READING INTERNATIONAL INC
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
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FY2024 · Filed Mar 31, 2025
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Business Segment Results – 2024 vs. 2023
S –2024 vs. 2023
Presented below is the comparison of the segment operating income of our two business segments for the years ended December 31, 2024 and 2023, respectively:
| 2024 · 2023 · % Change Favorable/(Unfavorable) | |||||||
|---|---|---|---|---|---|---|---|
| (Dollars in thousands) · Cinema · Real Estate · Cinema · Real Estate · Cinema · Real Estate | |||||||
| Segment Revenues | $195,130 | $20,006 | $207,641 | $19,870 | (6)% | 1% | |
| Segment Operating Expenses | |||||||
| Operating Expense | (183,986) | (9,243) | (192,185) | (8,763) | 4% | (5)% | |
| Depreciation and amortization | (10,232) | (5,160) | (11,335) | (6,376) | 10% | 19% | |
| General and administrative expense | (3,709) | (924) | (3,997) | (940) | 7% | 2% | |
| Impairment of long-lived assets | — | — | — | — | - | % | —% |
| Total segment expenses | (197,927) | (15,327) | (207,517) | (16,079) | 5% | 5% | |
| Segment operating income (loss) | $(2,797) | $4,679 | $124 | $3,791 | (>100)% | 23% | |
| Breakdown by country: | |||||||
| United States | $(7,251) | $(361) | $(5,825) | $(753) | (24)% | 52% | |
| Australia | 4,026 | 5,973 | 5,278 | 5,345 | (24)% | 12% | |
| New Zealand | 428 | (933) | 671 | (801) | (36)% | (16)% | |
| $(2,797) | $4,679 | $124 | $3,791 | (>100)% | 23% | ||
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A discussion for each segment follows:
Cinema Exhibition –The following table details our Cinema Exhibition segment operating results for the years ended
December 31, 2024 and 2023, respectively:
| (Dollars in thousands) · 2024 · % of Revenue · 2023 · % of Revenue · Inc/(Dec) · 2024 vs. 2023Favorable/(Unfavorable) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| REVENUE | |||||||||||||||
| United States | Admission revenue | $55,782 | 56% | $63,662 | 56% | (7,880) | (12)% | ||||||||
| Food & beverage revenue | 34,314 | 34% | 38,884 | 34% | (4,570) | (12)% | |||||||||
| Advertising and other revenue | 9,842 | 10% | 11,252 | 10% | (1,410) | (13)% | |||||||||
| $99,938 | 100% | $113,798 | 100% | (13,860) | (12)% | ||||||||||
| Australia | Admission revenue | $48,186 | 59% | $48,630 | 61% | (444) | (1)% | ||||||||
| Food & beverage revenue | 27,670 | 34% | 26,119 | 33% | 1,551 | 6% | |||||||||
| Advertising and other revenue | 6,176 | 8% | 5,276 | 7% | 900 | 17% | |||||||||
| $82,032 | 100% | $80,025 | 100% | 2,007 | 3% | ||||||||||
| New Zealand | Admission revenue | $7,662 | 58% | $8,509 | 62% | (847) | (10)% | ||||||||
| Food & beverage revenue | 4,375 | 33% | 4,585 | 33% | (210) | (5)% | |||||||||
| Advertising and other revenue | 1,122 | 9% | 724 | 5% | 398 | 55% | |||||||||
| $13,159 | 100% | $13,818 | 100% | (659) | (5)% | ||||||||||
| Total revenue | $195,129 | 100% | $207,641 | 100% | (12,512) | (6)% | |||||||||
| OPERATING EXPENSE | |||||||||||||||
| United States | Film rent and advertising cost | $(30,315) | (30)% | $(34,182) | (30)% | (3,867) | 11% | ||||||||
| Food & beverage cost | (9,071) | (9)% | (10,069) | (9)% | (998) | 10% | |||||||||
| Occupancy expense | (22,516) | (23)% | (25,090) | (22)% | (2,574) | 10% | |||||||||
| Labor cost | (17,323) | (17)% | (17,397) | (15)% | (74) | —% | |||||||||
