Reading  International,  Inc. Corrected News Release
For immediate release April 1, 2025
New York, New York

On March 31, 2025, Reading International, Inc. issued its Fourth Quarter and Full Year 2024 Earnings Press Release. The purpose of this press release is to correct the reconciliation of EBITDA and Adjusted EBITDA to net income (loss). The press release stated that net income (loss) for the quarter ended December 31, 2024 was ($5,816,000), interest expense $5,388,000, EBITDA $3,369,000 and Adjusted EBITDA $3,369,000. The correct amounts are net income (loss) ($2,239,000), interest expense $5,247,000, EBITDA $6,805,000, and Adjusted EBITDA $6,805,000.

The corrected amounts have been inserted into the narrative and footnote of the corrected earnings release which follows.

The updated release can be found on the following pages.

---

 

Reading International Reports Fourth Quarter and Full Year 2024 Results



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, New York - March 31, 2025: 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





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. 





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









Real Estate Business





---

 

 

Balance Sheet and Liquidity















 

---

 

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 [email protected] 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)











---

 

Reading International, Inc. and Subsidiaries

Consolidated Balance Sheets

(U.S. dollars in thousands, except share information)



---

 

Reading International, Inc. and Subsidiaries

Segment Results

(U.S. dollars in thousands)









---

 

Reading International, Inc. and Subsidiaries

Reconciliation of EBITDA and Adjusted EBITDA to net income (loss)

(U.S. dollars in thousands)







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.

---