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Information Technology : IT Services | Large Cap Growth
Company profile

Snowflake Inc. is a cloud data platform provider. The Company’s platform enables customers to consolidate data into a single source to drive business insights, build data-driven applications and share data. The Company’s platform supports a multi-cloud strategy, including a cross-cloud approach to mix and match clouds. Its platform unifies data and supports a variety of workloads, including data warehousing, data lakes, data engineering, data science, data application development, and data sharing. The Company provides an integrated, end-to-end solution that delivers insights, data transformations, and data sharing. The Company, by leveraging the performance of the public cloud, its platform enables customers to unify and query data to support a variety of use cases. It also provides frictionless and governed data access so users can securely share data inside and outside of their organizations, generally without copying or moving the underlying data.

Closing Price
$172.51
Day's Change
2.55 (1.50%)
Bid
--
Ask
--
B/A Size
--
Day's High
174.65
Day's Low
161.77
Volume
(Heavy Day)
Volume:
7,354,475

10-day average volume:
5,506,229
7,354,475

Reading International Reports Second Quarter 2022 Results and COVID-19 Business Update

9:22 am ET August 9, 2022 (BusinessWire) Print

Reading International, Inc. (NASDAQ: RDI) (the "Company"), an internationally diversified cinema and real estate company with operations and assets in the United States, Australia, and New Zealand, today announced its results for the second quarter ended June 30, 2022.

President and Chief Executive Officer, Ellen Cotter said, "We continue to make great strides in our post-pandemic recovery, achieving worldwide revenues of $64.5 million, a 79% increase from revenues of $36.0 million for the same period in 2021. After two years of delayed movie openings and a rise in streaming, Hollywood brought back some of its biggest and most reliable players for the summer film season. A steady stream of blockbuster releases and strong performances from highly anticipated films like Top Gun: Maverick, Doctor Strange In the Multiverse of Madness, Jurassic World Dominion, and Sonic the Hedgehog 2, in the second quarter led to our highest cinema revenues since the onset of the pandemic."

"We are encouraged by the continued improvement in our real estate portfolio since the beginning of the year. Last quarter, we signed a long-term lease with a strong credit national retailer for the basement, ground floor and second floor of our historic 44 Union Square building executing our largest leasing transaction ever to date. Over the course of the second quarter, we progressed the tenant improvement phase for our new tenant and currently anticipate that the tenant will be opening for business in early 2023. We have retained CBRE to represent us with respect to the leasing of the remainder of the building and are currently focusing on potential tenants who are interested in occupying all of the upper floors. As of June 30, 2022, substantially all our 72 third-party tenants in our Australian and New Zealand properties were either open or in the process of building out tenant improvements or completing refurbishments."

Ms. Cotter concluded, "Our 'two business/three country' diversified business structure, together with our dedicated global executive and employee team, continues to serve as the foundation for our recovery from the devastating impacts of the COVID-19 pandemic. As we look ahead to the back half of the year, we remain focused on leveraging our strategic adaptability, capitalizing on pent up industry demand, and delivering value for stockholders."

Ms. Cotter also announced that the Los Angeles County Superior Court and the Nevada Probate Court have each approved the settlement agreement among Ellen Cotter and Margaret Cotter, in their individual capacities, as the Co-Trustees of the James J. Cotter, Sr. Living Trust, and as Co-Executors of the Estate of James J. Cotter, Sr., and others pursuant to which Ellen Cotter and Margaret Cotter now beneficially own all of the Class B Voting Common Stock previously controlled by their father at the time of his death. These shares, together with other shares of Class B Voting Common Stock owned and/or controlled by Ellen Cotter and Margaret Cotter, represent approximately 72% of the currently outstanding Class B Voting Stock of our Company.

Key Consolidated Financial Results for the Second Quarter of 2022

Achieved worldwide revenues of $64.5 million, a 79% increase from revenues of $36.0 million for the same period in 2021. Operating loss reduced to $1.6 million, compared to an operating loss of $12.5 million for the same period in 2021. Due to the successful monetization of our properties in Auburn (Australia) and our Royal George theatre (Chicago) in Q2 2021, not replicated in Q2 2022, our Q2 2022 basic loss per share of $0.11 decreased from our basic earnings per share of $1.04 for Q2 2021. For the same reason as above, net loss attributable to Reading International, Inc. was $2.4 million in Q2 2022, compared to a net income of $22.7 million for the same period in 2021. The Australian dollar and New Zealand dollar average exchange rates weakened against the U.S. dollar by 7.3% and 9.1%, respectively, compared to the same period in the prior year, which contributed to our loss for the period, as a substantial portion of our G&A expense is located in the United States.