| Utilities | (5,973) | (6)% | (6,856) | (6)% | (883) | 13% | |||||||||
| Cleaning and maintenance | (6,664) | (7)% | (8,155) | (7)% | (1,491) | 18% | |||||||||
| Other operating expenses | (7,948) | (8)% | (9,460) | (8)% | (1,512) | 16% | |||||||||
| $(99,810) | (100)% | $(111,209) | (98)% | (11,399) | 10% | ||||||||||
| Australia | Film rent and advertising cost | $(22,124) | (27)% | $(21,814) | (27)% | 310 | (1)% | ||||||||
| Food & beverage cost | (6,141) | (7)% | (5,609) | (7)% | 532 | (9)% | |||||||||
| Occupancy expense | (18,086) | (22)% | (17,207) | (22)% | 879 | (5)% | |||||||||
| Labor cost | (14,040) | (17)% | (13,243) | (17)% | 797 | (6)% | |||||||||
| Utilities | (2,861) | (3)% | (2,545) | (3)% | 316 | (12)% | |||||||||
| Cleaning and maintenance | (5,069) | (6)% | (4,696) | (6)% | 373 | (8)% | |||||||||
| Other operating expenses | (3,597) | (4)% | (3,314) | (4)% | 283 | (9)% | |||||||||
| $(71,918) | (88)% | $(68,428) | (86)% | 3,490 | (5)% | ||||||||||
| New Zealand | Film rent and advertising cost | $(3,473) | (26)% | $(3,858) | (28)% | (385) | 10% | ||||||||
| Food & beverage cost | (947) | (7)% | (911) | (7)% | 36 | (4)% | |||||||||
| Occupancy expense | (3,106) | (24)% | (3,081) | (22)% | 25 | (1)% | |||||||||
| Labor cost | (2,385) | (18)% | (2,417) | (17)% | (32) | 1% | |||||||||
| Utilities | $(394) | (3)% | $(435) | (3)% | (41) | 9% | |||||||||
| Cleaning and maintenance | (886) | (7)% | (971) | (7)% | (85) | 9% | |||||||||
| Other operating expenses | (1,066) | (8)% | (874) | (6)% | 192 | (22)% | |||||||||
| (12,257) | (93)% | (12,547) | (91)% | (290) | 2% | ||||||||||
| Total operating expense | $(183,985) | (94)% | $(192,184) | (93)% | (8,199) | 4% | |||||||||
| DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE | |||||||||||||||
| United States | Depreciation and amortization | $(5,011) | (5)% | $(5,912) | (5)% | (901) | 15% | ||||||||
| General and administrative expense | (2,368) | (2)% | (2,502) | (2)% | (134) | 5% | |||||||||
| $(7,379) | (7)% | $(8,414) | (7)% | (1,035) | 12% | ||||||||||
| Australia | Depreciation and amortization | $(4,763) | (6)% | $(4,824) | (6)% | (61) | 1% | ||||||||
| General and administrative expense | (1,325) | (2)% | (1,495) | (2)% | (170) | 11% | |||||||||
| $(6,088) | (7)% | $(6,319) | (8)% | (231) | 4% | ||||||||||
| New Zealand | Depreciation and amortization | $(458) | (3)% | $(600) | (4)% | (142) | 24% | ||||||||
| General and administrative expense | (16) | —% | — | —% | 16 | —% | |||||||||
| $(474) | (4)% | $(600) | (4)% | (126) | 21% | ||||||||||
| Total depreciation, amortization, and general and administrative expense | $(13,941) | (7)% | $(15,333) | (7)% | (1,392) | 9% | |||||||||
| Total expenses | $(197,926) | (101)% | $(207,517) | (100)% | (9,591) | 5% | |||||||||
| OPERATING INCOME (LOSS) | |||||||||||||||
| United States | $(7,251) | (7)% | $(5,825) | (5)% | (1,426) | (24)% | |||||||||
| Australia | 4,026 | 5% | 5,278 | 7% | (1,252) | (24)% | |||||||||
| New Zealand | 428 | 3% | 671 | 5% | (243) | (36)% | |||||||||
| Total operating income (loss) | $(2,797) | (1)% | $124 | 0% | (2,921) | (>100)% | |||||||||
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Cinema Exhibition –The following table details our Cinema Exhibition segment operating results for the quarters ended December 31, 2024 and 2023, respectively:
