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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Item 7. Results of Operations
ONS
In this section, we discuss the results of our operations for the year ended December 31, 2024, compared to the year ended December 31, 2023. For a discussion of the year ended December 31, 2023, compared to the year ended December 31, 2022, 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, 2023.
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The following table sets forth the overall results of operations for the three years ended December 31, 2024:
| % Change - Favorable/(Unfavorable) | ||||||||
|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | 2024 | % ofRevenue | 2023 | % ofRevenue | 2022 | % ofRevenue | 2024 vs. 2023 | 2023 vs. 2022 |
| SEGMENT RESULTS | ||||||||
| Cinema exhibition operating income (loss) | $(2,797) | (1)% | $124 | 0% | $(11,716) | (6)% | (>100)% | >100% |
| Real estate operating income (loss) | 4,679 | 2% | 3,791 | 2% | 506 | 0% | 23% | >100% |
| NON-SEGMENT RESULTS | ||||||||
| Depreciation and amortization expense | (387) | —% | (711) | —% | (1,072) | (1)% | 46% | 34% |
| General and administrative expense | (15,528) | (7)% | (15,235) | (7)% | (16,201) | (8)% | (2)% | 6% |
| Interest expense, net | (21,154) | (10)% | (19,418) | (9)% | (14,392) | (7)% | (9)% | (35)% |
| Equity earnings of unconsolidated joint ventures | (387) | —% | 456 | —% | 271 | —% | (>100)% | 68% |
| Gain (loss) on sale of assets | (1,371) | (1)% | 562 | 0% | (54) | —% | (>100)% | >100% |
| Other income (expense) | 1,528 | 1% | (164) | —% | 6,817 | 3% | >100% | (>100)% |
| Income (loss) before income taxes | (35,417) | (17)% | (30,595) | (14)% | (35,841) | (18)% | (16)% | 15% |
| Income tax benefit (expense) | (481) | —% | (590) | (0)% | (819) | (0)% | 18% | 28% |
| Net income (loss) | (35,898) | (17)% | (31,185) | (14)% | (36,660) | (18)% | (15)% | 15% |
| Less: Net income (loss) attributable to noncontrolling interests | (597) | —% | (512) | —% | (476) | —% | (17)% | (8)% |
| Net income (loss) attributable to Reading International, Inc. | $(35,301) | (17)% | $(30,673) | (14)% | $(36,184) | (18)% | (15)% | 15% |
| Basic earnings (loss) per share | $(1.58) | $(1.38) | $(1.64) | (14)% | 16% | |||
CONSOLIDATED RESULTS
Net Loss attributed to Reading International, Inc. was $35.3 million for the year ended December 31, 2024, an increase of $4.6 million from a Net Loss of $30.7 million for the year ended December 31, 2023. This increase in loss was primarily due to (i) a decrease in cinema segment revenue due to a weaker movie slate as a result of the lingering impacts from the 2023 Hollywood strikes in the early part of 2024, (ii) a $1.7 million increase in interest expenses due to (i) interest expense related to the (a) NZ$5 million Bridge Facility borrowed in late 2024, which has now been repaid following the sale of our Wellington property assets on January 31, 2025, and (b) $A20 million Bridge Facility bound in 2024 and (ii) increased interest rate on select debt facilities, and (iii) $1.40 million loss on the sale of assets primarily from the sale of the Culver City office, partially offset by (a) decreased operating expense, (b) decreased depreciation and amortization, and (c) a $1.7 million increase in other income.
BUSINESS SEGMENT RESULT
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