Key Consolidated Financial Results for the Six Months of 2022

Achieved worldwide revenues of $104.7 million, an 83% increase from $57.3 million for the same period in 2021. Operating loss reduced to $13.3 million, compared to an operating loss of $26.5 million for the same period in 2021. Due to the successful monetization of our properties in Manukau (New Zealand), Coachella (California), Auburn (Australia), and our Royal George theatre (Chicago) in the first six months of 2021, not replicated in the first six months of 2022, our basic loss per share of $0.81 decreased from our basic earnings per share of $1.91 for the first six months of 2021. For the same reason as above, net loss attributable to Reading International, Inc. was $17.8 million for the first six months of 2022, compared to a net income of $41.7 million for the same period in 2021. The Australian dollar and New Zealand dollar average exchange rates weakened against the U.S. dollar by 6.8% and 7.6%, respectively, compared to the same period in the prior year, which contributed to our loss for the period, as a substantial portion of our G&A expense is located in the United States.

Key Cinema Business Highlights

Cinema segment revenues for the Q2 2022, increased by $29.1 million, to $61.8 million compared to the same period in 2021. Cinema segment operating income for Q2 2022, increased by $10.8 million, to $3.5 million compared to a loss of $7.3 million the same period in 2021. Cinema segment revenues for the six months ended June 30, 2022, increased by $48.3 million, to $99.1 million compared to the same period in 2021. Cinema segment operating loss for the six months ended June 30, 2022, decreased by $11.9 million, to a loss of $3.8 million compared to the same period in 2021.

The changes between 2021 and 2022 were related to a higher quantity and quality of film product and a greater number of operating days for our cinema circuit due to fewer government COVID-related mandates. Our variable operating costs increased, in line with the changes in the operational landscape and as a result of increased occupancy expenses related to internal rent that was abated in 2021.

Now that we have reopened for business, we are once again focusing on the implementation of our cinema business plan: the enhancement of our food and beverage offerings, procuring additional cinema liquor licenses, and refurbishing our older cinemas with luxury seating. In the United States, in November 2021, we reopened our remodeled Consolidated Theatre at the Kahala Mall in Honolulu and in March 2022 we re-launched our Consolidated Theatre in Kapolei. In Australia and New Zealand, on December 15, 2021, we opened a new state-of-the-art five-screen Reading Cinemas in Traralgon, Victoria. By the end of 2022, we anticipate adding an eight-screen complex scheduled to open at South City Square, Brisbane QLD, which will operate under the Angelika Film Center brand.

Key Real Estate Business Highlights

Real estate segment revenues for Q2 2022, increased by $0.6 million to $4.0 million, compared to the same period in 2021. Real estate segment operating loss for Q2 2022, decreased by $1.0 million, to a loss of $0.09 million compared to the same period in 2021.

Real estate segment revenues for the six months ended June 30, 2022, increased by $1.4 million, to $8.2 million, compared to the same period in 2021. Real estate segment operating income for the six months ended June 30, 2022, was $0.02 million, compared to a loss of $2.4 million for the same period in 2021.

These changes between 2021 and 2022 were attributable to rental revenues generated from our U.S. Live Theatre business unit and internal rental income from our Australian and New Zealand properties that were abated in 2021. On July 20, 2021, our Orpheum Theatre in New York City reopened to the public with the resumption of STOMP, which was amongst the first New York shows to resume live public performances. On October 8, 2021, live public performances resumed at our Minetta Lane Theatre in New York, which continues to be licensed by Audible, an Amazon company.

Key Balance Sheet, Cash, and Liquidity Highlights

As of June 30, 2022, our cash and cash equivalents were $49.9 million. As of June 30, 2022, we had total debt of $228.6 million against total book value assets of $627.6 million, compared to $236.9 million and $687.7 million, respectively, as of December 31, 2021.