| (Dollars in thousands) · 2024 · % of Revenue · 2023 · % of Revenue · Inc/(Dec) · 2024 vs. 2023Favorable/(Unfavorable) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| REVENUE | ||||||||||||||||
| United States | Admission revenue | $16,414 | 56% | $13,412 | 56% | 3,002 | 22% | |||||||||
| Food & beverage revenue | 10,077 | 34% | 7,776 | 33% | 2,301 | 30% | ||||||||||
| Advertising and other revenue | 2,847 | 10% | 2,552 | 11% | 295 | 12% | ||||||||||
| $29,338 | 100% | $23,740 | 100% | 5,598 | 24% | |||||||||||
| Australia | Admission revenue | $12,627 | 59% | $9,202 | 59% | 3,425 | 37% | |||||||||
| Food & beverage revenue | 6,865 | 31% | 5,103 | 33% | 1,762 | 35% | ||||||||||
| Advertising and other revenue | 1,928 | 9% | 1,382 | 9% | 546 | 40% | ||||||||||
| $21,420 | 100% | $15,687 | 100% | 5,733 | 37% | |||||||||||
| New Zealand | Admission revenue | $2,103 | 55% | $1,520 | 61% | 583 | 38% | |||||||||
| Food & beverage revenue | 1,113 | 29% | 811 | 33% | 302 | 37% | ||||||||||
| Advertising and other revenue | 586 | 15% | 152 | 6% | 434 | >100% | ||||||||||
| $3,802 | 100% | $2,483 | 100% | 1,319 | 53% | |||||||||||
| Total revenue | $54,560 | 100% | $41,910 | 100% | 12,650 | 30% | ||||||||||
| OPERATING EXPENSE | ||||||||||||||||
| United States | Film rent and advertising cost | $(9,124) | (31)% | $(6,619) | (28)% | 2,505 | (38)% | |||||||||
| Food & beverage cost | (2,519) | (9)% | (2,030) | (9)% | 489 | (24)% | ||||||||||
| Occupancy expense | (4,986) | (17)% | (6,322) | (27)% | (1,336) | 21% | ||||||||||
| Labor cost | (4,516) | (15)% | (4,118) | (17)% | 398 | (10)% | ||||||||||
| Utilities | (1,371) | (5)% | (1,507) | (6)% | (136) | 9% | ||||||||||
| Cleaning and maintenance | (1,667) | (6)% | (1,531) | (6)% | 136 | (9)% | ||||||||||
| Other operating expenses | (1,871) | (6)% | (2,199) | (9)% | (328) | 15% | ||||||||||
| $(26,054) | (89)% | $(24,326) | (102)% | 1,728 | (7)% | |||||||||||
| Australia | Film rent and advertising cost | $(5,955) | (28)% | $(4,162) | (27)% | 1,793 | (43)% | |||||||||
| Food & beverage cost | (1,510) | (7)% | (1,202) | (8)% | 308 | (26)% | ||||||||||
| Occupancy expense | (4,473) | (21)% | (4,159) | (27)% | 314 | (8)% | ||||||||||
| Labor cost | (3,530) | (16)% | (3,271) | (21)% | 259 | (8)% | ||||||||||
| Utilities | (690) | (3)% | (668) | (4)% | 22 | (3)% | ||||||||||
| Cleaning and maintenance | (1,341) | (6)% | (972) | (6)% | 369 | (38)% | ||||||||||
| Other operating expenses | (851) | (4)% | (783) | (5)% | 68 | (9)% | ||||||||||
| $(18,350) | (86)% | $(15,217) | (97)% | 3,133 | (21)% | |||||||||||
| New Zealand | Film rent and advertising cost | $(991) | (26)% | $(694) | (28)% | 297 | (43)% | |||||||||
| Food & beverage cost | (244) | (6)% | (180) | (7)% | 64 | (36)% | ||||||||||
| Occupancy expense | (760) | (20)% | (724) | (29)% | 36 | (5)% | ||||||||||
| Labor cost | (599) | (16)% | (562) | (23)% | 37 | (7)% | ||||||||||
| Utilities | (81) | (2)% | (84) | (3)% | (3) | 4% | ||||||||||
| Cleaning and maintenance | (237) | (6)% | (216) | (9)% | 21 | (10)% | ||||||||||
| Other operating expenses | (263) | (7)% | (240) | (10)% | 23 | (10)% | ||||||||||
| (3,175) | (84)% | $(2,700) | (109)% | 475 | (18)% | |||||||||||
| — | ||||||||||||||||
| Total operating expense | $(47,579) | (87)% | $(42,243) | (101)% | 5,336 | (13)% | ||||||||||
| DEPRECIATION, AMORTIZATION, IMPAIRMENT AND GENERAL AND ADMINISTRATIVE EXPENSE | ||||||||||||||||
