READING INTERNATIONAL INC
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 14, 2025
RDIB$10.20-3.5%Stored close · as of Nov 5, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0000716634-25-000037
Item 2. – Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0000716634-25-000048
Item 2. – Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 256 previous paragraphs and 263 current paragraphs.
172 unchanged; 55 reworded; 35 added; 29 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 13 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (35)
Current report
As we anticipated, our third quarter of 2025 cinema results decreased compared to third quarter 2024 due to a weaker film slate. The third quarter 2024 movie slate, which included record setting movies such as Deadpool & Wolverine, Beetlejuice Beetlejuice, Despicable Me 4, Twisters, and It Ends with Us, outperformed the third quarter 2025 movie slate. In the U.S., our box office was further negatively impacted by the second quarter 2025 closure of an underperforming theater in San Diego, California. Broader industry challenges, including persistent inflation, rising labor and other operating costs, and lingering impacts from the 2023 Hollywood strikes, continued to influence results and contributed to an overall softer quarter.
Current report
Despite these obstacles, when movies deliver box office results that both exceed industry expectations and set records, such as Demon Slayer: Kimetsu No Yaiba Infinity Casti, Supermanand Weapons, our confidence in the future of the theatrical business is reinforced. This occurred again when KPop Demon Hunters, originally released by Netflix, delivered an $18 million domestic box office in an unexpected limited, two-day only theatrical release.
Current report
As mentioned above, and further discussed in the below, certain current macroeconomic conditions continued to present challenges for our cinema operations during the relevant periods:
Current report
Cinema attendance levels have not returned to pre-pandemic levels;
Current report
The number of movies released by the major Hollywood studios and other distributors, while increasing from pandemic levels, have not yet returned to their higher pre-pandemic levels, as releases continue to be impacted by both the shutdown due to Covid and the 2023 Hollywood Strikes;
Current report
The traditional exclusive theatrical release window continues to face pressure from cable and streaming platforms, as illustrated this quarter by Netflix’s limited release of KPop Demon Hunters for only two days;
Current report
Inflationary pressures, ongoing supply chain issues and increased operating expenses arising post-pandemic continue to push up our variable costs while we encounter consumer resistance to higher ticket prices;
Current report
Labor costs continue to rise due to mandated minimum wage increases;
Current report
Increased fixed costs for third party cinema rents, some of which are increasing due to base rent escalations, some of which are fixed and some of which are adjusted by reference to changes in the cost of living index, which are exacerbated by our obligation to also pay certain COVID-19 related rent deferrals. We have been able to mitigate this somewhat by negotiating for rent abatements and revised rental terms and through the closure of certain underperforming venues;
Current report
Declines in exchange rates for the Australian and New Zealand currencies when compared to the U.S. Dollar for the third quarter and first nine months of 2025; and
Current report
General market and economic conditions.
Current report
We believe that our ongoing focus on operational efficiency and strategic initiatives has improved our operations results. Over the past quarter, we have worked to optimize the efficiency of our locations, by
Current report
Renegotiating our cinema leases and aligning our occupancy costs more effectively with attendance levels that, in general, remain behind pre-pandemic levels.
Current report
Prioritizing the elevation of the guest experience through our expanded Food and Beverage program. Beer and wine, and liquor service is available at nearly every one of our U.S. cinema locations. These enhancements are mirrored in our Australian and New Zealand markets, ensuring a consistent and premium experience for audiences across all regions. This strong focus on Food and Beverage resulted in revenue increases in all countries for the quarter and nine months compared to their respective prior year periods.
Current report
Exploiting our free to join and paid cinema membership programs in Australia and New Zealand and our free to join reward programs in the U.S. And, through the quarter we continued to develop our new free to join and paid membership programs in the U.S., which are expected to be launched in the fourth quarter 2025.
Current report
These initiatives not only provide increased revenues and reduced expenses but also highlight our dedication to delivering exceptional and memorable cinema experiences that we believe consistently draw audiences back to our theaters. Importantly, the lingering impacts of COVID-19 have become far less of a factor, allowing audiences to return to theaters more confidently and enabling our operations to function closer to pre-pandemic levels.
Current report
On a year-to-date basis, earlier releases in 2025 such as A Minecraft Movie, Sinners, Lilo & Stitch, How to Train Your Dragon, Thunderbolts*, and Mission: Impossible - The Final Reckoning all contributed significantly to our performance this year during the first two quarters. These films drove strong audience engagement, resulting in robust box office results for our worldwide cinemas. While attendance for the first nine months of 2025 was down compared to the first nine months of 2024, in our Australian and New Zealand circuits our box office revenues have seen improvement, on a functional currency basis, as the result of our increased average ticket prices in each of those countries.
Current report
Looking ahead, we believe that the fourth quarter film slate presents a major opportunity to regain positive momentum and deliver stronger results. Major releases including The Running Man, Wicked: For Good, Zootopia 2, Five Nights at Freddy’s 2, The SpongeBob Movie: Search for SquarePants, The Housemaid, Marty Supreme, and Avatar: Fire and Ash are positioned to appeal to a wide variety of audiences, which should allow for a strong carry over into the beginning of 2026. These titles cover a wide range of genres, from musicals and family animation to horror and epic science fiction, each with the potential to drive significant box office results. When combined with our strategic operational initiatives and ongoing audience engagement efforts, this diverse slate gives us confidence that the fourth quarter will deliver a powerful, more impactful finish to the year.
Current report
With respect to our real estate segment, our Australian real estate revenues continue to have steady, strong performance, especially when measured in local currency. However, the Australian real estate operations for the three-month period ended September 30, 2025 have been adversely impacted by the generally downward trend in exchange rates and the third quarter 2025 monetization of our Cannon Park entertainment center in Townsville, Australia.
Current report
To align with our liquidity priorities, we have largely deferred new real estate development. Capital spending in 2024 and to date in 2025 has been primarily focused on upgrades to our existing cinemas. Additionally, we continue to hold our Newberry Yard property in Williamsport, Pennsylvania for sale and we continue to explore other opportunities to strengthen liquidity, for example, we recently entered into an agreement to sell our property in Napier, New Zealand.