For more information about our borrowings, please refer to Part I - Financial Information, Item 1 - Notes to Consolidated Financial Statements-- Note 11 - Borrowings.

Conference Call and Webcast

We plan to post our pre-recorded conference call and audio webcast on our corporate website on Thursday, August 11, 2022, which will feature prepared remarks from Ellen Cotter, President and Chief Executive Officer; Gilbert Avanes, Executive Vice President, Chief Financial Officer and Treasurer; and Andrzej Matyczynski, Executive Vice President - Global Operations.

A pre-recorded question and answer session will follow our formal remarks. Questions and topics for consideration should be submitted to InvestorRelations@readingrdi.com by 5:00 p.m. Eastern Time on August 10, 2022. The audio webcast can be accessed by visiting https://investor.readingrdi.com/financials on August 11, 2022.

About Reading International, Inc.

Reading International, Inc. (NASDAQ: RDI), an internationally diversified cinema and real estate company operating through various domestic and international subsidiaries, is a leading entertainment and real estate company, engaging in the development, ownership, and operation of cinemas and retail and commercial real estate in the United States, Australia, and New Zealand.

Reading's cinema subsidiaries operate under multiple cinema brands: Reading Cinemas, Angelika Film Centers, Consolidated Theatres, and the State Cinema by Angelika. Its live theatres are owned and operated by its Liberty Theaters subsidiary, under the Orpheum and Minetta Lane names. Its signature property developments are maintained in special purpose entities and operated under the names Newmarket Village, Cannon Park, and The Belmont Common in Australia, Courtenay Central in New Zealand, and 44 Union Square in New York City.

Additional information about Reading can be obtained from our Company's website: http://www.readingrdi.com.

Cautionary Note Regarding Forward-Looking Statements

This earnings release contains forward-looking statements within the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "may," "will," "expect," "believe," "intend," "future," and "anticipate" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding our expected operating results; our expectation regarding the opening of the cinema complex located at South City Square, Brisbane QLD; our expectations regarding the future of the cinema exhibition industry; our belief regarding our diversified business/country diversification strategy; our expectations regarding our tenant's opening for business at 44 Union Square; our beliefs regarding industry demand and our ability to deliver value for stockholders; our expectations regarding the leasing and performance of our various real estate assets, including 44 Union Square; and our expectations of our liquidity. For more detailed information on our Forward-looking statements, see the factors discussed under the caption CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS in our Annual Report on Form 10-K for the year ended December 31, 2021, and of our quarterly reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022, respectively.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the adverse impact of the COVID-19 pandemic and any variant thereof on short-term and/or long-term entertainment, leisure and discretionary spending habits and practices of our patrons and on our results from operations, liquidity, cash flows, financial condition, and access to credit markets, and those factors discussed throughout Part I, Item 1A - Risk Factors and Part II, Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2021, as well as the risk factors set forth in any other filings made under the Securities Act of 1934, as amended, including any of our Quarterly Reports on Form 10-Q, for more information.

Any forward-looking statement made by us in this Earnings Release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Reading International, Inc. and Subsidiaries
Unaudited Consolidated Statements of Operations
(Unaudited; U.S. dollars in thousands, except per share data)
 