| United States | Depreciation and amortization | $(1,227) | (4)% | $(1,394) | (6)% | (167) | 12% | |||||||||
| General and administrative expense | (483) | (2)% | (663) | (4)% | (180) | 27% | ||||||||||
| $(1,710) | (6)% | $(2,057) | (9)% | (347) | 17% | |||||||||||
| Australia | Depreciation and amortization | $(1,144) | (5)% | $(1,213) | (8)% | (69) | 6% | |||||||||
| General and administrative expense | (238) | (1)% | (351) | (2)% | (113) | 32% | ||||||||||
| $(1,382) | (6)% | $(1,564) | (10)% | (182) | 12% | |||||||||||
| New Zealand | Depreciation and amortization | $(108) | (3)% | $(178) | (7)% | (70) | 39% | |||||||||
| General and administrative expense | (15) | —% | — | —% | 15 | —% | ||||||||||
| $(123) | (3)% | $(178) | (7)% | (55) | 31% | |||||||||||
| Total depreciation, amortization, impairment and general and administrative expense | $(3,215) | (6)% | $(3,799) | (9)% | (584) | 15% | ||||||||||
| Total expenses | $(50,794) | (93)% | $(46,042) | (110)% | 4,752 | (10)% | ||||||||||
| OPERATING INCOME (LOSS) | ||||||||||||||||
| United States | $1,574 | 5% | $(2,643) | (11)% | 4,217 | >100% | ||||||||||
| Australia | 1,688 | 8% | (1,094) | (7)% | 2,782 | >100% | ||||||||||
| New Zealand | 504 | 13% | (395) | (16)% | 899 | >100% | ||||||||||
| Total operating income (loss) | $3,766 | 7% | $(4,132) | (10)% | 7,898 | >100% | ||||||||||
Cinema Exhibition Segment Operating Income
Cinema exhibition segment operating income decreased by $2.9 million, to a loss of $2.8 million for the year ended December 31, 2024, compared to the same period in December 31, 2023, primarily driven by a decrease in cinema performance due to a weaker movie slate resulting in lower box office revenue in all three countries, lower concession revenues in the U.S. and New Zealand, and lower advertising revenues in the U.S. It was partially offset by (i) a decrease in depreciation, amortization, general and administrative expense in all three countries, and (ii) lower operating expense in the U.S. and New Zealand.
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Cinema exhibition segment operating income for the fourth quarter of 2024 was $3.8 million, an increase of $7.9 million from an operating loss of $4.1 million in the same time period of 2023 primarily attributable to a stronger holiday movie releases.
Revenue
Cinema revenue decreased by $12.5 million, to $195.1 million for the year ended December 31, 2024, compared to 2023 primarily due to a weaker movie slate as a result of the lingering impacts of the 2023 Hollywood strikes.
The table below is the revenue breakdown, by country, for the years ended December 31, 2024, and 2023, respectively:
| (Dollars in thousands) | 2024 | % ofRevenue | 2023 | % ofRevenue | 2024 vs. 2023Favorable/(Unfavorable) |
|---|---|---|---|---|---|
| United States | $99,938 | 51% | $113,798 | 55% | (12)% |
| Australia | 82,032 | 42% | 80,025 | 39% | 3% |
| New Zealand | 13,159 | 7% | 13,818 | 7% | (5)% |
| Total Segment Revenues | $195,129 | 100% | $207,641 | 100% | (6)% |
Below are the changes in our cinema revenue by market:
In the United States, cinema revenues decreased by $13.9 million, to $99.9 million for the year ended December 31, 2024, compared to 2023.
In Australia, cinema revenues increased by $2.0 million, to $82.0 million for the year ended December 31, 2024, compared to 2023.