Current report
Cinema Pipeline and Closures
Current report
During the third quarter, we commenced a renovation of our theater in Bakersfield, California. We are upgrading our Reading Cinemas at Valley Plaza Mall by (i) creating a TITAN LUXE premium screen featuring a Dolby Atmos sound system and luxury heated recliner seats, (ii) installing luxury heated recliner seats in our IMAX auditorium and (iii) installing luxury recliner seats in eight other auditoriums. The renovated IMAX auditorium is now open for business and we anticipate the renovation to be completed before the end of 2025.
Current report
On October 21, 2025, we entered into a agreement for sale and purchase for our cinema and retail property located in Napier, New Zealand, providing for a purchase price of NZ$2,500,000. The transaction is subject to the satisfactory completion of buyer due diligence No assurances can be given that the transaction will be consummated.
Current report
Third Quarter Net Results
Current report
Revenue for the nine months ended September 30, 2025, increased by 1% (or $0.8 million), to $152.7 million, when compared to the same period in the prior year. This increase is attributable to improved box office from better movie slate as Lilo & Stitch and A Minecraft Movie released during the second quarter of 2025, improved US Food & Beverage revenue and better Live theatre rental and ancillary income, which was partially offset by a decrease in real estate rent revenue and a decrease in Food & Beverage revenues in Australia and New Zealand.
Current report
Our total segment operating income for the quarter ended September 30, 2025, decreased by $0.5 million, from $3.6 million to $3.1 million, primarily due to weakened cinema performance, partially offset by lower depreciation and amortization.
Current report
Third Quarter Results
Current report
For the quarter ended September 30, 2025, cinema revenue decreased by $7.8 million, to $48.6 million compared to the same period in the prior year. This decrease was primarily due to a global decrease in cinema revenues driven by a weaker film slate compared to Q3 2024 when Deadpool & Wolverine, Beetlejuice Beetlejuice, Despicable Me 4, Twisters and It Ends with Us were released, coupled witha weakening of AU/NZ foreign exchange rates. Cinema revenue was also adversely impacted by the closure of an underperforming cinema complex in the second quarter 2025.
Current report
Cinema segment operating income for the nine months ended September 30, 2025, increased by $9.3 million, from a loss of $6.6 million to an income of $2.7 million when compared to the same period in the prior year primarily due to (i) increased cinema revenues from a better movie slate (ii) efficiently managed cinema expenses, and (iii) a reduction in depreciation and amortization in all three countries.
Current report
Operating expenses for the nine months ended September 30, 2025, is $129.3 million, decreased by $7.1 million compared to the same time period in the prior year due to US rent negotiations, operational efficiency and closure of under performing cinemas.
Current report
Third Quarter Results
Current report
Real estate rent revenue for the quarter ended September 30, 2025, decreased by $0.3 million to $4.6 million, compared to the same period in the prior year primarily due to the sale of our Wellington and Cannon Park assets, which resulted in a reduction in rental income, offset by increased Live Theatre rental and ancillary income.
Current report
On September 30, 2025, we entered into an agreement to purchase all of the partnership interests in Sutton Hill Associates, a California general partnership (“SHA”). Through its ownership of 100% of the membership interests in Sutton Hill Capital, LLC SHA’s principal assets are (i) the 25% non-controlling membership interest in Sutton Hill Properties, LLC that we do not already own and which in turn owns the land and improvements commonly known as the Cinemas 1,2,3, and (ii) the tenant’s interest in the ground lease and in the improvements commonly known at the Village East By Angelika. Both of these cinemas are located in the Borough of Manhattan, NY, NY. We have been operating these cinemas for more than the past 20 years and the ownership of these assets for accounting purposes is already consolidated into our financial statements. The consummation of the contemplated transaction is not anticipated to have a material impact on our operations. That transaction is anticipated to close in the 4 th quarter 2025.
Current report
(3)Please see disclosures above regarding the SHA transaction.
Current report
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Removed paragraphs (29)
Previous report
We are encouraged by the robust performance of our cinema business in the second quarter, which reinforces our confidence in the ongoing recovery of both our operations and the global cinema industry. The results this quarter reflect increasing audience demand and a solid slate of theatrical content. While challenges persist, including the residual effects of COVID-19, the 2023 Hollywood strikes, macroeconomic conditions such as inflation and interest rates, labor cost increases, and currency fluctuations in Australia and New Zealand, the positive results observed in the second quarter demonstrates the continued resilience of our global cinema segment.
Previous report
The second quarter of 2025 has generated what we believe to be encouraging momentum for the cinema industry, highlighted by the impressive performance of key releases such as A Minecraft Movie, Sinners, and Lilo & Stitch. These films have not only exceeded industry expectations but have also reinvigorated audience enthusiasm, driving higher attendance levels and box office revenues. A Minecraft Movie has captivated diverse demographics by blending popular gaming culture with cinematic storytelling, while Sinners, in its unique 70mm format, has resonated strongly with audiences seeking compelling, original narratives. Meanwhile, Lilo & Stitch has attracted families and long-time fans, contributing to a well-rounded slate of successful releases. The success of these titles reflects a broader trend of audiences eagerly returning to theaters for high-quality, engaging content. This momentum has carried over into July 2025 with the impressive box office results further described below.
Previous report
Several notable films significantly contributed to the success of the second quarter of 2025. Universal’s How to Train Your Dragon captivated audiences with its heartfelt storytelling, drawing a strong family attendance. Disney’s Thunderbolts* continued to build on the popularity of the Marvel Cinematic Universe, delivering thrilling action sequences and complex character arcs that resonated with fans worldwide. Paramount’s Mission: Impossible –The Final Reckoning maintained the franchise’s legacy of high-octane excitement and breathtaking stunts, attracting both longtime fans and new viewers. Warner Brothers further bolstered this quarter’s box office performance with Final Destination: Bloodlines, a fresh installment that revitalized the beloved horror franchise, and F1: The Movie, which engaged racing fans and general audiences with its dynamic portrayal of the sport.
Previous report
In addition to these successes, the third quarter of 2025 has seen tremendous success from Jurassic World: Rebirth (July 2025), grossing over $800 million worldwide, Superman, and The Fantastic Four: First Steps. Jurassic World: Rebirth taps into nostalgia and family-friendly adventure, and its dinosaur-driven thrills continue to draw massive audiences. Alongside Universal’s summer breakout success, Warner Brothers Superman (July 2025), has grossed over $581 million worldwide. The film has earned praise for its compelling story, striking visuals, and ability to spark meaningful conversations. Fantastic Four: First Steps has already made a significant impact on the cinema industry, grossing over $437 million worldwide. Disney has drawn interest from both longtime fans and new audiences, showing that rebooted superhero films continue to resonate strongly with moviegoers around the globe These films’ strong box office and critical success highlight the impact of 2025’s diverse slate, which is drawing wide audiences back to theaters and signaling a vibrant future for cinema.
