Business
Reading International Reports 2019 Fourth Quarter and Full Year Results and COVID-19 Updates
Earnings Call Webcast to Discuss 2019 Fourth Quarter and Full Year Financial Results Scheduled to Post to Corporate Website on Wednesday, March 18, 2020
About this update from Reading International Inc
[{"type":"text","content":"\nEarnings Call Webcast to Discuss 2019 Fourth Quarter and Full Year Financial Results Scheduled to Post to Corporate Website on Wednesday, March 18, 2020\n\n CULVER CITY, Calif.--(BUSINESS WIRE)--\nReading International, Inc. (NASDAQ: RDI), an internationally diversified cinema and real estate company with operations and assets in the United States (the “U.S.”), Australia and New Zealand, today announced results for the fourth quarter and full year ended December 31, 2019.\n\n\n“First and foremost, I want to acknowledge the unprecedented situation with COVID-19, or coronavirus, and the uncertainty it is bringing to our communities and daily lives. For now, we are continuing to operate our movie theaters in the U.S., Australia and New Zealand. We have communicated the changes to our operations and business that we have adapted to address the COVID-19 situation. As we monitor this evolving situation, we will continue to take guidance from governmental authorities and act accordingly, including temporarily closing our movie theaters,” said President and Chief Executive Officer, Ellen Cotter.\n\n\n“Today, with respect to our real estate operations, our Australian centers (Newmarket Village, Auburn Redyard, Cannon Park and The Belmont Common) remain open for business. Certain centers, including Newmarket Village, anchored by a Coles Supermarket, are providing a necessary outlet for food and supplies. The producers of shows at our Minetta Lane Theatre in New York City and Royal George Theatre in Chicago have suspended performances for the next few weeks. Effective as of today, the producers of STOMP at the Orpheum Theatre in New York City will suspend performances until further notice. Though the COVID-19 situation will present us with various short term challenges in the U.S., Australia and New Zealand, we remain optimistic and committed to the long-term opportunities in the cinema business and our strong asset base, which reflects an interesting and diverse real estate portfolio,” continued Ms. Cotter.\n\n\nConsolidated Revenues for the year ended December 31, 2019 were $276.8 million compared to $308.9 million in 2018. Our Consolidated Revenues are principally derived from our cinema operations, and on a book value basis, at December 31, 2019, 54% of our assets were invested in cinemas, and the other, approximately 44%, were inves...