Reading International Files Q2 2024 10-Q

TL;DR

RDI Q2 24 10-Q filed. Financials and ops update.

AI Summary

Reading International Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Specific financial figures and operational highlights are presented within the report.

Why It Matters

This filing provides investors with the latest financial health and operational status of Reading International, Inc., crucial for understanding the company's performance in the motion picture theater industry.

Risk Assessment

Risk Level: medium — As a publicly traded company in the entertainment sector, Reading International faces inherent market and operational risks that are detailed in its SEC filings.

Key Numbers

• Q2 2024 — Reporting Period (Financials for the second quarter of 2024 are detailed.)
• 2024-06-30 — End of Period Date (Specific date for financial reporting.)

Key Players & Entities

• Reading International Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240814 (date) — Filing date
• 5995 SEPULVEDA BOULEVARD (address) — Company's business and mailing address
• CULVER CITY (location) — City of company's address
• NV (state) — State of incorporation

FAQ

Key Financial Figures

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

Filing Documents

• rdi-20240630x10q.htm (10-Q) — 6892KB
• rdi-20240630xex10_1.htm (EX-10.1) — 1606KB
• rdi-20240630xex10_2.htm (EX-10.2) — 59KB
• rdi-20240630xex31_1.htm (EX-31.1) — 21KB
• rdi-20240630xex31_2.htm (EX-31.2) — 21KB
• rdi-20240630xex32.htm (EX-32) — 10KB
• rdi-20240630x10qg001.jpg (GRAPHIC) — 10KB
• rdi-20240630x10qg002.jpg (GRAPHIC) — 31KB
• rdi-20240630x10qg003.jpg (GRAPHIC) — 31KB
• rdi-20240630x10qg004.jpg (GRAPHIC) — 70KB
• rdi-20240630x10qg005.jpg (GRAPHIC) — 41KB
• rdi-20240630xex10_1g001.jpg (GRAPHIC) — 10KB
• rdi-20240630xex10_1g002.jpg (GRAPHIC) — 4KB
• 0000716634-24-000025.txt ( ) — 26408KB
• rdi-20240630.xsd (EX-101.SCH) — 75KB
• rdi-20240630_cal.xml (EX-101.CAL) — 98KB
• rdi-20240630_def.xml (EX-101.DEF) — 321KB
• rdi-20240630_lab.xml (EX-101.LAB) — 517KB
• rdi-20240630_pre.xml (EX-101.PRE) — 545KB
• rdi-20240630x10q_htm.xml (XML) — 6470KB

- 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) June 30, December 31, 2024 2023 ASSETS (unaudited) Current Assets: Cash and cash equivalents $ 9,242 $ 12,906 Restricted cash 1,485 2,535 Receivables 7,647 7,561 Inventories 1,347 1,648 Prepaid and other current assets 2,485 2,881 Land and property held for sale 36,446 11,179 Total current assets 58,652 38,710 Operating property, net 225,473 262,417 Operating lease right-of-use assets 168,546 181,542 Investment and development property, net — 8,789 Investment in unconsolidated joint ventures 4,428 4,756 Goodwill 25,023 25,535 Intangible assets, net 1,899 2,038 Deferred tax asset, net 2,109 299 Other assets 8,725 8,965 Total assets $ 494,855 $ 533,051 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued liabilities $ 44,392 $ 43,828 Film rent payable 4,911 6,038 Debt - current portion 58,401 34,484 Subordinated debt - current portion 198 586 Taxes payable - current 2,088 1,376 Deferred revenue 10,027 10,993 Operating lease liabilities - current portion 21,797 23,047 Other current liabilities 6,625 6,731 Total current liabilities 148,439 127,083 Debt - long-term portion 123,347 146,605 Derivative financial instruments - non-current portion 98 — Subordinated debt, net 27,283 27,172 Noncurrent tax liabilities 6,418 6,586 Operating lease liabilities - non-current portion 168,246 180,898 Other liabilities 11,493 11,711 Total liabilities $ 485,324 $ 500,055 Commitments and contingencies (Note 15) Stockholders' equity: Class A non-voting common shares, par value $ 0.01 , 100,000,000 shares authorized, 33,681,705 issued and 20,745,594 outstanding at June 30, 2024 and

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 and six months ended June 30, 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. Quarter Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2024 2023 2024 2023 Revenue: Cinema exhibition $ 42,941 $ 61,055 $ 84,213 $ 103,042 Real estate 5,013 5,217 9,946 10,282 Inter-segment elimination ( 1,146 ) ( 1,218 ) ( 2,298 ) ( 2,463 ) $ 46,808 $ 65,054 $ 91,861 $ 110,861 Segment operating income (loss): Cinema exhibition $ ( 1,270 ) $ 4,474 $ ( 5,435 ) $ ( 141 ) Real estate 946 1,286 1,837 2,291 $ ( 324 ) $ 5,760 $ ( 3,598 ) $ 2,150 A reconci

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