Previous report
We believe that this momentum is further supported by the robust lineup of upcoming releases throughout the remainder of 2025 and beyond. Films such as TRON: Ares (October 2025), Wicked: For Good (November 2025), Zootopia 2 (November 2025), and Avatar: Fire and Ash (December 2025) are anticipated to be major draws, continuing the industry's growth and positive momentum.
Previous report
Amazon MGM Studio’s The Accountant II and A Working Man exemplify how streaming companies are strategically leveraging theatrical releases to enhance their film distribution models, which in effect expand their reach and enhance their cultural impact. These successful cinema runs demonstrate that by integrating theatrical exhibition into their release strategies, streaming companies like Amazon MGM are reaffirming the unique value of the big screen experience in complementing digital distribution and expanding overall viewership to a broader audience.
Previous report
Since the start of the COVID-19 pandemic through the second quarter of 2025, we closed or surrendered eight (8) underperforming locations (three in Hawaii, two in California, one in Texas, two in New Zealand) to improve our cinema operation performance. As of today, none of these locations are operating as a cinema. We continue to work to re-negotiate leases at our currently operational U.S. cinemas to either reduce occupancy costs or to convert fixed rent to percentage rent, thus better aligning our landlord's interests with our own.
Previous report
We remain optimistic about the continued recovery and operational improvements across our global cinema network. A major contributor to this progress is the steady growth of our Food and Beverage program. We have secured the ability to serve beer and wine at all U.S. cinemas and offer liquor at all but three locations, with efforts underway to complete licensing at the remaining sites. We’re also advancing similar initiatives in Australia and New Zealand to elevate our offerings and enhance the overall guest experience.
Previous report
Recent Box Office Improvements
Previous report
Despite a softer film slate in the first quarter of 2025 and lingering effects from the 2023 Hollywood strikes, the second quarter of 2025 haspowerfully demonstrated our company’s resilience and the cinema industry’s continued recovery. The strong box office performance this quarter reflects the audience’s continued demand for theatrical content and our ability to successfully navigate through industry-wide challenges.
Previous report
Warner Brothers played a key role in the quarter’s success, delivering two of the biggest hits of the year thus far: A Minecraft Movie, F1: The Movie, and Sinners. A Minecraft Movie has become a global phenomenon, nearing the $1 billion mark at the worldwide box office. It delivered the largest opening weekend of 2025 domestically and broke the all-time highest opening weekend record for a video game adaptation, surpassing the highly successful Super Mario Bros. movie. Its box-office success highlights the strength of highly distinguishable brand recognition and the lasting audience demand for high-quality franchise storytelling. Sinners also exceeded expectations, earning widespread critical acclaim and resonating strongly with audiences. With more than $365 million in global box office revenue to date, the film has proven that original, story-driven content continues to thrive in the theatrical marketplace.
Previous report
Family films have also played a major role in this quarter’s success. Disney’s Lilo & Stitch remake has been a standout performer, grossing over $1.0 billion worldwide and outperforming the original. Its strong reception highlights the lasting power of beloved legacy titles, reintroduced to new generations. In addition, Universal’s live-action How to Train Your Dragon has already surpassed the 2019 installment and 2010 original, earning over $623 million globally. These titles reinforce the importance of family-friendly content in attracting wide-ranging audiences and driving consistent box office results.
Previous report
These films released in the second quarter highlight the strength, diversity, and commercial power of the second quarter’s lineup. Compared to both the previous quarter and the same period last year, our global box office performance has seen significant improvement.
Previous report
As we move into the second half of 2025, we are well positioned to extend our momentum with a thrilling and diverse slate of films. Audiences are continuing to be captivated by titles like Superman, Jurassic World: Rebirth, and The Fantastic Four: First Steps, while eagerly anticipating upcoming releases such as Wicked: For Good, Zootopia 2, Five Nights at Freddy’s, and Avatar: Fire and Ash. These upcoming releases exemplify the cinema industry’s unwavering commitment to delivering a rich and compelling variety of films that will engage audiences globally and drive sustained growth across the sector.
Previous report
Given our liquidity requirements, we have largely paused our real estate development projects. Our restricted capital expenditures in 2024 and thus far in 2025 have primarily targeted improvements to our existing cinemas. To bolster our liquidity, the Company has continued to hold for sale our Newberry Yard property in Williamsport, Pennsylvania.
Previous report
COVID-19 and the 2023 Hollywood Strikes impacts behind us, we believe that the quality of film releases will continue to improve, enticing patrons to return to our cinemas and reaffirming our belief that we will once again be able to rely on the cash flows generated by our cinema portfolio to enhance and add to our real estate portfolio. To meet anticipated liquidity needs, we continue to classify one asset (Newberry Yard) as an asset held for sale. Even after this disposition we anticipate that we will continue to own properties in Pennsylvania, Manhattan, and in Australia that we believe will present, when capital resources are available to us, potential to build material stockholder value.
Previous report
Cinema Pipeline and Closure
Previous report
Recent developments in the area, such as the announcement of a $158 million federal grant for the Chinatown Stitch project in mid-March 2024, further highlight the potential of the Reading Viaduct.This project aims to reconnect the Chinatown community and surrounding neighborhoods by capping the Vine Street Expressway I-676, which directly intersects with the Reading Viaduct at Vine Street. We believe that capping the expressway at our property would significantly enhance the attractiveness and viability of the Reading Viaduct for future development.
Previous report
Second Quarter Net Results
Previous report
Revenue for the six months ended June 30, 2025, increased by 9% (or $8.7 million), to $100.5 million, when compared to the same period in the prior year. This increase is attributable to strengthened cinema performance, which was partially offset by a decrease in real estate rent revenue.
Previous report
Our total segment operating income for the quarter ended June 30, 2025, increased by $10.6 million, from a loss of $3.7 million to an income of $6.9 million, primarily due to (i) improved cinema performance, as a result of a stronger film slate, leading to increased cinema revenue, (ii) lower operating expenses in our real estate segment, and (iii) a reduction in depreciation and amortization.
