Reading International Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Reading International Inc. filed its Q1 2024 10-Q, detailing financial positions as of March 31, 2024.</b>

AI Summary

READING INTERNATIONAL INC (RDIB) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Filing is a 10-Q for Reading International Inc. for the period ending March 31, 2024. The company's fiscal year ends on December 31. The filing includes data related to common stock, retained earnings, and additional paid-in capital as of March 31, 2024. Information on treasury stock and noncontrolling interest is also provided for various dates. The filing references specific accounting standards for interest expense.

Why It Matters

For investors and stakeholders tracking READING INTERNATIONAL INC, this filing contains several important signals. This 10-Q provides a quarterly update on the company's financial health, crucial for investors assessing short-term performance and trends. The detailed breakdown of equity accounts like retained earnings and additional paid-in capital offers insights into the company's capital structure and historical profitability.

Risk Assessment

Risk Level: low — READING INTERNATIONAL INC shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags, indicating a low level of immediate risk from this document alone.

Analyst Insight

Monitor future filings for trends in revenue, net income, and debt levels to assess the company's ongoing financial performance.

Key Numbers

• 2024-03-31 — Conformed Period of Report (10-Q filing)
• 2024-05-15 — Filed As Of Date (10-Q filing)
• 1231 — Fiscal Year End (Company data)
• NV — State of Incorporation (Company data)

Key Players & Entities

• READING INTERNATIONAL INC (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-15 (date) — Filed as of date
• NV (jurisdiction) — State of incorporation
• 7830 (sic_code) — Standard Industrial Classification
• 5995 SEPULVEDA BOULEVARD (address) — Business address street 1
• CULVER CITY (city) — Business address city
• CA (state) — Business address state

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — Financial data as of this date is reported in the 10-Q.
• 2024-05-15: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance between annual reports.)

Treasury Stock

Stock that a corporation has repurchased from the open market. (Indicates a potential return of capital to shareholders or a strategy to manage share count.)

Retained Earnings

The cumulative amount of net income of a corporation that has not been distributed to its shareholders as dividends. (Reflects the company's historical profitability and reinvestment strategy.)

Key Financial Figures

• $0.01 — tered Class A Nonvoting Common Stock, $0.01 par value RDI The Nasdaq Stock Mark

Filing Documents

• rdi-20240331x10q.htm (10-Q) — 5310KB
• rdi-20240331xex10_1.htm (EX-10.1) — 131KB
• rdi-20240331xex31_1.htm (EX-31.1) — 21KB
• rdi-20240331xex31_2.htm (EX-31.2) — 21KB
• rdi-20240331xex32.htm (EX-32) — 10KB
• rdi-20240331x10qg001.jpg (GRAPHIC) — 10KB
• rdi-20240331x10qg002.jpg (GRAPHIC) — 21KB
• rdi-20240331x10qg003.jpg (GRAPHIC) — 20KB
• rdi-20240331x10qg004.jpg (GRAPHIC) — 32KB
• rdi-20240331x10qg005.jpg (GRAPHIC) — 41KB
• 0000716634-24-000018.txt (&nbsp;) — 20185KB
• rdi-20240331.xsd (EX-101.SCH) — 73KB
• rdi-20240331_cal.xml (EX-101.CAL) — 93KB
• rdi-20240331_def.xml (EX-101.DEF) — 312KB
• rdi-20240331_lab.xml (EX-101.LAB) — 504KB
• rdi-20240331_pre.xml (EX-101.PRE) — 533KB
• rdi-20240331x10q_htm.xml (XML) — 5116KB

- Financial Information

PART I - Financial Information 3

– Financial Statements

Item 1 – Financial Statements 3 Consolidated Balance Sheets (Unaudited) 3 Consolidated Statements of Income (Unaudited) 4 Consolidated Statements of Comprehensive Income (Unaudited) 5 Consolidated Statements of Cash Flows (Unaudited) 6

