Reading International had a challenging second quarter, but remains optimistic about the future

From GlobeNewswire: 2024-08-14 09:00:00

Reading International, Inc. announced its Second Quarter 2024 results, impacted by the 2023 Hollywood Strikes and weaker global box office due to fewer blockbuster films. Total revenues for Q2 2024 were $46.8 million, with an operating loss of $4.4 million. Full financial details for the first six months of 2024 were also provided in the announcement.

Despite the challenges, the release of hit films like Inside Out 2 and Bad Boys: Ride or Die in June 2024 provided momentum for Reading’s cinema divisions. Past the anticipated 2023 Hollywood Strike impacts, the Company looks forward to upcoming releases like Beetlejuice Beetlejuice, Joker: Folie à Deux, and Moana 2 in the second half of 2024. Anticipated 2025 releases include Avatar 3 and Mission: Impossible 8.

Reading International is actively working to improve liquidity, including selling assets such as the Culver City office building and exploring monetization opportunities for properties in Australia and New Zealand. Despite the challenges, the Company remains optimistic about the future based on improving box office trends and the continued appeal of theatrical releases. President and CEO Ellen Cotter expressed confidence in a better 2025 and beyond for Reading International and its shareholders.



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