Previous report
Second Quarter Results
Previous report
For the quarter ended June 30, 2025, cinema revenue increased by $13.8 million, to $56.8 million compared to the same period in the prior year. This increase was primarily due to (i) a global increase in cinema revenues from increased cinema attendance driven by a stronger movie slate, (ii)increases in ATP and F&B SPP in all three countries, and (iii) increases in screen advertising and other revenues in the U.S. and Australia, partially offset by a weakening of AU/NZ foreign exchange rates.
Previous report
Cinema segment operating income for the six months ended June 30, 2025, increased by $9.8 million, from a loss of $8.8 million to an income of $1.0 million when compared to the same period in the prior year primarily due to (i) increased cinema revenues globally, (ii) efficiently managing cinema expenses to remain relatively flat globally, and (iii) a reduction in overall depreciation, amortization and G&A expenses.
Previous report
Second Quarter Results
Previous report
Real estate rent revenue for the quarter ended June 30, 2025, decreased by $0.4 million to $4.7 million, compared to the same period in the prior year.
Previous report
Real estate segment operating income for the quarter ended June 30, 2025 increased by $0.5 million to $1.5 million, compared to $0.9 million in the same period in the prior year. This change was primarily due to improved live theater performance, decreased operating expenses globally, and decreased depreciation, amortization and general administration expense overall.
Previous report
(3)Represents the lease liability associated with the exercise of the option associated with the ground lease purchase of the Village East Cinema, which on March 27, 2025 was extended to April 30, 2025 and our sublease of the facility was extended until September 1, 2027.The Company is working with Sutton Hill Capital, LLC on further extending the date of the closing of such option.
Previous report
CRITICAL ACCOUNTING POLICIES
Reworded paragraphs (55)
Previous wording
Regarding our United States real estate, during the first quarter of 2024, we sold our underutilized administrative office building in Culver City, California for $10.0 million. We continue to work to lease up the remainder of our 44 Union Square building in New York. The existing 44 Union Square tenant, Petco, occupies the cellar, ground and second floors on a full rent paying basis. We believe that demand for space in the Union Square submarket is improving.
Current wording
In the United States, we sold our underutilized administrative office building in Culver City, California, for $10.0 million during the first quarter of 2024. At our 44 Union Square property in New York, Petco continues to occupy the cellar, ground, and second floors under a long term lease on a full rent-paying basis, while we work to secure tenant(s) for the remaining space. We believe that demand for space in the Union Square submarket is improving.
Previous wording
Regarding our Australia and New Zealand real estate, on May 21, 2025, we sold our Cannon Park properties in Townsville, Queensland, Australia for AU$32.0 million (USD equivalent of $20.7 million), while retaining the cinema leasehold at that property. And, on January 31, 2025, we sold all of our Wellington, New Zealand properties for NZ$38.0 million (USD equivalent of $21.5 million), and entered into an agreement to lease for the cinema premises in Courtenay Central upon completion of seismic upgrades. The proceeds of these sales were used, among other things, to pay down approximately $32.1 million in debt. As of June 30, 2025, all our tenants at our Australian and New Zealand properties were in occupancy on a full rent paying basis.
Current wording
Regarding our Australia and New Zealand properties, we completed two major monetizations during the first half of 2025. On January 31, 2025, we sold all our Wellington, New Zealand properties for $21.5 million (NZ$38.0 million) and signed a lease agreement to continue operating the Courtenay Central cinema following seismic upgrades. On May 21, 2025, we sold our Cannon Park properties in Townsville, Queensland, for $20.7 million (AU$32.0 million), while retaining the cinema leasehold at the property. The proceeds of these sales were used, among other things, to pay down approximately $32.1 million in debt.
Previous wording
Cinema exhibition, through our 58 cinemas as of June 30, 2025.
Current wording
Cinema exhibition, through our 58 cinemas.
Previous wording
While we have monetized nine property assets over the past five years, we believe these two business segments will continue to complement and support one another. Prior to COVID-19, we used cash flows generated by our cinema operations to fund the front-end cash demands of our real estate development business. As a result of COVID-19, we relied more upon income from our real estate assets, and tapped into the embedded value in those assets, to support our Company through the COVID-19 crisis. As the residual
Current wording
Over the past five years we have monetized nine property assets, but we believe that our cinema and real estate segments continue to complement and support one another and will be a part of the long run growth plan for our company. Before COVID-19, cash flows from our cinema operations helped fund the front-end cash demands of our real estate development business. During the pandemic, we shifted to rely more heavily on income from our real estate assets and tapped into the embedded value in those assets to support the Company through the crisis. With the lingering effects of COVID-19 and the 2023 Hollywood strikes now largely behind us, we expect the quality of film releases to continue to improve, encouraging audiences to return to our cinemas and restoring our ability to use cinema-generated cash flows to strengthen and expand our real estate portfolio. To meet anticipated liquidity needs, we continue to hold one property, Newberry Yard, for sale. Even after this planned disposition, we expect to retain properties in Pennsylvania, Manhattan, and Australia that, when capital resources allow, we believe offer meaningful potential to build long-term stockholder value.
Previous wording
A key performance indicator utilized by management in our cinema segment is Food and Beverage (“F&B”) Spend Per Patron (“SPP”), which is calculated based on ourtotal Food & Beverage Revenueson a post-tax basis divided by our attendance during a specific period.
Current wording
A key performance indicator utilized by management in our cinema segment is Food and Beverage (“F&B”) Spend Per Patron (“SPP”), which is calculated based on our total Food & Beverage Revenues on a post-tax basis divided by our attendance during a specific period.
Previous wording
One of our strategic priorities has been to continue upgrading the food and beverage menu at several of our global cinemas. As of June 30, 2025, we have a total of 37 theater locations with elevated food and beverage menus (i.e. menus that are beyond traditional popcorn, soda, and candy). We use F&B SPP as a measure of our food and beverage operational performance as compared to that of our competitors. Although the profitability of our food and beverage operations is influenced by numerous factors, including labor and cost of goods, F&B SPP serves as an indicator of our ability to achieve consistent strong top-line performance. In addition, F&B SPP highlights our ability to optimize revenue by effectively promoting and selling supplementary products to our customers during each visit. Moreover, this metric assists in evaluating how well we can differentiate our F&B offerings from our competitors. Management in turn uses F&B SPP to adjust food and beverage pricing strategies at our individual theaters, measure the effectiveness of promotional marketing initiatives, optimize menu offerings, and ensure price barriers are not created for our attendance.