In New Zealand, cinema revenues decreased by $0.7 million, to $13.2 million for the year ended December 31, 2024, compared to 2023.
For the quarter ended December 31, 2024, Cinema segment revenue increased by $12.7 million against the fourth quarter of 2023, to $54.6 million, which was primarily attributable to a stronger fourth quarter holiday blockbuster film slate in 2024 vs 2023 with the releases of Wicked, Moana 2, Gladiator II, and Sonic The Hedgehog 3 compared to Q4 2023, which was heavily impacted by the 2023 strikes.
Operating Expense
Operating expense for the full year 2024 decreased by $8.2 million, to $184.0 million when compared to 2023 due to lower film rent in the U.S. and New Zealand associated with decreased ticket sales, lower F&B costs in the U.S., along with decreased occupancy expenses in the U.S.
For the quarter ended December 31, 2024, operating expenses increased by $5.3 million, to $47.6 million when compared to the fourth quarter of 2023 due to increased film rent as a result of a strong film slate and increased concession cost.
Depreciation, Amortization, Impairment, General and Administrative Expense
Depreciation, amortization, general and administrative expense for the year-ended December 31, 2024 decreased by $1.4 million, to $13.9 million compared to 2023 primarily driven by cinema closures in the U.S., sale of our Culver City office building, and delay in CAPEX spending.
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Real Estate –The following table details our Real Estate segment operating results for the years ended December 31, 2024 and 2023, respectively:
| (Dollars in thousands) · 2024 · % of Revenue · 2023 · % of Revenue · Inc/(Dec) · 2024 vs. 2023Favorable/(Unfavorable) | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| REVENUE | |||||||||||||||||
| United States | Live theatre rental and ancillary income | $2,024 | 32% | $1,802 | 29% | 222 | 12% | ||||||||||
| Property rental income | 4,221 | 68% | 4,395 | 71% | (174) | (4)% | |||||||||||
| 6,245 | 100% | 6,197 | 100% | 48 | 1% | ||||||||||||
| Australia | Property rental income | 12,341 | 100% | 12,164 | 100% | 177 | 1% | ||||||||||
| New Zealand | Property rental income | 1,420 | 100% | 1,509 | 100% | (89) | (6)% | ||||||||||
| Total revenue | $20,006 | 100% | $19,870 | 100% | 136 | 1% | |||||||||||
| OPERATING EXPENSE | |||||||||||||||||
| United States | Live theater cost | $(1,024) | (16)% | $(765) | (12)% | 259 | (34)% | ||||||||||
| Occupancy expense | (694) | (11)% | (789) | (13)% | (95) | 12% | |||||||||||
| Utilities | (116) | (2)% | (184) | (3)% | (68) | 37% | |||||||||||
| Cleaning and maintenance | (183) | (3)% | (170) | (3)% | 13 | (8)% | |||||||||||
| Other operating expenses | (1,096) | (18)% | (1,238) | (20)% | (142) | 11% | |||||||||||
| $(3,113) | (50)% | $(3,146) | (51)% | (33) | 1% | ||||||||||||
| Australia | Occupancy expense | $(1,988) | (16)% | $(1,956) | (16)% | 32 | (2)% | ||||||||||
| Labor cost | (247) | (2)% | (218) | (2)% | 29 | (13)% | |||||||||||
| Utilities | (72) | (1)% | (73) | (1)% | (1) | 1% | |||||||||||
| Cleaning and maintenance | (983) | (8)% | (927) | (8)% | 56 | (6)% | |||||||||||
| Other operating expenses | (929) | (8)% | (891) | (7)% | 38 | (4)% | |||||||||||
| $(4,219) | (34)% | $(4,065) | (33)% | 154 | (4)% | ||||||||||||
| New Zealand | Occupancy expense | $(474) | (33)% | $(419) | (28)% | 55 | (13)% | ||||||||||
| Labor cost | (22) | (2)% | (99) | (7)% | (77) | 78% | |||||||||||
| Utilities | (62) | (4)% | (53) | (4)% | 9 | (17)% | |||||||||||