                                                                                                                                         Quarter Ended                                                                                                                          Six Months Ended
                                                                                                                                           June 30,                                                                                                                                 June 30,
                                                                                                                  --------------------------------------------------------------------------------------------------------------------------------                            --------------------------------------------------------------------------------------------------------------------------------
                                                                                                      2022                                                       2021                                                       2022                                                       2021
--------------------------------------------------------------------------------------------                      ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------
Revenue                                                                                                                                                          
Cinema                                                                                         $                            61,770     $                            32,715     $                            99,117     $                            50,829  
Real estate                                                                                               2,741                3,318                5,595                6,510  
--------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Total revenue                                                                                            64,511               36,033              104,712               57,339  
--------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Costs and expenses                                                                                                                                               
Cinema                                                                                                  (50,769 )                               (31,366 )                               (89,271 )                               (53,248 )
Real estate                                                                                              (2,206 )                                (2,564 )                                (4,363 )                                (5,219 )
Depreciation and amortization                                                                            (5,247 )                                (5,801 )                               (10,771 )                               (11,451 )
Impairment expense                                                                                       (1,549 )                        --               (1,549 )                        --  
General and administrative                                                                               (6,312 )                                (8,834 )                               (12,107 )                               (13,931 )
--------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Total costs and expenses                                                                                (66,083 )                               (48,565 )                              (118,061 )                               (83,849 )
--------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Operating income (loss)                                                                                  (1,572 )                               (12,532 )                               (13,349 )                               (26,510 )
Interest expense, net                                                                                    (3,343 )                                (3,005 )                                (6,548 )                                (7,368 )
Gain (loss) on sale of assets                                                                    --               43,241       --               89,786  
Other income (expense)                                                                                    3,771                  154                2,990                1,795  
--------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Income (loss) before income tax expense and equity earnings of unconsolidated joint ventures             (1,144 )                                27,858              (16,907 )                                57,703  
Equity earnings of unconsolidated joint ventures                                                            237                  283                  172                  233  
--------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Income (loss) before income taxes                                                                          (907 )                                28,141              (16,735 )                                57,936  
Income tax benefit (expense)                                                                             (1,538 )                                (5,547 )                                (1,160 )                               (13,275 )
--------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Net income (loss)                                                                              $                            (2,445 )                      $                            22,594     $                           (17,895 )                      $                            44,661  
Less: net income (loss) attributable to noncontrolling interests                                             (7 )                                  (108 )                                  (105 )                                 2,994  
--------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Net income (loss) attributable to Reading International, Inc.                                  $                            (2,438 )                      $                            22,702     $                           (17,790 )                      $                            41,667  
--------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Basic earnings (loss) per share                                                                $                             (0.11 )                      $                              1.04     $                             (0.81 )                      $                              1.91  
--------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Diluted earnings (loss) per share                                                              $                             (0.11 )                      $                              1.01     $                             (0.81 )                      $                              1.86  
--------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Weighted average number of shares outstanding-basic                                     22,040,512           21,808,556           21,995,186           21,784,700  
Reading International, Inc. and Subsidiaries
Consolidated Balance Sheets
(U.S. dollars in thousands, except share information)
 
                                                                                                                                                                                                                             June 30,                                                 December 31,
                                                                                                                                                                                                                               2022                                                       2021
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                      ------------------------------------------------------                        ------------------------------------------------------
ASSETS                                                                                                                                                                                                                                         (unaudited)                            
Current Assets:                                                                                                                                                                                                                                 
Cash and cash equivalents                                                                                                                                                                                               $                            49,905     $                            83,251  
Restricted cash                                                                                                                                                                                                                   11,544                5,320  
Receivables                                                                                                                                                                                                                        5,277                5,360  
Inventories                                                                                                                                                                                                                        1,469                1,408  
Derivative financial instruments - current portion                                                                                                                                                                                 1,223                   96  
Prepaid and other current assets                                                                                                                                                                                                   5,011                4,871  
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Total current assets                                                                                                                                                                                                              74,429              100,306  
Operating property, net                                                                                                                                                                                                          292,374              306,657  
Operating lease right-of-use assets                                                                                                                                                                                              208,955              227,367  
Investment and development property, net                                                                                                                                                                                           8,692                9,570  
Investment in unconsolidated joint ventures                                                                                                                                                                                        4,636                4,993  
Goodwill                                                                                                                                                                                                                          25,532               26,758  
Intangible assets, net                                                                                                                                                                                                             2,783                3,258  
Deferred tax asset, net                                                                                                                                                                                                            2,372                2,220  
Derivative financial instruments - non-current portion                                                                                                                                                                    --                  112  
Other assets                                                                                                                                                                                                                       7,809                6,461  
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Total assets                                                                                                                                                                                                            $                           627,582     $                           687,702  
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                                                                                            
Current Liabilities:                                                                                                                                                                                                                            
Accounts payable and accrued liabilities                                                                                                                                                                                $                            39,936     $                            39,678  
Film rent payable                                                                                                                                                                                                                  6,369                7,053  
Debt - current portion                                                                                                                                                                                                            60,474               11,349  
Subordinated debt - current portion                                                                                                                                                                                                  729                  711  
Derivative financial instruments - current portion                                                                                                                                                                                    20                  181  
Taxes payable - current                                                                                                                                                                                                            1,759               10,655  
Deferred revenue                                                                                                                                                                                                                   9,390                9,996  
Operating lease liabilities - current portion                                                                                                                                                                                     23,897               23,737  
Other current liabilities                                                                                                                                                                                                          9,268                3,619  
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Total current liabilities                                                                                                                                                                                                        151,842              106,979  
Debt - long-term portion                                                                                                                                                                                                         138,013              195,198  
Subordinated debt, net                                                                                                                                                                                                            26,839               26,728  
Noncurrent tax liabilities                                                                                                                                                                                                         6,863                7,467  
Operating lease liabilities - non-current portion                                                                                                                                                                                205,974              223,364  
Other liabilities                                                                                                                                                                                                                 15,825               22,906  
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                           -------------- --------------------                                           -------------- --------------------
Total liabilities                                                                                                                                                                                                       $                           545,356     $                           582,642  
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                           -------------- --------------------                                           -------------- --------------------
Commitments and contingencies (Note 14)                                                                                                                                                                                                         
Stockholders' equity:                                                                                                                                                                                                
Class A non-voting common shares, par value $0.01, 100,000,000 shares authorized, 33,299,344 issued and 20,363,234 outstanding at June 30, 2022 and 33,198,500 issued and 20,262,390 outstanding at December 31, 2021                234                  233  
Class B voting common shares, par value $0.01, 20,000,000 shares authorized and 1,680,590 issued and outstanding at June 30, 2022 and December 31, 2021                                                                               17                   17  
Nonvoting preferred shares, par value $0.01, 12,000 shares authorized and no issued or outstanding shares at June 30, 2022 and December 31, 2021                                                                          --       --  
Additional paid-in capital                                                                                                                                                                                                       152,778              151,981  
Retained earnings/(deficits)                                                                                                                                                                                                     (30,424 )                               (12,632 )
Treasury shares                                                                                                                                                                                                                  (40,407 )                               (40,407 )
Accumulated other comprehensive income                                                                                                                                                                                              (812 )                                 4,882  
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Total Reading International, Inc. stockholders' equity                                                                                                                                                 81,386              104,074  
Noncontrolling interests                                                                                                                                                                                                             839                  986  
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Total stockholders' equity                                                                                                                                                                             82,225              105,060  
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Reading International, Inc. and Subsidiaries
Segment Results
(Unaudited; U.S. dollars in thousands)
 