Current wording
One of our key strategic priorities has been the continued enhancement of food and beverage offerings across several of our global cinema locations. Thirty-seven of our theater locations offer elevated food and beverage menus (i.e. menus that are beyond traditional popcorn, soda, and candy). We use F&B SPP as a measure of our food and beverage operational performance as compared to that of our competitors. Although the profitability of our food and beverage operations is influenced by numerous factors, including labor and cost of goods, F&B SPP serves as an indicator of our ability to achieve consistent strong top-line performance. In addition, F&B SPP highlights our ability to optimize revenue by effectively promoting and selling supplementary products to our customers during each visit. Moreover, this metric assists in evaluating how well we can differentiate our F&B offerings from our competitors. Management uses F&B SPP to adjust food and beverage pricing strategies at our individual theaters, measure the effectiveness of promotional marketing initiatives, optimize menu offerings, and ensure price barriers are not created for our customers. F&B revenue is particularly important to cinema operators, as film distributors do not share in this revenue stream.
Previous wording
The key performance indicators used by management in our real estate segment vary according to jurisdiction. At the current time, in the United States, we assess our real estate division (including 44 Union Square and our historical railroad assets, but excluding our Live Theaters), solely on a net operating income basis. We have no specific key performance standards to compare performance from period to period. Rather we analyze operating budgets and projections and compare actual results to budgeted or projected results from time to time.
Current wording
The key performance indicators used by management in our real estate segment vary according to jurisdiction. At the current time, in the United States, we assess our real estate division (including 44 Union Square and our historical railroad assets, but excluding our Live Theatres), solely on a net operating income basis. We have no specific key performance standards to compare performance from period to period. Rather we analyze operating budgets and projections and compare actual results to budgeted or projected results from time to time.
Previous wording
In the case of our Live Theatres, with respect to key performance indicators, we primarily look to the live theater rental revenue and ancillary income from the theaters. This key performance indicator represents box office revenues less amounts paid to producers for license fee settlements, plus ancillary income earned by us from certain theater operations. Our live theater rental revenue and ancillary income for the second quarter 2025 improved to $0.6 million compared to $0.4 million for the second quarter 2024. Our live theater rental revenue and ancillary income for the six months ended June 30, 2025 improved to $1.2 million compared to $0.8 million for the six months ended June 30, 2024.
Current wording
In the case of our Live Theatres, with respect to key performance indicators, we primarily look to the Live Theatre rental revenue and ancillary income from the theatres. This key performance indicator represents box office revenues less amounts paid to producers for license fee settlements, plus ancillary income earned by us from certain theatre operations. Our Live Theatre rental revenue and ancillary income for the third quarter of 2025 improved to $0.9 million compared to $0.4 million for the third quarter of 2024. Our Live Theatre rental revenue and ancillary income for the nine months ended September 30, 2025 improved to $2.1 million compared to $1.2 million for the nine months ended September 30, 2024.
Previous wording
(3)(i) Our Wellington lease count includes our Courtenay Central cinema, which, having been sold on January 31, 2025, is now under an Agreement to Lease and we anticipate reopening following the completion of certain third-party construction and seismic strengthening works. (ii) We closed one underperforming cinema located in San Diego, CA on April 15, 2025.
Current wording
(3)(i) Our Wellington lease count includes our Courtenay Central cinema, which, having been sold on January 31, 2025, is now under an Agreement to Lease and we anticipate reopening following the completion of certain third-party construction and seismic strengthening works; and (ii) we closed one underperforming cinema located in San Diego, CA on April 15, 2025.
Previous wording
Our cinema revenues consist primarily of cinema ticket sales, F&B sales, screen advertising, gift card sales, cinema rentals, and online convenience fee revenue generated by the sale of our cinema tickets through our websites and mobile apps. Cinema operating expenses consist of the costs directly attributable to the operation of the cinemas, including (i) film rent expense, (ii) cost of goods sold, (iii) operating costs, such as employment costs and utilities, and (iv) occupancy costs. Cinema revenues and certain expenses fluctuate with the availability of quality first run films and the number of weeks such first run films stay in the market. For a breakdown of our current cinema assets that we own and/or manage, please refer to Part I, Item 1 – Our Businessof our 2024 Form 10-K.
Current wording
Our cinema revenues consist primarily of cinema ticket sales, F&B sales, screen advertising, gift card sales, cinema rentals, and online convenience fee revenue generated by the sale of our cinema tickets through our websites and mobile apps. Cinema operating expenses consist of the costs directly attributable to the operation of the cinemas, including (i) film rent expense, (ii) cost of goods sold, (iii) operating costs, such as labor costs and utilities, and (iv) occupancy costs. Cinema revenues and certain expenses fluctuate with the availability of quality content and the number of weeks such content stays on screen. For a breakdown of our current cinema assets that we own and/or manage, please refer to Part I, Item 1 – Our Businessof our 2024 Form 10-K.
Previous wording
own and operate two ETCs known as Newmarket Village (in a suburb of Brisbane), and the Belmont Common (in a suburb of Perth);
Current wording
own and operate two ETCs known as Newmarket Village (in a suburb of Brisbane), and the Belmont Common (in a suburb of Perth), the cinema components of which are included in the fee owned screen count above;
Previous wording
own a 75% managing member interest in a limited liability company which in turn owns the fee interest in and improvements constituting our Cinemas 1,2,3 located in Manhattan;
Current wording
own a 75% managing member interest in Sutton Hill Properties LLC a limited liability company which in turn owns the fee interest in and improvements constituting our Cinemas 1,2,3 located in Manhattan. On September 30, 2025, we entered into an agreement to purchase all of the partnership interests in Sutton Hill Associates, a California general partnership (“SHA”). Through its ownership of 100% of the membership interests in Sutton Hill Capital, LLC SHA’s principal assets are (i) the 25% non-controlling membership interest in Sutton Hill Properties, LLC that we do not already own. The ownership of Sutton Hill Properties, LLC for accounting purposes is already consolidated into our financial statements. The transaction is anticipated to close in the 4 th quarter 2025;
Previous wording
own an approximately 23.9-acre property in Williamsport, Pennsylvania, which is currently being held for sale; and
Current wording
own the approximately 23.9-acre Newberry Yard property in Williamsport, Pennsylvania, which is currently being held for sale; and
Previous wording
For a breakdown of our real estate assets, made current by our discussion below, please refer to Part I, Item 1 – Our Businessof our 2024 Form 10-K. We now present a discussion of recent material developments.
