Reading International Files Q3 2024 10-Q

TL;DR

RDI 10-Q filed Nov 14 for Q3 2024. Details to come.

AI Summary

Reading International Inc. reported its Q3 2024 results on November 14, 2024. The company's fiscal year ends on December 31st. Specific financial figures for the quarter and year-to-date are not detailed in this header information.

Why It Matters

This filing provides an update on Reading International's financial performance for the third quarter of 2024, which is crucial for investors to assess the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly filing and does not inherently indicate new risks.

Key Numbers

• Q3 2024 — Reporting Period (The period covered by the 10-Q filing.)

Key Players & Entities

• Reading International Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-11-14 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• rdi-20240930x10q.htm (10-Q) — 7105KB
• rdi-20240930xex10_1.htm (EX-10.1) — 115KB
• rdi-20240930xex31_1.htm (EX-31.1) — 21KB
• rdi-20240930xex31_2.htm (EX-31.2) — 21KB
• rdi-20240930xex32.htm (EX-32) — 10KB
• rdi-20240930x10qg001.jpg (GRAPHIC) — 10KB
• rdi-20240930x10qg002.jpg (GRAPHIC) — 18KB
• rdi-20240930x10qg003.jpg (GRAPHIC) — 18KB
• rdi-20240930x10qg004.jpg (GRAPHIC) — 45KB
• rdi-20240930x10qg005.jpg (GRAPHIC) — 41KB
• rdi-20240930xex10_1g001.jpg (GRAPHIC) — 4KB
• 0000716634-24-000035.txt ( ) — 25583KB
• rdi-20240930.xsd (EX-101.SCH) — 76KB
• rdi-20240930_cal.xml (EX-101.CAL) — 99KB
• rdi-20240930_def.xml (EX-101.DEF) — 326KB
• rdi-20240930_lab.xml (EX-101.LAB) — 525KB
• rdi-20240930_pre.xml (EX-101.PRE) — 552KB
• rdi-20240930x10q_htm.xml (XML) — 6859KB

- 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 25

– Quantitative and Qualitative Disclosure about Market Risk

Item 3 – Quantitative and Qualitative Disclosure about Market Risk 46

– Controls and Procedures

Item 4 – Controls and Procedures 48

– Other Information

PART II – Other Information 49

– Legal Proceedings

Item 1 – Legal Proceedings 49

– Risk Factors

Item 1A – Risk Factors 49

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 49

– Defaults Upon Senior Securities

Item 3 – Defaults Upon Senior Securities 49

– Mine Safety Disclosure

Item 4 – Mine Safety Disclosure 49

– Other Information

Item 5 – Other Information 49

– Exhibits

Item 6 – Exhibits 50

SIGNATURES

SIGNATURES 51 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) September 30, December 31, 2024 2023 ASSETS (unaudited) Current Assets: Cash and cash equivalents $ 10,083 $ 12,906 Restricted cash 1,400 2,535 Receivables 5,435 7,561 Inventories 1,705 1,648 Prepaid and other current assets 2,528 2,881 Land and property held for sale 37,895 11,179 Total current assets 59,046 38,710 Operating property, net 225,065 262,417 Operating lease right-of-use assets 170,549 181,542 Investment and development property, net — 8,789 Investment in unconsolidated joint ventures 4,294 4,756 Goodwill 25,715 25,535 Intangible assets, net 1,841 2,038 Deferred tax asset, net 238 299 Other assets 8,938 8,965 Total assets $ 495,686 $ 533,051 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued liabilities $ 44,636 $ 43,828 Film rent payable 3,601 6,038 Debt - current portion 52,624 34,484 Subordinated debt - current portion — 586 Taxes payable - current 177 1,376 Deferred revenue 9,728 10,993 Operating lease liabilities - current portion 22,182 23,047 Other current liabilities 6,588 6,731 Total current liabilities 139,536 127,083 Debt - long-term portion 134,070 146,605 Derivative financial instruments - non-current portion 269 — Subordinated debt, net 27,339 27,172 Noncurrent tax liabilities 6,772 6,586 Operating lease liabilities - non-current portion 170,127 180,898 Other liabilities 12,967 11,711 Total liabilities $ 491,080 $ 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 September 30, 2024

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 nine months ended September 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 Nine Months Ended September 30, September 30, (Dollars in thousands) 2024 2023 2024 2023 Revenue: Cinema exhibition $ 56,357 $ 62,687 $ 140,570 $ 165,731 Real estate 4,898 5,056 14,844 15,338 Inter-segment elimination ( 1,165 ) ( 1,181 ) ( 3,463 ) ( 3,644 ) $ 60,090 $ 66,562 $ 151,951 $ 177,425 Segment operating income (loss): Cinema exhibition $ 2,309 $ 4,395 $ ( 3,128 ) $ 4,256 Real estate 1,396 920 3,234 3,212 $ 3,705 $ 5,315 $ 106 $ 7,468 A r

View Full Filing

View this 10-Q filing on SEC EDGAR