                                                                                                        Quarter Ended                                                                                                                                                                                 Six Months Ended
                                                     ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                               -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                          June 30,                                                                               % Change                                                                              June 30,                                                                               % Change
                                                                                                                                                                                                                         Favorable/                                                                                                                                                                                                         Favorable/
                                                     ------------------------------------------------------------------------------------------------------------------------                                                                                           ------------------------------------------------------------------------------------------------------------------------
(Dollars in thousands)                                    2022                                                   2021                                          (Unfavorable)                                        2022                                                   2021                                          (Unfavorable)
-------------------------------                      --------------------------------------------------                        --------------------------------------------------                        ----------------------------------------                       --------------------------------------------------                        --------------------------------------------------                        ---------------------------------------
Segment revenue                                                                                                                   
                                                                                                                                  
   Cinema
-------------------------------
                                  $                        30,341     $                        13,105                     >100 %                      $                        47,857     $                        16,894                     >100 %
      United States
                                        26,801           16,147                       66 %                            43,782           28,263                       55 %
      Australia
                                         4,629            3,463                       34 %                             7,478            5,672                       32 %
      New Zealand
                                                     -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------  --------------------
                                  $                        61,771     $                        32,715                       89 %                      $                        99,117     $                        50,829                       95 %
         Total
                                                     -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------  --------------------
                                                                                                               
   Real estate
-------------------------------
                                  $                           585     $                           454                       29 %                      $                         1,262     $                           673                       88 %
      United States
                                         3,052            2,735                       12 %                             6,182            5,609                       10 %
      Australia
                                           395              259                       53 %                               751              489                       54 %
      New Zealand
                                                     -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------  --------------------
                                  $                         4,032     $                         3,448                       17 %                      $                         8,195     $                         6,771                       21 %
         Total
                                        (1,291 )                              (130 )                                     (>100 )%                           (2,600 )                              (261 )                                     (>100 )%
   Inter-segment elimination
                                                     -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------  --------------------
Total segment revenue             $                        64,511     $                        36,033                       79 %                      $                       104,712     $                        57,339                       83 %
                                                     -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------  --------------------
Segment operating income (loss)                                                                                
                                                                                                               