| Cleaning and maintenance | (44) | (3)% | (33) | (2)% | 11 | (33)% | |||||||||||
| Other operating expenses | (1,311) | (92)% | (948) | (63)% | 363 | (38)% | |||||||||||
| $(1,913) | (135)% | $(1,552) | (103)% | 361 | (23)% | ||||||||||||
| — | —% | ||||||||||||||||
| Total operating expense | $(9,245) | (46)% | $(8,763) | (44)% | 482 | (6)% | |||||||||||
| DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE | |||||||||||||||||
| United States | Depreciation and amortization | $(2,628) | (42)% | $(3,104) | (50)% | (476) | 15% | ||||||||||
| General and administrative expense | (865) | (14)% | (700) | (11)% | 165 | (24)% | |||||||||||
| $(3,493) | (56)% | $(3,804) | (61)% | (311) | 8% | ||||||||||||
| Australia | Depreciation and amortization | $(2,091) | (17)% | $(2,514) | (21)% | (423) | 17% | ||||||||||
| General and administrative expense | (58) | (0)% | (240) | (2)% | (182) | 76% | |||||||||||
| $(2,149) | (17)% | $(2,754) | (23)% | (605) | 22% | ||||||||||||
| New Zealand | Depreciation and amortization | $(440) | (31)% | $(758) | (50)% | (318) | 42% | ||||||||||
| General and administrative expense | — | —% | — | —% | — | —% | |||||||||||
| $(440) | (31)% | $(758) | (50)% | (318) | 42% | ||||||||||||
| Total depreciation, amortization, and general and administrative expense | $(6,082) | (30)% | $(7,316) | (37)% | (1,234) | 17% | |||||||||||
| Total expenses | $(15,327) | (77)% | $(16,079) | (81)% | (752) | 5% | |||||||||||
| OPERATING INCOME (LOSS) | |||||||||||||||||
| United States | $(361) | (6)% | $(753) | (12)% | 392 | 52% | |||||||||||
| Australia | 5,973 | 48% | 5,345 | 44% | 628 | 12% | |||||||||||
| New Zealand | (933) | (66)% | (801) | (53)% | (132) | (16)% | |||||||||||
| Total operating income (loss) | $4,679 | 23% | $3,791 | 19% | 888 | 23% | |||||||||||
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Real Estate –The following table details our Real Estate segment operating results for the quarters ended December 31, 2024 and 2023, respectively:
| (Dollars in thousands) · 2024 · % of Revenue · 2023 · % of Revenue · Inc/(Dec) · 2024 vs. 2023Favorable/(Unfavorable) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| REVENUE | ||||||||||||||||
| United States | Live theatre rental and ancillary income | $804 | 44% | $432 | 36% | 372 | 86% | |||||||||
| Property rental income | 1,029 | 56% | 763 | 64% | 266 | 35% | ||||||||||
| 1,833 | 100% | 1,195 | 100% | 638 | 53% | |||||||||||
| Australia | Property rental income | 2,999 | 100% | 2,973 | 100% | 26 | 1% | |||||||||
| New Zealand | Property rental income | 330 | 100% | 364 | 100% | (34) | (9)% | |||||||||
| Total revenue | $5,162 | 100% | $4,532 | 100% | 630 | 14% | ||||||||||
| OPERATING EXPENSE | ||||||||||||||||
| United States | Live theater cost | $(316) | (17)% | $(141) | (12)% | 175 | (>100)% | |||||||||
| Occupancy expense | (173) | (9)% | (193) | (16)% | (20) | 10% | ||||||||||
| Utilities | (28) | (2)% | (33) | (3)% | (5) | 15% | ||||||||||
| Cleaning and maintenance | (68) | (4)% | (34) | (3)% | 34 | (100)% | ||||||||||
| Other operating expenses | (233) | (13)% | (393) | (33)% | (160) | 41% | ||||||||||
| $(818) | (45)% | $(794) | (66)% | 24 | (3)% | |||||||||||
| Australia | Occupancy expense | $(513) | (17)% | $(480) | (16)% | 33 | (7)% | |||||||||
| Labor cost | (65) | (2)% | (52) | (2)% | 13 | (25)% | ||||||||||
| Utilities | (17) | (1)% | (19) | (1)% | (2) | 11% | ||||||||||
| Cleaning and maintenance | (257) | (9)% | (210) | (7)% | 47 | (22)% | ||||||||||
| Other operating expenses | (230) | (8)% | (175) | (6)% | 55 | (31)% | ||||||||||