Current wording
For a breakdown of our real estate assets, made current by our discussion below, please refer to Part I, Item 1 – Our Businessof our 2024 Form 10-K.
Previous wording
To date, we have monetized the following property assets:
Current wording
Since 2021, we have monetized the following property assets:
Previous wording
These properties were identified for sale and sold for various reasons, which included without limitation
Current wording
These properties were identified for sale and sold for various reasons, such reasons have included without limitation
Previous wording
(iii)their immaterial or non-income producing nature, or
Current wording
(iii)with respect to certain assets, their immaterial or non-income producing nature, or
Previous wording
As of the date of this Report, we continue to own our approximately 23.9-acre Newberry Yard in Williamsport, Pennsylvania (also currently non-income producing).
Current wording
As of the date of this Report, we continue to own our approximately 23.9-acre Newberry Yard in Williamsport, Pennsylvania (also currently non-income producing), which is being held for sale.
Previous wording
44 Union Square Redevelopment (New York, N.Y.) – On January 27, 2022, we entered a long-term lease with Petco for the lower level, ground floor, and second floor of the building. Petco continues to be open for business and in occupancy on a full rent paying basis. We continue our efforts to find a tenant for the remaining four floors of the building. As we previously reported, we signed a Letter of Intent and have exchanged lease drafts with one potential tenant which would offer a non-office use. As the office leasing market in Mid Town South continues to improve, we have experienced increased interest from potential office users and are currently negotiating a few other Letters of Intent with potential office tenants.
Current wording
44 Union Square Redevelopment (New York, N.Y.) – On January 27, 2022, we entered a long-term lease with Petco for the lower level, ground floor, and second floor of the building. Petco continues to be open for business and in occupancy on a full rent paying basis. We continue our efforts to find a tenant for the remaining four floors of the building. As we previously reported, we signed a Letter of Intent and have exchanged lease drafts with one potential tenant which would offer a non-office use. Such Letter of Intent does not prohibit us from reviewing or accepting other proposals and we have received and responded to such alternatives. As the office leasing market in Mid Town South continues to improve, we have experienced increased interest from potential office users.
Previous wording
Minetta Lane Theatre (New York, N.Y.) –Audible has a license agreement with us through March 15, 2026, with an option to extend for an additional year. Audible presents plays featuring a limited cast of one or two characters and special live performance engagements on the Audible streaming service. During 2024, Audible presented a number of shows, including Laura Benati: Nobody Cares, Dead Outlaw and Strategic Love Play. During the second quarter of 2025, Hugh Jackman produced and starred in Sexual Misconduct of the Middle Class and Liev Schreiber starred in Creditors at our Minetta Lane Theatre.
Current wording
Minetta Lane Theatre (New York, N.Y.) –Audible has a license agreement with us through March 15, 2027. Audible presents productions and special live performance engagements on the Audible streaming service. During 2025, Audible presented a number of original productions , including Sexual Misconduct of the Middle Class with Hugh Jackman, Creditors with Liev Schreiber, and the musical Mexodus.
Previous wording
Orpheum Theatre (New York, N.Y.) –STOMP closed (after 30 years at our theatre) on January 8, 2023. Under our termination agreement with the producers of STOMP, we have certain rights to provide the New York City venue for any future production of that show. Following STOMP’s historic run at the Orpheum, The Empire Strips Backran for approximately three months, followed by a limited holiday engagement of Death, Let Me Do My Show starring comedian Rachel Bloom. The Off-Broadway solo version of William Shakespeare’s Hamlet starring Eddie Izzard also played in 2024. The year finished with a run of The Big Gay Jamboree, produced by the creator of Barbie and Titanique. The Jonathon Larson Project closed in March 2025 and a new show, Ginger Twinsies, began its run on July 10, 2025.
Current wording
Orpheum Theatre (New York, N.Y.) –STOMP closed (after 30 years at our theatre) on January 8, 2023. Under our termination agreement with the producers of STOMP, we have certain rights to provide the New York City venue for any future production of that show. Following STOMP’s historic run at the Orpheum, the theatre has hosted a variety of productions including Rachel Bloom’s Death, Let Me Do My Show, Hamlet starring Eddie Izzard, The Big Gay Jamboree, The Jonathon Larson Project and a new show, Ginger Twinsies.
Previous wording
The Reading Viaduct and Adjacent Properties (Philadelphia, Pennsylvania) –This continues to be an area of focus in 2025 as we continue our efforts to develop and maximize the potential of our real estate holdings in Philadelphia. Since 2023, we have resumed work on this project, particularly concentrating on the Reading Viaduct—an 0.7-mile-long raised rail bed and bridge system spanning the Callowhill and Poplar neighborhoods, extending to Vine Street in the heart of the city's Central Business District. Comprising approximately 6.5 acres of land, along with various connecting bridges over public streets and sidewalks, the Reading Viaduct represents a significant contiguous land holding unobstructed by public thoroughfares.
Current wording
The Reading Viaduct and Adjacent Properties (Philadelphia, Pennsylvania) –This continues to be an area of focus in 2025 as we continue our efforts to maximize the potential of our real estate holdings in Philadelphia. Since 2023, we have resumed work on this project, particularly concentrating on the Reading Viaduct—an 0.7-mile-long raised rail bed and bridge system spanning the Callowhill and Poplar neighborhoods, extending to Vine Street in the heart of the city's Central Business District. Comprising approximately 6.5 acres of land, along with various connecting bridges over public streets and sidewalks, the Reading Viaduct represents a significant contiguous land holding unobstructed by public thoroughfares.
Previous wording
While there has been interest from the City of Philadelphia and the City Center District in acquiring the Reading Viaduct for park purposes, no concrete steps have been taken to proceed with condemnation or transfer of the property other than a petition brought by the City before the Surface Transportation Board (“STB”) seek a determination that the Reading Viaduct is no longer railroad property subject to the jurisdiction of the STB. Under applicable law, railroad land subject to the jurisdiction of the STB is not subject to condemnation by state or local authorities.