   Cinema
-------------------------------
                                  $                        (2,035 )                      $                        (9,347 )                                        78 %                      $                        (8,354 )                      $                       (18,308 )                                        54 %
      United States
                                         4,831            1,434                     >100 %                             4,258            2,248                       89 %
      Australia
                                           656              568                       15 %                               331              439                      (25 )%
      New Zealand
                                                     -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------  --------------------
                                  $                         3,452     $                        (7,345 )                                      >100 %                      $                        (3,765 )                      $                       (15,621 )                                        76 %
         Total
                                                     -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------  --------------------
                                                                                                               
   Real estate
-------------------------------
                                  $                        (1,053 )                      $                        (1,275 )                                        17 %                      $                        (2,112 )                      $                        (2,821 )                                        25 %
      United States
                                         1,250              660                       89 %                             2,695            1,320                     >100 %
      Australia
                                          (285 )                              (439 )                                        35 %                              (562 )                              (922 )                                        39 %
      New Zealand
                                                     -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------  --------------------
                                  $                           (88 )                      $                        (1,054 )                                        92 %                      $                            21     $                        (2,423 )                                      >100 %
         Total
                                                     -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------                      -------------------  --------------------

Total segment operating income is a non-GAAP financial measure. See the discussion of non-GAAP financial measures that follows.

Reading International, Inc. and Subsidiaries
Reconciliation of EBITDA and Adjusted EBITDA to Net Income (Loss)
(Unaudited; U.S. dollars in thousands)
 
                                                                                                                                                                                 Quarter Ended                                                                                                           Six Months Ended
                                                                                                                                                                                   June 30,                                                                                                                  June 30,
                                                                                                                                                                 ------------------------------------------------------------------------------------------------------------------                           ------------------------------------------------------------------------------------------------------------------
(Dollars in thousands)                                                                                                                                                  2022                                                2021                                               2022                                                2021
-------------------------------------------------------------------------------------------------------------------------------------------                      ------------------------------------------------------                        ----------------------------------------                       ------------------------------------------------------                        ----------------------------------------
Net Income (loss) attributable to Reading International, Inc.                                                                                 $                            (2,438 )                      $                                  22,702   $                           (17,790 )                      $                                  41,667
                                                                                                                                                         3,343                      3,005              6,548                      7,368
   Add: Interest expense, net
                                                                                                                                                         1,538                      5,547              1,160                     13,275
   Add: Income tax expense (benefit)
                                                                                                                                                         5,247                      5,801             10,771                     11,451
   Add: Depreciation and amortization
                                                                                                                                                                 -------------------- -------------- --------------------                      -------------------- --------------------                      -------------------- -------------- --------------------                      -------------------- --------------------
EBITDA                                                                                                                                        $                             7,690     $                                  37,055   $                               689     $                                  73,761
Adjustments for:                                                                                                                                                                                 
                                                                                                                                                --                          4     --                         30
   Legal expenses relating to the Derivative litigation, the James J. Cotter Jr. employment arbitration and other Cotter litigation matters
                                                                                                                                                                 -------------------- -------------- --------------------                      -------------------- --------------------                      -------------------- -------------- --------------------                      -------------------- --------------------
Reading International, Inc. and Subsidiaries
Reconciliation of Total Segment Operating Income (Loss) to Income (Loss) before Income Taxes
(Unaudited; U.S. dollars in thousands)
 
                                                                                           Quarter Ended                                                                                                                      Six Months Ended
                                                                                             June 30,                                                                                                                             June 30,
                                                                      ----------------------------------------------------------------------------------------------------------------------------                            ----------------------------------------------------------------------------------------------------------------------------
(Dollars in thousands)                                                       2022                                                     2021                                                     2022                                                     2021
------------------------------------------------                      ------------------------------------------------------                        --------------------------------------------------                        ------------------------------------------------------                        --------------------------------------------------
Segment operating income (loss)                    $                             3,364     $                        (8,399 )                      $                            (3,744 )                      $                       (18,044 )
Unallocated corporate expense                                                                                    
                                                               (268 )                              (387 )                                  (546 )                              (618 )
   Depreciation and amortization expense
                                                             (4,668 )                            (3,746 )                                (9,059 )                            (7,848 )
   General and administrative expense
                                                             (3,343 )                            (3,005 )                                (6,548 )                            (7,368 )
   Interest expense, net
Equity earnings of unconsolidated joint ventures                237              283                  172              233  
Gain (loss) on sale of assets                        --           43,241       --           89,786  
Other income (expense)                                        3,771              154                2,990            1,795  
                                                                      -------------------- -------------- --------------------                      -------------------- ---------- --------------------                      -------------------- -------------- --------------------                      -------------------- ---------- --------------------