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 7

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

Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations 24

– Quantitative and Qualitative Disclosure about Market Risk

Item 3 – Quantitative and Qualitative Disclosure about Market Risk 44

– Controls and Procedures

Item 4 – Controls and Procedures 46

– Other Information

PART II – Other Information 47

– Legal Proceedings

Item 1 – Legal Proceedings 47

– Risk Factors

Item 1A – Risk Factors 47

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 47

– Defaults Upon Senior Securities

Item 3 – Defaults Upon Senior Securities 47

– Mine Safety Disclosure

Item 4 – Mine Safety Disclosure 47

– Other Information

Item 5 – Other Information 47

– Exhibits

Item 6 – Exhibits 48

SIGNATURES

SIGNATURES 49 Certifications 2 PART 1 – FINANCIAL INFORMATION

- Financial Statements

Item 1 - Financial Statements READING INTERNATIONAL, INC. CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands, except share information) March 31, December 31, 2024 2023 ASSETS (unaudited) Current Assets: Cash and cash equivalents $ 7,501 $ 12,906 Restricted cash 831 2,535 Receivables 7,104 7,561 Inventories 1,318 1,648 Prepaid and other current assets 3,069 2,881 Land and property held for sale 460 11,179 Total current assets 20,283 38,710 Operating property, net 253,809 262,417 Operating lease right-of-use assets 172,201 181,542 Investment and development property, net 8,353 8,789 Investment in unconsolidated joint ventures 4,539 4,756 Goodwill 24,671 25,535 Intangible assets, net 1,944 2,038 Deferred tax asset, net 112 299 Other assets 8,948 8,965 Total assets $ 494,860 $ 533,051 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued liabilities $ 47,826 $ 43,828 Film rent payable 5,481 6,038 Debt - current portion 41,464 34,484 Subordinated debt - current portion 393 586 Taxes payable - current 1,025 1,376 Deferred revenue 9,893 10,993 Operating lease liabilities - current portion 22,198 23,047 Other current liabilities 6,569 6,731 Total current liabilities 134,849 127,083 Debt - long-term portion 125,459 146,605 Subordinated debt, net 27,228 27,172 Noncurrent tax liabilities 6,234 6,586 Operating lease liabilities - non-current portion 171,793 180,898 Other liabilities 11,569 11,711 Total liabilities $ 477,132 $ 500,055 Commitments and contingencies (Note 15) Stockholders' equity: Class A non-voting common shares, par value $ 0.01 , 100,000,000 shares authorized, 33,611,296 issued and 20,675,185 outstanding at March 31, 2024 and 33,602,627 issued and 20,666,516 outstanding at December 31, 2023

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1 – Description of Business and Segment Reporting Our Company Reading International, Inc., a Nevada corporation ("RDI" and collectively with our consolidated subsidiaries and corporate predecessors, the "Company," "Reading," and "we," "us," or "our") was incorporated in 1999. Our businesses, owned and operated through our various subsidiaries, consist primarily of: the development, ownership, and operation of cinemas in the United States, Australia, and New Zealand; and the development, ownership, operation and/or rental of retail, commercial and live venue real estate assets in Australia, New Zealand, and the United States. Business Segments Reported below are the operating segments of our Company for which separate financial information is available and evaluated regularly by the Chief Executive Officer, the chief operating decision-maker of our Company . As part of our real estate activities, we hold undeveloped land in urban and suburban centers in the United States and New Zealand . The table below summarizes the results of operations for each of our business segments for the quarter ended March 31, 2024, and 2023, respectively. Operating expense includes costs associated with the day-to-day operations of the cinemas and the management of rental properties, including our live theatre assets. Three Months Ended March 31, (Dollars in thousands) 2024 2023 Revenue: Cinema exhibition $ 41,271 $ 41,987 Real estate 4,933 5,065 Inter-segment elimination ( 1,152 ) ( 1,245 ) $ 45,052 $ 45,807 Segment operating income (loss): Cinema exhibition $ ( 4,165 ) $ ( 4,612 ) Real estate 890 1,006 $ ( 3,275 ) $ ( 3,606 ) A reconciliation of segment operating income to income before income taxes is as follows: Three Months Ended March 31, (Dollars in thousands) 2024 2023 Segment operating income (loss) $ ( 3,275 ) $ (

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View this 10-Q filing on SEC EDGAR