Current wording
While there has been interest from the City of Philadelphia and the City Center District in acquiring the Reading Viaduct for park purposes, no concrete steps have been taken to proceed with condemnation or transfer of the property other than a petition brought by the City before the Surface Transportation Board (“STB”) seeking a determination that the Reading Viaduct is no longer railroad property subject to the jurisdiction of the STB. Under applicable law, railroad land subject to the jurisdiction of the STB is not subject to condemnation by state or local authorities. The STB has granted the City’s petition insofar as it sought a determination that our prior tenant, SEPTA, had abandoned its rail road use, the determination falls short of deterring our rights as the residual owner of the land in question, and our Company has appealed the STB’s decision.
Previous wording
We have retained consultants and are working to down-date our various titles, many of which to the 19 th century.
Current wording
We have retained consultants and are working to down-date our various titles, many of which date back to the 19 th century.
Previous wording
Newmarket Village ETC (Brisbane, Australia) –We will continue to operate our Newmarket Village ETC, which includes Reading Cinemas as an anchor tenant. Our site includes a 23,218 square foot parcel adjacent to the center, improved with an office building. Over the next few years, we will be evaluating different development options for this space. As of the date of this report, the combined center and office building is 99% leased.
Current wording
Newmarket Village ETC (Brisbane, Australia) –We will continue to operate our Newmarket Village ETC, which includes Reading Cinemas as an anchor tenant. Our site includes a 23,218 square foot parcel adjacent to the center, improved with an office building. Over the next few years, we will be evaluating different development options for this space. As of the date of this report, the combined center and office building is 98% leased.
Previous wording
On May 21, 2025, we sold our Cannon Park ETC in Townsville, Queensland, Australia, which consisted of our Cannon Park City Center and Cannon Park Discount Center properties, comprising approximately 9.4-acres, for a purchase price of AU$32.0 million (USD equivalent of $20.7 million). We have retained a long-term lease of the cinema component of that property.
Current wording
On May 21, 2025, we sold our Cannon Park ETC in Townsville, Queensland, Australia, which consisted of our Cannon Park City Center and Cannon Park Discount Center properties, comprising approximately 9.4-acres, for a purchase price of $20.7 million (AU$32.0 million). We have retained a long-term lease of the cinema component of that property.
Previous wording
On January 31, 2025, we sold all of our properties in Wellington, New Zealand (including the Courtenay Central building) to Prime Property Group (“Prime”) for a purchase price of NZ$38.0 million (USD equivalent of $21.5 million). We understand that Prime intends to redevelop the properties, including a seismic upgrade of the existing Courtenay Central building. As a part of that sale transaction, we have entered into an Agreement to Lease for the cinema component of the to be upgraded Courtenay Central building.
Current wording
On January 31, 2025, we sold all of our properties in Wellington, New Zealand (including the Courtenay Central building) to Prime Property Group (“Prime”) for a purchase price of $21.5 million (NZ$38.0 million). We understand that Prime intends to redevelop the properties, including a seismic upgrade of the existing Courtenay Central building. As a part of that sale transaction, we have entered into an Agreement to Lease for the cinema component of the to be upgraded Courtenay Central building.
Previous wording
The table below summarizes the results of operations for each of our principal business segments along with the non-segment information for the quarter and six months ended June 30, 2025, and June 30, 2024, respectively:
Current wording
The table below summarizes the results of operations for each of our principal business segments along with the non-segment information for the quarter and nine months ended September 30, 2025, and September 30, 2024, respectively:
Previous wording
Revenue for the quarter ended June 30, 2025, increased by 29% (or $13.6 million), to $60.4 million, compared to the same period in the prior year, primarily due to increased cinema revenues from higher attendance in all three countries as a result of stronger movies released from the Hollywood studios in the second quarter of 2025 compared to the same period in 2024. These increases in revenue were offset by a decline in real estate rent revenues and the weakening of the AU/NZ foreign exchange rates against the U.S. dollar.
Current wording
Revenue for the quarter ended September 30, 2025, decreased by 13% (or $7.9 million), to $52.2 million, compared to the same period in the prior year, primarily due to decreased cinema revenues from lower attendance in all three countries as a result of weaker overall movie slate released from the Hollywood studios in the third quarter of 2025 compared to the same period 2024. These decreases in revenue were compounded by a decline in real estate rent revenues in AU/NZ due to the sale of Cannon Park and the weakening of the AU/NZ foreign exchange rates against the U.S. dollar, partially offset by improved Live Theatre rental and ancillary income.
Previous wording
Our total segment operating income for the six months ended June 30, 2025 of $4.1 million, increased by $11.0 million, from a loss of $6.9 million, primarily due to (i) stronger cinema performance, as attendance increased in the U.S. and ATP increased in Australia and New Zealand, (ii) decreased operating expenses in our real estate segment, and (iii) a reduction in depreciation and amortization. This was offset by weakened real estate revenue and increased general and administrative expenses for our cinema segment.
Current wording
Our total segment operating income for the nine months ended September 30, 2025 of $7.2 million, increased by $10.5 million, from a loss of $3.3 million, primarily due (i) improved box office revenue worldwide and US Food & Beverage revenue due to stronger movie slate released during the second quarter of 2025 such as Lilo & Stitch and A Minecraft Movie, (ii) decreased operating expenses in both segments demonstrating our ongoing focus on operational excellence, and (iii) a reduction in depreciation and amortization. This was partially offset by weakened real estate revenue and increased general and administrative expenses.
Previous wording
During the second quarter of 2025, both the Australia and New Zealand dollars devalued against the U.S. dollar. The average Australia dollar exchange rate against the U.S. dollar for the second quarter of 2025 decreased by 2.7% compared to the same period in 2024. The average New Zealand dollar exchange rate against the U.S. dollar for the second quarter of 2025 decreased by 1.9% compared to the same period in 2024. The devaluation of the Australia and New Zealand currencies negatively impacts segment operating income and positively impacts segment operating loss in U.S. dollar terms for the period.
Current wording
During the third quarter of 2025, both the Australia and New Zealand dollars devalued against the U.S. dollar. The average Australia dollar exchange rate against the U.S. dollar for the third quarter of 2025 decreased by 2.3% compared to the same period in 2024. The average New Zealand dollar exchange rate against the U.S. dollar for the third quarter of 2025 decreased by 3.1% compared to the same period in 2024. The devaluation of the Australia and New Zealand currencies negatively impacts segment operating income and positively impacts segment operating loss in U.S. dollar terms for the period.