Non-GAAP Financial Measures

This Earnings Release presents total segment operating income (loss), EBITDA, and Adjusted EBITDA, which are important financial measures for our Company, but are not financial measures defined by U.S. GAAP.

These measures should be reviewed in conjunction with the relevant U.S. GAAP financial measures and are not presented as alternative measures of earnings (loss) per share, cash flows or net income (loss) as determined in accordance with U.S. GAAP. Total segment operating income (loss) and EBITDA, as we have calculated them, may not be comparable to similarly titled measures reported by other companies.

Total segment operating income (loss) - we evaluate the performance of our business segments based on segment operating income (loss), and management uses total segment operating income (loss) as a measure of the performance of operating businesses separate from non-operating factors. We believe that information about total segment operating income (loss) assists investors by allowing them to evaluate changes in the operating results of our Company's business separate from non-operational factors that affect net income (loss), thus providing separate insight into both operations and the other factors that affect reported results. EBITDA - We use EBITDA in the evaluation of our Company's performance since we believe that EBITDA provides a useful measure of financial performance and value. We believe this principally for the following reasons:

We believe that EBITDA is an accepted industry-wide comparative measure of financial performance. It is, in our experience, a measure commonly adopted by analysts and financial commentators who report upon the cinema exhibition and real estate industries, and it is also a measure used by financial institutions in underwriting the creditworthiness of companies in these industries. Accordingly, our management monitors this calculation as a method of judging our performance against our peers, market expectations, and our creditworthiness. It is widely accepted that analysts, financial commentators, and persons active in the cinema exhibition and real estate industries typically value enterprises engaged in these businesses at various multiples of EBITDA. Accordingly, we find EBITDA valuable as an indicator of the underlying value of our businesses. We expect that investors may use EBITDA to judge our ability to generate cash, as a basis of comparison to other companies engaged in the cinema exhibition and real estate businesses and as a basis to value our company against such other companies.

EBITDA is not a measurement of financial performance under generally accepted accounting principles in the United States of America and it should not be considered in isolation or construed as a substitute for net income (loss) or other operations data or cash flow data prepared in accordance with generally accepted accounting principles in the United States for purposes of analyzing our profitability. The exclusion of various components, such as interest, taxes, depreciation, and amortization, limits the usefulness of these measures when assessing our financial performance, as not all funds depicted by EBITDA are available for management's discretionary use. For example, a substantial portion of such funds may be subject to contractual restrictions and functional requirements to service debt, to fund necessary capital expenditures, and to meet other commitments from time to time.

EBITDA also fails to take into account the cost of interest and taxes. Interest is clearly a real cost that for us is paid periodically as accrued. Taxes may or may not be a current cash item but are nevertheless real costs that, in most situations, must eventually be paid. A company that realizes taxable earnings in high tax jurisdictions may, ultimately, be less valuable than a company that realizes the same amount of taxable earnings in a low tax jurisdiction. EBITDA fails to take into account the cost of depreciation and amortization and the fact that assets will eventually wear out and have to be replaced.

Adjusted EBITDA - using the principles we consistently apply to determine our EBITDA, we further adjusted the EBITDA for certain items we believe to be external to our core business and not reflective of our costs of doing business or results of operation. Specifically, we have adjusted for (i) legal expenses relating to extraordinary litigation, and (ii) any other items that can be considered non-recurring in accordance with the two-year SEC requirement for determining an item is non-recurring, infrequent or unusual in nature.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220809005506/en/

SOURCE: Reading International, Inc.

For more information, contact:
Gilbert Avanes - EVP, CFO, and Treasurer
Andrzej Matyczynski - EVP Global Operations
(213) 235-2240
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