Reading International reports third quarter 2024 financial results showing decrease in revenues but increase in operating income

From GlobeNewswire: 2024-11-14 09:00:00

Reading International, Inc. announced its third quarter 2024 financial results, with Total Revenues of $60.1 million, Operating Loss of $0.2 million, Adjusted EBITDA of $2.9 million, Basic loss per share of $0.31, and Net loss attributable to Reading of $6.9 million. Despite a decrease in Revenues, the global Real Estate division reported a 52% increase in Operating Income compared to the same period in 2023.

The cinema business faced a decline in financial results for Q3 2024 compared to the same period in 2023. Australian cinema revenue reached $24.7 million, the highest third quarter since Q3 2019. The U.S. cinema division set a third quarter record for box office per capita. The company is optimistic about the upcoming holiday movie slate.

For the real estate business, global revenue decreased slightly by 3% to $4.9 million, but operating income increased by 52% to $1.4 million compared to Q3 2023. The company’s Australian real estate division delivered the second-highest third-quarter operating income in Reading’s history.

Reading International’s cash and cash equivalents were $10.1 million as of September 30, 2024. Total gross debt was $215.0 million, with total assets valued at $495.7 million. The company worked with lenders to amend existing debt facilities and extend upcoming maturity dates, aiming to improve liquidity and reduce outstanding debt.

A conference call and webcast to discuss these results will be available on the corporate website on November 18, 2024. President and CEO Ellen Cotter expressed confidence in the improved trajectory of the cinema business and outlined steps to reduce interest expenses and outstanding debt through asset sales and debt modifications.



Read more at GlobeNewswire:: Reading International Reports Third Quarter 2024 Results