Previous wording
Our net loss attributable to Reading International, Inc. for the quarter ended June 30, 2025, improved by 79%, from a loss of $12.8 million to a loss of $2.7 million, when compared to the same period in the prior year, primarily due to improved cinema and real estate performance along with a decrease in interest expense, depreciation and amortization expenses, and a gain on sale of assets, partially offset by increased general and administrative expense, and an increase in other operating expense.
Current wording
Our net loss attributable to Reading International, Inc. for the quarter ended September 30, 2025, improved by 41%, from a loss of $7.0 million to a loss of $4.2 million, when compared to the same period in the prior year, primarily due to decreases in interest expense and depreciation and amortization expenses along with an increase in other income, offset by decreased segment income.
Previous wording
For the six months ended June 30, 2025, net loss attributable to Reading International, Inc. improved by 71%, from a loss of $26.0 million to a loss of $7.4 million, when compared to the same period in the prior year primarily due to improved segment results, decreased interest expense, and a gain on sale of assets. This was offset by increased general and administrative expense and increased other expense.
Current wording
For the nine months ended September 30, 2025, net loss attributable to Reading International, Inc. improved by 65%, from a loss of $33.1 million to a loss of $11.6 million, when compared to the same period in the prior year primarily due to improved segment results, decreased interest expense, and a gain on sale of assets compared to a loss on sale of our Culver City office in the same period prior year. This was partially offset by increased other expenses.
Previous wording
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. The OBBBA includes significant tax law changes, including the permanent extension of certain provisions from the Tax Cuts and Jobs Act, modifications to the international tax framework, and the reinstatement of favorable business tax provisions. These include 100% bonus depreciation, immediate expensing of Section 174 domestic research and experimental expenditures, and revised limitations under Section 163(j) on the deductibility of business interest expense. The legislation has multiple effective dates, with certain provisions effective beginning in 2025, and others implemented through 2027. The Company does not anticipate the impact of the OBBBA to have a material effect on its consolidated financial statements for the year ending December 31, 2025.
Current wording
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. The OBBBA includes significant tax law changes, including the permanent extension of certain provisions from the Tax Cuts and Jobs Act, modifications to the international tax framework, and the reinstatement of favorable business tax provisions. These include 100% bonus depreciation, immediate expensing of Section 174 domestic research and experimental expenditures, and revised limitations under Section 163(j) on the deductibility of business interest expense. The legislation has multiple effective dates, with certain provisions effective beginning in 2025, and others implemented through 2027. The OBBBA does not have a material effect on the Company's consolidated financial statements for the year ending December 31, 2025.
Previous wording
Income tax expense for the three months ended June 30, 2025, increased by $1.4 million compared to the equivalent prior-year period. The change between 2025 and 2024 is primarily related to a decrease in consolidated losses and an increase in reserve for valuation allowance in 2025.
Current wording
Income tax expense for the three months ended September 30, 2025, decreased by $0.4 million compared to the equivalent prior-year period. The change between 2025 and 2024 is primarily related to a decrease in reserve for valuation allowance in 2025.
Previous wording
Income tax expense for the six months ended June 30, 2025, increased by $1.1 million compared to the equivalent prior-year period. The change between 2025 and 2024 is primarily related to a decrease in consolidated losses and an increase in reserve for valuation allowance in 2025.
Current wording
Income tax expense for the nine months ended September 30, 2025, increased by $0.8 million compared to the equivalent prior-year period. The change between 2025 and 2024 is primarily related to a decrease in consolidated losses in 2025.
Previous wording
The following table details our cinema exhibition segment operating results for the quarter and six months ended June 30, 2025, and June 30, 2024, respectively:
Current wording
The following table details our cinema exhibition segment operating results for the quarter and nine months ended September 30, 2025, and September 30, 2024, respectively:
Previous wording
For the six months ended June 30, 2025, cinema revenue increased by $9.0 million, to $93.2 million compared to the same period in the prior year. This increase was primarily driven by (i) a global increase in box office due to a stronger movie slate, and(ii) increased F&B SPP and advertising and other revenues in US, and offset by a weakening of AU/NZ foreign exchange rates.
Current wording
For the nine months ended September 30, 2025, cinema revenue increased by $1.2 million, to $141.7 million compared to the same period in the prior year. This increase was primarily driven by (i) a global increase in box office due to a stronger movie slate as Lilo & Stitch and A Minecraft Movie released during the second quarter of 2025, and (ii) higher Food & Beverage revenues in our U.S. cinema circuit due to increased attendance combined with higher F&B SPP. Our results were partially offset by lower Food & Beverage revenue in AU and NZ and a weakening of AU and NZ foreign exchange rates against the U.S. dollar. Revenues were adversely impacted by the closure of underperforming cinema complexes in the second quarter of each of 2024 and 2025.
Previous wording
Cinema segment operating income for the quarter ended June 30, 2025, increased by $10.1 million, from a loss of $4.6 million to an income of $5.5 million when compared to the same period in the prior year. The increase in operating income is due to an increase in cinema revenue in all three countries due to an increased attendance as a result of a stronger movie slate, and an overall decrease in depreciation in all three countries, partially offset by an increase in operating expenses globally and increased general and administrative expenses in Australia and New Zealand.
Current wording
Cinema segment operating income for the quarter ended September 30, 2025, decreased by $0.5 million, from $2.2 million to $1.8 million when compared to the same period in the prior year. The decrease in operating income is due to a reduction in cinema revenue in all three countries from decreased attendance, partially offset by a decrease in operating expenses, occupancy expenses and a decrease in depreciation and amortization globally.
Previous wording
Operating expenses for the quarter ended June 30, 2025, increased by $4.0 million, to $47.9 million, compared to the same quarter in the prior year. This increase was primarily due to increased global attendance resulting in increased film rent, food and beverage cost, and other variable costs in all three countries. Operating expenses for the six months ended June 30, 2025, remained relatively flat at $85.6 million, compared to $85.8 million for the same time period in the prior year.
Current wording
Operating expenses for the quarter ended September 30, 2025, decreased by $6.9 million, to $43.7 million, compared to the same quarter in the prior year. This decrease was primarily due to decreased global attendance resulting in lower film rent, Food and Beverage cost, and other variable costs in all three countries, plus lower US occupancy cost.
Showing the first 40 of 55 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Real estate segment operating income for the quarter ended September 30, 2025 remained relatively flat at $1.4 million