READING INTERNATIONAL INC
For the period ended Dec 31, 2023. Filed Mar 29, 2024.
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FY2023 · Filed Mar 29, 2024
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Item 7. Results of Operations
ONS
In this section, we discuss the results of our operations for the year ended December 31, 2023, compared to the year ended December 31, 2022. For a discussion of the year ended December 31, 2022, compared to the year ended December 31, 2021, please refer to Part II, Item 7, “Management's Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2022.
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The following table sets forth the overall results of operations for the three years ended December 31, 2023:
| % Change - Favorable/(Unfavorable) | ||||||||
|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | 2023 | % ofRevenue | 2022 | % ofRevenue | 2021 | % ofRevenue | 2023 vs. 2022 | 2022 vs. 2021 |
| SEGMENT RESULTS | ||||||||
| Cinema exhibition operating income (loss) | $124 | —% | $(11,716) | (6)% | $(18,637) | (13)% | >100% | 37% |
| Real estate operating income (loss) | 3,791 | 2% | 506 | 0% | (5,355) | (4)% | >100% | >100% |
| NON-SEGMENT RESULTS | ||||||||
| Depreciation and amortization expense | (711) | —% | (1,072) | (1)% | (1,232) | (1)% | 34% | 13% |
| General and administrative expense | (15,235) | (7)% | (16,201) | (8)% | (16,569) | (12)% | 6% | 2% |
| Interest expense, net | (19,418) | (9)% | (14,392) | (7)% | (13,688) | (10)% | (35)% | (5)% |
| Equity earnings of unconsolidated joint ventures | 456 | —% | 271 | —% | 258 | —% | 68% | 5% |
| Gain (loss) on sale of assets | 562 | —% | (54) | (0)% | 92,219 | 66% | >100% | 100% |
| Other income (expense) | (164) | —% | 6,817 | 3% | 3,762 | 3% | (>100)% | 81% |
| Income (loss) before income taxes | (30,595) | (14)% | (35,841) | (18)% | 40,758 | 29% | 15% | (>100)% |
| Income tax benefit (expense) | (590) | —% | (819) | (0)% | (5,944) | (4)% | 28% | 86% |
| Net income (loss) | (31,185) | (14)% | (36,660) | (18)% | 34,814 | 25% | 15% | (>100)% |
| Less: Net income (loss) attributable to noncontrolling interests | (512) | —% | (476) | —% | 2,893 | 2% | (8)% | (>100)% |
| Net income (loss) attributable to Reading International, Inc. | $(30,673) | (14)% | $(36,184) | (18)% | $31,921 | 23% | 15% | (>100)% |
| Basic earnings (loss) per share | $(1.38) | $(1.64) | $1.46 | 16% | (>100)% | |||
CONSOLIDATED RESULTS
Net Loss attributable to Reading International, Inc. was $30.7 million for the year ended December 31, 2023, a decrease of $5.5 million from a Net Loss of $36.2 million for year ended December 31, 2022. This decrease was primarily due to (i) improved segment operating performance from both cinemas and real estate, (ii) decreased depreciation and amortization expenses, and (iii) decreased general and administrative expenses, partially offset by (i) a $5.0 million increase in interest expenses due to rising interest rates, and (ii) a $7.0 million decrease in other income.
BUSINESS SEGMENT RESULT
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