Reading International, Inc. reported improved Q4 2024 results despite challenges, optimistic about future movie releases
From GlobeNewswire: 2025-04-01 09:00:00
Reading International, Inc. corrected its Fourth Quarter and Full Year 2024 Earnings Press Release, stating that net income for Q4 2024 was ($2,239,000), interest expense $5,247,000, EBITDA $6,805,000, and Adjusted EBITDA $6,805,000. Full year results were behind 2023 due to movie release delays from the 2023 Hollywood strikes. Total revenues decreased by 5.5% to $210.5 million.
Despite challenges, Reading International, Inc. reported improved Q4 2024 results with Total Revenues increasing by 29.3% to $58.6 million compared to Q4 2023. Adjusted EBITDA improved by 404.4% to $6.8 million. The weakening of the AU and NZ dollar exchange rates negatively impacted global total revenue, but the company remains optimistic about future movie releases.
Reading’s President and CEO, Ellen Cotter, highlighted the impact of successful movie releases like Gladiator II, Wicked, and Sonic the Hedgehog 3 in Q4 2024. The company is optimistic about the future with anticipated titles like Disney’s Lilo & Stitch and Mission Impossible: The Final Reckoning in 2025. Real estate assets continue to support the company during challenging periods.
The company’s global cinema business saw increased revenues due to blockbuster movie releases in Q4 2024, with improvements in F&B spends per person and box office revenues. However, the 2023 Hollywood strikes affected the full year 2024 results, with a decrease in global cinema revenue. Real estate business saw revenue and operating income increases for the full year and Q4 2024.
Reading International, Inc. reported a Balance Sheet with cash and cash equivalents of $12.3 million as of December 31, 2024. The company took steps to monetize real estate assets in 2024 and early 2025 to support liquidity. Conference Call and Webcast to discuss financial results are scheduled for April 2, 2025. Reading International operates in the cinema and real estate sectors in the U.S., Australia, and New Zealand.
Read more at GlobeNewswire:: Reading International, Inc. Corrected News Release