  
   Cinema                  
United States $1,573  $(2,643) >100% $(7,252) $(5,825) (24)%
Australia  1,690   (1,094) >100%  4,027   5,278  (24)%
New Zealand  503   (395) >100%  428   671  (36)%
Total $ 3,766  $ (4,132) >100% $ (2,797) $ 124  (>100)%
   Real estate                  
United States $284  $(538) >100% $(361) $(753) 52 %
Australia  1,452   1,372  6 %  5,973   5,345  12 %
New Zealand  (291)  (255) (14)%  (933)  (801) (16)%
Total $ 1,445  $ 579  >100% $ 4,679  $ 3,791   23 %
Total segment operating income (loss)(1) $ 5,211  $ (3,553) >100% $ 1,882  $ 3,915   (52)%
                        

(1)   Total segment operating income is a non-GAAP financial measure. See the discussion of non-GAAP financial measures that follows.

Reading International, Inc. and Subsidiaries
Reconciliation of EBITDA and Adjusted EBITDA to net income (loss)
(U.S. dollars in thousands)

             
  Quarter Ended Year Ended
  December 31, December 31,
(Dollars in thousands) 2024  2023  2024  2023 
Net income (loss) $ (5,816) $ (12,384) $ (35,301) $ (30,673)
Adjustments for:            
Interest expense, net  5,388   5,355   21,154   19,418 
Income tax (benefit) expense  160   277   481   590 
Depreciation and amortization  3,637   4,514   15,779   18,422 
EBITDA $ 3,369  $ (2,238) $ 2,113  $ 7,757 
Adjustments for:            
None            
Adjusted EBITDA $ 3,369  $ (2,238) $ 2,113  $ 7,757 
                 

Non-GAAP Financial Measures

This Earnings Release presents total segment operating income (loss), EBITDA, and Adjusted EBITDA, which are important financial measures for our Company, but are not financial measures defined by U.S. GAAP.

These measures should be reviewed in conjunction with the relevant U.S. GAAP financial measures and are not presented as alternative measures of earnings (loss) per share, cash flows or net income (loss) as determined in accordance with U.S. GAAP. Total segment operating income (loss) and EBITDA, as we have calculated them, may not be comparable to similarly titled measures reported by other companies.

Total segment operating income (loss) – we evaluate the performance of our business segments based on segment operating income (loss), and management uses total segment operating income (loss) as a measure of the performance of operating businesses separate from non-operating factors. We believe that information about total segment operating income (loss) assists investors by allowing them to evaluate changes in the operating results of our Company’s business separate from non-operational factors that affect net income (loss), thus providing separate insight into both operations and the other factors that affect reported results.

EBITDA – we use EBITDA in the evaluation of our Company’s performance since we believe that EBITDA provides a useful measure of financial performance and value. We believe this principally for the following reasons:

We believe that EBITDA is an accepted industry-wide comparative measure of financial performance. It is, in our experience, a measure commonly adopted by analysts and financial commentators who report upon the cinema exhibition and real estate industries, and it is also a measure used by financial institutions in underwriting the creditworthiness of companies in these industries. Accordingly, our management monitors this calculation as a method of judging our performance against our peers, market expectations, and our creditworthiness. It is widely accepted that analysts, financial commentators, and persons active in the cinema exhibition and real estate industries typically value enterprises engaged in these businesses at various multiples of EBITDA. Accordingly, we find EBITDA valuable as an indicator of the underlying value of our businesses. We expect that investors may use EBITDA to judge our ability to generate cash, as a basis of comparison to other companies engaged in the cinema exhibition and real estate businesses and as a basis to value our company against such other companies.

EBITDA is not a measurement of financial performance under generally accepted accounting principles in the United States of America and it should not be considered in isolation or construed as a substitute for net income (loss) or other operations data or cash flow data prepared in accordance with generally accepted accounting principles in the United States for purposes of analyzing our profitability. The exclusion of various components, such as interest, taxes, depreciation, and amortization, limits the usefulness of these measures when assessing our financial performance, as not all funds depicted by EBITDA are available for management’s discretionary use. For example, a substantial portion of such funds may be subject to contractual restrictions and functional requirements to service debt, to fund necessary capital expenditures, and to meet other commitments from time to time.

EBITDA also fails to take into account the cost of interest and taxes. Interest is clearly a real cost that for us is paid periodically as accrued. Taxes may or may not be a current cash item but are nevertheless real costs that, in most situations, must eventually be paid. A company that realizes taxable earnings in high tax jurisdictions may, ultimately, be less valuable than a company that realizes the same amount of taxable earnings in a low tax jurisdiction. EBITDA fails to take into account the cost of depreciation and amortization and the fact that assets will eventually wear out and have to be replaced.

Adjusted EBITDA – using the principles we consistently apply to determine our EBITDA, we further adjusted the EBITDA for certain items we believe to be external to our core business and not reflective of our costs of doing business or results of operation. Specifically, we have adjusted for (i) legal expenses relating to extraordinary litigation, and (ii) any other items that can be considered non-recurring in accordance with the two-year SEC requirement for determining an item is non-recurring, infrequent or unusual in nature.



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

FAQ

What were Reading International's (RDI) key financial metrics for Q4 2024?

RDI's Q4 2024 showed revenue increase of 29.3% to $58.6M, operating income of $1.5M, and adjusted EBITDA of $3.4M, marking significant improvement from Q4 2023.

How did RDI's cinema segment perform in Q4 2024?

Cinema revenue increased 30% to $54.6M with operating income of $3.8M, driven by successful releases like Moana 2, Wicked, and Gladiator II.

What was RDI's real estate performance in Q4 2024?

Real estate revenue grew 14% to $5.2M with operating income up 148.5% to $1.4M, supported by 96% occupancy rate in Australia/NZ portfolio.

How much debt did RDI have as of December 31, 2024?

RDI reported total bank borrowings of $202.7M against total book value assets of $471.0M.

What major asset sales did RDI complete in early 2025?

RDI sold Wellington, NZ assets for NZ$38M and signed an option to sell Cannon Park properties for AU$32M.
Reading Intl Inc

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Entertainment
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United States
CULVER CITY