Reading International Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Reading International Inc. has submitted its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

READING INTERNATIONAL INC (RDIB) filed a Annual Report (10-K) with the SEC on March 29, 2024. The company filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Reading International Inc. is incorporated in Nevada. The company's principal business is in the Services-Motion Picture Theaters sector (SIC 7830). The filing was made on March 29, 2024.

Why It Matters

For investors and stakeholders tracking READING INTERNATIONAL INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial health, operational results, and strategic positioning for the past fiscal year, which is crucial for investors and stakeholders to assess performance and future outlook. As a publicly traded entity, adherence to SEC filing requirements like the 10-K is mandatory, ensuring transparency and providing essential data for market analysis and investment decisions.

Risk Assessment

Risk Level: medium — READING INTERNATIONAL INC shows moderate risk based on this filing. The filing is a standard annual report, which by nature contains a broad range of financial and operational information. Specific risks would be detailed within the full report, but the filing itself indicates a medium level of risk due to the inherent complexities of public company reporting and the industry sector.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Reading International Inc.'s performance and potential challenges in the motion picture theater industry.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-29 — Filing Date (Date of submission)
• 166 — Public Document Count (Number of documents in the filing)
• 7830 — SIC Code (Services-Motion Picture Theaters)

Key Players & Entities

• READING INTERNATIONAL INC (company) — Filer name
• RDIB (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-03-29 (date) — Filing date
• NV (jurisdiction) — State of incorporation
• 7830 (industry_code) — Standard Industrial Classification for Motion Picture Theaters
• CULVER CITY (location) — Business address city
• 213 235 2240 (phone_number) — Business phone

FAQ

Industry Context

Reading International Inc. operates within the motion picture theater industry, a sector that has faced significant shifts due to evolving consumer entertainment habits and technological advancements.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit annual reports to the SEC to ensure transparency and provide investors with critical financial information.

What Investors Should Do

1. Analyze the full 10-K document for detailed financial statements, including revenue, net income, and balance sheet information.
2. Examine the 'Risk Factors' section of the 10-K to identify specific challenges and potential threats to Reading International Inc.'s business operations.
3. Compare the financial data presented in this 2023 10-K with previous filings to assess trends and year-over-year performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-29: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.01 — tered Class A Nonvoting Common Stock, $0.01 par value RDI NASDAQ Class B Voti
• $6.6 million — This increased our interest expense by $6.6 million in 2022 and by a further $1.6 million i
• $1.6 million — y $6.6 million in 2022 and by a further $1.6 million in 2023, from what our interest expense
• $26.6 million — otal interest bearing debt decreased by $26.6 million from $236.9 million to $210.3 million.
• $236.9 million — ng debt decreased by $26.6 million from $236.9 million to $210.3 million. Additionally, over
• $210.3 million — by $26.6 million from $236.9 million to $210.3 million. Additionally, over the last two year
• $10 million — e deferrals which totaled approximately $10 million as of date of December 31, 2023. Our lo
• $156.1 million — this 2023 Annual Report, have produced $156.1 million in net cash, which permitted us to pay
• $75.6 million — et cash, which permitted us to pay down $75.6 million in debt and to invest $33.9 million in
• $33.9 million — own $75.6 million in debt and to invest $33.9 million in capital improvements, while over the
• $1.3 million — ornia, freeing up cash of approximately $1.3 million (after paying off our mortgage, brokera
• $2.0 million — f this asset will save us approximately $2.0 million in operating and holding costs between
• $77.9 m — ber 31, 2020, 2021, 2022, and 2023 were $77.9 million, $139.1 million, $203.1 million,
• $139.1 m — 021, 2022, and 2023 were $77.9 million, $139.1 million, $203.1 million, and $222.7 milli
• $203.1 m — 023 were $77.9 million, $139.1 million, $203.1 million, and $222.7 million, respectively

Filing Documents

• rdi-20231231x10k.htm (10-K) — 10611KB
• rdi-20231231xex10_28.htm (EX-10.28) — 266KB
• rdi-20231231xex21.htm (EX-21) — 89KB
• rdi-20231231xex23_1.htm (EX-23.1) — 3KB
• rdi-20231231xex31_1.htm (EX-31.1) — 16KB
• rdi-20231231xex31_2.htm (EX-31.2) — 15KB
• rdi-20231231xex32_1.htm (EX-32.1) — 7KB
• rdi-20231231xex32_2.htm (EX-32.2) — 7KB
• rdi-20231231x10kg001.jpg (GRAPHIC) — 3KB
• rdi-20231231x10kg002.jpg (GRAPHIC) — 4KB
• rdi-20231231x10kg003.jpg (GRAPHIC) — 5KB
• rdi-20231231x10kg004.jpg (GRAPHIC) — 6KB
• rdi-20231231x10kg005.jpg (GRAPHIC) — 4KB
• rdi-20231231x10kg006.jpg (GRAPHIC) — 9KB
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• rdi-20231231x10kg011.jpg (GRAPHIC) — 4KB
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• rdi-20231231x10kg015.jpg (GRAPHIC) — 6KB
• rdi-20231231x10kg016.jpg (GRAPHIC) — 6KB
• rdi-20231231x10kg017.jpg (GRAPHIC) — 6KB
• rdi-20231231x10kg018.jpg (GRAPHIC) — 38KB
• rdi-20231231x10kg019.jpg (GRAPHIC) — 43KB
• rdi-20231231xex10_28g001.jpg (GRAPHIC) — 3KB
• 0000716634-24-000009.txt (&nbsp;) — 35081KB
• rdi-20231231.xsd (EX-101.SCH) — 108KB
• rdi-20231231_cal.xml (EX-101.CAL) — 145KB
• rdi-20231231_def.xml (EX-101.DEF) — 472KB
• rdi-20231231_lab.xml (EX-101.LAB) — 786KB
• rdi-20231231_pre.xml (EX-101.PRE) — 830KB
• rdi-20231231x10k_htm.xml (XML) — 8634KB