| $(1,082) | (36)% | $(936) | (31)% | 146 | (16)% | |||||||||||
| New Zealand | Occupancy expense | $(124) | (38)% | $(110) | (30)% | 14 | (13)% | |||||||||
| Labor cost | (5) | (2)% | (26) | (7)% | (21) | 81% | ||||||||||
| Utilities | (13) | (4)% | (12) | (3)% | 1 | (8)% | ||||||||||
| Cleaning and maintenance | (11) | (3)% | (2) | (1)% | 9 | (>100)% | ||||||||||
| Other operating expenses | (391) | (118)% | (283) | (78)% | 108 | (38)% | ||||||||||
| $(544) | (165)% | $(433) | (119)% | 111 | (26)% | |||||||||||
| Total operating expense | $(2,444) | (47)% | $(2,163) | (48)% | 281 | (13)% | ||||||||||
| DEPRECIATION, AMORTIZATION, GENERAL AND ADMINISTRATIVE EXPENSE | ||||||||||||||||
| United States | Depreciation and amortization | $(539) | (30)% | $(746) | (62)% | (207) | 28% | |||||||||
| General and administrative expense | (192) | (10)% | (193) | (17)% | (1) | 1% | ||||||||||
| $(731) | (40)% | $(939) | (79)% | (208) | 22% | |||||||||||
| Australia | Depreciation and amortization | $(459) | (15)% | $(614) | (21)% | (155) | 25% | |||||||||
| General and administrative expense | (6) | (0)% | (51) | (2)% | (45) | 88% | ||||||||||
| $(465) | (16)% | $(665) | (22)% | (200) | 30% | |||||||||||
| New Zealand | Depreciation and amortization | $(77) | (23)% | $(186) | (51)% | (109) | 59% | |||||||||
| General and administrative expense | — | —% | — | —% | — | —% | ||||||||||
| $(77) | (23)% | $(186) | (51)% | (109) | 59% | |||||||||||
| Total depreciation, amortization, and general and administrative expense | $(1,273) | (25)% | $(1,790) | (39)% | (517) | 29% | ||||||||||
| Total expenses | $(3,717) | (72)% | $(3,953) | (87)% | (236) | 6% | ||||||||||
| OPERATING INCOME (LOSS) | ||||||||||||||||
| United States | $284 | 15% | $(538) | (45)% | 822 | >100% | ||||||||||
| Australia | 1,452 | 48% | 1,372 | 46% | 80 | 6% | ||||||||||
| New Zealand | (291) | (88)% | (255) | (70)% | (36) | (14)% | ||||||||||
| Total operating income (loss) | $1,445 | 28% | $579 | 13% | 866 | >100% | ||||||||||
Real Estate Segment Operating Income
Real estate segment operating income was $4.7 million for the year ended December 31, 2024, which was an increase of $0.9 million from an operating income of $3.8 million for the year ended December 31, 2023, primarily as a result of (i) increased revenue for the Live Theatres and Australian Property divisions and (ii) lower depreciation and amortization expense in all three countries.
Revenue
The table below is the revenue breakdown by country for each year:
| (Dollars in thousands) | 2024 | % ofRevenue | 2023 | % ofRevenue | 2024 vs. 2023Favorable/(Unfavorable) |
|---|---|---|---|---|---|
| United States | $6,245 | 31% | $6,197 | 31% | 1% |
| Australia | 12,341 | 62% | 12,164 | 61% | 1% |
| New Zealand | 1,420 | 7% | 1,509 | 8% | (6)% |
| Total Segment Revenues | $20,006 | 100% | $19,870 | 100% | 1% |
-46 -
Real estate revenues for the year ended December 31, 2024, increased by $0.1 million, to $20.0 million compared to 2023. This increase is attributable to higher Live Theater rental and ancillary income in the U.S. and higher property rental income in Australia, partially offset by lower US property income from the third party and intercompany rent income loss from our Culver City office building due to the abandonment by that tenant of their premises at the building in July 2023 (we subsequently sold the property in February 2024) and lower NZ property rental income.
NON-SEGMENT RES
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.