– Our Business

Item 1 – Our Business 4

– Risk Factors

Item 1A – Risk Factors 23

– Unresolved Staff Comments

Item 1B – Unresolved Staff Comments 31

– Properties

Item 2 – Properties 32

– Legal Proceedings

Item 3 – Legal Proceedings 34

– Mine Safety Disclosures

Item 4 – Mine Safety Disclosures 34 PART II 34

– Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5 – Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34

– Selected Financial Data

Item 6 – Selected Financial Data 36

– Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 – Management's Discussion and Analysis of Financial Condition and Results of Operations 36

– Quantitative and Qualitative Disclosure about Market Risk

Item 7A – Quantitative and Qualitative Disclosure about Market Risk 53

– Financial Statements and Supplementary Data

Item 8 – Financial Statements and Supplementary Data 55 Management's Report on Internal Control over Financial Reporting 56 Report of Independent Registered Public Accounting Firm (Consolidated Financial Statements) 57 Consolidated Balance Sheets as of December 31, 2023 and 2022 58 Consolidated Statements of Operations for the Three Years Ended December 31, 2023 59 Consolidated Statements of Comprehensive Income for the Three Years Ended December 31, 2023 60 Consolidated Statements of Stockholders' Equity for the Three Years Ended December 31, 2023 61 Consolidated Statements of Cash Flows for the Three Years Ended December 31, 2023 62

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 63 Schedule II – Valuation and Qualifying Accounts 100

– Change in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9 – Change in and Disagreements with Accountants on Accounting and Financial Disclosure 101

– Controls and Procedures

Item 9A – Controls and Procedures 101

– Other Information

Item 9B – Other Information 102 PART III 102 PART IV 103

– Exhibits, Financial Statement Schedules

Item 15 – Exhibits, Financial Statement Schedules 103

SIGNATURES

SIGNATURES 108 - 3 - The information in this Annual Report on Form 10-K for the year ended December 31, 2023 ("2023 Form 10-K" or "2023 Annual Report") contains certain forward-looking statements, including statements related to trends in the Company's business. The Company's actual results may differ materially from the results discussed in the "Cautionary Statement Regarding Forward-Looking Statements". Factors that might cause such a difference include those discussed in "Item 1 – Our Business," "Item 1A – Risk Factors," and "Item 7 – Management's Discussion and Analysis of Financial Condition and Results of Operations" as well as those discussed elsewhere in this 2023 Form 10-K. PAR T I

– Our Bu siness

Item 1 – Our Bu siness GENERAL Reading International, Inc. ("RDI" and collectively with our consolidated subsidiaries and corporate predecessors, our "Company," "Reading," "we," "us," or "our") was incorporated in 1999 incident to our reincorporation in the State of Nevada. Our class A non-voting common stock ("Class A Stock") and class B voting common stock ("Class B Stock") are listed for trading on the NASDAQ Capital Market (Nasdaq-CM) under the symbols RDI and RDIB, respectively. Our Corporate Headquarters is at 189 Second Avenue, Suite 2S, New York, New York, 10003. Our corporate website address is www.readingrdi.com . We provide, free of charge on our website, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Sections 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we have electronically filed such material with, or furnished it to, the Securities and Exchange Commission (the "SEC") ( www.sec.gov ). The contents of our Company website are not incorporated into this report. Our corporate governance charters for our Audit and Conflicts Committee and Compensation and Stock Options Committee are available on our website. BUSINESS DESCRIPTION Synergistic Diversification and Branding We are an internationally diversified company focused on the development, ownership and operation of entertainment and real property assets in three jurisdictions: (i) United States ("U.S."), (ii) Australia, and (iii) New Zealand. We group our businesses in two operating segments, which are owned and operated through various operating subsidiaries: Theatrical Motion Picture Exhibition ("Cinema Exhibition"), through as of the date of this 2023 Annual Report, our 61 cinemas. Real Estate , including real estate development and the rental or licensing of retail, commercial and live theatre assets comprised, as of the date of this 2023 Annual Re

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View this 10-K filing on SEC EDGAR